Congratulations! You
have been searching
for the perfect Boston
home,
you found it, AND after several rounds of negotiation, your offer was
accepted by the homeowners. It feels great to have your offer
accepted, but, this is just the beginning. There is still a lot more
to be done before you are over the front threshold. Here is a rundown
of what happens next.
Apply for a loan.
Unless you are paying in cash, you’ll need to apply for a
mortgage loan. Good for you if you are already pre-approved, now is
the time to inform your lender so they can finalize the application.
If you aren’t pre-approved, meet with several lenders to compare
their loan options.
Appraisal and
inspection. The
next step is getting your home appraised and inspected. The lender
provides the appraisal which in turn gives a detailed report on the
value of the home. If the appraised value is less than the purchase
price you will need to further negotiate on the home price or make a
greater down payment. The home inspection is ordered by you and lets
you know of any issues with the home. It isn’t required but you
should absolutely get one, even if you are not getting a loan. Make sure to go
over the report in detail to make sure you are aware of any problems
and the severity. If needed, your attorney and your
Boston real estate agent will help you negotiate further, should
you find major issues with the home.
Get your funds
ready. Make sure the funds needed for closing and any reserves
are accessible. If you need to pull from an investment do so right
away and keep the paperwork for the transaction.
Find homeowners
insurance. You
will likely need to pay for your homeowners insurance upfront, before
closing. Shop around at different companies for the best rate –
make sure you check with your auto insurance provider as they may
offer discounts.
Final
walk-through. You will be allowed to do a final walk-through of
the new home 48 hours before closing. This final walk-through allows
you to check the final condition of the home to ensure there were no
changes since you signed the contract. Make sure to check thoroughly
as any issues are yours after closing.
Closing. The
closing date is the day you sign the mortgage documents and
officially gain ownership of the property. Check with your lender as
to what documents/IDs you will need and how they would like the down
payment, generally its in the form of a cashier’s check.
When you are ready to
buy
your Boston
home
contact
a Boston, MA real estate agent.
I am committed to providing you with the highest quality buyer
service. When making the type of investment that buying a home
requires, you deserve to have all the latest market information and
the very best advice, both of which I can provide you with. I hope to
speak with you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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with me: