Home Buying Guide

Follow your dream, home.™ A home buying guide

A home buying guide

Where is life taking you?

From starter homes, to dream homes and even castles (yes, we can help with those, too) Engel & Völkers provides an exceptional, personalized buying experience. We believe luxury goes beyond any object, property or price point—it’s personal and it’s priceless. It’s about the richness of life that begins and ends in the most important space we know: home.

Buying a home in the Boston area can be difficult. Inventory is often low and prices are often high. Boston is home to some of the most expensive residential real estate in the U.S.—the median home price was $655,000 in January—and the competition for it is fierce.

You definitely need a seasoned professional to help you navigate the home buying process.

Step One

Getting approved Before starting to search for your dream home, it’s important to evaluate your financial situation, establish a budget, understand mortgage options and secure pre-approval from your lender. This will help you conduct your search with confidence and purchase your desired home successfully.

Your credit report plays an important role in your mortgage approval process and in determining the interest rate and loan terms that a lender offers you. Before meeting with a potential lender, you may wish to con­firm your credit rating so you have time to resolve any issues.

If needed, we can connect you to an experienced mortgage broker who will offer competitive interest rates and options.

Step Two

Establishing your budget Get clear on your goals for your home, your needs in terms of amenities, location and other key factors. Its important that you understand the budget you have to work with. Start by considering what neighborhood best suits you and what type of home you want.

Don’t forget to separate your needs from your wants.This crucial first step sets a course for you, our advisor, our brokerage and our brand to work together to buy home in a stress-free manner.

When meeting with us it’s important to clarify your budget, person­al property preferences, and any anticipated life stage and lifestyle requirements that may impact the purchase of your home.

Step Three

Working with an E&V Advisor Your Engel & Völkers advisor will tend to every need throughout the home buying process ensuring a worry-free experience for you. You can expect insight and information from a market expert, proac-tive communication, and ongoing consultation. Engel & Volkers professionals have committed themselves to a clearly defined goal: to put the client first, making all real estate transactions go smoothly.

Using our broad range of expertise and the specialized training, we dedicate ourselves to this goal and perform with total passion. The best real estate agents help clients buy and sell homes; Engel & Volkers advisors do more. They will offer you guidance and insight in ways not every agent can. In fact, we designate our agents as “Advisors”, to better define the higher level of service they provide.

priority. Our collaborative approach to the sales

Our focus isyouon process means involving in as you much or as little of the activities as you desire. Through it all, we

will provide proactive and ongoing communication, reporting on the status of your home as frequently as It’s personal

Step Four

you’d and&through specific find As an like Engel Völkersthe client, youchannels are our you highest most convenient.

You will receive regular on priority.

Our collaborative approach toupdates the sales

Our focus is on you

the status of your property, reportsoron process means involving youwritten in as much aseach little showing, details ofasouryou marketing of the activities desire. campaigns Through itand all,new we

Starting the home search

measures before they are We consider It’s personal will provide proactive andimplemented. ongoing communication,

open andonfrequent communications reporting the status of your home asbetween frequentlyour as As an Engel & Völkers client, you are our highest It’s personal advisors and clients to be essential.

Our hope and you’d like and through the specific channels you find priority. Our collaborative approach to the sales our goal is to have the successful sale of updates your home most convenient. will receive on So now you have your budget andYou idea of whatregular process means involving you in as much or as little It’s personal be the first of many opportunities in which weoncan be the status of yournext? property, written reports each you want in a home, so what’s Should of the activities as you desire. Through it all, we of servicethe to achieve estate goals. and new showing, details of ouryour marketing campaigns you be furiously searching internet forreal propwill provide proactive and ongoing communication, measures before they implemented. We consider erties? Driving around looking for saleare signs?

As an Engel & status Völkersofclient, you are our highest reporting on the your home as frequently as open and frequent communications between our priority. approach to the you’d likeOur andcollaborative through the role specific yousales find It’sAdvisors, personal As your Real Estate it’s our to channels advisors and & clients to be essential.

Ourour hope and As an Engel Völkers client, you are highest process means involving in as muchupdates or as little most convenient.

You will receive regular on make the search for your new home asyou simple our goal is to have the successful sale of your home priority.

Our collaborative approach to the sales of the activities as you desire.

Through it all, we It’s personal the status of your property, written reports on each as possible. We normally start out with a simple be the first of many opportunities in which we canlittle be As an Engel & involving Völkers client, are our highest process means you inyou as much orand as will provide proactive and ongoing communication, showing, details of our campaigns new discussion about your needs, and ourmarketing six steps of service to achieve your desire. real estate goals.the priority.

