NavigatingtheHome PurchaseProcess
PRESENTED BY RACHAEL STAAB
ExceptionalService fromStart toClose
Our commitment has always been to curate an exceptional experience for our clients ? one that is characterized by excellence, integrity, and professionalism. Whether you are embarking on your first home purchase, transitioning from another region or country, exploring real estate options, or seeking out-of-state opportunities, it is essential to align yourself with experts Our team of experienced Real Estate Agents understands your unique requirements We possess an in-depth grasp of our local markets, fortified by an extensive global network, and are committed to providing our clients with comprehensive advice and strategy Gibson Sotheby's International Realty has prepared this Buyer Guide to provide you with a keen understanding of the crucial components and choices available to buyers during the purchasing process. Our purpose is to inform and guide you through each phase of this journey.
NAVIGATING THE HOME PURCHASE PROCESS
From initial meetings to the final closing,below is an overview of what to expect throughout the home buying process
01| 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.
02 | BEGIN THESEARCH
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.
03 | OFFER STRATEGY MEETING
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
04 | SUBMIT 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)
05 | SIGN THE PURCHASE & SALE AGREEMENT
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.Purchase and Sale deposit due (typically 5%).
06 | FORMALLY APPLY FOR A LOAN & LOCK IN YOUR RATE
Your mortgage lender will work with you to review all final loan documents.
07 | APPRAISAL
The property will be reviewed by a licensed professional to assess its value
08 | HOME INSURANCE
You will need to review various options and select your homeowners insurance policy
09 | FINAL 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 | CONGRATULATIONS!
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
YourTrustedReal EstateAgent
Buying a home is typically one of the largest investments you will make and will have a lasting impact for years to come Our team of trusted Real Estate Agents will expertly guide you through the many intricacies of buying a home and help you to avoid costly mistakes
Leverage t he Sot heby's Int ernat ional Realt y®Brand
Sotheby's International Realty® is a globally recognized brand that lends credibility to your offers and elevates your representation Our success is defined by our deep commitment to our clients This trust has been built over 270 years of Sotheby's selling their clients' most valuable treasures
Navigat ing t he Home Purchase Process
Having an experienced professional in your corner offers a competitive advantage when searching for your home and accessing local resources.A Real Estate Agent?s broad perspective can provide a stabilizing force to assist you through what can be a challenging, but ultimately rewarding,process
RACHAEL STAAB
Local Expertise. Global Connections
After a rewarding career in Social Work and numerous moves across the country with her family, Rachael Staab seamlessly blended her passion for helping people with her love for real estate Armed with her MSW and a deep understanding of the emotional journey behind buying or selling a home, Rachael brings a unique and empathetic approach to every transaction
Starting as a Marketing Coordinator with Gibson Sotheby?s International Realty, she quickly fell in love with the industry and became a dedicated realtor. Her enthusiasm is contagious, and her personal experience navigating home purchases allows her to truly understand her clients?needs and concerns. Whether helping clients find their dream home or marketing their property, Rachael is a trusted advisor, combining her strong ethical sense, attention to detail, and superior communication skills
Living on the South Shore of Massachusetts, Rachael cherishes the area?s coastal beauty, strong sense of community, and top-rated schools. She is a certified Ninja Seller and is committed to making each real estate journey smooth, enjoyable, and successful. Deeply engaged in her community, Rachael volunteers with the
Hingham Food Pantry and the Hingham Historical Society. When she?s not working with clients, you?ll often find her gardening, cooking, traveling, or enjoying time with her family and her beloved Bernedoodle, Millie. She also loves boating, exploring new places, and giving back to the town she calls home.
With her blend of professional expertise, community spirit, and genuine care for others, Rachael is passionate about helping clients not just buy or sell a home? but truly find where they belong
rachael staab@gibsonsir com c. 703.507.0354
Global Real Estate Advisor
15 Shipyard Drive, Suite 1A
Hingham, Massachusetts, 02043
Thereviewsspeakfor themselves
M RICHTON
"Rachael isanexceptional realtor whoconsistently goesaboveandbeyondfor their clients.Sheisreliable, professional,anda pleasuretowork with.I highlyrecommendher to anyoneinneedof astellar realtor.Workingwith Rachel hasalwaysbeena positiveexperience,andI look forwardtomany moresuccessful transactionstogether." -
KELSEY
"Rachael wasaliteral lifesaver duringour homebuying process.Theysaynot tocram toomanybiglifeeventsinto tooshort atimespan- well, myhusbandandI decidedto dothepolar opposite.Wehad our son,thenmoved internationallywithhimonly 3monthsold,whilelooking for jobsandanew placeto call home.Rachael kept us sanethroughout thehome buyingprocess,andhelped filter throughthemadnessto findtheperfect homefor our family.Wenow arelivinga block fromthebeachina houseI wouldhaveonly dreamedof beforemeeting Rachael! I cannot recommend her enough- nomatter what kindof homeyouarelooking for,Rachael?sskill in organizationand communicationwill makethe processsomuchmore enjoyable,andyouwill endup withahomesoperfect you alsowill hardlybelieveit!"
