To prevent unnecessary stress, you’ll first want to focus on the community, the commute, and your finances before ever stepping foot into a home that’s for sale.

The Community and the Commute

You'll want to focus your search on a few of your favorite towns and neighborhoods — this will save you time and help you avoid finding the right house in the wrong location. Here are a few things to research so you can get a better sense of what it might be like to live in the areas you're considering:

  1. If you’re not familiar with a particular neighborhood, do a test drive to get a feel for it. If walkability is important to you, spend some time walking around.

  2. Check out the town’s website for regulations as well as services and community events.

  3. See if the amenities that you’re looking for – such as a coffee shop, dog park or gym – are nearby.

  4. Practice your commute, and research transit and parking options.

  5. If you’re a parent, ask around about the quality of local schools and activities available for kids.

  6. Consider joining the neighborhood Facebook group to ask any questions you may have.

Your Finances

You’ll then need to decide on your budget:

  1. Talk to 2-3 local lenders to see who feels like the best fit and learn about what products they can offer you.

  2. Complete a full pre-approval with 1-2 lenders. A good pre-approval* will have only a few conditions in it, such as a signed Purchase and Sales Agreement, a property appraisal, review of condominium documents and budgets (if applicable), and final verification of employment.

  3. Figure out what you’re able to comfortably spend each month – including your mortgage payment, condo payment (if applicable), insurance, and taxes – to determine your price range. (This calculator can help.)

*A pre-approval that says it is subject to verifying your assets and income is not a real pre-approval.

House Hunting

Based on your target area and budget, your 4 Buyers agent will use the MLS to identify properties that may be a fit for you – you’ll also receive email alerts – and together you can decide which ones you’d like to view.

Your agent will accompany you to showings – we can attend open houses or make an appointment to see the home at a time that works for you. We generally recommend going to no more than four showings per day, so you can keep them all straight.

At showings, we try to point out anything that might be expensive to fix and give you a sense of what those repairs could cost. We’re not afraid to get into tight or out-of-the-way spots to check for potential issues like structural concerns, pests or signs of mold. The goal is to save you time and money – we don’t want you to pay for a home inspection only to discover there are issues that will make you walk away from the home.

We believe the best searches are those that show you homes that are closer and closer to what you want as you go on. In general, our clients are ready to make an offer after seeing between six and nine homes; however, we never want you to feel pressured or rushed. The hunt can take as long as you need it to.

Negotiating

Once you find a home you like, that’s when we do our most important work. We start with a Comparative Market Study to find the home’s fair market value and try to determine how motivated the seller is to sell. 

Then, drawing on our expert knowledge of the ever-competitive Greater Boston real estate market, we work together to develop a negotiation strategy – the offer amount plus any additional asks, like closing costs. We give you advice, you tell us what approach you’d like to take, and we make the offer.

The Offer to Purchase is issued, which is a contract that proposes how much you’re willing to pay and when you’re willing to complete the steps in the buying process – it describes the property, including the size of the lot (for houses), and parking spaces or storage areas (for condos). Both the Buyer and Seller can write in any items outside of anything permanent that will remain in the home, or that the Seller wants to take with them.

You’ll need to put down a deposit with your offer as a binder, to secure the right to purchase – you and your agent will determine the amount based on your negotiation strategy. A few things to keep in mind:

  • The offer is generally good for 24 hours.

  • If the offer is accepted, your binder will go to the Seller’s attorney or listing broker.

You’ll need to secure an attorney – we recommend talking to at least 2, to find one that’s a good fit (we can give you names).

Then, you’ll have to take care of these tasks in a short period of time:

  • You’ll need to complete an inspection, digest the findings and get back to the Seller within 7 days of the offer. Your option to renegotiate or terminate the agreement based on inspection issues and get your binder back ends on that date.

  • Your Purchase and Sale Agreement is to be signed within 7-10 days of the offer. Your attorney will review the draft and negotiate changes in wording with the Seller or Seller’s attorney. You’ll need to review this document with your attorney; your agent will facilitate signing. With the Purchase and Sale Agreement, you’ll need to have your deposit of 5-10% of purchase price.

After you sign a Purchase and Sales Agreement

Your loan commitment is due 2-3 weeks after the Purchase and Sale agreement. You’re entitled to get your deposits back if you can’t get a loan by this date. Your job as a buyer is to stay in touch with your lender.

What if the commitment is late?
If the loan paperwork isn’t done on time, your agent or attorney will request an extension before the deadline. The extension will protect your ability to get your deposit back if the deal can’t go through. However, once this deadline has passed, your option to get back your deposits is in jeopardy. 

What do I do when the commitment comes in?
Your attorney should review your loan commitment to make sure there aren’t conditions that may affect your financial ability to close.

One or more weeks before closing

Buyer contacts Internet, electric, and gas companies to turn service on as of the closing date.

Buyer pays for any remaining oil that Seller leaves in the tank (if applicable).

Seller gets a final water bill, tax bill, and condo fees bill (called a 6-D.) At closing, the Buyer will either see a fully paid bill or get a credit toward what is due up to closing day.

Buyer fulfills all conditions listed on your loan commitment letter.

Buyer chooses a home insurance company and purchases the first year’s insurance. The insurance binder must have specific clauses on it that assigns the insurance to you and the lender – your insurance agent should know how to get this done. The closing attorney must review the binder before closing.

For condos, the lender reviews the master policy for the association.

One week to 3 days before closing

Buyer reviews the Closing Disclosure. This form has all the accounting for the money you are paying in the transaction. The total should be close to the amount on your Lending Estimate. At this time, you’ll know the amount of the cashier’s check or wire transfer for the rest of your deposit money, plus the bank fees due at closing. Then:

  • Closing attorney’s office schedules a closing time.

  • Lender sends the closing packet to the closing attorney’s office.

  • All parties confirm closing time and place.

Buyer finds out how to get funds from the institution that’s holding them, along with how much lead time they’ll need. 

Usually 1-2 days before closing

Buyer gets a cashier’s check in their name or arranges for a wire transfer that’s acceptable to the closing attorney.

Buyer and agent will enter the home and do a walk through to ensure that the property has been prepared for closing – heat and hot water working, vacant, clean, and not damaged in any way since the inspection.

Buyer and agent do a walk-through at the new home to ensure that the property has been prepared for closing – heat and hot water working, vacant, clean, and not damaged in any way since the inspection.

The closing date is generally 4-6 weeks after the accepted Offer, or longer if the Buyer and Seller want it that way (or as little as 2 weeks if you have cash). Closing usually occurs at the attorney’s office.

Buyer brings:

  • Insurance binder and receipt

  • Cashier’s check for deposits and bank fees 

  • Personal checkbook for any miscellaneous debits

  • Driver’s license 

  • A second form of ID (can be library card, credit card or passport)

Seller and/or seller’s agent brings: 

  • Deed

  • Title

  • Keys

  • Smoke and carbon monoxide (CO) detector certificate (In the home must be inspected and found to be up to code by the local fire department prior to transfer.)

  • Proof of paid taxes

  • Proof of water bill adjustments

  • Condo fee proof of payment (if applicable)