Townsend, MA, 01469  
(978) 597-0037  
The Buying Process

The Financial Picture

If cash is not available for a purchase, you will need a lender to borrow your funds from. A lender will pre-approve you for loan by checking your credit, verifying your employment and figuring out your debt to income ratio. This will help determine just how much house you can afford and/or the monthly payment you are going to have. We do need to have a price range in order to start looking.

Finding The Right Home

The REALTOR® will need to know what type of property you are looking for- style of home, lot size, how many bedrooms, what towns or areas, etc. Based on your criteria and price range, we will utilize many ways to find the homes that are available for sale.

Making an Offer

We will prepare a standard offer form that outlines the obligations of the Buyer(s) and the Seller(s) in the transaction. The purchase price, deposit amounts, purchase and sale date, closing date, mortgage commitment date, length of time to conduct inspections, and any other contingencies to the transaction will be included.

Conducting the Home Inspection

It is highly recommended that the Buyer(s) hire licensed professionals to inspect the property for things such as structural, pest, radon, water, mold, etc. A home inspection is solely for the Buyer. This is the opportunity to have a detailed look at the property to make sure there aren’t any adverse issues not found at the initial showing.

Purchase and Sale Agreement

All the terms of the offer are incorporated into this document. It details the Buyer(s) and Seller(s) obligations to close the transaction. A second deposit is usually required upon signing.

Closing the Deal

If the Buyer(s) requires loan processing, a lot needs to be done: The bank requires an appraisal of the property. By now, the Buyer should have submitted all financial documents that the lender needs to get final underwriting approval. The lender gives the assignment to an attorney. The attorney will order a title search, a tape survey for a new plot plan, and may also do the new deed preparation for the Seller. When the lender gives the closing attorney “Clear to close”, a HUD 1 settlement sheet will be prepared. The Buyer needs to obtain a homeowner insurance policy and the Seller needs to provide a smoke detector/carbon monoxide certificate. Utilities need to be arranged. A final walk-through of the property is arranged. All parties show up at the previously scheduled time and place for “passing of papers”. Keys are exchanged, the Deed is recorded, and the monies distributed. Congratulations, you just purchased a home.

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