Buyer Packet
Welcome to your Home Buying Journey!
We put together this Buyer's Packet specifically with you in mind. It covers everything you need to know about the buying process - general overview, associated costs, FAQs & insider tips. You can store everything 'buying' related in this folder (open house sheets, personal notes), so that when it comes time to make an offer, you have everything right at your fingertips. Let's get started!
Our Role ...you're in good hands! The Metalios Group's goal is to make real estate personal. We live local, we shop local, and support local. We know the market inside and out. In the home buying process, our job is to represent you and your financial interests. We aim to make this process seamless for you. We work directly on your behalf and in case you didn't know, there is never a fee you pay to us. Our fee comes directly from the seller. We do more than help people buy homes. The buying process can be new to you, so we make sure to keep you informed of the steps along the way. We'll help you connect the dots, and be a resource for you before, during, and after you find a home.
Our Role We have a 15 person team with the #1 Brokerage in Greenwich, CT. Our full time transaction coordinator will handle your paperwork to ensure a smooth closing. Each team member previews 610 homes a week, and we share our feedback. Between all of us, rest assured you're seeing the latest homes on the market. You now have a team of experts working on your behalf. Nothing accelerates credibility faster than proof. The Metalios Group sold $100 million in homes last year, and has over 200 five star reviews on Zillow. Our goal is to gain a raving fan from you, so that you gladly refer us to your family and friends.
We'll find your home... For the lowest price possible. Our client's average home purchase price to list price is ~87%. That means we save our clients more money than the average agent in Fairfield County. We negotiate on your behalf and get your home under contract for less than other agents. In the shortest amount of time. The ability to have smooth transactions that close on time or early is our competitive advantage. When buying a home, there are a lot of unknowns and we don't want the closing date to be one of them. We strive to close at the time that is most convenient for you. With the least amount of hassle. We want you to walk away having expected this process to be harder! The Metalios Group strives to provide a first class experience with a "let us handle that for you" approach to the sale. We've refined our process so nothing falls through the cracks,
Services We Provide Help you find the perfect home in your ideal neighborhood Keep you updated with the most current listings Private showings with our team Find off market properties - we will contact other agents in the area for pocket listings. Preview listings on your behalf. Provide trusted partners- preferred lenders, inspectors, home repairs. Navigate the offer process - how to craft an offer that will win by negotiating aggressively on your behalf. We'll be available to you at any time to answer questions before, during, and after you close.
The Process 1. Tell us about your dream home! We will craft a wishlist with your lifestyle priorities. 2. Meet with lender to obtain a pre-approval. 3. The search begins! We'll schedule showings so we can maximize your time. 4. Making an offer: our team will navigate you through a successful offer and negotiation process. Creating an offer is based on several factors we'll discuss in depth - we'll communicate the price, financing terms, inspection contingency, and close date. 5. The Contracts: after we present your offer, it will either be accepted, rejected, or countered. We will negotiate from there directly on behalf of you. Once accepted, we will conduct any necessary inspections before we move to the purchase agreement. Then we move on to the purchase agreement - a standard document generated by the seller's attorney. Your attorney will review the contract & look into the seller's deed and chain of title. After reviewing with you, you will sign the agreement and put down 10%, which will go into the seller's attorney's escrow account. The purchase agreement (contract) constitutes your offer to buy. Once signed by the seller, it becomes a valid, legal contract! Now time to celebrate!
Making the Offer So we've found the home... let's make an offer! It's important to remember to be realistic, and understand that the more competition there is, the higher the offer should be. Sometimes this means even exceeding the listing price. Our team will help you craft a competitive offer at the lowest price possible to you. We sold 78 homes last year - you can take full advantage of our years of experience negotiating! Market value is determined by what the buyer is willing to pay - it's not a fixed price but rather a range of value. Because no two buyers are alike, you (the buyer) are the market! All buyers are looking to get a good home at a "good" value.
