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Steps to a Successful Boston Homebuying Process

Boston homebuyingYouve finally found the Boston home or condo of your dreams. You've made an offer and the seller has accepted it. Great! Now what?There are still a few more steps to complete the process before that final desired resultthe closing.When you made your initial offer, it laid out the following terms: The price you were offering; the amount you'll be getting financing for; when youwished to take possession of the property; and contingencies that affected your desire or ability to buy it.When youroffer has beenaccepted, expect to put down a deposit known asa binder. Typically, this is a check for $1,000. The check goes to the listing brokerage to be held in an escrow account upon agreement and written execution by both parties.The next milestone in the processis to signthe "Purchase & Sale"contract, often referred to asthe P&S, and this is where the basic terms are spelled out. In the roughly 10 days from when your offer is signed until you'll sign the Purchase & Sale, be preparedto do your due diligence: Schedule a home inspection Review the condo association's documents and financial statementsSpeak with the condo association's management or trustees to learn about current or upcoming building issues or concerns Prepareto put down at least 5% of the sales price at the P&S signing.For your home inspection, your buyer agent can provide you with a list of reputable, experienced inspectors. Plan on paying about $350-$500 for the inspection fee.Look atthe association documents with a Boston real estate attorney.Then comes the closing. Here'swhat you will needfor the closing.The entire transaction, from the acceptance of your offer to the final closing, is likely to take about 6 weeks. Cash transactions, and even some financed transactions, cango faster, but in general it's not unusual for banks to take about 6 weeks to complete everything.Lastly, but importantly, an experienced realtor is an invaluable asset in your homebuying process. From negotiating your offer toguiding you as smoothly as possible through each step of the buying process, this important relationship can helpsee your purchase through to the best possible conclusion. I always strive to give my buyer clients all the tools to make informed decisions, and to guide them through the potential pitfalls that can derail a real estate transaction in Boston.Thinking about whichBoston neighborhoodsyou'd like to live in?Do you have questions about the Boston buying or selling process? Please feel free to call me at617-584-9790 or email me viathe blue button below. Boston real estate 

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