The Buyer Agent's Job When You Choose a Home in Boston!

You’ve seen dozens of Boston homes, even flirted with the idea of making an offer on one or two. Now that your search is over and you’re fully committed to the home of your dreams, it’s tempting to get ahead of yourself before crossing your t’s and dotting your i’s. What lies ahead in the upcoming weeks are reviewing loads of paperwork and inking your John Hancock on many important documents. Sound overwhelming? It doesn’t have to be! When you hire an experienced buyer’s agent to assist you through the home buying process, you can rest assured your transaction is in capable hands.

Once your offer is accepted, there is a series of milestones you will reach before the keys to your new home are dropped into your hands. This blog post is the first of a two part series that will explain what you can expect in the last leg of your journey through the Boston real estate market.

The Home Inspection

I will refer you to reputable home inspectors to conduct the inspection on your new home. In Massachusetts all home inspectors are required to be licensed, but it’s a good idea to verify each inspector’s license at the Board of Registration of Home Inspectors website. If an issue arises as a result of the inspection, you have three options: ask that the seller fix the problem, accept a credit to make the repairs yourself, or accept the problem as is. Sometimes a buyer and seller struggle to reach an agreement that satisfies both parties. In this case, you can revoke your offer and request a return of your deposit.

The Purchase & Sale Agreement

The inspection is complete and you and the seller have settled any issues that came up during the inspection process, details of which may be reflected in the Purchase & Sale Agreement. The Purchase & Sale agreement is drafted by the seller’s attorney,  Your attorney will often go back and forth with the seller’s attorney to negotiate the wording of the agreement before you sign it and hand over your check, which will be held in escrow.  I understand there’s a lot to remember, so rest easy that I’ll be there to guide you through everything as well as keep a copy of the Purchase & Sale Agreement on file.

Mortgage Commitment

You will need to apply for a loan a couple of days before signing the Purchase & Sale Agreement.  The bank will work through the paperwork, have the house appraised, and no doubt ask you for quite a bit of documentation. In this stage it’s very important to be compliant with your lender and be upfront about anything that could jeopardize your credit. If all goes as planned, your bank will issue a letter to you that documenting the final conditions they’ll need to fund your loan to complete the purchase of the home. It’s critical that we have a “clean” commitment (one that only contains conditions that are within your control to meet), before your Mortgage Commitment deadline.  Both your attorney and I will track that critical milestone.

Be sure to check my blog next week for a detailed explanation of the final steps you’ll need to take before settling in your new home. In the meantime, please don’t hesitate to reach out to me, your Boston real estate agent, if you have any questions about the home buying process or the Boston area in general. I look forward to working with you!

Ken Snyder
Keller Williams Realty Boston-Metro
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