The Inspection Process Inspections include: Appliances Plumbing Electrical A/C & Heating
Ventilation Roof & Attic Foundation General Structure
The inspection is not designed to criticize every minor problem or defect in the home. It is intended to report on major damages and serious problems that require repair. If problems are indicated, the inspector will recommend a structural engineer or another profession inspect the issue. Your home does not "pass or fail" an inspection, and the inspector will not tell you what they think the home is "worth" based on findings. It's their job to make you aware of repairs that are recommended or necessary, now or in the future. The seller may or may not be willing to negotiate completion of repairs. The inspection will help inform you on what additional work and money may need to go into the home. If there are any health and safety issues, most sellers are willing to fix or give a credit for the work needed. We prefer to be present at your home inspections, so we can help you clearly understand exactly what may need attention and answer any questions you may have.
Contingencies & Warranties Contingency Period: Once our offer is accepted, the timeline for inspection begins. Per the offer, we have 5 days for our physical inspection (general inspection of the home). The outlined agreement is to purchase the home "as-is." We will have the opportunity to negotiate and request that the seller repair health and safety items, which is a separate negotiation. Title: You will receive a title report showing your property lines, area of use near your home and a clear title. Home Warranty: When you purchase a newly built home, the builder usually offers some sort of full or limited warranty (usually on quality of design, materials, and workmanship). These last for the period of one-year from the purchase of the home. At closing, the builder will assign the manufacturer's warranties (that were provided to the builder) to you, for materials, appliances, fixtures, etc. You'll be able to contact the manufacturer for any issues (not the builder).
Financing Your Dreams Getting Pre Approved: How does it help? - Generally, interest rates are locked in for a set period of time. You'll know in advance what your payments will be on offers you choose to make. -You wont waste time considering homes you cannot afford. -A seller may choose to make concessions if they know that your financing is secured. -You can select the best loan package without being under pressure. Qualifying for a Mortgage: Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Your mortgage payment to the lender includes the following items: - The principal on the loan (P) - The interest on the loan (I) - Property Taxes (T) - The homeowners insurance (I) Your total monthly PITI and debts (from installments to revolving charge accounts (should range between 33-38% of your gross monthly income. These key factors determine your ability to secure a home loan: credit report, assets, income, and property value.
Numbers to Know Purchase Amount: This is the amount you have agreed to pay the seller for the home. It is inclusive of the money & down payment you have offered. It is not inclusive of your closing costs. Down Payment: The down payment is a portion of the purchase price that the buyer is paying in cash. Down payments can range between 3.5% and 100%, and each buyer determines the best scenario for the particular purchase. Typically, at contract signing, 10% is paid. Closing Costs: Closing costs are not part of the purchase amount, but rather charges associated with the buyer's loan, the transaction itself, and any prepayment required by the lender such as taxes, insurance, and Home Owner's Association dues. You will be required to pay charges for loan processing and other closing costs. These fees must be paid in full at the final settlement, unless you are able to include them in your financing. Typically, closing costs will range between 1-3% of your mortgage loan.
Closing Costs
Nearby Neighborhoods Map
Your Homes We know this is a lot of information, so hold on to this guide so you can reference it as you go through the buying process. We promise to make the experience as easy and fun as possible! Keep your open house materials and information here so when it is decision time, you will have all of your notes together. Never hesitate to ask a question we are here to be your real estate resource.
Frequently Asked Questions I. In what price range should I be searching? In Fairfield County, we recommend searching approximately 10% above your top price point. 2. How quickly should I see a home I am interested in? We recommend reaching out immediately to learn a specific home's showing instructions. Together, we'll decide the most convenient time for all involved. 3. Can I send you homes I find online? Yes! Finding a home is a collaborative process. I'll set up alerts for you directly from the MLS. You can respond to those or send me homes separately. 4. Who pays your commission? The seller typically pays an agent's commission, with no fee to you. 5. How long does it take to close? Typically 7-45 days from the date an offer is accepted depending on financing vs. cash offer. 45 days is most common in our market.
Frequently Asked Questions 6. What are my closing costs going to be? We have a comprehensive breakdown of all closing costs included in this folder - see page headed 'Closing Costs'. 7. Do you have a list of recommended inspectors? Yes! We have a number of trusted partners and look forward to sharing when the time comes. 8. How much should I budget for inspections? We recommend between $800-$1,200 for your inspection. The price may vary due to the size of the house, and if well, septic, and radon inspections are needed. 9. How much do houses usually sell for below asking price? This always depends on how the home is priced to begin with, how motivated the seller & buyer are, and what market conditions are like. We'll discuss current conditions & negotiation strategies in depth with you. 10. How long does it take to close? Typically 7-45 days from the date an offer is accepted depending on financing vs. cash offer. 45 days is most common in our market.
