Buyer Advisory
Lisa Li
Principal
Licensed Broker
Phone: 617-335-4829
e-mail:
lisali.realtor@gmail.com
WeChat: lisa_fengli00
Proficient in self-housing and rental housing in all good school districts and high-end districts in the Greater Boston area. If you need to buy or sell a house, please contact me.
house buying process
To buy a house in Massachusetts, there are the following steps and procedures:
1. The initial purchase documents, to be filled out by our company and signed by the buyer. A deposit of $1000 check is required.
In this document, we will write down the price we want, and other conditions such as a home inspection, and list when we hope to officially close the property. When the documents are submitted to the seller, the buyer's asset certificate must be attached. If a loan is required, an approval letter from the lending company is required.
2. Generally, the seller will counter-offer, and if the bid is low, there will be several rounds of counter-offering. If the price and conditions are agreed, the seller will sign the initial document in step one. This process takes about one day to one week or longer, depending on the price gap.
3. We're going to hire a home inspector (costs around $500-$800, I can recommend) to inspect the house and see what's wrong. After the house inspection, we need to communicate with the seller to confirm whether we still want to buy the house and what problems they need to solve. If the other party agrees, you can proceed to the fourth step. This time is about a week.
4. The buyer needs to hire a professional real estate lawyer (the lawyer of the loan company can be used, generally free of charge), the buyer and the seller continue the formal purchase contract, and the lawyers of both parties review each other and decide on the final contract sample. Then both the buyer and the seller must sign, and the buyer needs to pay a deposit of 5% of the house price, which will be supervised by the seller's brokerage company. The money must arrive within ten to fourteen days after step one.
5. Once the formal sales contract is signed, the buyer needs to submit a formal written application to the lending company immediately, send all the necessary documents, and wait for approval. This time usually takes three to four weeks.
6. The buyer's lawyer will check whether the owner of the deed is in debt (because the debt will be transferred to the next owner along with the house), whether there are any problems with the legal documents of the house (for example, the seller is really qualified to sell the house, etc.), and all other issues are resolved. After the inspection is completed and the loan is approved, the buyer's lawyer can preside over the transfer procedures and documents on the scheduled transfer date. The remaining 95% of the buyer's payment is settled on the day of closing.
The above are the standard necessary steps for purchasing real estate in Massachusetts. Sometimes adjustments will be made according to the popularity of the property, such as waiving the house inspection and loan, putting more deposits in step 4 to express the sincerity of buying a house, etc. If in doubt, pleasecontact us.