The Home Buying Process | Lynne Joyce

The Home Buying Process

I would be honored to put my 18 years of real estate sales experience, all with Tate & Foss Sotheby’s International Realty, to work for you. I have the expertise and professional touch you deserve as a Buyer in this competitive market.

I have built my career on cultivating relationships and connecting people to achieve great results. With a strong background in market research and client services, I believe that one of my greatest strengths is asking the right questions, listening carefully and understanding what is truly important to you. I thrive on finding solutions to rise above any challenge encountered along the way.

I have an ‘Energy Smart’ designation and appreciate the importance of efficient home design and construction, possessing the valuable experience of collaborating with architects, builders and subcontractors.

From beach houses in Rye to condominiums in downtown Portsmouth, and luxury homes at New Castle’s Wentworth By-the-Sea to shingle-style residences on Kittery Point’s Gerrish Island, I am well versed on Seacoast properties and lifestyles.

Lynne Joyce

Associate Broker NH & ME

603.591.8489 | ljoyce@tateandfoss.com

www.lynnejoyce.com

Client Reviews

We felt compelled to share the exceptional experience we’ve had working with Lynne. She is a very talented and professional agent. She has outstanding knowledge of the waterfront communities where we have interest in addition to her strong knowledge of the market and business acumen. Most importantly, she’s quick to understand customer needs when searching for properties that are the right fit.

My husband and I loved working with Lynne. She made the sale of our house easy and stress free. We were impressed with her process and attention to detail, from developing the story of our home to the 3D virtual tour, professional photos and video. Our house sold within days of being on the market and that was all made possible by Lynne. She was completely on top of communication throughout the sale.

Local Expertise, Global Connections.

Over the last 45+ years, Tate & Foss Sotheby’s International Realty has developed an impressive track record, closing many significant sales. We strive to create an outstanding, seamless experience for every client. Our team has extensive knowledge of the greater Seacoast area real estate market. This includes awareness of properties that are about to be listed and others that are off market but may be available. We are keenly aware of the nuances which influence value, such as construction quality, materials, and craftsmanship. We have relationships with the Seacoast’s finest general contractors, sub-contractors, craftspeople, and inspectors. Allow us to be a resource, share our insight, leverage our connections, and show you the Tate & Foss Sotheby’s International Realty difference.

1,100 81

26,500 $167B

OFFICES WORLDWIDE COUNTRIES & TERRITORIES SALES ASSOCIATES ANNUAL SALES

Why Work with a Buyer Agent?

Buying a home is one of the most important decisions you’ll ever make and having the right guidance is vital. Experience and expertise matter… they can make a significant difference to ensure that you not only find the right house, but pay the best price. We listen to you, understand your needs and help you make well-informed decisions. Once you identify a property of interest, we will represent your best interests throughout the entire process. From developing an offer strategy and negotiating the best possible purchase price to advocating for you during inspections and seeing the transaction to a successful completion.

Our Process

From initial meetings to closing, here is an overview of what to expect when buying a home:

FINANCES

The first step is getting your finances in order. If you will be purchasing with cash, you need documentation from your bank or financial advisor that confirms you have access to the funds needed to close. If you will be financing your purchase, you will need a pre-approval letter from your preferred lender.

BEGIN THE SEARCH

Once you have determined your budget, we will meet to review your wish list. Together, we will review inventory and visit properties.

OFFER STRATEGY AND NEGOTIATION

Once you find a property of interest, we will develop an offer strategy. I will share comparable properties with you, including those that have recently sold, are currently under contract and actively for sale, to determine a range of current market value. We will discuss the terms of your offer, including timing, deposits and any contingencies such as inspections, due diligence and financing. We will consider ways to make your offer as compelling as possible, while also protecting your interests. I will present the offer to the listing agent and/or Seller, keep you apprised of their response and guide you through the negotiation process.

CONTINGENCIES & DUE DILIGENCE

I will prepare a timeline of all tasks that need to be completed prior to closing. This may include scheduling and conducting inspections, engaging an attorney/title company to perform the title search, obtaining quotes and coverage for homeowners and flood insurance, and completing all steps in the loan approval process.

FINAL WALKTHROUGH

Prior to closing, we will conduct a final walkthrough inspection to ensure compliance with the terms of the Agreement. We will make sure the property is in the condition expected and agreed upon by all parties before you sign the final documents.

CLOSING

The closing attorney or title company will provide final instructions to all parties. This will include a settlement statement of all funds to be exchanged, including those you need to bring to closing via check or wire. Once all documents have been executed and the closing has been funded, the deed will be recorded and you will be the official new owner!

Defining Your Goals

WHY YOU ARE BUYING A HOME

Before you start to think about all the things that need to be done, take some time to articulate why you are buying and clearly define your goals. Everyone has different reasons. As you go through this process of discovery, focus on what is important to you.

IMPORTANT QUESTIONS AND CONSIDERATIONS:

LOCATION

• Are you relocating from another area?

• Are you familiar with the area you want to move to?

• Looking for a neighborhood? More city, more suburban?

• Is there a particular school district you would like?

PROPERTY

• What size home would be most appealing—square footage? acreage?

• Any specific features you would like?

• Are you looking to purchase a house that needs work or one that is move-in ready?

• Are operating expenses an important factor—i.e. utilities, maintenance, taxes?

• Do you have any pets that require special amenities?

