The buying process can be a smooth experience from start to finish with the proper guidance and preparation. This overview will walk you through the steps in the process.
- If you are seeking financing for your purchase, the first step is to speak to a lender and get pre-approved
- The lender will calculate a price range which will set the parameters for your search
- You will receive a pre-approval letter which will accompany any offer to purchase and prove your strength as a buyer
- For maximum efficiency, it is beneficial to choose one or two neighborhoods and/or communities
- We will schedule an area tour and show you properties in your range. Each community is unique offering different options for transportation, shopping, recreation and amenities
- We will register you for a Preferred Residential Properties web site account and/or a Multiple Listing Service alert to receive listings allowing you to view new listings and price drops
- Once a home is found that you’d like to buy, we will prepare the comparable sales statistics to determine the current market value
- The offer is the first contract and is subject to a mutually agreeable purchase and sales contract
- The buyer submits a deposit ($1000–$5000 is customary) to bind the contract
- Once an offer is accepted, an inspector is hired. The inspection is generally completed within 7 days after the acceptance of the offer
- You will choose your inspector and will be required to pay for the inspection. We can offer the MA state list of licensed inspectors. It is recommended that the buyer or his/her agent be present at the inspection
- Most inspectors produce a detailed report within 24 hours
- Once the offer has been accepted, you will lock in your rate with your lender and apply for the mortgage. The lender will need a copy of the offer with your mortgage application.
- The lender will move forward and order the bank appraisal
- You will need an attorney to represent you for the purchase and sales contract and to review the condominium documents (if applicable). The attorney should be a real estate lawyer in the state of MA
- The lender and realtor can recommend a lawyer who can represent you as a buyer and also handle the closing
Purchase and Sales:
- The purchase and sales contract (P&S) will supersede the offer to purchase and is signed within 7-10 days after the offer has been accepted. The purchase and sales contract is drafted by the seller’s attorney and is sent to the buyer’s attorney.
- Once the attorneys have agreed upon a final document, the contract is signed by the buyer(s) and an additional deposit is required (5%-25% of purchase price is customary)
- Once your loan has been approved and the bank is ready to close, you will schedule the closing with your attorney and the closing attorney (if not the same)
- A final walk will be scheduled before the closing. Once that has been completed, you attend the closing and sign all the necessary forms to take ownership.