Jack Flood - Buyer's Guide

The Home Buying Process Your Guide to Purchasing Property

PRES EN T ED B Y J AC K FLOOD

Jack Flood A resident of Arlington with a history in the town extending over three decades, Jack Flood is steadfast in his belief that every buyer and seller deserves a real estate advisor who is as invested in their future as they are.

Jack?s transition from education into the residential real estate industry was a natural progression. He dedicated twenty years to helping children, families and communities in public school districts throughout Massachusetts, notably Arlington, where he was an administrator at the middle-school.

Interacting with diverse audiences and finding resolutions to complex matters, he played a pivotal role in various district-wide initiatives, including the creation of two new schools. This required vast strategic planning, stakeholder engagement, and most importantly, the ability to build trust with those affected by the change. His background has afforded him a sensitivity towards his clients? journeys and a deep appreciation of the emotional experience of buying and selling. Through a balance of intuition, empathy and leadership, he can expertly guide a client through one of the largest transactions of their life.

Real Estate Advisor 978.804.3956 Jack.Flood@GibsonSIR.com 1010 Massachusetts Avenue Arlington, MA 02476

Why Work with a Buyer?s Agent?

The decision to purchase a home is likely one of the largest financial and lifestyle decisions you will make. By aligning yourself with a trusted advisor, you will be well positioned to find the right property, negotiate fair terms and overcome any obstacles that occur along the way.

Leveraging our vast local expertise, industry connections, and resourceful tools, Gibson Sotheby?s International Realty will not only assist in helping you find the right home, but guide you through the entire purchase process.

We have the keys to where you want to be.

STEPS TO BUYING A HOME From initial meetings to the final closing, below is an overview of what to expect throughout the home buying process.

0 1 | GET PRE-APPROVED The first step of the home buying process is getting pre-approved for a loan. During this process, your mortgage lender will review your income and credit history to determine what size loan you are eligible to receive.

0 2 | BEGIN THE SEARCH Once you have determined your budget, you and your agent will meet to review your wish list, desired timing and begin your search. Together you will review inventory and visit properties.

0 3 | OFFER STRATEGY M EETIN G Prior to preparing an offer, your agent will show you comparable properties and collaborate with you to clearly review different offer strategies.

You have the right to a home inspection, a mortgage

contingency

and

a

lead

paint

inspection. Discuss ways to make your offer more appealing and the implications including having a pre-inspection or waiving your rights to other contingencies.

0 4 | SUBM IT AN OFFER Once you find a property that you love, you will choose an offer strategy and discuss with your agent how to position your offer to get it accepted. Based on the seller's response, your agent will guide you through next steps. Offer deposit due (typically $1,000).

0 5 | SIGN THE PURCHASE AN D SALE AGREEM EN T After the offer and terms are accepted, the seller?s attorney will draft a Purchase and Sale Agreement. It states the final sale price and all terms of the purchase. This binding contract needs to be reviewed by your attorney prior to you signing it. P&S deposit due (typically 5%).

0 6 | FORM ALLY APPLY FOR A LOAN AN D LOCK IN YOUR RATE Your mortgage lender will work with you to review all final loan documents.

0 7 | APPRAISAL The property will be reviewed by a licensed professional to assess its value.

0 8 | HOM E IN SURAN CE You will need to review various options and select your homeowners insurance policy.

0 9 | FIN AL WALK THROUGH Just prior to the closing, you will go through a final walk-through of the property. This will ensure that the property is in the same condition as when you visited previously.

10 | CON GRATULATION S! Once you sign the final paperwork, exchange the payment, and the transaction is recorded at the Registry of Deeds, you are officially a homeowner.

Congratulations, you will now receive the keys to your new home.

What to Expect from Your Buyer?s Agent A buyer's agent represents you, the buyer, during the home buying process. The agent has a fiduciary responsibility to represent only the home buyer's best interest in all aspects of the home buying process.

The buyer?s agent is generally paid a commission at the time of the closing through an offer of compensation made to members of the Multiple Listing Service. Alternatively, the buyer can pay his/ her agent directly. The amount of compensation offered often is factored into the purchase price and is publicly displayed on most real estate-related websites.

