Pinnacle Residential Properties…A Guide for Buyers

In Massachusetts, a real estate contract must be in writing in order to be valid.  In many states, there is only one contract signed prior to closing.  However, in Massachusetts there are two:  the Offer to Purchase followed by the Purchase and Sale Agreement (P&S).  Prior to submitting an Offer to Purchase, obtaining a mortgage preapproval letter would be very beneficial to you – it will make your offer much more attractive to a seller.  Most lenders will be happy to provide you with this document.  You simply need to provide a loan officer with accurate information about your assets, income and debts.

The steps are:

1. Submit Offer to Purchase, accompanied by a binder (usually $1000 or more)
2. Arrange for your professional home inspections which are generally completed within 5 working days from the date a seller has accepted your offer.
3. Select your Real Estate Attorney.
4. Apply for your mortgage.
5. Approximately 10 to 14 days after the initial offer is signed, the Purchase and Sales Agreement that has been prepared by the attorneys is executed.  It is usually accompanied by a deposit of 10% of the purchase price.
6. Mortgage commitment is received.
7. Closing

The above steps most often occur within a 60 day time period.

Whether you’re ready to purchase your first home, need more space to accommodate your growing family, or are empty nesters ready to enjoy a new lifestyle, I’ll help you make informed decisions in evaluating your options of towns and houses and we’ll work together until we find your dream home.

 Maureen McCaffrey

Office:  781-237-5000

Cell:  508-494-0811

email:  mmccaffrey@PinnacleHouses.com

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