Your Home Buying Guide | Time line for Purchasing a Home on the North Shore Boston
Picking a Real Estate Agent and a Mortgage Lender
1. Choose a Real Estate Agent who will represent your Buying Needs. Martha Anger and Laura Hall with Engle and Volkers real estate firm have the designation of Accredited Buyer Representative. We work with buyers to give them personal representation in any type of real estate on the North Shore of Boston. Having a buyer agent working with you assures you the best service, representation and negotiation power. Schedule a phone call or in person appointment to discuss your real estate goals and how we can best service you.
2. Meet or speak on phone with Mortgage Broker, Lender or Bank and obtain a Pre – Approval which will state how much you are approved to borrow and what your down payment will be. Be prepared to have ready and available your verification of funds for your down payment. (This may be requested at time of offer or accepted offer, and will need to to supplied to lender for final mortgage approvals)
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The Home Buying Process from Offer to Close
- 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 Deposit- This amount will vary depending on the price of the home. It is a refundable deposit until you have completed the inspection period and move into a binding Purchase and Sale agreement. (Also known as the P&S agreement generally about 10 days after the accepted offer)
(b) A Pre- approval letter from the lender should be submitted at the time of offer, stating that you have been pre- approved to borrow the amount of the said offer.
- Day 1-10 – Do your inspection. Your buyer agent generally will meet you and your inspector at the property to do inspections. Read about the MA Home Inspection Information guide. As your Buyer’s agent we can offer you a list of inspectors that are reputable and trustworthy and especially ones that may specialize in the type of home you are purchasing.
- 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 come 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 satisfied with your inspection and moving forward with purchase you will sign a Purchase and Sale Agreement and submit a 2nd down payment, which is generally a percentage 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, or there are other contingencies in the contact. Seek legal council to thoroughly understand the contact you are signing.
- Day 30-40 – Approximately 2-4 weeks after the Signed Purchase and Sale agreement (P&S) you will receive 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 – About 3 days before the close, your attorney OR lender will supply you with a financial closing statement OR Settlement Statement for your review, take extra care to review and understand this and understand if you will be obligated for any additional monies to bring to the closing table.
- Day 45-60 – One day before the close, you will do a final walk thru of the property, with your Buyer Agent. At this time you will want to check that any contractually agreed home repairs have been completed and that the property is empty and cleaned as per any provisions in the purchase contract.
- 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. Occasionally you can close from a distance if prior legal arrangements have been made with lender and attorney. Be sure to check with your lender for required documents, Identification, and money that may be needed on the day of closing.
- Day 45-60 – Take ownership. Once deeds and documents have been signed and deed is recorded you will have keys and access to property, generally this can be done all on the same day of closing/purchase.
(Please note every transaction is different and this is a time line of a typical real estate purchase.)
Do you need help to get started? Call Laura or Martha, local North Shore of MA Real Estate agent who can help you understand your real estate goals and help you achieve them.
Our commitment is to offer buyers the most exceptional and the very best service available. Just fill out the form below and we will respond as soon as possible, generally within a few hours.
Contact US now 617-680-6313
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