Buyers guide to the real estate process
Greater Boston is one of the most desirable and competitive real estate markets in the world. Making the decision to buy a home here can be overwhelming at first. But from mastering the difference between towns, to planning for an inspection, an experienced Compass agent like Doug Carson can help.
These are the 10 typical steps in the home-buying journey.
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Look for a licensed Compass real estate agent (like Doug Carson) who is knowledgeable about the neighborhoods you’re considering, and can help guide your search.
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Get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home) by working with a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
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Attend open houses and schedule viewings that span a range of areas and property types that you’re considering. Now is the time to define what you’re looking for in your ideal home’s location and amenities.
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Once you have seen a home you like, you can put in an offer, which is a agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a counter-offer price. You can accept, reject, or make another offer. Your Compass agent will provide advice to ultimately reach an agreement that meets all parties’ prices and terms.
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You will be given a limited time period of time during which to conduct all inspections.
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The seller’s attorney will draft a purchase and sale contract to deliver to your attorney. If you request changes, the seller must agree to these changes. Signed contracts are then returned to the seller’s attorney with a contract deposit. This deposit will be a portion of your down payment.
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Your bank will organize an appraisal. Your completed mortgage loan application with all supporting documentation should be submitted to your chosen lender after receiving the fully signed contracts. The bank then issues clearance for you to close.
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A meeting time is scheduled to for closing, which involves the buyers and the seller’s attorney reviewing and signing all the documents pertaining to the purchase of the home.
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A final walk-through of the property happens just prior to closing to confirm no damage to the home since the time of the inspection and that the major systems and appliances are in working order and any inspection items have been addressed.
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Once all the conditions of the contract have been satisfied, the closing is held between the buyer and the seller’s attorney. The closing documents are signed, payment is exchanged, and the buyer receives the keys to their new home!