Your Home Buying Guide and Time line for Purchasing a Home on the North Shore Boston
1. Choose a Real Estate Agent; preferably an Accredited Buyer Agent (ABR)
Real Estate Agent Martha Anger and Laura Hall is an Accredited Buyer Agent who works with buyers to purchase a home on the North Shore of Boston.
2. Meet or speak on phone with Mortgage Broker, Lender or Bank and obtain a Pre Approval which will state the purchase price and what your down payment is.
3. Have verification of funds for down payment. (Lender will need to see proof of funds/ and may be requested at time of offer or accepted offer.)
4. Search homes for sale on this web site and then in person with your Real Estate Agent Laura Hall.
5. Find a home you love which offers all your needs and within your financial means.
- Day 1 - Make the offer- Work with your agent to submit a “Contract to purchase” - With this contract to purchase (offer) you will need, (a) Good faith refundable personal check generally in the amount of $1000. (b) Pre- approval letter from the lender.
- Day 1-10 - Do your inspection. Buyer agent will meet you and your inspector at property to do inspections. See web link for Ma Home Inspection info As your Buyers agent I can offer you a list of inspectors.
- Day 1-10 - Decide which lender you will use and submit a written application. This timing needs to coincide with “contract to purchase” dates. Often this is done towards the end of the 10-day inspection period. Your real estate agent will advise you of these dates
- Day 1-10 – Chose a Real Estate Attorney. Discuss with lender whether you hire their closing attorney to review and or write your Purchase and Sale agreement or if you will hire a separate real estate attorney to do this. (This is one of the largest purchase you may make and is important to have legal representation)
- Day 10 - End of inspection period. At this point you will decide to move forward to a purchase. If unexpected repairs or issues came up in inspection you may decide this house is not for you or you may negotiate for the seller to repair the items or compensate in monetary value.
- Day 11 - If you are moving forward with purchase you will sign a Purchase and Sale Agreement and submit a 2nd down payment, which is generally 5% of the purchase price. (should be in a cashiers or bank check) This is a binding contract and you will now be “under agreement”. Money is generally non refundable unless the bank denies you a mortgage.
- Day 30-40 - Approximately 3 weeks after the Signed Purchase and Sale agreement (P&S) you will recieve a Mortgage Commitment from the lender. This is a written letter stating that the lender will lend you the money to purchase the home. This commitment letter and date is very important and cannot be overlooked. During this time it is important to work closely with your lender to supply all their requested documents in a very timely manor.
- Day 45-60 – Day before the close. Your attorney/lender will supply you with a financial closing statement (the HUD) for your review, you will need any balance of deposit in a cashiers check ready for closing. You and your real estate agent will do a final walk thru of the property to be sure it is empty/clean and ready to purchase.
- Day 45-60 - Day of closing/purchase - Closing is generally done at the attorney’s office or at the local Registry of Deeds. If there are 2 parties purchasing both must be present and generally your attorney and real estate agent will be present as well. Occasionally you can close from a distance if prior legal arrangements have been made with lender and attorney.
- Day 45-60 - Take ownership. Once money and deeds have been taken care of at closing table and the deed is recorded you will have keys and access to property, generally done all on the same day of closing/purchase.