Shang sets the buyer(s) up with his contacts at various lenders that he has worked with for several years, such as Leader Bank and Washington Trust, to get the buyer(s) preapproved. These banks consistently offer the best rates and service possible.
Shang recommends to buyer(s) attorneys with whom he has the highest regards in terms of diligence, thoroughness and responsiveness.
Timeline/Town/Area introduction. Work with the buyer(s) on their property wish list:
Making a winning offer: Shang will plan a strategy to ensure the most advantageous terms and the lowest pricing for buyer(s).
Finalizing the following details of the offer: 1) Price; 2) Expiration date/time; 3) Closing Date; 4) Home Inspection Contingency; 5) Mortgage Contingency; 6) Down Payment 7) Sale of another property; 8) Other inspections; and 9) Seller concessions, etc.
The offer package consists of: 1) MA licensee-Consumer Relationship Disclosure; 2) A pre-approval letter; 3) $1000 good faith deposit check; 4) Lead-Paint Form for homes built before 1978; 5) Contract to purchase with contingencies (the offer letter); 6) (optional) A (love) letter to the seller(s); 7) Other forms required by the listing agent.
Negotiating the offer: Shang is a great negotiator who tries to negotiate the best terms. In multiple offer situations, he has many tricks up his sleeve & creative ways to get his buyer(s)’ offer to the top of the pile.
Offer accepted! 1) Collecting the deposit check; 2) Providing buyer(s) with names of inspectors that Shang observed over the years to be thorough, honest and informative.
Submitting to the listing agent the ”request list after inspection”. Shang, on behalf of the buyers, negotiates repairs/credits, which become a repair addendum to the P&S.
Once the inspection period is finalized, 1) Sending the P&S to buyer(s) for (electronic) signatures; and 2) Collecting the P&S check (5% of purchase price).
Work with your lender to get pre-approved.
Work with Shang on your wish list (or search criteria, no need to be too specific):
Visit open houses/private showings with Shang and discuss with him your feelings and feedbacks. At the beginning, see homes in more price ranges to learn what the different price points get you.
After finding “the” house, work with Shang on submitting an offer. All documents in the offer can be electronically signed (using DocuSign, etc.).
Work with Shang on the offer negotiation with the listing agent. Hopefully, the offer is accepted after negotiations or bidding wars! If not, keep in mind that “The right home will come, it may just take time”.
Hire licensed home inspectors to do a hazardous inspection and optional inspections such as Lead Paint, Radon, Mold, Pest, etc. Based on the findings, you have 3 options: 1) Move forward with the purchase; 2) Negotiate with the sellers on repairs/credit; or 3) Withdraw (no penalties).
If you decide to move forward (after negotiations), work with your lender to start the mortgage application. From this point on, please do NOT open up new credit cards or buy large ticket items like a car or a boat, to avoid surprises to your credit score!
Work with your attorney and Shang on signing the purchase & sale agreement, which supersedes the original offer. P&S goes into much more details with regards to escrow, transfer of title, time of performance, mortgage contingencies, etc. and is designed to protect both parties. Notice that there may be a repair addendum to the P&S. Please do NOT share this addendum with your lender!
At least 3 days before closing, the attorney will send you the closing disclosure, which lists all the itemized expenses, as well as the closing day checklist.
Sign the closing documents at your attorney’s office (~1 hour). Congratulations!
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