Home Buyer Guide
Your Buyer Agent Highlights
FLORIDA LAW REQURIES THAT REAL ESTATE LICENSEES OPERATING AS A SINGLE AGENT DISCLOSE TO BUYERS AND SELLER THEIR DUTIES. AS OF AUGUST 17, 2024, NAR GUIDELINES REQUIRE ALL REALTORS TO HAVE A SIGNED AGREEMENT WITH BUYER BEFORE PHYSICALLY OR VIRTUALLY TOURING A PROPERTY WITH BUYER. REALTORS ARE SUBJECT TO A $500 FINE FOR VIOLATING THIS REQUIREMENT.
As a Single Agent, Medway Realty and its associates owes to Buyer the following duties as your Fiduciary:
a. Honesty & Fairness,
b. Loyalty,
c. Confidentiality,
d. Obedience,
e. Full Disclosure,
f. Accounting of All Funds,
g. Skill/Care/ Diligence,
h. Presenting All Offers and Counter Offers in a Timely Manner &
i. Disclosing all known facts that affect the value of the property.
Stages Of Buying Real Estate
Contact a Real Estate Buyer Agent
Alex has access to ALL Listed Homes For Sale in Sarasota or Manatee Counties and can help Buyers determine if they are capable of Buying a Home in today's market. Alex can also guide the Buyer to Financing options (e.g. lowest rate lenders, lowest upfront cost lenders, or loan programs that fit buyers capabilities) that may be necessary to complete the Purchase, if needed.
Contact Lender to Get Pre-Approved
Alex will give you references depending on the type of financing or assistance you need. Buyers who are self-employed, need down-payment assistance, or who have lower credit scores may need specialized lenders who work with Buyers who have specific needs. Lenders are not created equal.
Home Search
Buyers have access to 3rd Party real estate websites, but if a Buyer is looking for a specific neighborhood type or home characteristics (e.g. 55+ Community, non-Deed Restricted, Waterview, Gated, Fenced Yard, Specific Flooring, Updated features, etc.) you will want to work closely with Alex who can guide you to those types of Communities and Homes around the area you want to live.
Preview Homes in Person
Alex has access to all Homes that are listed in the MLS, New Construction and For Sale by Owners.
Write Offer
You will want to work closely with Alex to determine Market Value of the listed home. Alex will go over ALL terms within the Purchase Agreement including: the Offer Price, Earnest Money Deposit amount, Timeframes, Financing terms, Inspection Terms, Closing Terms, and any other Contingencies necessary to protect your interests. (The seller's agent cannot ethically help you by working against their Client at the same time.)
Negotiate Counteroffer
Unless you offer full price and pay all closing costs, the Seller is most likely going to Counter your offer on price or other terms within the contract. As a skilled negotiator Alex will walk you through this process and help you get the BEST DEAL POSSIBLE!
Inspection Period
This is an important aspect of the Purchase Agreement, and the overall transaction. Depending on which Purchase Agreement a buyer uses, the seller will have a bigger advantage, or the buyer will. Working closely with Alex, who will walk you through your options, is imperative. If undisclosed repairs are found Alex will negotiate on your behalf to get those repairs fixed before closing or come to another agreed upon arrangement.
Due Diligence Period
Once you move past the Inspection Period you enter the remaining timeframe to finalize financing requirements (if necessary), order the appraisal and secure title insurance for the property. We work together with you and your Lender to get them all the required documents they need in a timely manner so you can receive Loan Approval within the Contract Deadline. During this time your Title Agent will also confirm the property has clear title by performing a title search, a lien search and order a survey to confirm there are no encumbrances or encroachments on the property itself. If something does come up, we have a timeframe built into the contract to have the seller clear those items prior to closing.
Final Document Review
The Title Policy, Settlement Statement, Loan Documents should all be available to you no later than 3 days prior to the Closing Date. The Title Policy protects your and the Lender against any claims on the Title to the property after the Closing. The Settlement Statement outlines all of the financial figures involved in the transaction including the purchase price, closing costs, credits and the final amount the Buyer will need to bring to the closing table to complete the transaction.