Our collaborative approach of the activities as you Through all,sales we reporting on the status of your home asto frequently as measures before they are implemented.

Weitconsider process means involving you in as much or as little will provide proactive and ongoing communication, you’d throughcommunications the specific channels you find open like andand frequent between our of the activities as you desire.

Through it all, we 1. Automatic MLS property email updates reporting on the status of your home as frequently as most convenient.

You will receive regular updates on advisors and clients to be essential. Our hope and As an Engel & Völkers client, you are our highest will provide proactive and ongoing communication, 2. Advance exclusivethe access homes insuccessful ourspecific network you’d likeisto and through channels you find status of property, writtensale reports on each our goal to your have the the of your home priority.

Our collaborative approach to the sales reporting on the status of your home as frequently as 3. Tours of select properties matching your needs most convenient. will receive regular updates on showing, details ofYou our marketing campaigns be the first of many opportunities in which weand cannew be As an Engel & Völkers client, you are our highest process involving you in aschannels much oron aseach little you’d likemeans and through the specific you find 4. Evaluation of options and fair market values the status of your property, written reports measures before they are implemented.

We consider of service to achieve your real estate goals. priority.

Our collaborative approach to the sales of the activities as you desire.

Through it all, we most will receive regular updates on 5. Keep you updated onconvenient. market changes & trends showing, details ofYou ourcommunications marketing campaigns and new open and frequent between our process means involving you in as much or as little provide andimplemented. ongoing communication, the ofproactive your property, written reports on each 6. Available anytimewill to status answer your questions measures before they are Wehope consider advisors and clients to be essential.

Our and of the activities as you desire.

Through it all,new we reporting on the status of your home as frequently as showing, details of our marketing campaigns and open and frequent communications between our our goal is to have the successful sale of your home will provide proactive and ongoing communication, you’d likeand and through the specific channels you and find measures before they are Wewe consider advisors clients to beimplemented. essential.

Our hope be the first of many opportunities in which can be reporting onfrequent the status of your home asbetween frequentlyour as most convenient. will receive regular on open and communications our goal istoto haveYou the successful sale of updates your home of service achieve your real estate goals. you’d likeand andyour through channels youeach find the status property, written reports on advisors clients tothe bespecific essential.

Our we hope be the first of of many opportunities in which canand be most convenient.

You will receivecampaigns regular updates on showing, details of our marketing and new our goal is to have the successful sale of your home of service to achieve your real estate goals. the status of yourthey property, written reports oncan each measures are implemented.

Wewe consider be the firstbefore of many opportunities in which be showing, details of our marketing campaigns and new open and frequent communications between our of service to achieve your real estate goals. measures before theyto arebeimplemented.

Wehope consider advisors and clients essential. Our and

Our focus is on you Our focus is on you Our focus is on you Our focus is on you Our focus is on you

open and frequent communications between our our goal is to have the successful sale of your home advisors and clientsopportunities to be essential.

Our we hope be the first of many in which canand be our goal istotoachieve have the successful sale of your home of service your real estate goals. be the first of many opportunities in which we can be of service to achieve your real estate goals.

Questions to help narrow your search Detailed information to keep you up to date:

■

reports after each showing WWritten hich neighborhoods /areas are you interested in ?

■

Activity reportscertain on the locations status of ?your sale Do you prefer

■

Are youmarket lookinginformation for a condo or single-family home ?

Latest

■

Is this for for you,marketing or is this measures an investment property ?

Evaluation

Detailed information to keep you property up to date: How many will live in the ?

Advice on people aesthetic improvements

■ ■

Written reports after each showing How much square footage /living area is required ?

■

Activity reports on home the status Do you work from ? of your sale

■

How many rooms do you need ?

Latest market information

How many bedrooms and measures how many bathrooms do Evaluation for marketing Detailed information to keep you up to date: you require ?

■ Advice on aesthetic improvements ■ Do Written reports each showing you have an after accessibility needs ?

■

PActivity reference on heating reports on the/cooling status /smart of your home sale features ? hat features are most important to you ?

■ W Latest market information Detailed to keep up to date: hich information of these features areyou considered optional ?

■ W Evaluation for marketing measures ■

How longon have you Written reports afterbeen eachsearching showing for a suitable Advice aesthetic improvements Detailed information to keep you up to date: property ?

■ Activity reports on the status of your sale hat properties have youshowing already viewed, and in ■ W Written reports after each Detailed ■ Latestinformation market information which locations ? to keep you up to date: ■ Activity reports on the status of your sale ■ W Written reports after each showing hen would youmarketing like to move in your new property ?

Evaluation for measures ■ Latest market information whaton date would you like of to your havesale purchased ■ By Activity reports on the status Advice aesthetic improvements ■ your Evaluation for marketing property?

