FAQ buying a house
How will you keep me informed on new listings, and can you look at a property for me if I can’t make it to the island?
Typically we will email you new listings as they come on the market from our multiple listing service data base known as LINK. If you would prefer, since this network is password protected, we can give you access to review the inventory in the data base. We’re happy to preview a property for you if it’s of special interest.
How do I know the house is worth the price and how do I make an offer that will get accepted?
When you find a property and you want to make an offer, we will help you determine a value and negotiating strategy based on comparable sales, assessed values, seller motivation, days on the market, buyer demand, location, property condition, and other factors.
Wewill advise you on an offering price and will continue to follow through on negotiations and be creative if required.
What are the most important things for me to know before I start the search? What should I look for in a house beyond the house itself?
You should secure your down payment before starting your search. This is typically 20% of the purchase price. If you are selling stocks, sell them. You need a paper trail for your down payment. Go to a lender and obtain a pre-qualification letter.
If you have not focused in on any area, be sure to view different areas and home types. Beyond the house itself, you need to study neighborhood and area of the vineyard, privacy, school system, proximity to shopping, local amenities, and resale value.
You also need to research the property; are there any easements, is it in a flood plain, is it insurable, what are the boundaries, where are the utilities and can they easily be upgraded. How close is the nearest police, fire station, and hospital.
Are you representing me or the seller; will you tell me everything you know about the sellers and about the property?
As a buyers agent, we represent you and your best interests in all aspects of researching the property and negotiating the offer.The only exception to this is when you are introduced to a Viewpoints listing. In this instance our loyalty is equally divided between the buyer and seller and all personal and confidential information about the buyer and seller will remain as such. This is called disclosed dual agent listing.
Do you charge a fee for your services, and who pays that?
Yes we charge a fee for services. Typically it comes from the seller via the listing office commission. However, if the seller is not willing to compensate buyer agents, the buyer is required to pay the commission at closing. In this case the commission is negotiated between the buyer and the buyer’s agent.
What types of inspections do I need and do I get these before I make an offer on the property?
Usually inspections are ordered after the offer is accepted by the seller.Types of inspections include but are not limited to structural, pest, radon, lead paint, environmental, water potability, and water pressure. These inspections are at the buyer’s expense. A buyer may ask a seller if any inspections have been previously performed and if so, what were the results.
What kinds of fees and closing costs can I expect to pay?
I encourage buyers to talk to a real estate attorney to discuss their fees and closing costs. Your lender will also discuss their closing costs including application, processing, appraisal, and pro rations of taxes and insurance.
What is the Land Bank, their fee and who has to pay, when and how much?
Land bank is a conservation entity which purchases tracks of land for preservation and public use. They collect a 2% fee of the purchase price at the time of closing from the buyer for acquisitions. First time home buyers are exempt from the first $400,000 of the 2% fee. This is a transfer fee and is not tax deductible.
What is Title V, and who is responsible for a septic upgrade, if it fails the Title V inspection?
Title 5 is a state law overseeing septic systems and is regulated by the local health boards. Requirements vary from town to town. The seller is typically financially responsible for the inspection. If the septic system fails inspection, an upgrade or replacement is required prior to closing.
The cost for the upgrade or replacement is usually at the expense of the seller, but it can be negotiated between the buyer and seller.
Can you recommend a real estate attorney, mortgage loan officer, tradespeople, or other professionals I may need to help me with the property I am buying that is professional and I can trust?
There are many professionals who you can work with to assist you in completing the process of buying a house. You can view a list of the professional resource people we recommend.
What are the tax rates for the various towns on the vineyard?
Aquinnah 3.86
Chilmark 2.13
Edgartown 3.40
Oak Bluffs 6.30
Vineyard Haven 7.52
West Tisbury 4.73
What are the considerations/restrictions if I purchase a home in the Historic District?
Typically if you purchase a property within one of the historic districts, any proposed changes that you wish to make to the exterior of the property (excluding plantings), must be approved by the Historic Commission. The sales agent can provide copies of the guidelines.