Final Walkthrough
This is typically the day before or the morning of the Closing Day. This is the final inspection for the Buyer to go through the home to confirm the Seller has moved out and is leaving the home in the same condition it was in when they made their offer. If any repairs were negotiated to be completed by Closing Day the Buyer will also confirm the repairs have been made.
Closing Day
Today is the day the house officially becomes your home. You wire the remaining funds that are due to close the day before, then head to the Closers office to sign all of the paperwork. If you are getting a mortgage the signing will take anywhere between 45 - 60 minutes. If you are not getting a mortgage the signing usually only takes around 10-15 minutes. After all parties have signed paperwork and all funds have been accounted for, the transaction is officially Closed. The Seller will get their proceeds and the Buyer will get the keys to the home. The Closing Agent will then file the Deed with the Clerk of the Court to make the transfer official.
By Working With Us You Also Get:
- You get an Experienced Representative. Alex has over 20 years of real estate, building construction and sales experience.
- You get Expertise, Assistance & Guidance When Purchasing Existing or New Construction Real Estate.
- You get Direct & Clear Communication. There won’t be a time where your call is not answered or returned within the same business day.
- You get Instant Updates. You will receive all information as soon as it is relayed to us.
- You get Professional, Service and Legal Contacts. You have access to our contacts when you need them.
Buyer Agent Services Include, But Not Limited To:
- Help you shop around to compare different lenders & get pre-approved.
- Work with you to find a suitable home.
- Research property information regarding the market value, community rules & regulations, property taxes, property assessments & fees, outstanding property liens, property title issues, permit issues, insurance premiums and more!
- Put together the purchase agreement offer with necessary addenda, disclosures and forms.
- Negotiate on your behalf directly with the seller's agent once the offer has been submitted.
- Review all Home or Condo Association documents, including Rules & Regulations, FAQ's, Articles of Incorporation, By-laws and financial records.
- Review and processing of the paperwork including the purchase agreement, community association documents, disclosure forms and any other miscellaneous forms associated with the sale, to make sure all paperwork is accounted for, filled out correctly and timely delivered to all parties involved in the transaction.
- Schedule and meet the home inspector, appraiser, surveyor, contractor etc.
- Negotiate any repairs found during inspections.
- Coordinate with closing agent, and all parties involved with the closing of the home.
- New Construction Home: Once construction starts we will monitor the build every couple weeks to see how home is progressing. (New construction sales agents generally pass you through their company to someone after you sign a contract and you may not hear from that agent as you are no longer their priority once you sign the contract; we will personally go to your site and take pictures and talk to contractors to see how the construction is coming along.)
- Conduct final walk through to make sure everything is as it should be.
- Coordinate final details with you including closing procedure, wiring instructions and then attend closing with you. (Don't forget your driver's license.)
- Lastly, celebrate with you on your new home!
Buyer Guide Contents:
- Our company information.
- How we represent our customer’s interest and not the sellers.
- The multiple services we provide buyers.
- Important info that buyers should know.
- What to expect during the process.
- What to expect at the closing.
- New construction representation.
- For sale by owner representation.
- A moving timeline and checklist.
- A change of address checklist.
- Important local phone numbers.
ALEX MOREL, REALTOR®
Meet Alex, a Sarasota native with over 40 years of local knowledge and 15 years of experience as a licensed Realtor®. Growing up in a family of home builders and spending a decade in engineering, Alex combines technical expertise with a personalized approach to real estate. Serving Sarasota, Manatee, and Charlotte counties, Alex is dedicated to making your home buying or selling journey seamless and successful.
- Licensed Realtor® since 2010
- Specializes in Residential Real Estate in Sarasota Florida
- Representative For Both Buyers & Sellers
- Member of National, Florida & Sarasota Association of Realtors
- Served on Sarasota Board of Realtors Committee's between 2019-2021
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