Nina Rogoff's Insights on Sharon Real Estate and More!: September 2010

Buyers: You Have an Accepted Offer...Now, What?

Sell a house in Sharon, MA, Buy a house in Sharon, MA, Live in Sharon, MA!

Let me set the scene:

You're interested in buying a home in Sharon, MA. I've been showing you and your spouse homes for sale in Sharon, MA that meet your criteria and your budget. Then, it finally happened! You made an offer last week and it was accepted today. Congratulations! You love the house and can't wait to start redecorating. keys to new home

But, wait...before you get the keys to your new home there are several steps that have to take place. My job is to make sure you have the information you need at each step towards buying your new home in Sharon, MA. Please read this carefully so you'll be fully informed.

1.      Home Inspection: Once an offer is accepted, we usually have 7-10 days to have a home inspection. I strongly encourage you to hire a home inspector. The fee may range from $300 to over $500 depending on the size of the house. This is an opportunity for you to hire a licensed home inspector who understands about the construction of a house, the building codes, and how the systems of a house should work. The home inspector will look through all the nooks and crannies of the house and test the parts that can be tested. Sometimes, the home inspector may recommend that you have another home services specialist also evaluate the house. This might be a structural engineer, plumber, electrician, roofer or chimney specialist to name a few. The point of the home inspection is to give you a good understanding of the condition of the house, what work, if any, needs to be done, how urgently and how large a project that might be. Once you review that information, you will decide whether you still want to buy the home, and if so, whether we need to negotiate with the seller to make repairs, or whether we need to renegotiate the purchase price. Keep in mind that some repairs may need to be done before your lender will agree to give you a mortgage. 

signing agreement2.     Purchase & Sales Agreement (P&S): When you buy a home in Sharon or other parts of Massachusetts, the P&S is usually written by the seller’s attorney and given to your attorney to review, and make changes if needed. I strongly encourage you to hire an experienced real estate attorney to represent you in this transaction. The signing of the P&S usually takes place 10-14 days from the time the offer is accepted. At the P&S, you will provide a check for between 5-10% of the sale price (having subtracted the $1,000 you put down as “good faith” money at the time of the offer). Since we will write the initial offer to include a “mortgage contingency statement”, this money is refundable to you if you are not actually able to get a mortgage commitment from your lender to buy the house.

3.    Locking in Your Mortgage Rate: After the P&S is signed is the best time to talk to your lender aboutdollar sign  choosing the right mortgage product and rate. Locking in the rate may require you to put some money down with the lender. 

4.     Mortgage Commitment Date: The lender will send you another letter committing to giving you the money. You will receive this letter between 2-6 weeks from the time the Purchase & Sales Agreement is signed. When we are writing the initial offer, I will speak with your lender to find out the exact date for their mortgage commitment. Your attorney can review this letter, too.

5.     Closing:  This takes place approximately 6-8 weeks from the time the P&S is signed. In some cases, it may be a shorter time period. Your attorney should be present at the closing. You will sign all of the documents to transfer title and ownership from the seller to you! You will also bring a certified bank check to pay for the remainder of the offer price. You’ll end up leaving with the keys to your new home!

family moving in Congratulations! Now you can start redecorating and enjoying your new home! 

This is an example of the type of detailed information I give to my clients when they are buying a home. When I work with sellers, I have specific information that they need to know about selling their home. My job is to make sure my clients are informed so they can make good decisions throughout the real estate transaction. I look forward to working with you when you are ready to buy a home in Sharon, MA or sell a home in Sharon, MA. Thank you!

 

 

 

 

Comment balloon 22 commentsNina Rogoff • September 27 2010 11:59PM
Buyers: You Have an Accepted Offer… Now, What?
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