FINANCES

• Will you be buying with cash or applying for a mortgage?

• Are you currently working with a lender?

• Have you been pre-approved? If so, for how much?

• Do you have a pre-approval letter?

• Do you have the funds to cover your deposit, down payment and closing costs?

TIMING

• Do you have a specific timeline for your purchase?

• Are you currently renting a home? If so, when does your lease expire?

• Do you currently own a home? If so, will you need to sell before you can buy?

• When you find the right property, will you be ready to make an offer?

• The buying process can be a sprint or a marathon—be prepared for both.

Preparing an Offer

KNOW YOUR FINANCES

Have a clear understanding of what you can afford. In addition to the purchase price, closing costs and operating expenses, you may need to budget for repairs/improvements.

ACT QUICKLY

Buyer demand continues to outpace the supply of homes for sale in the greater Seacoast area. When you are ready, we will work together to prepare and present your offer quickly.

MAKE A SOLID OFFER

Base your offer on the condition of the property and recent sales of comparable listings. In a multiple offer situation, be prepared to submit your highest and best.

BE READY TO NEGOTIATE

The Seller may accept, reject or ‘counter’ your offer. The most common items negotiated are price, closing date and contingencies, so be prepared for this.

ANATOMY OF AN OFFER

PRICE

• Escalation Clause

• Above Listing Price

• At Listing Price

• Below Listing Price

INSPECTION

• No Contingency

• Identify Major Issues Only

• General Building Inspection Only

• Multiple Inspections

DUE DILIGENCE

• No Contingency

• Review Easements/Covenants

• Review Association Documents

• Availability of Insurance

FINANCING

• All Cash

• Small loan/ Large Down Payment

• Conventional Loan (80%/20%)

• FHA or VA loan

APPRAISAL

• No Contingency

• Appraisal Gap Guarantee

• Valuation = or > Listing Price

• Valuation = or > Contract Price

TIMING

• Close, Rent Back to Seller

• Close Per Seller’s Timeline

• Close Within 30 to 60 Days

• Contingent on Buyer Home Sale

Seacoast Service Providers

CLOSING/TITLE

Cohen Closing & Title

cohenclosing.com

603.498.0649

FINANCING

Garrett Collins Blue Water Mortgage bluewatermtg.com

603.944.0112

INSPECTION

Tim Rooney HomeView Inspection homeviewnh.com

603.770.0444

INSURANCE

Avery Insurance averyinsurance.com

603.766.3733

MOVING

Wood Brothers woodbrosmoving.com

603.436.2725

ORGANIZING

All Things Domestic allthingsdomestic.net

781.484.6801

CLOSING/TITLE

Cornerstone Title cornerstonetitle.net

603.766.8121

FINANCING

Justin Perry Loan Depot loandepot.com

603.682.4293

INSPECTION

Dickie Garnett

DBC Home Inspections dbchomeinspections.com

60.770.5324

INSURANCE

Foy Insurance foyinsurance.com

603.772.4781

MOVING

Bridges Brothers movewithbridges.com

603.652.3072

ORGANIZING

Hello Simplified hello-simplified.com

919.346.4725

CLOSING/TITLE

Fleet Street Title & Closing fleetstreettitle.com

603.433.3335

FINANCING

Coralie O’Brien First Seacoast Bank firstseacoastbank.com

603.498.1370

INSPECTION

Luke Harrington Alpha Inspections alphabuildinginspections.com

617.221.4203

INSURANCE

Keslar Insurance

keslarinsurance.com

603.273.0953

MOVING

William C. Huff Companies williamchuff.com

800.247.5564

ORGANIZING

Ruth McQuade sos-nh.com

603.534.3526

NEED OTHER RECOMMENDATIONS? PLEASE LET ME KNOW.

Closing Day

WHAT TO BRING:

• Government-issued Photo ID

• Checkbook to cover any additional expenses

• Any documents requested by the attorney/title company

NOTES:

Typically the day before closing, you will wire the funds needed for your purchase to the attorney/title company. On closing day, you will sign any documents needed to finalize a mortgage, pay the Seller, and pay your closing costs. In most states, you will receive keys and/or access codes to the property at the closing once everything is completed. The title will be transferred to you, and you can move into your new home!

Key Terms

CLOSING COSTS

Fees paid at the end of the transaction either by the Seller, Buyer or both parties. They include taxes, prorations and any other expenses which will be discussed prior to closing.

SETTLEMENT STATEMENT

A document confirming the purchase price and summarizing all of the closing costs and credits due to and from the Buyer and Seller.

REAL ESTATE TRANSFER TAX

Transaction fee imposed on the transfer of title. Usually paid by both the Buyer and Seller, based on the contract sales price. In NH, each party pays $7.50 per $1,000; e.g. for the sale of a $1,000,000 property, the Buyer and Seller would each pay $7,500.

TITLE SEARCH

An examination of public records to confirm that the Seller owns the property and it is free from unsettled items, claims or liens.

TITLE INSURANCE

An insurance policy that protects against any errors or claims that may arise about ownership. There are two types of title insurance policies: one for lenders, one for owners.

RECORDING FEE

A fee that is charged by the County Clerk to record the transfer of property from one owner to another via public record documents.

PRORATED PROPERTY TAX

If the Seller has prepaid the property tax for the period beyond the closing date, the closing attorney/title company will calculate a prorated amount for the Buyer to refund the Seller at closing. And vice versa.