For those who seek an exceptional place to call home. TH E H O M E BUY I N G P RO C ESS
Why work with a buyer’s agent? The decision to purchase a home is likely one of the largest financial decisions you will make. By aligning yourself with a trusted advisor, you will be well positioned to find the right property, negotiate fair terms and overcome any obstacles that appear along the way. Leveraging our vast local expertise, digital tools and industry connections, Gibson Sotheby’s International Realty will not only assist in helping you find the right home, but guide you through the entire purchase process.
Brian Perry Residential Real Estate Advisor 617.413.8049 BrianP@GibsonSIR.com
Brian Perry is a top-performing agent in Boston, with a 25 years of real estate sales experience and over $400 million in new development sales. He has been consistently recognized as a Top Producer at his firm and has sold over 1000 homes in the last two decades. Including resale properties, Brian has amassed over $500 million in sales during his tenure with Gibson Sotheby’s. Brian leads a dedicated team of talented professionals, committed to supporting his efforts and providing the highest quality customer service to his clients. Their dynamic collaboration provides a unique perspective on strategic project planning. Their services include, but are not limited to, market tracking, unit mix, finish selection, model unit staging, progressive pricing, custom branding, comprehensive marketing plans, and of course, sales. Due to their proven track record, developers consult with them on proformas and early stage decisions that can insure the long-term success of a multi-year or multi-stage project. In 1997, Brian led the way with a flagship loft development in Boston’s South End. Laconia Lofts set the tone for a neighborhood which was undergoing a massive revitalization effort. Emboldened by that success, he then achieved record-breaking prices with Spencer Lofts in Chelsea and Porter156 in East Boston, and successfully pushed the loft concept into a quasi-suburban area with Watertown’s Riverbank Lofts. As his momentum continued, Brian developed a solid reputation and lasting relationships with several developers. This led to his selection as the representative of several luxury developments, like Penny Savings Bank in Boston’s South End. He established his prominence as the “go-to” agent for developers in Greater Boston. In a few cases, he was hired to sell developments that were performing poorly with agents in other firms. Most recently, Brian has represented a boutique development on historic Union Park in the South End, a LEED-Certified project in Mission Hill, and luxury developments with $3-$6.25 million condominiums in the South End and Beacon Hill. In 2015, a set of four townhomes in the Highland Park neighborhood of Roxbury of which Brian was the exclusive listing agent won the American Institute of Architect’s national Top 10 Gold Medal for sustainable design. This project was the first-ever new construction project that participated in the city of Boston’s E+ program and has paved the way for future netzero developments. Brian’s current portfolio consists of three developments with a combined total of more than 70 units. Beyond new developments Brian has maintained a proven track record and rapport among industry colleagues which inspires seamless collaboration during each step of the buying and selling process. Many of his transactions are with repeat clients. His referral business continues to grow with his reputation. Several of his most recent sales have placed him in the upper echelon of luxury agents in Greater Boston, including the most expensive home ever sold in the South End. Recent listings include multi-million dollar, rehabbed residences in the South End’s prestigious Union Park and Derne Street in Beacon Hill, including the most expensive home ever sold in the South End on Union Park for $5.4 million. One of the keys to Brian’s success is his dedicated team of talented professionals, committed to supporting his efforts and providing the highest quality customer service to his clients. Their dynamic collaboration provides a comprehensive approach to everything from home searches to strategic marketing plans. Brian’s interest in local neighborhoods is not limited to real estate. He contributes both time and resources to many organizations. He has organized several fundraisers to benefit the South End Youth Baseball League, often with Red Sox great, Luis Tiant. He has received recognition for his dedicated efforts on behalf of Big Brothers. He is also a regular supporter of Project Place.
Steps to Buying a Home The following details a comprehensive overview of the buying process from start to finish. As your buyer agent, I will advise and guide you every step of the way. Together, we will work to achieve your goals and secure the best home for you.
01 GET PRE-APPROVED The first step of the home buying process is getting pre-approved for a loan. During this process, your mortgage lender will review your income and credit history to determine what size loan you are eligible to receive.
02 BEGIN THE SEARCH Once you have determined your budget, we will meet to review your wishlist and desired timing and will begin your search. Together we will review inventory and visit properties.
03 SUBMIT AN OFFER When you find a property that you love, we will submit an offer. The seller will respond in one of three ways: the seller accepts the offer, the seller makes a counteroffer, or the seller declines the offer. Based on the seller’s response, I will guide you through next steps.
04 HOME INSPECTION Once your offer is accepted, you will schedule a licensed professional to visit the property and check for any needed repairs.
