STEPS LEADING TO AN OFFER

An important role of your Buyer's Agent is to provide a Comparative Market Analysis comparing similar homes in similar type neighborhoods within the community. Under review will be homes currently for sale, those under agreement and those that have sold within the last 3 months. After careful evaluation it will be evident what the fair market value for the home you are considering should be.

There are a series of papers that you will be asked to fill out relating to making an offer. Verbal offers are not valid in Massachusetts. Once your offer is in writing you will need to provide a check for a good faith deposit to accompany the offer. The amount of this check is usually $1,000.00 made out to the Company who is representing the seller. It is not deposited until the offer is signed by the seller.

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COMPONENTS OF AN OFFER TO PURCHASE

The Offer to Purchase will include specific timetables to adhere too. You must be sure these timetables will fit your schedule. Deadlines in real estate transactions are important.

Included in the Offer to Purchase are contingencies which protect the buyer.

Home Inspections are completed within 7 business days of accepted offer and include structural, mechanical, electrical, pest, radon, lead paint, asbestos, UFFI, water wells etc.

Your Buyer's Agent can help you select a Licensed Inspector, or you may know of someone from an associate. Based on the outcome of the inspections, additional negotiating may be necessary

It is a state law that each buyer must include the Property Transfer Notification relating to a lead paint inspection..

Signing of the Purchase and Sale Agreement: within 10 business days of the accepted offer at which time an additional escrow deposit is required, usually 5 to 10% of the purchase price.

Financing: Mortgage application to be made no Later than one day after the signing of the Purchase & Sale. Some offers do not include a Mortgage Contingency.

The Mortgage commitment is required within one month of the signing of the Purchase & Sale.

Closing date:The selected date is usually within 60-90 days of accepted offer, but may be sooner.

PLEASE NOTE: These are legal and binding contracts and it is recommended that a licensed real estate Attorney in the State of Massachusetts be engaged.