BROOKLINE
103 Winchester Street - Unit 1
List Price: $1,495,000
Sold Price:$1,510,000
Represented by Seller
24 Chilton Avenue
List Price: $629,000
Sale Price: $610,000
Represented by Buyer
BenefitsofExclusive BuyerRepresentation
Your Gibson Sotheby's International Realty Agent will prepare a contract outlining our services so we can commit to assisting you with your home purchase transaction. As your exclusive buyer representative, we will guide you through the home purchase experience from start to close Below is an overview of how we demonstrate value and contribute to a successful purchase
- Provide an overview of the current market dynamics and challenges
- Create a purchase strategy
- Assist with procuring financing by referring you to lenders with a successful track record
- Evaluate purchase price range
- Set up listing alerts with MLS or RealScout
- Schedule property tours,both privately and open houses
- Provide access to Off-Market,Coming Soon and Office Exclusives,as available
- Review disclosures and reports on selected homes
- Evaluate and negotiate the offer
- Recommend vendors for inspections In Massachusetts, a Real Estate Agent can only provide a licensed home inspector referral if the agent exclusively represents the Buyer
- Recommend a Closing Attorney
What toExpect onYour InitialConsultation
An initial meeting is important to understand your home-buying needs and to develop a strategy to help you successfully make a purchase
Underst anding your real est at e goals
- Purchase time frame
- Past experience with real estate purchasing
- Risk tolerance
- Financing and stage of pre-approval,if a loan is needed
Refining propert y search crit eria
- Location and neighborhood
- Price range
- Size of home, style,amenities
- Specific requirements and non-negotiables
- Condition of home and flexibility to make improvements
- School districts,commute,neighborhood amenities and distances to such amenities
First Stepstoa SuccessfulPurchase
Each home buying journey is unique, just like our clients. The following is a list of some of the items our Real Estate Agents can assist you with that may be part of your home purchase process
Financing Assist ance
Financing and good lender relationships are important.Our Agents can:
- Provide a list of Lenders who can pre-approve you and confirm the purchase price range
- Suggest that you obtain loan pre-approval subject to the property selection
- Collaborate with Lender on any Bridge Loan so you can buy before you sell
- Provide any requested contract documentation
- Show the property to the Appraiser and provide supporting comparable sales information
PropertySearch
Our Real Estate Agents view properties regularly, follow local market dynamics and are here to guide you in finding the right home. Your Agent can:
- Set up automated listing alerts that meet your search criteria
- Present Off-Market or Pre-Market listings as they arise
- Communicate with Listing Agents to schedule and set up private showings
- Map out and tour properties together
- Recommend properties that are available to view at open houses
- Provide monthly Market Reports
- Review the pros and cons of each home after viewing
PropertyEvaluation
Your Agent can help you assess how your selected property compares to others on the market and to homes recently sold. One benefit of having a trusted Real Estate Agent is their familiarity with required disclosures, recommendations for inspectors and experience with reviewing reports
- Your Agent will request the Seller Disclosure Package,if any,and other necessary information from the Listing Agent
- Discuss with your Agent any additional inspections or reports and determine the time frame for needed contingencies
- If the home is in an HOA, and the Seller has not provided the HOA documents,your Agent can explain the typical timing of the process to receive and review the documents
- Recommend a Closing Attorney experienced in real estate transactions and Title issues
WritingaCompetitiveOffer
When you locate a property that meets your needs, your Agent will provide a market analysis and strategy to assist you in determining an offer price and terms, and then negotiate on your behalf
- Communicate with the Listing Agent to get the best information possible about competing offers and Sellers' preferences regarding terms and the timeline for offer submission
- Review comparable sales and discuss the price and terms that can best position your offer
- Prepare a compelling offer with the relevant addenda and disclosures,and submit the loan approval letter and proof of funds with the offer
- Get signatures and initials on all offer documents to provide a complete offer
Present ing your offer
Representing you in the best light can be helpful in securing the home you desire What may not be evident at the outset is the value of having a Gibson Sotheby's International Realty Agent with a trusted brand and excellent reputation in the eyes of other agents ? who are often a key factor in helping their clients assess competing offers
- Present the offer in a timely manner
- Maintain communications and forward any counteroffers for review
- Negotiate on your behalf and write any addenda or subsequent counter-offers
AcceptedOffer
Once an offer is accepted and necessary measures such as a home inspection are accomplished, both the Buyer and Seller will need to sign a more detailed contract, known as the Purchase and Sale Agreement Massachusetts has a two-contract process: an offer with basic terms, followed by a Purchase and Sale agreement between the Buyer and Seller and negotiated between attorneys
Massachusetts is not a Seller Disclosure state, meaning it is not a legal requirement to provide a disclosure form to any prospective buyer Your Attorney will negotiate a detailed agreement that is designed to protect you and outlines all terms of the agreement The Buyer?s attorney may seek representations from the Seller regarding the property, its condition, whether claims are pending against the property, and if so, how potential issues will be resolved, and which party bears the risk.
