The Homebuying Process

Step 1: Assess your financial situation

Determine your comfortable monthly housing budget
- (this mortgage calculator might be helpful)
Assess your funds available for a down payment and closing costs
If this will be your first home, are you eligible for any first-time buyer programs?

Step 2: Meet with a buyer agent

Step 3: Get pre-approved for a mortgage

Step 4: Begin the home search

Your agent will set you up with an MLS account
You and your agent will work as a team to see and evaluate prospective properties

When you find a home you like…

Step 5: Submit an offer to purchase

Buyer agent will review recent comparable sales and advise you on offer terms: price, contingencies, timeframe and special requests
Your offer will be "bound" with an initial earnest money deposit (typically between $1,000 and $10,000), which will go into escrow only if/when offer is accepted

When you have an accepted offer…

Step 6: Navigate through the transaction

Work with agent to hire an attorney and home inspector
Conduct home inspection(s), renegotiate terms if necessary
Attorney reviews condo docs, if applicable
Sign the Purchase & Sale Agreement; second deposit (generally 5 or 10% of purchase price) will go into escrow
Submit mortgage application; lender orders appraisal, issues mortgage commitment
Attorney conducts title search
Obtain any necessary insurance
Review settlement docs, wire funds or obtain cashier’s check for down payment and closing costs
Prior to closing, do a final walk through of property

Step 7: Close the purchase

Sign documents with your attorney
Present check for down payment and closing costs and provide proof of insurance, if applicable
Mortgage provider disburses funds to seller
Listing agent or attorney provides keys to property
Closing attorney records documents at Registry of Deeds
Once Deed has beed recorded, the house is yours!

In our market, the typical timeframe from accepted offer to close is 30 - 45 days.