Services Provided

Seller?s Agent

Buyer?s Agent

Facilitates Property Showings

YES

YES

Explains Home Buying Process

YES

YES

Facilitates Closing

YES

YES

Discloses Known Material Defects

YES

YES

NO

YES

NO

YES

NO

YES

NO

YES

NO

YES

NO

YES

Maintains Personal Confidentiality

NO

YES

Researches Seller and Property

NO

YES

Prepares a Comparative Market Analysis Keeps Your Financial Situation Confidential Negotiates the Best Price on Your Behalf Negotiates the Best Terms on Your Behalf

Discloses Adverse Factors Relating to Homes Viewed

Relays Information that Would Enhance Your Buying Position

PEOPLE TO HAVE ON YOUR TEAM

BUYER?S AGEN T

IN SURAN CE AGEN T

Take your time to select a buyer?s agent with

The insurance agent comes in after you have

whom you feel comfortable discussing your

signed the purchase and sale agreement. Most

goals and priorities in home buying. A good

lenders will not close the sale until the buyer has

agent

purchased insurance on the home.

is knowledgeable in market

prices,

neighborhood qualities, and the offer process. In addition to helping you shop for homes, using their experienced eye to point out features and

HOM E IN SPECTOR

flaws in the home that you might otherwise

However similar they may seem, a home

miss, they will negotiate on your behalf and will

inspector is different than an appraiser. The

be your advocate from the beginning of the

home inspector can enter the home buying

process right through closing.

process either before or after the offer is submitted. The inspector takes a deep dive into

REAL ESTATE ATTORN EY

the home's condition and points out any areas of

Ask friends, co-workers or your real estate agent

concern. Armed with this information, the buyer

for referrals to a good real estate attorney. Don?t

can ask the seller to complete some of these

be shy about interviewing them, and finding one

repairs themselves, lower the total purchase

you

price, or terminate the sale altogether.

are

compatible

with,

who

regularly

represents home buyers and sellers. attorney

should

be

reasonably

Your

affordable,

accessible and not too busy for you.

CON TRACTORS LEN DER

You may need various contractors throughout

Your lender is the one who assists you with

the process to assess issues that came up at the

borrowing the funds to purchase your home,

home inspection, or provide estimates for work

typically in the form of a mortgage. Your lender

you would like to do once you purchase the

should have a variety of consistently competitive

home. Your real estate agent can usually help

lending

you with references for good contractors,

programs.

They

should

also

be

accessible as you may need them on weekends

including

plumbers,

electricians,

or at night especially during the offer process.

contractors, movers and cleaners.

painters,

The Right Tools For Your Search DEPOSIT LIN K

OFF M ARKET & COM IN G SOON

A simple, secure, and efficient way to send

Our powerful local network has access to

earnest

exclusive off market inventory as well as

money

deposits

electronically.

Payments clear in less than 24 hours. You can

properties before they launch on the MLS.

safely send your deposits from anywhere.

Track the status of transfers in real-time with your phone.

SOTHEBY' S IN TERN ATION AL REALTY WEBSITE AN D APP Our enhanced website now in 14 languages

REALSCOUT A

collaborative

engages millions of buyers via high-resolution home

search

tool

that

photography, 3D virtual reality tours, and

allows our clients and their buyer?s agent to

ultra-high-definition

share

around

listings,

compare

properties

and

the

globe

videos. can

Listings be

from

accessed

spotlight market alerts throughout the home

seamlessly on any device and mobile users

buying process.

can directly text their buyer's agent from any listing page.

Local Expertise, Global Connections. # 1 Massachusetts Based Firm

Locally owned and operated, Gibson Sotheby?s International Realty is Massachusetts?s largest

24 Offices Across Eastern

independent real estate company and the

Massachusetts

premier provider in luxury real estate across

450

Eastern Massachusetts. With over 450 expert real estate advisors throughout our 24 offices coupled with our powerful network of more than 1,000 Sotheby?s International Realty offices

Local Agents

3,600+ Clients Served in 2021

worldwide, we truly have the power to assist

1,000

wherever your real estate needs may take you.

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