A well negotiated Purchase and Sale Agreement protects all parties and addresses challenges that may arise leading up until closing
HomeInspectionsand OtherContingencies
There may be numerous contingencies associated with your contract, including a home inspection. In Massachusetts, only an exclusive Buyer?s Agent can recommend a Home Inspector.Your Agent will assist you in navigating this process.
- Your Agent can help you locate a Home Inspector,plus arrange any additional inspections if needed
- Coordinate and schedule the home inspection
- Attend the home inspection
- Forward and review the Inspection Report with you
- Assist you in negotiating repairs or credits,as well as finding vendors
- If appropriate,assist with conveying termination of the offer based on home inspection issues to protect your deposit
- Communicate with your Lender as requested
- Assist the Appraiser with access to the home and provide comparables,as needed
- Provide resources for Homeowners Insurance
- Guide you through any remaining contingencies
TheClosingProcess
Congratulations on your home purchase!
- Your Agent can recommend movers, interior designers,landscapers, general contractors,gardeners, cleaning services,and home maintenance services
- Arrange for a final walk-through of the property
- Provide resources for a Home Warranty Policy
- Accompany you to the settlement
- Upon recording title,provide keys
UnderstandingBuyer Representation
Gibson Sotheby's International Realty agents will provide you with a Buyer Agency Agreement that will explain in detail the role of your Buyer Agent A Buyer Agency Agreement will be signed by the purchaser and the Broker in order for the Agent to represent the purchaser on the buyer-side of a transaction. A Buyer Agent represents only the Buyer and promotes and protects their best interests throughout the transaction,keeping all information confidential.
Once an agreement is signed, the Buyer Agent owes a fiduciary duty to represent the best interests of the Buyer throughout the purchase process; including obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care In rare circumstances, Dual Agency occurs, meaning your Buyer Agent may have a pre-existing relationship with a Seller That being said, both the Buyer and Seller must consent and provide written authority for the Agent to engage in Dual Agency This process will be explained to you further in your initial Buyer Consultation
About Brokerage Compensation
Similar to a Listing Agreement, Buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty This confirms the compensation for the Buyer's Agent and Brokerage It should be noted that the amount a brokerage charges is not fixed by law, the commission amount is negotiable, and brokerages may set minimum compensation
HowareCommissionsPaid?
When selling a property, most Sellers hire a real estate broker as their Listing Broker, agreeing on the broker?s compensation through a Listing Agreement Similarly, Buyers secure representation through a Buyer Representation Agreement, which outlines the compensation agreed upon for the Buyer's Broker.
The Buyer determines the terms of their offer to purchase, including whether to request that the Seller cover some or all of the Buyer Broker?s commission If agreed upon, this amount can be rolled into the purchase price, allowing the Seller to deduct it as an expense while the Buyer avoids paying it separately at closing The commission is then paid from the Seller?s proceeds In some cases, the Listing Broker or Seller may proactively offer the Buyer's Broker compensation, and the Buyer's Broker will always review and confirm these details with their client Under no circumstances will the Buyer?s Broker collect more than what is agreed upon in the Buyer Representation Agreement The absence of an upfront compensation offer from the Listing Broker or Seller does not mean the Seller won? t consider covering the Buyer Broker?s fee.
