Tips for Buying a Home

Buying tips

Working with professionals at the Acton Real Estate Company will prove fruitful because we know the community and neighborhoods, and we know the business of real estate. The residential real estate business grows more complex with every year that passes. Real estate brokers and agents are required by law to engage in continuing education in order to remain current on all matters related to buying and selling, and consumers have the right to expect thorough and knowledgeable representation. The Acton Real Estate Company and its agents fully accept this responsibility, setting and maintaining the highest standards of professional qualifications.

Choosing an agent who is right for you.

It's important to choose an agent you like, trust and with whom you expect you'll work well. Often referrals from neighbors, friends or suggestions from financial planners, lenders, attorneys and CPA's will help point you in the right direction. Consider also experience and professional certifications of the individual agent. You will become that agent's priority, and you will be notified of current listings and those new to the market as soon as information becomes available.

Know what to expect.

Establishing a professional business relationship with your agent is important and the first step is to determine the nature of the representation - some agents represent sellers and others represent buyers. The law requires disclosure of the agents' status during your first meeting. The Acton Real Estate Company offers dual agency, all of our agents may represent buyers or sellers.

Pre-Approval Letter

Talk with several banks and mortgage companies about their programs. Choose one that meets your needs and apply for a pre-approval certificate. This will give you the competitive advantage that you will need when you have found the perfect home. The Acton Real Estate Company is available to make recommendations, should you wish.

Understanding the Process

Typically, you will schedule an appointment to see four or five properties your first time out. This method is smart and efficient - offering a legitimate basis for comparison while taking advantage of your valuable time. Then we will help you to compare the properties and narrow your search.

Once you've found and settled on a property, then trust your instincts and ask yourself, "How upset will I be if I lose this property?" If the answer is "very", then you might have reached the point to make an offer.

Set up an appointment with your agent once you have made your decision. Time could well be a factor at this point. You will need to write a personal check to bind the offer. Give your broker a copy of your pre-approval letter and a list of any information about you that can be shared with the seller to help convince them that you are fully qualified and serious buyers. This is particularly important since there will be other terms within your offer, like a home inspection, mortgage contingency, and often other specific matters of due diligence, that the seller must agree to.

When your offer has been finally negotiated and signed, you will have a period of ten to fourteen days in which to do any inspections or investigations you have requested. At the end of this time, a contract known as a Purchase and Sale Agreement is signed. A larger deposit is required at that time, usually five percent of the offered price. The deposits are held by an escrow agent and protected by escrow laws. It is now time to give the address and the signed contracts to your bank in order to get a full mortgage approval based on a specific property.

Once your mortgage is approved, it is usually a few weeks before closing and taking ownership.