Typically taking 1-3 days, you submit your offer to purchase and negotiate with the sellers all the nitty-gritty contract details. (In case you’re wondering about negotiating tactics, start with these 5 questions).
Once negotiations are complete, things kick into overdrive for a period of about 10 to 14 days. During this time, you’ll have your home inspection, review the financial and legal records of the association (if you’re buying a condo), communicate with your lawyer about the full purchase contract (P&S agreement) details, and start the next step…
By this point, you would have already been preapproved for a mortgage, but now you’ll complete the full loan application, providing your mortgage rep with all necessary verification documents (tax returns, etc), and officially deciding which loan program to go with. The bank will review your documents, have an appraisal on the property completed, and finally, approve your loan in about 2-3 weeks.
The closing is scheduled at a convenient date for both parties – the buyer and the seller – and is part of the negotiation process at the beginning. It generally takes place 4-5 weeks after the purchase contract is signed, which gives the bank enough time to approve and fund your home loan and gives the closing attorney enough time to verify clear title for the property.
That brings you to about 6 weeks from the initial offer (plus the search time prior to that) to purchase your new home or condominium. We typically recommend buyers begin the home search process about 6-8 months ahead of the time you need to be in a new home to give yourself plenty of time to learn the market, obtain a mortgage, and find your perfect home!
Buying a home can be a long and complex process with many steps along the way – but it doesn’t have to be overwhelming! Having a buyer's agent takes a lot of stress out of the equation; plus it comes at no cost to you! Part of our job as buyer’s agents is to fully educate you on the home buying process and on conditions in the Boston real estate market to protect you from any potential pitfalls and delays along the way. If you are thinking about buying a home or condominium in Boston, contact us and we’ll answer any questions you may have!