the home buying process
1
setting a budget
The first step is to get pre-approved for a mortgage, so you can feel confident searching for a home you can comfortably afford.
2
determining priorities
What’s most important to you in terms of location, style, amenities? What things are must-haves and which are optional?
3
the search
Searching for properties and employing techniques that make your offer stand out once you’ve fallen in love with a home.
things to consider when buying a home
the pre-approval
Unless you are in the position to buy with cash, the first crucial step in the process is to get pre-approved for a mortgage. Your lender will evaluate your financial health and help you come up with a realistic budget of how much you can afford to spend monthly on a mortgage, keeping in mind other expenses of owning a home, such as down payment, property taxes, insurance and any HOA fees if you are purchasing a condo. We will need a pre-approval in hand before you can make an offer on a property.
the search process
Once you are pre-approved for a mortgage and are comfortable with your budget, I like to get to some open houses with my client as soon as possible so that we can get on the same page with regards to the style of home you’re looking for. During this process, we will hone in on exactly what you’re looking for and which neighborhoods best fit your lifestyle. Often a buyer will change the criteria of their search once we get into some properties. And that’s perfectly normal. We will see as many properties as it takes to find you your dream home. This isn’t a process that needs to be rushed. And I’ll be there for you every step of the way.
from offer to closing
You’ve fallen in love with a home, so it’s time to make an offer. We will discuss ways to make your offer stand out from the pack and attach contingencies to protect your initial deposits. Once accepted, we will conduct any inspections, negotiate any findings and you will sign a Purchase and Sale Agreement after your attorney has negotiated the terms with the seller’s attorney. Once the P&S is signed, the bank will order an appraisal of the property and you will be submitting additional financial documentation while your lender takes the loan through underwriting. The entire process, from offer to close, typically takes 35-45 days.
"Michael was attentive to our condo hunt from day one. He took the time from our first meeting to see what we were interested in and asked really insightful questions. From then on, he was by our side, through open houses and all our many offers--all the way to our final closing. Truly cannot thank him enough or recommend him more highly."
QUESTIONS BEFORE GETTING STARTED?
Get in touch with me here and I'll get right back to you to discuss buying a home in the Boston area.
