Please note: By clicking on the videos below, you may be directed to Vimeo, a web site not maintained by The Village Bank, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.
Transcript
It is a contract right, an offer to purchase. When it gets accepted and is countersigned by that seller saying that they’re going to accept your offer. It is a binding contract and people can sue one another over this binding contract. So I always tell folks, and I’m sure Darlene says the same, if it is important to you, it needs to be in that offer. You know, you go and see this wonderful home and you love everything about it and you love that big fig tree out front. You have no idea that that seller was given that fig tree by their grandmother, and they want to take that fig tree with them. And we laugh and we kid around, stuff like that. But we have all had experiences with the fig tree. So I always tell folks, my buyers, if it is important to you and you only want that house, because that fig tree was the fig tree that your grandmother had in her. And that needs to go in the offer, right? Because this is a binding contract.
Transcript
When you’re talking about the pre-approval, you probably if you’re thinking that this is something that you want to start looking at, I would suggest you get going on it. Okay, get the pre-approval. It lasts you one hundred and twenty days, which is the time period of a credit report. Okay. If for some reason you call me like lady did today and said mine has lapsed, I’d like to update it. Okay, you can do that. I’ll be pulling your credit again. We may update a few documents, your pay stubs, things like that, just to make sure that we still have the current documents. And then we’ll give you an updated letter that it again is going to last for one hundred and twenty days. And it also means that you’re not stressed when you’ve actually found something to hurry, because then you’re just calling me and saying, I made the offer. It was accepted. Let’s flip it. And that process works very well.
Transcript
The thing to know about waving, really about waving a mortgage commitment is the day you sign that purchase and sale agreement. Your deposit goes hard. That means if for any reason you cannot close on the closing date, you lose your deposit. I really tell folks it it you have to. I mean, you have a crystal ball. I would love a peek at it. But you know, you really have to know that there’s going to be nothing stopping you or you’re okay losing your deposit. So I, I always tell my agents and lenders, if anybody is going to waive their contingency, let me explain it because I’m like, I kind of take the all the emotion out of it. That’s the fact, right? You have to be willing to lose your deposit on day one. So and so, you know, some people have the can do it. And but I’d say most people and certainly most first time home buyers not, you know, really not not a smart move.
Transcript
The hot topic though, that’s out there now for buyers is this there’s a brand new law that’s a special amendment that Governor Healey is five point three housing five point three billion dollar housing bond bill. And what this this special amendment says is that when you make an offer, there’s going to be some special additional language in there that is going to be signed by the buyer and by the seller that essentially says you as a buyer, have the right to have a home inspection seller cannot deny you the right to have that home inspection, because what was happened in a very difficult market, buyers felt the need or whatever it may be, they decided that they were going to waive their home inspection contingency to make their offer more appealing. And so it was putting people purchasing homes in a difficult situation. They’re paying a lot of money over asking elevated interest rates, buying a home. They move in, they can barely make the payments. They really have the budget in the first year of heating system goes or a roof goes, and now they have to come up with X amount of dollars to fix those things. The idea is that everybody has the right to have a home inspection if they wish. It can’t be denied that right? But make it perfectly clear the seller has the right to sell the property as is, but the buyer has the right to know
Transcript
Where I see most agents making mistakes. And this is why you want to make sure that you’re doing your due diligence and interviewing them appropriately, is that they’re advising buyers to be more aggressive than they need to be. So they’re hearing these things. They’re hearing the sensationalism in their own offices or on the news, or whoever they follow on social media. And instead of paying attention to, inventory went up and having very important conversations with the listing agent, they’re again, advising their buyers to do things that they don’t have to do, whether it’s waiving an inspection, being more aggressive with price. So for myself, I have two recent examples. I had a home I had listed in Sudbury, and we had no offers on the table. The buyer came out the gate with with their agent, twenty five thousand above asking and waived everything, waive the inspection, waived their mortgage contingency. Now there’s no competition and there was no competition coming in. And if she asked the right questions, she would have been able to give a much more. First of all, a better deal for her buyers, but also a less stressful transaction. similarly, I had another home listed two weeks ago where a buyer ended up paying one hundred thousand over asking again, not necessary. So you want to make sure that you’re hiring the right agent, ask the right questions to make sure that they’re not making poor decisions on your behalf.