05 SIGN THE PURCHASE AND SALE AGREEMENT After the offer and terms are accepted, the seller’s attorney will draft a Purchase and Sale Agreement. It states the final sale price and all terms of the purchase. This binding contract needs to be reviewed by your attorney prior to you signing it.
06 SIGN FINAL LOAN DISCLOSURES Your mortgage lender will work with you to review all final loan documents.
07 APPRAISAL The property will be reviewed by a licensed professional to assess its value.
08 HOME INSURANCE You will need to review various options and select your homeowners insurance policy.
09 FINAL WALK THROUGH Just prior to the closing, you will go through a final walk-through of the property. This will ensure that the property is in the same condition as when you visited previously.
10 CONGRATULATIONS! Once you sign the final paperwork and exchange the payment, you are officially a homeowner. You will now receive the keys to your new home, congratulations!
Key Terms APPRAISAL If you are receiving financing on your purchase, the bank will hire an appraiser to visit the property and provide a report to the bank detailing their assessment of what the home is worth to protect the banks’ investment. ASSESSED VALUE The value that the city or town sets to base real estate taxes on. CONDO / CO-OP FEE The fee that the homeowner is responsible for on a monthly basis. Condo fees cover different building expenses that cannot be allocated to individual owners. Some expenses covered by condo fees are water/sewer, heat, hot water, master insurance, management, reserve account, etc. CONTINGENT (CTG) The property has an accepted offer. Typically, the property is still available to be seen for potential backup offers. MULTIPLE LISTING SERVICE (MLS) A platform that agents submit their listings to with key information about the property and photos. Agents can put their buyers in the system to receive notifications when a property is listed with their search criteria such as price, square footage, number of bedrooms, etc. Below are categories you will see within MLS updates. NEW / ACTIVE The property is either newly listed or active on the market. SIGN IN SHEET At open houses, listing agents may ask you to sign in. You can sign in with my name, your name, and both of our contact information. That way the listing agent will contact me for feedback and not add you to their prospect list. TITLE SEARCH The attorneys will do a title search on the property to make sure that there are no outstanding liens, unpaid taxes, or improperly filed previous bank discharges on the property before you close. UNDER AGREEMENT (UAG) A purchase and sale agreement has been signed. The buyer is moving forward with the purchase.
Closing Costs These costs will all be paid at closing and will be detailed on your closing statement. All costs are approximate. They vary by lender, locality, and law firm.
BUYER ATTORNEY FEE Average about $500+. Buyer should confirm with the attorney what is included in the fee and the cost of add-ons. Some attorneys charge a flat fee or by the hour. RECORDING FEE $400+/VARIOUS LOAN ORIGINATION AND PROCESSING FEES Average $1,000 to$1,800 depending upon lender. POINTS If applicable. APPRAISAL $400+/- to $575+/- depending upon property type. MUNICIPAL LIEN CERTIFICATE $25 – $65 depending on locality. TITLE CHARGES Title exam: $200, courier fee: $40, obtain MLC: $25, rundown fee: $35. Fees vary and should be confirmed with the closing attorney. TITLE INSURANCE About $4 per thousand of purchase price. Confirm with the title company and closing attorney. HAZARD INSURANCE For single family and multi-family, most banks require a 1-year, prepaid insurance policy. DECLARATION OF HOMESTEAD PREP $65+/TAX ESCROW Pro rata of the quarterly taxes. Confirm with the attorney and lender. CONDO FEES Pro rata of monthly condo fees. For new construction, you may be required to contribute 3 months fees to reserve.
Wherever Life Takes You We Are Here to Help
24 O FFI C ES
400 A GEN TS
3,000+ CLI EN TS I N 20 20
Arlington Back Bay Brewster Cambridge Charlestown Chatham Cohasset Dennis Harwich Port Hingham Manchester-by-the-Sea
Highest Average Sale Price O F T H E TO P F I V E F I R M S
235
Needham North End | Waterfront Orleans Provincetown Savin Hill South Boston South End Sudbury Wellesley Weston Westwood
2.9B
$
A NNUA L S A LE S VOLUM E
GLOBAL REACH PLACED REFERRALS WITHIN THE SOTHEBY’S INTERNATIONAL REALTY GLOBAL NETWORK
24,000
1,000
75
SAL ES ASSO C I A TES
OF F I C E S WOR LDWI DE
C OUNTR I E S & TE R R I TOR I E S
Notes
Brian Perry Residential Real Estate Advisor 617.413.8049 | BrianP@GibsonSIR.com
556 Tremont Street, Boston, MA 02118