Home Buying Process

The first step in the home-buying process is to decide exactly what you need in an ideal new home. Make a list of your absolutes musts and a separate list of what you would like to have in your new home. I recommend keeping your criteria loose because sometimes the house that you fall in love with would not be on your list of viewings if you were to stick to a stringent must-have list.  For example, I recently had a client who thought she absolutely needed a garage. Over three months, she viewed about twenty homes—all with garages, but nothing was perfect. Then I took her to view a home without a garage. She fell in love with the house and has been very happy with her decision. Second, look into getting a pre-approval letter from a reputable mortgage broker or bank. It is very important to make sure you are considering the correct price range and know up-front that the monthly payments will work with your income. Sign up for daily updates through my website; these updates are a very helpful way so to get an idea about what you can purchase in different locations at different prices.  On top of the mortgage you will have to pay taxes and homeowners’ insurance, which should be considered when you are thinking about how a mortgage fits into your budget.  If you are looking at condos, then the condo fee includes master insurance.  However, it is recommended that you purchase additional insurance for the inside of the unit, although this is not required in Massachusetts.  Next we will work together to locate the perfect property for your specific needs. Once you are ready to make an offer, you will need a check, usually for $1,000, as a “good faith” deposit. I will hold the check until the seller accepts your offer. Then the check will be delivered to the seller’s agent.  After the offer, you usually have about a week to have the home inspection completed and to decide if you want to move forward with the purchase.  If you are buying a condo, you will have about ten days to review the condo documents and the budget. Most buyers also have an attorney review the Purchase and Sale Agreement.  The Purchase and Sale Agreement is signed ten days after the offer is accepted. Standard deposit with P&S is 5% down payment minus the $1,000 that you put down with the offer. That money is held in an escrow account until you close, and it will go toward the purchase price. If you are putting down more money, you may do so at the closing with a certified check. After P&S, the bank does an appraisal and within two weeks you should have a commitment letter saying that your loan has been approved.  A day or few hours before the closing, we complete a final walk-through to make sure the property is being delivered in satisfactory condition. Once you close and the title is recorded, you can move in and enjoy your new home!As the buyer’s agent, I guide you through the process step by step and help you make educated decisions.  Don’t hesitate to contact me at (617) 254-1369 or miro@bostonrealestatema.com with any questions!

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