Buyer's Guide

A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first-time buyer’s guide will help reduce the stress of buying a home and help you enjoy the journey as much as possible.


Step 1: Make Up Your Mind

Once you decide you want to buy a house. The 1st thing you need is resolve. You need to commit yourself to the idea of buying a place.


Step 2: Your Real Estate Agent

Find a great real estate agent that will make your search a priority. You will work with this agent to evaluate the different options you have as a buyer. Your agent will help focus your search and guide you through the process from start to finish. And it is not just about finding the property. It is about finding the right property, at the right time, with the right mortgage, the right location, the right attorney, the right inspector, etc. You will know it when it happens. The right real estate agent will help.


Step 3: Know Your Monthly Expense

Determine your budget. What could you realistically afford? You can get a general idea online however if you really want to know what you can afford you should speak with a mortgage professional. They will evaluate your credit, income, and funds available for down payment and tell you how much you can borrow.


Step 4: How Much Down

Required down payments could range from 3% to 20% of the purchase price. If that money is available, great. Otherwise, build a realistic plan to save towards your down payment.

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Step 5: Know Your Credit Score

Credit. That same mortgage professional you talked with will tell you if your credit score is in an acceptable range. Or they will tell you what you need to work on to build your credit score up to allow you to obtain a mortgage.


Step 6: Save and Build

No matter what throughout this process SAVE money and BUILD your credit score. Tip: When you have more money and a higher credit score you get better terms on the loan.


Step 7: Location, Location, Location

Match your location to your budget. It can be a balancing act between the location you want and the one you can afford. Pick a starting point and go from there. Try to keep an open mind and consider your options.


Step 8: Make an offer!!

Your agent will help you structure the offer price and terms to work towards your objectives. What is a good offer price? Inspection? Financing? Closing date?  Condo Docs? A good agent will put together a professional offer presentation for the Seller’s consideration.


Step 9: Offer Accepted

Next steps might include a home inspection, working with the lender, condo doc review. This will be specific to you and your property and you will rely on your agent to watch out for you and keep everything on track or get you out of the deal if find something out of line


Step 10: Purchase and Sale

In Massachusetts after the offer is signed the next step is to sign a purchase and sale agreement. Typically the home inspection has been completed and any condo docs have been reviewed and deemed acceptable by the buyer. If included the financing contingency remains. Now the buyer needs to make sure they know the date of the financing contingency, this protects the deposit in the event the bank rejects the loan application. The P & S agreement is a big milestone in the transaction.


Step 11: Closing Day

Strong communication between you, your agent, your lender, and your attorney leads to a smooth closing day. Most likely the Seller has signed the required documents and you will meet the closing attorney to sign the buyer's signed documents. Once you sign the deed will be recorded at the Registry of Deeds and you will officially own your property. You will get your keys and have full access to begin your move-in.

Choosing the Right Agent

If you are ready to sell real estate in the Greater Boston area I would love to be considered for the job. I will work for you every step of the way to deliver the best results. Call me when you are ready to make the move!!

Work With Stephen

I have been a full-time Boston Real Estate Sales Agent since 2001. I focus primarily on the South Boston, MA real estate market. However, I have closed sales throughout Greater Boston. I monitor values and market activity so that I may provide my clients with timely market information and expertise.

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