Buyer's Guide

What to Expect when BUYING A HOME

Karin Fry Realtor/Sales Specialist 203-919-4224 karinfry@kw.com www.sellorbuywithkarinfry.com

There is a lot involved in the preparation and buying of a home. This Buyers’ Guide will help explain what to expect. The ideal time to buy is when you have the finances in place and when all buyers are emotionally ready to go. When you entrust Karin Fry and her team, Keller Williams with the purchase of a home, you immediately have a team of professionals on your side.

We are trained to help you with your home search effectively and get you the best price in the shortest amount of time. Our goal is to achieve 100% client satisfaction.

Karin Fry | 203-919-4224 | karinfry@kw.com

Tasks and Priorities General Tasks of Your Realtor:  Tour homes with you and determine the value of each offering  Negotiate the best price  Manage the transaction including the home inspection  Follow the process from beginning to the closing  Honesty, Integrity, Confidentiality, Care  Determine your Buying Power and be Ready to Purchase

Identify Top Priorities of what you want in your New Home:  Community (schools, beaches, shopping etc.)  Neighborhood (parks, walk-to-town, transportation etc.)  Type of home (size, number of bedrooms, style etc.)  Property type (yard, patio, pool etc.

Karin Fry | 203-919-4224 | karinfry@kw.com

The Buying Process:  Gather your financial records  Run the Credit Score  Pre-qualification  Search for the home within the approved price range  Find the home and make an offer  Negotiate the offer and schedule home inspection  Apply for the mortgage  Sign the home purchase contract  Home Appraisal  Mortgage Underwriting  Mortgage Contingency is lifted “clear to close”  Closing

Karin Fry | 203-919-4224 | karinfry@kw.com

Necessary Paperwork when Submitting an Offer:  Signed Purchase and Sale Agreement  Mortgage Pre-Approval letter OR Proof of Funds  Check of 1% of the Purchase Price (Earnest Money)  Signed Property Disclosures (provided by the Seller)

Karin Fry | 203-919-4224 | karinfry@kw.com

5 Tips for Making Your Best Offer

1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home.

2. Be Ready To Move Fast Speed and the pace of sales are contributing factors to today’s competitive housing market.

According to the Existing Home Sales Report from the National Association of Realtors (NAR): “Eighty-two percent of homes sold in October 2021 were on the market for less than a month.”

When homes are selling fast, staying on top of the market and moving quickly are key. A skilled agent will do everything possible to ensure you see the latest listings and help you submit your best offer as soon as you find the perfect place to call home. 22 Bottom Line Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

Karin Fry | 203-919-4224 | karinfry@kw.com

5 Tips for Making Your Best Offer 3. Lean on a Real Estate Professional No matter what the housing market looks like, rely on a trusted real estate advisor.

As Freddie Mac says: “The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.” Agents are experts with unique insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.

4. Make a Strong, but Fair Offer According to the Realtors Confidence Index from NAR, 42% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area.

5. Be a Flexible Negotiator When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized).

Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains

Karin Fry | 203-919-4224 | karinfry@kw.com

Once You Have An Accepted Offer: An accepted offer is when you have a fully executed binder with an agreed to purchase price and terms. At this time you should call your real estate attorney to initiate the purchase. Your agent will send a copy of the binder to your attorney. The following events will typically take place: Home Inspections:  Attend the inspection with your realtor, if possible;  The inspection will determine the condition of the home;  If a home inspector identifies issues that need to be resolved, your realtor will discuss them with you and recommend a strategy to negotiate the items of most concern, which will be addressed with the seller.

Karin Fry | 203-919-4224 | karinfry@kw.com

Contracts:  While inspections are being completed, the sellers’ attorney will draft a contract and send it to your attorney.  After inspection items have been resolved, you will sign a contract and pay the balance of the deposit, typically 10% of the purchase price.

Karin Fry | 203-919-4224 | karinfry@kw.com

The Closing: The closing is typically scheduled by your attorney and held at the sellers’ attorney’s office.  The day of the closing you will do a walkthrough of the home to make sure that it’s in satisfactory condition.  Your attorney will have prepared the paperwork, have the payment for the home ready and ensured that the home is clear of any liens.  You will receive keys and remote openers to the home at closing.

Karin Fry | 203-919-4224 | karinfry@kw.com

TESTIMONIALS "Karin spearheaded the rapid, highly efficient marketing and sale of our family home with integrity. She applies thoughtful leadership to a sophisticated sale. Her wideranging sales experience allows her to anticipate/mitigate unforeseen risks to prepare a home for the market. At the same time, she maximizes the appeal and value of a home from the perspectives of both buyers and sellers."

- Marc M., Stamford, CT ⭐ ⭐ ⭐ ⭐ ⭐ "Karin understood our needs, and went above and beyond to make the process easy, comfortable and stress-free. She explained the process very clearly and kept us informed on all developments. She brought us an all-cash offer on the first day!

Karin made our experience better than we expected."

- Peter G., Greenwich, CT ⭐ ⭐ ⭐ ⭐ ⭐ “Karin is a go-getter! She makes things happen. Karin worked with us to stage our home, price it appropriately and sell it in a very short time. Karin was right there whenever we called with a question or problem. She has a number of contacts who were able to turn things around very quickly as we prepared to put our house on the market. Karin was there to support us from the time we contacted her to give us a possible price to the day we closed. We highly recommend her!”

- Karen Y., Darien, CT

⭐ ⭐ ⭐ ⭐ ⭐

Karin Fry | 203-919-4224 | karinfry@kw.com

Specialties Luxury Homes  Waterfront Properties  Seniors Real Estate Specialist  Collaboration Real Estate Specialist – Divorce  International Buyers  Negotiation Mastery, Harvard Business School  Master in Teaching Degree, Seattle Pacific University  Liberal Arts Degree, French major, The George Washington University  Extensive Social Media knowledge  Comprehensive Marketing Programs  MLS’s: Connecticut (all counties)  Fluent in German (native), conversational in French  Organized, Communicative, Creative  Integrity, Value, Marketing

Karin Fry | 203-919-4224 | karinfry@kw.com

Accomplishments Luxury Home Specialist Memver, Residential Real Estate Council Real Estate Collaboration Specialist - Divorce Seniors Real Estate Specialist

Master in Negotiation, Harvard Business School

Karin Fry | 203-919-4224 | karinfry@kw.com

Estimated CLOSING COSTS: Home Inspection Fees: items) Pool Inspection only Radon only Septic Inspection/Cleaning size Well Inspection & Water Testing

$500-1,500 (can include these $450-550 $300 $250-350, depending on tank $350-550, depending on the test

Termite only $150-250 Mortgage Fees Include: $5,000+ (varies) Application $395 (often includes appraisal cost) Appraisal $395 Points 0pts to 3pts Attorney Fees Include: $1000+ (varies) Title Search $350 Recording Fee $350 Title Insurance $275 per $100,000 Title Insurance Determined by Lender, usually 6 Tax Escrow Account mths Tax Adjustment Reimbursement for pre-paid taxes

Interest Adjustment -- Per Diem-closing date to end of mth Homeowners Insurance -- $800+ depending on the property Other Adjustments Varies Utilities (oil, water, propane) Common Charges (condominium) Association Fees

Karin Fry | 203-919-4224 | karinfry@kw.com

Congratulations on the Purchase of Your New Home!

Karin Fry Realtor/Sales Specialist 203-919-4224 karinfry@kw.com www.sellorbuywithkarinfry.com

Client Focused. Results Driven.