Buying & Financing

Welcome to the Berardino Company Interactive Buyers Guide. Follow these steps to guide you through the process of buying a property.

Research The Inventory

It is easy to find a new home with Berardino Company Realtors.  Just use our property search to find properties that look interesting to you.  Then use the request form to find more information or to setup a showing. 

Use the Property Search Now!

Create an Offer

Before the offer to purchase is created, it is very important that you have been at least pre-qualified or better yet pre-approved by a lender.  This is one of the best negotiating tool a buyer can have.  It shows the seller that you are financially able to purchase the home.

After you have found the right home, it is time to prepare the offer.  In Connecticut, the offer to purchase is a two page Purchase Agreement.  It covers all facets of the purchase process, such as:

• purchase price
• amount and type of earnest money
• contingencies (financing, inspection, etc.)
• personal items you wish the seller to include (washer/dryer, etc.)
• closing date
• time limit after which the offer will expire
• responsibilities of both buyer and seller

Once you make the offer, we present it to the Seller and their Agent.  The Seller may accept it, prepare a counter offer, or reject the offer all together.  Once the offer is accepted, it is a legally binding contract.

Negotiate with the Seller

Negotiation begins before we get started looking.  A strong position is enhanced by getting pre-qualified for a mortgage.  Better yet making the effort to become pre-approved will maximize your ability to strike a deal most favorable to you.

When we find the right home, we will:

• endeavor to discover prices of similar homes sold in the last 6 months
• help you compare it to any other homes you've looked at
• evaluate its condition and access the amount of work it needs
• determine how long it's been on the market and attempt to discover why the Seller is selling, and if the price has been reduced
• help you affect a strategy using time, price, and terms to your advantage

Whether it's starting with your best offer, saving room to maneuver, compromising, or making concessions to the seller's counter, Berardino Company can present you with the objectivity to help you make a wise decision.

Home Inspection

The home inspection checks the condition of the major systems of the house including the structure's exterior, windows, foundation, roof, garage, electrical, plumbing, heating/air conditioner, attic and basement or crawlspace.  A pest a dry rot inspection is usually available at an additional charge. 

If any major problems with the structure or systems of the house are uncovered, you will then have the right to void the sales agreement or to renegotiate the terms of the purchase. 

It is recommended that the buyer attend the home inspection.  It usually lasts between 2 and 2 1/2 hours.  This will allow you to ask questions about repairs and maintenance of the home.  Usually within 48 hours you will receive a written report. 

A home inspection usually costs between $200 and $400 and is the best money you will ever spend. 

Berardino Company has the experience with the inspection community to recommend a list of accredited inspectors. 

Fill out our contact form for more information on home inspectors.

Appraisal

Your lender will order an appraisal of your home and coordinate with your agent to schedule a time for the appraiser to see the home.  The appraisal determines the fair market value of the home and insures the home is worth the price you are paying in order to secure the loan.  The appraisal also helps insure the house meets certain standards regarding its condition.  The average costs is $400 for an owner-occupied home.

If the home does not appraise for the sales price, negotiations will begin with the Seller to adjust the price. 

Click here to have Berardino Company recommend an appraiser.

Removing Contingencies

What are contingencies?  The dependence upon a stated event which must occur before a contract is binding.

We counsel our clients to carefully consider all aspects of the situation before the contingency is approved as a part of the transaction.  Communication and understanding is the key. 

The following are some common contingencies:

• Buyer obtaining loan approval
• Home Inspection
• Sale of Buyer's home

Protecting Your Interests

Serving your interests can best be accomplished by working with an agent with proven integrity and experience.  Berardino Company has been recognized in the industry consistently since 1978.  We have successfully closed over 3000 transactions for a broad base of experience in all situations.  If situations exceed our experience, we will be the first to recommend additional counsel - legal or otherwise.

The Closing Process

The closing is the final stage in the process.  Once the buyer’s mortgage application is approved, the buyer’s attorney will conduct a title examination to ensure that the seller has good title to the property.  Mortgages, foreclosure, taxes, mechanics liens, deaths, attachments, easements, restrictions, bankruptcy rights and probate proceedings are some of the things which may affect title.  The search will determine whether the seller has good and clear record and marketable title, whether prior mortgages and liens have been discharged, whether probate proceedings were proper, and whether estate taxes have been paid.  The search also determines what rights, easements, covenants and restrictions remain in force and are still applicable.  Legal advice at this stage may be critical, as encumbrances may affect the future use or enjoyment of the property.  Once the title search reveals that the title is marketable, the attorneys will schedule the closing at a time and date mutually convenient to the parties and within the requirements of the purchase and sale agreement.

Current Rates