TIPS FOR BUYERS

• Make a list of priorities before setting up appointments to view homes. Proximity to work, number of bedroom, number of bathrooms, yard size, must haves and wish haves... know them all and be prepared to be flexible!
• If you choose to work with a real estate agent agree only to pay his/her commission if you purchase a home shown by that agent. This leaves you free to view other properties, especially FSBO without the extra cost of commissions.
• A pre-qualified buyer is more desirable to a seller. Know how much you can afford. Receive a free, pre-approval letter from any of our advertised mortgage companies, or call our FOR SALE BY OWNER CONNECTION office at 860-693-6156 or toll free 1-800-942-2442 for assistance. Check how much you can afford with our Mortgage Calculator.
• Search for homes in the price range specified by your pre-approval. Don't waste your time or the sellers if you can't afford the property. Please keep the appointments or call homeowner ahead of time to reschedule.
• It is never too soon to shop around for an attorney whom you trust and one who will return phone calls promptly. Here too, our office can help by recommending a real estate attorney close to your area with years of experience in FOR SALE BY OWNER CONNECTION real estate closings.
• Our sellers have all the required information and forms needed to completely sell his/her home from beginning to "closing day" end. Our SELLER'S KIT given to our clients provides them with a Purchase Agreement, Connecticut Property Disclosure Form, Federal Lead Form (if home was built before 1978) and other literature to answer any questions and guide them through the home selling process. Please ask the seller for a copy of the CT Property Disclosure Form (this document is a check list of the house's known faults...), if it is not readily available when you are viewing the home.
• When you are ready to make an offer you may call the home owner directly and begin the negotiations. Points to discuss are price, mortgage contingencies, personal property to be included /excluded in the sale (such as appliances, electric fixtures...) dates of inspections, dates and limits of time for closing deadlines.
• Have everything in writing! Don't rely on verbal agreements for this major commitment.
• Plan to put $500-$1000 down upon the drawing of the contract, and an additional 5-10% in 10 days upon completion of inspection. The deposit check should be held in escrow (possession) by the seller's attorney. As always call our office at 860-693-6156 or toll free 1-800-942-2442 for assistance.
• Legal representation is a must at closing day and invaluable before this date to answer any other legal issues which will always arise.
• You may wish to let your attorney review the Purchase Agreement prior to signing or use the attorney's contract form instead. The attorney will also prepare the deed, mortgage documents and insurance forms. Generally closings take about an hour or longer, but the attorney will do a lot of work prior to closing to make sure you are getting a properly transferred deed.
• Hire a home inspector immediately to secure an inspection of the home a few days after signing the Purchase Agreement. You should walk through the house along with the inspector to view any potential problems not foreseen by you. Any needed repairs or new conditions in the inspector's evaluation need to be addressed to the seller in writing before the inspection contingency date of your contract. Most small details are not worth raising, however each buyer must assess for him/herself.
• If electrical/mechanical items are in working order, but their life span is questionable, consider sharing the cost of a Home Warrantee with the seller. The warrantee covers the repair or replacement of furnace, water heater and/or appliances for one year after closing. Cost of the warrantee is $375. Call us for more details.
• While the home inspection is in progress continue the process of securing your home mortgage. The lender is responsible for sending an appraiser out to view the home, insuring that you have not overpaid for the property while protecting the mortgage/lending companies' interest.
• The lending company will run a second credit report on you prior to the closing date. Don't go on a shopping binge for new furniture, TV, etc. before closing! You run the risk of over-limiting your credit.
• Schedule a final walk-through inspection 24 hours before closing to assure property condition has remained the same.
• Finally, you should make arrangements for all utilities to transfer to your name on the day of closing.
• We know how stressful this period can be for both the seller and new buyer. Please feel free to contact us with any questions you have along the way. You'll be represented by an attorney, so they will look out for you "legally", but we're here to help both the sellers and the buyers with any issues that might arise. We appreciate you, the buyer, taking the time to read our program and visit our website CutTheCommission.com and the best of luck to you!