Buyer’s Guide

Steps to Purchasing a Home

When purchasing a home, a buyer needs to be prepared by being knowledgeable of the market and pre-qualified for a mortgage.  If a buyer is paying cash, they need a letter from their bank verifying proof-of-funds, or a recent bank statement.

A prepared buyer has an advantage when submitting an Offer.  Sellers are not likely to consider Offers from any buyer who has not been pre-qualified or who cannot provide proof-of-funds.

Step-By-Step Home Buying Process

1. Select Mortgage Officer; get Pre-Qualified (for a mortgage).  
2. Select Buyer Agent. Buyers never sign a contract with us.
3. Search for Home. Buyer Agent will email NEW listings automatically! 
4. Submit Offer; Offer Accepted. $1,000 deposit check required.
5. Complete Home Inspection. Within 10 days after accepted offer. Inspection cost averages:  $400-500.  Inspection process takes about 3 hours.  Note:  “Government” loans require Termite inspections.
6. Execute Purchase & Sale Agreement (P&S). 10-12 days after accepted Offer. 2nd deposit check (bank check) for balance of 5% due at signing P&S (or 3.0-3.5% for FHA, MassHousing, MyCommunity, VA loans, etc.).
7. Complete Mortgage Application. Provide all required loan documentation to the loan officer as soon as possible.
8. Bank Appraisal Ordered. Appraisal is required by lender to verify purchase value.  Buyer’s estimated appraisal cost:  $350-$500. 
9. Fire and Hazard Insurance. Buyer acquires insurance; pre-pays for 1-year. Additional flood insurance may be required if property is in a “flood” zone.
10. Loan Commitment, Clear-to-Close, Funding. Pre-closing final approvals.
11. Closing Day. Buyer does final “walk-through” of property.  Buyer/s and Buyer’s Agent attend closing.  Buyer receives keys.

Facts About Home Inspections

About Home Inspections

A standard home inspection is a visual examination of the physical structure and major interior systems of a residential building consisting of one to four dwelling units.  An inspection can be likened to a physical exam by a physician; however, it should be clearly understood that a home inspection is not to be confused with an appraisal, a building code inspection, a guarantee of any  kind, and/or an insurance policy on the condition of the property.

During the home inspection, the inspector will review the readily accessible  exposed portions of the structure of the home including the roof, the attic, walls, ceilings, floors, windows, doors, basement, and foundation as well as the  heating/air conditioning systems, interior plumbing and electrical systems for potential problems.

Home inspections are not intended to point out every small problem or  any invisible or latent defect in a home.  Most minor or cosmetic flaws, should be apparent to the buyer without the aid of a professional.

Timing of the Home Inspection

A home inspector is typically hired by a potential homebuyer right after the offer to purchase contract is signed, prior to executing the final purchase and sales agreement.  However, before the potential buyer signs the offer to  purchase contract, he/she should be sure that there is an inspection clause in the contract making the purchase obligation contingent upon the findings of a professional home inspection.  This clause should specify the terms to which both the buyer and seller are obligated.

Selecting a Home Inspector

Good referral sources for home inspection services are friends, neighbors, or business acquaintances who have been satisfied with a home inspector.  In  addition, lawyers and mortgage brokers may also recommend a home inspector. Local inspectors can be found by searching the Division of Professional  Licensure website at “www.state.ma.us/reg/boards/hi.”

Real estate brokers and salesmen may not directly recommend a specific home inspection company or home inspector unless representing the buyer as a buyer’s broker.  Brokers, however, may provide assistance to buyers in  accessing information on licensed home inspectors. 

For more information, go to: www.mass.gov/reg/boards/hi

Steps to Getting a Mortgage

When purchasing a home, it is best to select an experienced mortgage  professional who can help you to determine which financing options  best suit your needs for today and into the future.

Many buyers don’t realize that a knowledgeable Mortgage Officer can  make the difference in the overall buying process, success of the sale  and the buyer’s total buying experience.

Step-By-Step Home Mortgage Process

1. Select Mortgage Officer; get Pre-Qualified (for a mortgage).
   Provide all necessary loan documentation. Select a mortgage type, rate and terms (conventional, FHA, VA, MassHousing, MyCommunity, etc.).
2. Search for Home – Submit Offer/Offer accepted. $1,000 deposit check required.
3. Complete Home Inspection. “Government” loans require Termite inspections.
4. Execute Purchase & Sale Agreement (P&S); Bank Appraisal Ordered.
   A 2nd deposit check due at P&S signing.  Appraisal is required by lender to verify purchase value.  Buyer’s estimated appraisal cost:  $350-500.
5. Title Search. Determines what liens are against the property.  All liens must be cleared before sale can be completed.
6. Processor’s Review. All pertinent information reviewed/packaged by mortgage professional and sent to lending Underwriter.
7. Mortgage Insurance (PMI). May be required if less than 20% down.
8. Fire and Hazard Insurance. Buyer acquires insurance and pre-pays for 1-year. Additional flood insurance may be required if property is in a “flood” zone.
9. Underwriter’s Review. Underwriter determines final loan approval.
10. Loan Commitment, Clear-to-Close, Funding. Pre-closing final approvals.

Closing Day.  Buyer/s sign loan, escrow and Title transfer related documents. Funds disbursed, Deed recorded by Closing Attorney/Agent, Buyer receives keys

Buyer Agency Services

When purchasing a home, it is best to select an experienced professional Buyer Agent who can assist  you with finding the right home, verifying the market  value, strategically preparing an Offer, negotiating the best possible price and terms, monitoring the entire sale transaction through to, and including, the closing day.

Many buyers don’t realize that a knowledgeable Buyer’s Agent can  make the difference in the final purchase price and success in the overall buying experience.

Services provided by our Buyer Agents:

1. Assist Buyer/s in the Property Search.  Buyer Agent will email NEW listings automatically!
2. Schedule and Attend Private Showings/Open Houses with the Buyer/s.
3. Provide Market Comparables (CMA’s) for properties of Buyer’s interest  and make strategic recommendations for Buyer’s offer price.
4. Negotiate Offer on behalf of Buyer/s; work to achieve the best possible price.
5. Schedule and Attend Home Inspection. Negotiate inspection issues (if any). Research town/city records, building permits, etc.
6. Facilitate Signing Purchase & Sale Agreement (P&S). Print final P&S draft, meet with Buyer/s for P&S signature and collect Buyer’s 2nd deposit
   check. After P&S is fully executed (both Seller/s and Buyer/s have signed), email copies of P&S and deposit check to Buyer/s and Buyer’s mortgage lender.
7. Proactively Follow-up on Buyer’s Mortgage with mortgage loan officer  to ensure deadlines are met and commitment is issued on schedule.
8. Schedule and Attend Buyer’s Final “Walk-Through” prior to closing.
9. Attend Closing. Monitor closing process on behalf of Buyer/s.

Buyer “Tax–Free” CASH REBATE !!!

YOU RECEIVE A CASH REBATE

when you work exclusively with one of our Agents to purchase a property.

Since 2005, our Company has given BUYERS
over $300,000 in REBATES !!!