Buying a home is a huge decision and usually one of the largest financial transactions you will make. We are well aware of this and are here to ensure the process moves along as smoothly as possible. Our agents understand all aspects of the Greater Boston real estate market and will work with your from setting up your initial property search to handing you the keys to your new home. Below, we have broken down the buying process to make it easy for you to understand. This is just an outline and every sale is difference so please don’t hesitate to contact us if you have any questions.
FIRST THINGS FIRST
- The first step to finding and buying your Great Space is meeting with us to discuss your wants, needs, and budget. Together we will outline your vision of your future home.
- In today’s market, sellers expect a buyer to make an offer only after being pre-qualified for a mortgage. We can help connect you to mortgage brokers that are the best in the business.
FIND YOUR HOME
- We will send you updated listings on a daily basis. You can also utilize our website to research listings, neighborhoods, schools and other lifestyle information.
- Once we’ve identified properties you would like to view, we will schedule and accompany you to the showings.
- Weekends are a great time to visit open houses, and see many properties all in one day.
- Once you’ve found a property that matches your vision, it’s time to put an offer together.
MAKE AN OFFER
- We will assist in writing up an offer with all appropriate contingencies. Contingencies are written into an offer to protect a buyer’s deposit money. Some examples of contingencies are a home inspection, mortgage contingency and appraisal contingencies.
- To show that an offer is serious and is made in good faith, it’s traditional for the prospective home buyer to accompany it with a check for a modest amount, typically $1,000.
- At signing of the Purchase & Sale agreement, an additional deposit will be due, typically 5% of the sales price, but it is negotiable.
- The majority of buyers will have a home inspection contingency and will hire a home inspector to perform an extensive inspection of the property.
- Typically, the home inspection is done before the Purchase & Sale is signed. This cost is paid for by the buyer and is payable on the day of the home inspection. The cost varies from $300 and up depending on the property, inspection company and types of inspections requested.
- The results of home inspections always vary and there are usually three outcomes: 1. The buyer is not satisfied with the home inspection and decides to not move forward with the sale. 2. The home inspection went well and the buyer is moving forward with the sale. 3. There is an unexpected issue that came up in the inspection report and the buyer would like to renegotiate the offer.
- If all goes well, the buyer will sign a purchase & sale and the home inspection contingency will be removed.
- We have many referrals if you are in need a home inspector.
- If a buyer is obtaining a loan to purchase the property, there is typically a mortgage commitment contingency included in the purchase & sale agreement.
- This is a VERY IMPORTANT date, DO NOT FORGET IT! On or before this date, the buyer needs to receive a commitment letter from the lender that is satisfactory to the buyer and the buyer’s attorney should also review the letter to make sure it is adequate.
- If the lender cannot provide a commitment letter on or before this date, the buyer either requests an extension of the commitment date or nullifies the purchase & sale agreement.
- Once the commitment letter is received we are ready to move to final walk through and closing!
- The day is finally here but we have one last thing to do before closing; a final walk through. We will do a quick walk through of the property to make sure everything is in order and to your satisfaction.
- The closing is scheduled, based on a mutually agreed upon date and time, either at an attorney’s office, the registry of deeds or the Great Spaces office.
- You will need to bring any funds your lender requires at the closing you and two forms of ID.
- Start signing! Get your signature hand ready for signing an absurd number of documents. Almost there, in about an hour you will be a new homeowner!