Home Buying Guide


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Jack Conway, REALTOR®

Home Buying Guide

why buy a house? • Control of surroundings • Tax benefits • Investment • Pride of ownership • Legacy

Welcome to the Jack Conway & Company network of real estate services Whether you’re buying your first home, or moving up to your second or third, you’re embarking on an exciting journey. As your buyer’s agent, Jack Conway & Co. will guide you through the process in a simple, stress-free manner and answer any and all questions you may have about home ownership.

at your side... yesterday,

J a c k C o n w ay, R E A LT O R ®

today, and tomorrow...

Home Buying Guide Page 1 of 4

I want to buy a house. Where do I start? Make a list of what you’re looking for in a home. Be specific, and separate “wants” from “needs.” Ask yourself: • Where do I want to live? • How much do I want to spend? • What type of neighborhood? • Do I need to be near commuter rail, bus, highway, etc.? • How long of a commute am I willing to make? • What style home do I want? • How much space do I need and how much might I need in the future? • Do I want a new home, older home, antique, or fixer-upper? Okay, I know what I want in a home, where do I go now? Take your list in hand and contact a trained, qualified and competent agent at your Jack Conway, REALTOR® sales office. This Conway real estate professional will become the vital link between you and your new home. What will my Conway agent do for me? Your Conway agent will help you set up a plan of action. He or she will analyze your needs and your finances, and show you which homes in the market are available in your price range. Utilizing all the technological tools at hand, your Conway agent will: • Personally conduct a search to find neighborhoods and homes that meet your requirements. • Guide you through the steps of making an offer on a home and present your offer to the seller. • Assist you through both the pre-closing and closing processes. • Show you the benefits of saving home ownership tax dollars in the years to come. • Provide you with mortgage assistance and advice through Conway Home Mortgage.

Historically, housing tends to appreciate in value for decades. Monthly • It’s a good idea to get “pre-qualified” mortgage for a mortgage before you start your payments (the home search. part that reduces the principal loan I’ve never owned a home before. What will the financial benefits be? balance) become • Home ownership is a lasting a form of savings, investment. allowing you to • Numerous tax advantages are build up equity in available to homeowners.Your mortgage interest is deductible, your home. which can often make owning a home cheaper than renting when you consider “after-tax” dollars.Your property taxes are also deductible. • By building equity in your home, you can move up to a larger property in the future with a good down payment in hand. • Home ownership makes your housing costs more predictable, particularly if you have a fixed-rate mortgage, which remains the same over the term of the loan.

Start looking now! Once you have your research completed, it’s time to hit the house-hunting trail. Along with your Conway agent, you will start touring neighborhoods and inspecting homes. Keep a list of what you like and don’t like about the various properties you tour.

J a c k C o n w ay, R E A LT O R ®

Home Buying Guide Page 2 of 4

I’ve found the house I want to buy. What do I do now? It's time to make your offer. You will make a written offer to purchase (contingent on a satisfactory home inspection, obtaining financing, etc.), and your agent will present it to the seller immediately. Before signing your offer, be absolutely sure that it contains all the conditions that are important to you, because once the seller has accepted it, the document becomes a binding “sales contract.” Work with your agent to make sure it includes: • Items that convey with the home • Sale price • Amount of your deposit • Amount of your down payment and/or the amount of mortgage loan you intend to obtain • The date, time, and place of closing • Any contingencies which must be met before closing can take place • Your signature and that of the seller. Remember, you can withdraw an offer anytime before the seller has signed it. But once an offer has been accepted, you generally cannot make any changes. The seller has my offer. What happens next? This is when your real estate agent plays a vital role, keeping the negotiation process running smoothly between you and the seller.

The ball is now in the seller’s court. Sellers have three options: they can reject your offer, accept your offer, or make a counter-offer. If they reject your offer, you may then present another offer or simply continue your house search elsewhere. If the seller presents a counter-offer, this means that your offer was not acceptable, but the seller would accept it under specified terms and conditions. It is now up to you to either meet those conditions, or to renegotiate. My offer has been accepted! Now what? You and the seller then sign a purchase and sale agreement detailing all terms and conditions of the home sale, including a date, time and place for the closing.You have now entered into a binding contract with the seller to purchase their home, and it will benefit you to hire a lawyer to review the terms of the agreement.You should order a home inspection of the property and apply for your mortgage. Conway Home Mortgage can assist you in this process from start to finish. Once your mortgage is approved, you need to obtain whatever insurance coverage that is necessary. The closing is almost here. What should I do? You should start packing, contact your movers (at least eight weeks before the anticipated moving day), and notify the phone and utility companies to discontinue service at your current residence on a specified date. Don’t forget to arrange the hookup of utilities to your new home. Two weeks before your move you should set the day to discontinue your delivery services, such as newspapers, mail, etc.

J a c k C o n way, R E A LT O R ® H o m e B u y i n g G u i d e P a g e 3 o f 4

What are closing costs and how much should I be expected to pay? Closing costs vary greatly. Your real estate agent can provide you with a “rule-of-thumb” figure for your situation. Also, your lender will give you a pre-settlement “good faith” estimate of specific costs. Generally, closing costs can include the following: • Loan origination fee • Discount points • Cost of a title search • Lender’s title insurance fee • Owner’s title insurance fee • Survey fee • Lender’s appraisal fee • Recording fees for closing documents • Prepaid interest on your mortgage, covering the time between closing and your first monthly payment. • Prepaid mortgage insurance premium • Homeowner’s hazard insurance premium • Property tax escrows • Lawyer’s fee What do I need to bring to the closing? • Your homeowner’s insurance policy and a paid receipt for one year’s coverage, sometimes paid at closing. • A certified or cashier’s check (payable to yourself and ready to be endorsed to the seller, attorney or escrow company) for the balance of your down payment and closing costs. • Your personal check book so that you can pay any unanticipated costs. • Your photo ID.

When do I actually take ownership of the home? • At closing you, the sellers, and other parties involved (attorneys, and/or escrow agents) meet to complete the sales transaction. You sign all the documents pertinent to the sale.You pay your down payment and your closing costs. In return, you receive copies of all papers and the keys to your new house. The deed is then recorded at the Registry of Deeds.

Congratulations, you’re a homeowner!

Jack Conway & Co. is the largest independent Realtor in Massachusetts. The firm was established in Hingham, Massachusetts in 1956 and now has 41 offices from Boston to Cape Cod. We are proud to be among the founding members of the Leading Real Estate Companies of the World. This premiere International Relocation Network has 700 firms, 5,000 offices and 145,000 sales associates on its worldwide team.

Count on Jack Conway, REALTOR® to help you find your new home. ...

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