Would youmeasures like to purchase on a Detailed keep you ■ Latestinformation market information certain date, for taxtoreasons ? up to date: ■ Advice on aesthetic improvements ■ Can Evaluation forassistance marketing measures we be of selling your present ■ Written reports after eachin showing Detailed information to keep you up to date: property ?

■ Activity Advice on aesthetic improvements ■ reports on the status of your sale we offer you anyeach of our other services ?

■ Can Written reports after showing ■ Latest market information ■ Activity reports on the status of your sale ■ Evaluation for marketing measures ■ Latest market information ■ Advice on aesthetic improvements ■ Evaluation for marketing measures ■ ■

■

Advice on aesthetic improvements

Step Five

Submitting an offer Massachusetts uses a two-step offer process for submitting offers on properties.

When we find a home you like, we take the first step: preparing the Offer to Purchase. This legally binding document outlines the terms including the property, price, timing, inclusions, removals, conditions, and duration of offer. It will be accompanied by an earnest money deposit.

Often you may find yourself bidding against other buyers. This means that due diligence is required on your part and our part as your REALTOR® team to ensure the offer you submit is strategic, competitive, fare, and reflective of what are ultimately willing to pay for the property.

Step Six

Offer negotiations The offer will be met with an acceptance, rejection or counter offer (where the seller may make changes to your offer, such as adjustments to the price, clos­ing date or conditions). You may accept the counter offer or you may make another counter offer back to the seller, and your Engel & Völkers Advisor will help you with any and all negotiations. If specified as contingencies in the Offer to Purchase, you may then conduct a Home Inspection, or review HOA Financials/Regulations, or finalize your financing.

Once both parties come to an agreement, negotiations conclude and you move on to the next step in the buying process, the Purchase and Sale agreement. At this point, you will select an attorney to take you through this very detailed part of the process and pay an final deposit.

Step Seven

Closing the transaction Your Engel & Völkers advisor will work with you through every step of the process, answering every question and providing expert advice, experience, insight, and knowledge.

A few days before the settlement you will have the opportunity to conduct a final walk-through confirming that the home is in the agreed physical condition. The closing attorneys will schedule the closing and finalize all the legal requirements at that time.

Congratulations on your purchase! You are now a home owner.

Congratulations

An App that moves you

Glossary

Mobile experience

Key terms and phrases ADVISOR

The EV Real Estate app is your real estate search companion, bringing you the most accurate and up-to-date real estate information right to your phone!

Engel & Völkers designates our agents as “Advisors” to better define the higher level of service they provide.

APPRAISAL

With EV Real Estate, you have access to all homes for sale and MLS listings throughout your neighborhood and across North America. Use EV Real Estate anytime, anywhere to find homes for sale in your location using the GPS search, or find homes based on any address, city or zip code. And, if you have questions, press the “Contact” feature to call or email your Engel & Völkers advisor.

Formal assessment of a property’s market value, typically done for the purpose of obtaining a mortgage.

BUYER’S AGENT Buyer’s agents are bound to help buyers and diligently represent the buyer’s interests.

If you haven’t already, download Engel & Völkers’ mobile real estate app now to search and connect with us anytime and anywhere from your smartphone or tablet.

Download my mobile app:

CONTINGENCIES

SELLER DISCLOSURE

Special clauses such as a home inspection, condominium documents, or financing contingency.

A document completed by the seller making known the property’s history and defects.

ESCROW / EARNEST DEPOSIT

SELLER’S AGENT

Deposit of funds are held in an escrow account, and transferred upon completion of the deal.

An agent who lists a property and acts on behalf of the seller and the seller’s interests.

MLS

SETTLEMENT

Multiple Listing Services are private databases that help match buyers with properties listed for sale.

When buyers & sellers sign the closing documents of a transaction and payment of all closing costs.

PRE-APPROVAL

SYNDICATION

Loan officer looks at your income/ debt/ assets/ credit history to determine how much money you can borrow.

MLS property listings and information are shared and distributed through a network of data feeds.

REALTOR®

TITLE SEARCH

Agents who are members of the National Association of Realtors® and abide by its strict Code of Ethics.

A check of legal documents of the property to ensure there are no outstanding claims.

PRESENTED BY

KATIE GELLENBECK Sales & Leasing Advisor

Engel & Völkers Boston 46 Gloucester Street Boston, MA 02115 katie.gellenbeck@evrealestate.com 206.852.2256

©2020 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act. Buyer should take any and all steps necessary to verify said information. Owned and operated by Engel & Völkers Boston. An Equal Opportunity Employer. Equal Housing Opportunity.