The first step in this process is to determine whether or not buying is the right decision for you. It is best to determine this up front rather than when you are under contract.
Buying a home is a complicated process. An experienced agent will help you navigate the process and provide you with guidance. Friends, family, or co-workers are a great source for referrals. Reviews, blogs and websites can also help you select someone who matches your interests.
Organize your finances, set aside a down payment, and read up on the loan programs. This research will let you know exactly how much you can pay and what it will cost.
This is the best part - finding a place you’re excited to come home to every day!
It is important to look at comparable homes that have sold in your neighborhood of interest. Typical parameters are +/- 100 sq ft, within 0.3 miles, and of comparable quality. Sellers can set the listing price at whatever their heart desires, but it needs to be backed up by market conditions.
Many purchase contracts contain a provision for the appraisal, making the appraisal a contingency of the contract. This means if the home does not appraise for the amount you offered to pay, you are not obligated to move forward with buying the home. The lender will order the appraisal.
In Massachusetts, the purchase contract gives a buyer a certain number of days to conduct inspections, including a home inspection. In the process, if you uncover an unacceptable defect, you are often free to cancel the contract.
In order to fully protect a seller, most listing agents will demand the release of all contract contingencies by the date they are due.
A final walk-through inspection is to certify that nothing has been done to the property since you last viewed it. For example, if you discover damage to the walls after the seller has moved out, this is the time to ask for compensation to fix the issue. Once complete, the closing process will begin - you are soon to be a homeowner!
Often finding the lowest possible mortgage rate is the main priority for buyers, as it should be. But it’s also important to work with a lender who prioritizes service, shares your values, and does business in the area that you’re buying a home.
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At the TWA Group we work primarily with 2-3 lenders who we believe provide the highest level of service available in the marketplace. Those are Leader Bank, First Republic, and Guaranteed Rate. If you are interested in one of our preferred lenders at one of these institutions please reach out through the Get in Touch button above!
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Please find an estimated guide to a home buyer’s closing costs. The fees below are estimates as they vary based on the attorney, the lender, the loan type, and the inspector. Please note! This is meant to be a general guide, but cannot be conclusive. The team that you hire will be able to give you estimates well in advance of closing.
For the bank and the buyer for title search, drawing papers, etc. (usually around $750-$1,250). The attorney's fee is lower if they also represent the lender. Ask your attorney about this.
Around $400 ($125 for the deed, $175 for the mortgage, $35 for the declaration of homestead, and $65 for the municipal lien certificate).
$30-$60.
$150
Anges from $25 to $65 depending on where the property is.
For credit report and flood certification fee - $50-$75.
Typically $4.00 per thousand of purchase price.
Often between 2 and 6 months, depending on when in the tax cycle you’re closing. Ask your attorney about this.
Ranges are usually $400-$600.
For single and multi-families - most banks require a one-year, prepaid insurance policy.
Trevor combines a deep knowledge of the Greater Boston market with thoughtful representation and unparalleled service to ensure a smooth, joyful transaction.