This approach promotes transparency and clarity, enabling both parties, with the guidance of their respective agents, to finalize contract terms that accurately reflect their mutual agreement and intentions
GlossaryofTerms
Adjust able-Rat e Mort gage (ARM)
Also called a Variable-Rate Mortgage, an ARM is a home loan with an interest rate that adjusts over time based on the market.
Amort izat ion
The length of time it takes to pay off a mortgage in full The amortization is an estimate based on the interest rate for your current term
Annual Percent age Rat e (APR)
The cost to borrow money as a yearly percentage. It's a more complete measure of a loan's cost than the interest rate alone. It includes the interest rate plus discount points and other fees.
Appraisal
An unbiased professional opinion of a home's value by a licensed appraiser needed to secure a loan The appraisal will be ordered by your Lender and is typically paid for by the Buyer.
Assessed Value
The dollar value assigned to a property by an assessor for tax calculation purposes. It may differ from the appraised value and/or market value
Cert ificat e of Tit le
Legal document issued by a government agency that indicates proof of ownership of property
Closing
The point at which the deed to a property is legally transferred from the seller to the buyer and all documents are recorded. Also known as Settlement.
Closing At t orney
In Massachusetts, real estate closings are considered the practice of law, so there will be an attorney overseeing the closing transaction and reviewing title and clearing title issues The Closing Attorney will also be an agent of a Title Company and be able to issue a Title Insurance Policy for the benefit of the Buyer and the Lender.
Closing Cost s
The expenses over and above the property's price that Buyers and Sellers incur to complete a real estate transaction These costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees,attorney fees,etc.
Closing / Set t lement St at ement
A document confirming the purchase price and summarizing all of the closing costs and credits due to and from the Buyer and Seller
Commit ment
An agreement to loan a specified amount to a purchaser
Comparat ive Market Analysis (CMA)
An assessment of the attributes and selling prices of comparable properties recently sold or on the market used to determine current market value.
Cont ingency
Any requirements in a contract which must be completed before the contract can be considered ready for performance
Deed
A deed is a tangible document signed by the seller, or grantor, of a property. It confirms transfer of ownership from one party to another.
Discount Point s
Also called mortgage points or simply points, discount points are a form of prepaid interest
One point equals one percent of the loan amount
Earnest Money
A sum of money given to bind an agreement or an offer made to show good faith.
Equit y
The difference between what you owe on your mortgage and what your home is currently worth
Escalat ion Clause
A special provision in a purchase offer that states that a prospective buyer is willing to raise their offer on a home should the seller receive a higher competing offer until it reaches the maximum price the buyer is willing to pay for the home
Escrow
A neutral third party holding assets or funds before they are transferred from one party in a transaction to another
Fixed-Rat e Mort gage
Interest rate and monthly payments remain the same for the entire term of the loan.
Homeowners Associat ion (HOA) Fee
A monthly fee the homeowner is responsible for HOA fees typically cover the costs of maintaining common areas, such as lobbies, elevators, landscaping, and amenities, and common utilities, such as water/sewer, garbage disposal, master insurance and property management.
Int erest
The cost of borrowing money expressed by a percentage rate
Lien
A security claim placed on a property until a debt is satisfied
Market Value
The price a property should bring based on comparable sales, economic conditions and market trends
Mort gage
A type of loan used to purchase property The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan.
Mult iple List ing Service (MLS)
A Multiple Listing Service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale An MLS allows brokers to see one another?s listings of properties for sale with the goal of connecting homebuyers to sellers. Below are statuses you will see within MLS updates:
New / Act ive
The property is either newly listed or active on the market
Cont ingent (CTG)
The property has an accepted offer Typically, the property is still available to be seen for potential backup offers
Under Agreement (UAG)
A purchase and sale agreement has been signed The buyer is moving forward with the purchase
Back on Market (BOM)
The property is available for sale again after a prior offer or contract fell through
Principle
The outstanding balance of your mortgage
Privat e Mort gage Insurance (PMI)
An insurance premium charged by a Lender to Buyers with less than 20% down payment. PMI insures the Lender in the event that the Buyer should default on the loan.
Purchase and Sale Agreement (P&S)
The Purchase and Sale Agreement is the contract between the Buyer and Seller of real estate It sets out the obligations of each party from the time the property is taken off the market to the closing
Tit le
Title denotes ownership rights: It is the bundle of rights that dictates who has legal or equitable interest in the property It also details the limitations on ownership
Tit le Insurance
An insurance policy that protects against any errors or claims that may arise about ownership
Tit le Search
An examination of public records to confirm that the Seller owns the property and it is free from unsettled items,claims or liens