Congratulations! You are here and that means you want to OR are at least considering buying a home, but what does that mean exactly? What are the steps? Scroll down, my friend! Unlock Real Estate has summarized the entire process into a brief timeline displayed below.
From Offer to Closing generally takes between 45 & 60 days.
Lender reviews your credit and evaluates your debt to income ratio to approve a specific loan amount.
- Find a Home
Download the Unlock Real Estate home search app or use the website to search for properties. We will assess your wants, needs, desired location, and budget to find the perfect home for you.
- Make an Offer
Our supreme tested and proven negotiation skills will guide you through these high stakes situations ensure the highest possible acceptance rate while retaining your best possible price and conditions. "Good Faith" Earnest Money Deposit for $1,000 to be submitted with offer package.
- Offer Accepted!
Upon offer acceptance, your Earnest Money Deposit will be deposited and held in an escrow account then applied towards your down payment at closing.
If your offer includes a home inspection contingency, you will have 7 to 10 days to coordinate, perform, and negotiate.
- Hire an Attorney
Within the same aforementioned 7-10 days, you will hire an attorney to represent you throughout this transaction.
- Purchase & Sale Agreement
A.k.a. "The Contract" is essentially a much more detailed version of the offer that will be circulated between your attorney and the seller's attorney until it's ready for your review and signature. This will be signed on the 7th or 10th day after home inspection negotiation is complete. Your 3.5% or 5% deposit will be due at the time to be held in escrow until closing, minus the $1,000 EMD you have already submitted.
- Mortgage Application
Complete your mortgage application and disclosures to send to lender. This is an expansion of your Pre-Approval in which your lender will review your finances, debt, etc with a fine toothed comb.
Your lender will order an appraisal of the property to confirm its value is worth the mortgage.
Receive your "Welcome Package". Processor completes verification of credit, employment, and assets.
- Appraisal Report
Received & reviewed by processor. Processor updates you of outstanding conditions to be cleared.
Processor submits file to Underwriting for final review & commitment. Commitment issued & sent to your attorney.
- Home Owners Insurance
You will need an insurance binder locked and loaded for the closing.
- Clear To Close
Submit all closing conditions noted on commitment for final clearance.
- Final Walk Through
Complete a final walk through of your new home the morning of or night before the closing to approve the condition of the property.
All parties sign closing documents with closing attorney. Certified check and closing instructions will be given with plenty of notice.
Keys will be given when the deed is delivered and we are on record!
Consider contacting MASS Save for a free Energy Audit. They offer massive discounts on energy efficient home improvements like Nest Thermostats and installing insulation.