During the home-hunting process, I keep in touch with my buyers on a regular basis, by Email, fax, or telephone, whichever they prefer. Some of my clients are avidly searching for a new home on a very tight deadline, while some are just gearing up and are able to wait weeks or months for just the right home. That's fine with me! I'll work with buyers on their own schedule, in whatever way it is most comfortable for them. My goal is to make the process as stress-free as possible.

I check the MLS "Hotsheets" at least twice daily, and immediately get in touch with my clients to let them know about any new-to-market listings that seem to match their particular needs and criteria. I also notify them about homes that have been on the market for a while which may have just fallen into their price range. I'll guarantee to get the latest information to my buyers much before it appears on realtor.com. In a hot market, even a few days can mean the difference between getting the home you want and getting there just a little too late. . . It is never an advantage to a buyer to be in the middle of a multiple offer situation, so timing is important.

I am now able to offer a service for buyers who want to take control of the search process themselves, without waiting for or relying on me.  Just click on the Home Search button on this website, and you'll be able to register for a customized, self-directed "Property Search" of the very same MLS data to which realtors have access.  You can not only search through listings at your leisure, but you will automatically receive a daily Email message with all of the market activity (new listings, price reductions, "under agreements," and solds)  in your area within the last 24 hours.  

I'm happy to preview homes with my digital camera, and fax or Email interior and exterior shots to my out-of-town clients prior to their arrival here. For a relocating buyer who will be in town for only a few short days, the pre-arrival preview can be tremendously useful in helping to eliminate homes that are unlikely to be of interest.

Before we even get into our cars to look at the first home, I recommend that my buyers initiate the process of becoming pre-approved for a mortgage. Their ability to demonstrate their financial qualifications is the most important step they can take to enhance the credibility of their eventual offer.

Once we do find a home that seems promising, we typically schedule a second showing, and at that time, I'll come prepared with information about comparable sales, in the event that my buyer client should decide to submit an Offer to Purchase.

Buyers can also do their own research by using services such as Home Price Check, where they can obtain the prices of all homes sold on a particular street or in a certain price range within a particular town.

As part of the due diligence process, buyers can investigate whether there are any EPA-regulated hazardous waste sites in close proximity to the neighborhood in which they are interested by visiting the EPA's Envirofacts site.

The Offer to Purchase

When my buyers have found a home that feels right, and meets their criteria for space, price, location, and features, it's time to submit an Offer to Purchase. I tell my buyers that they should think of the Offer as the opening of a conversation with the seller: virtually everything is negotiable.

The buyers will stipulate how much they are willing to pay for the home; how much of a deposit they intend to make at the time of the Offer, and later, with the final Purchase and Sale (P&S) Contract; the date on which they propose to sign the P&S; the types of inspections they intend to conduct; the date on which they would like the transaction to close; and the amount of the mortgage (if applicable) they will obtain.

I will present the Offer to the Listing Agent and negotiations will begin. Each deal is unique; the distance between the buyers' and sellers' positions may be narrowed quickly, or the process may be more arduous, when there are major differences between the parties on issues of price, closing dates, inclusions or exclusions, or contingencies. In all cases, however, I stay in regular contact with my Buyers, calling them even when all I have to say is that we are still waiting for a response. I always try to put myself in their position. I know how intense emotions can become, and how easy it is to become frustrated or disappointed if communications aren't flowing well.

Inspections

Once the buyers and sellers come to terms, and the Offer is signed -- often with numerous amendments -- by both principals, we have an interim contract and a clock starts ticking. Typically, the buyers will have about two weeks in which to apply for their mortgage and to conduct their home inspections, as well as any ancillary tests, such as those to assess water quality and/or quality, and the presence of radon and pests. During this period, a draft of the Purchase and Sale Agreement is furnished to buyers and sellers: it will incorporate and formalize the terms of the Offer, and it may include additional provisions which have been agreed to as a result of the home inspection.

Home buyers should be aware that Massachusetts has recently passed a new Home Inspector Licensing Law, which will go into effect on May 1, 2001. Among the provisions of the law are that only buyer's agents will be permitted to offer referrals to particular home inspectors; seller's agents and subagents will be prohibited from doing so, on the grounds that there may be a potential conflict of interest. I always recommend that my buyers select a home inspector who is a member of the American Society of Home Inspectors, whose website offers a database searchable by geographical location.

If my buyers are purchasing an antique or older home, there are special considerations and it may be desirable to conduct additional inspections, such as those to ascertain the presence of lead paint.

Since many of the homes in the country towns in which I work are on private wells, it is customary for buyers to have the right to conduct a water quality test, at their expense. A Massachusetts-certified laboratory is a buyer's best choice for this analysis.

Similarly, a significant percentage of the homes in these rural towns are on private septic systems, rather than on town sewers. They are subject to the state's Title V regulations, which, in most cases, require the system to have been inspected by a duly authorized inspector within 24 months of a property transfer. As a practical matter, it is typically a contingency of the sale for a seller to assume the financial responsibility for compliance with Title V. In the event that a septic system fails inspection, the seller usually assumes the cost of installing a new system, unless disclosure to the contrary is made at the time of the listing.

Regardless of where a home is located, it is always a good idea to arrange for a radon test, which typically measures levels of this radioactive gas during a 48-hour period. The EPA's Home Buyer's and Seller's Guide to Radon is an excellent source of information. If the radon levels in the air exceed the EPA guidelines, it may be deemed advisable to further test for the presence of radon in the water.

Getting to the Closing

It is during the interval between the signing of the Offer and the execution of the Purchase and Sale that deals can sometimes fall apart. Reasons for the failure of an agreement to culminate in a sale can range from buyers' remorse, to home inspection problems that cannot be satisfactorily resolved, to an inability of the buyers to secure the required financing commitment.

Assuming that all goes well, however, both parties will know they have a binding contract on the day on which the Purchase and Sale Agreement is signed. By that point, most of the hurdles will have been successfully crossed and the buyers can concentrate on the logistics of preparing for the closing, which is typically four to eight weeks later. They will obtain a homeowner's insurance policy, make arrangements with local utilities to transfer service as of the date of the closing, secure their final loan commitment, and start packing!

Maureen Harmonay, CRS, GRI, ABR
718 Main Street
Bolton, MA 01740
MHarmonay@YourCountry-Home.com
Voicemail: 978-307-1476
Toll Free: 866-666-8880
Cell: 978-502-5800

Licensed in Massachusetts and New Hampshire

Please visit my companion sites:

HarvardCountryHomes.com and MassachusettsCountryHomes.com

This site designed for Netscape 4 & up..
screen resolution 800 x 600
AOL users, click here