Step 1 – Property Search
One thing that separates us from so many other companies is the accessibility to our resources. Our MLS search tool allows you to have FREE access to every home that is available for sale in Massachusetts and New Hampshire. To figure out how much your mortgage payment will be, visit our Mortgage Payment Calculator page which includes the latest mortgage interest rates.
Step 2 – Phone Consultation
This is a nice, “pressure-free” chance for you and one of our Buyer Agents to speak briefly about how your searching is going and to answer the many questions that arise when buying a home. It is also a great opportunity to have the Buyer Agent help outline every aspect of the home buying process.
Step 3 – Loan Application
Definitely one of the most important steps in the home buying process is figuring out exactly how much you are comfortable spending on a home. Purchase a home not based on what a bank says you can afford, but rather what you are comfortable spending each month. It is also equally important the mortgage broker is very knowledgeable with all of the programs that are available to you. Working with a strong mortgage broker is one of the best things a buyer can do to ensure a successful transaction.
Step 4 – Viewings
This is the fun part!! This is where you’re searching, phone consultation, and loan application should result in actually driving to see homes that are within your budget. Go into viewing homes with an open mind and don’t be too hard on yourself or the home if it is not a perfect fit. There is plenty of inventory and homes are coming on the market each day, so the right home is definitely out there for you.
Step 5 – Offer
Once you find the perfect home, and trust us you will, you will submit a written offer on the home. This is another step where you will be glad to have us on your side. Since our agents negotiate quite often, getting you the best deal is what they do. Keep in mind, that contract negotiations are not limited to price, they also include timing, contingencies, rent-backs, and much more. If you live in New Hampshire or Rhode Island, a Purchase and Sale will take the place of the offer, but the same steps will apply.
Step 6 – Inspections
Now that you have indentified the property and the offer has been accepted, it is time to schedule the appropriate inspections on the property. The home inspection will be done by a licensed inspector whose job is to make sure the home is structurally sound, all of its systems are working correctly, and if there is any evidence of insects or mold. Most inspections go fairly well, but some do uncover some major issues that the Seller may need to address. Remember, most issues can be worked out in some form or fashion.
Step 7 – P&S (Purchase and Sale)
Now that the inspections are complete, a purchase and sale agreement needs to be prepared by the attorneys and both buyer and seller must sign. Think of this as a longer offer to purchase spelling out in more detail the home, the contingencies, and buyer/seller responsibilities. This is also where you will be expected to put down additional monies that will be held in an escrow account until closing.
Step 8 – Closing
This is where all the hard work pays off and you become the owner of a home!! Don’t expect all parties around a table shaking hands and gifts handed back and forth, most closing are virtual these days. This means that the seller of the home signs documents the morning or night before and then you will sign the same documents along with countless other ones from the bank. Money is usually transferred electronically and the attorney will have the keys for you. Obviously, congratulations will be in order at this point!
Search Homes for SaleBuying a home can be quite daunting if you don’t have a real ally in this market. We always felt like Danielle was on our side and was always available to answer every little question we had!
-Amy P. and Jason A., Watertown, MA
