Phone: 508-776-2289

Fax: 508-398-4259

E-mail: susangreene112@msn.com

THE BUYING PROCESS

 

1.) Know how much you can afford.

           Getting pre-qualified takes the main stress out of purchasing a home and seller’s sometimes require it before accepting an offer. The best prequalification is one that states that your mortgage is only subject to an appraisal of the house to be purchased. This means that your application has been through the entire loan process and has been approved by the banks underwriter. You are going to have to go through this process eventually, so you might as well do it up front and be confident that no last minute snags will show up, which they often do. Once this is done you’re ready to start house hunting.

2) Finding the right home.

           Determine your absolute requirements and then your “wish list”. In all my years   selling real estate, I’ve never seen a house that has everything just the way buyers want it. Even the number of required bedrooms can change if everything else in the house is perfect.

                 Next, try to narrow down the area you would like to be in. A buyers market usually means there is an exceptional amount of homes for sale in a given geographic area. This gives you more of an  opportunity to find what you want in the area you want. Many homes are deceiving from the outside, so be careful not to eliminate one just because of its cover.

3.) Once you find the right home.

           Once you find the right home, an “OFFER TO PURCHASE” is made to the SELLER which must be accompanied with a check from you as a binder. The offer contains not only the price you are willing to pay, but conditions that you and the seller must meet. The seller is responsible for the septic certification. You may read more on this under the tab “SEPTIC”.  The home inspection is usually scheduled within two weeks of acceptance of the Offer. You get your money back if there are major defaults and or the SELLER is not willing to fix them. There is also a mortgage contingency clause allowing you time to obtain your mortgage.

4.) The Purchase and Sales Agreement

           A more legally binding agreement is entered into after the home has been inspected. This allows time for the owner to get the septic inspected and for you to get the results of the home inspection. Your mortgage commitment can take longer if you did not get the full prequalification done beforehand. An additional deposit equal to a least 5% of the purchase price is required at the time you sign the Purchase and Sales Agreement.

5.) Passing of Papers

           This is also called the closing. The buyers and sellers meet with their attorneys’ to pass title to the new owners. While a personal check is accepted for the Offer and the Purchase and Sales Agreement, you must bring a bank check for any funds due at the time of closing and your drivers license.

63 Lower County Road

Dennisport, Ma . 02639
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