Frequently Asked Questions 11. How will you tell me about the newest homes available? The MLS (Multiple Listing Service) provides up-to-date information for every home on the market. I'll constantly check the New on Market list for you, and will send to you via email, phone, or text. 12. Will you inform me of homes from ALL real estate companies? Yes! I will keep you informed of ALL available homes - our goal is to find your dream home, inclusive of all homes available for sale. 13. Can you help me find new construction? Yes. We work with several builders and we have helped many buyers purchase new construction. 14. How does 'for sale by owner' (FSBO) work? Homeowners trying to sell their home with no representation often do so in hopes of saving the listing (seller's) commission. Most understand they will pay the buyer's commission fee. If you want to see a FSBO, let me know and I'll reach out on your behalf to ensure you are fairly represented and receive all of the disclosures and documentation throughout the sale - again, at no cost to you.
Frequently Asked Questions 15. Once my offer is accepted, what should I do? The most important thing to do when your offer is accepted is to complete your inspections right away. Please remember that until the contract is signed by both you and the seller, the house can be purchased by someone else. When you sign contracts, you should have your 10% deposit liquid and ready. After contracts are fully executed, you will need to get the contract to your lender right away. The quicker you are, the smoother the process will be. Your lender will get you a loan estimate and will go over it with you in detail. After signing, you will want to schedule your move, pack, and notify businesses of your address change (we'll provide you with a full moving packet with helpful info and details). Now time to celebrate your new home!
What our clients are saying... "Joy and her team could not have been more professional, knowledgeable and also comforting. Buying or selling can be a very stressful time in ones life and just the comfort of Joy and her team throughout the entire process was very reassuring. We WILL highly recommend Joy Kim Metalios to everyone, without a doubt!" "Kaye took excellent care of us and helped us buy the house of our dreams. She was a wonderful advisor through every step of the process. We also really valued her ability to connect us with respected attorneys, mortgage brokers, etc. which made the whole process so much smoother. I really recommend her!" "Jennifer (Thomas) is such an amazing broker! She's always so responsive to our questions and always checking on us even after the deal was closed. She's also very knowledgeable around the area. We will definitely recommend her to any of our friends who want to move to Greenwich or nearby in the future! If you are looking to make the move, you can't go wrong with her!" "We placed an offer on the very first house we saw with Katie but we were outbid. It took almost 9 months (and after looking at nearly 30 houses) before we found one. All through this process, Katie was extremely patient, kind, well organized, responsive, provided valuable references and most importantly, never rushed us into making a decision. Strongly recommended!" "Danielle is the absolute best! We could not have gotten through this whole experience without her. In what was a bit of a difficult sales process, we had Danielle running point and coordinating everything for us the entire time. She works tirelessly and I cannot say enough about her as both an agent and even more so as an individual." "Jillian helped me with finding an apartment that optimized my location and kept me within my budget. Her listening skills regarding my needs were excellent! When I wanted to optimize my lease with the landlord she even negotiated on my behalf! I would recommend her to any buyer or renter seeking a passionate realtor willing to help every step of the way." "Jen (Warwick) has been and still is my go to and right hand person during the process of becoming a homeowner. She is accommodating, generous, helpful, understanding, patient and a real person. She would answer all calls and texts and if she couldn't she would say so. She left a lasting impression on and I would recommend her a hundred times over. She has made this process worth while in every-way. Thank you Jen!" "Highly recommend Liza Kotler and Metalios Real Estate group's knowledge of Greenwich area. Liza was very responsive, answered all of our questions, and helped us find a rental place quickly! Thank you Liza and team - definitely a five star experience!" "Laura was great throughout the entire home buying process and especially on top of things prior to closing. She ensured we were updated constantly with outstanding items, and got the answers to all of our questions in a timely fashion. If she wasn't the subject matter expert on something, she would put us in touch with one to put as at ease. Went above and beyond and brought a repair man to do a final check of the property and make a few repairs. Would recommend her and work with her again without question." "Shari Greenleaf of The Metalios Group is a true professional. Extremely knowledgeable about the market and very dedicated to working for her clients. She will always go the extra mile."!
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