Street Realty

Street Realty, "Serving all Streets In Massachusetts"

Home Page

Search For Homes

Featured Listings

Contact Login

Your Home's Value

Contact Me

Mortgage Calculator

My Resume

Real Estate Transaction Summary

Pamela A. West
Street Realty
121 Moulton Hill Rd
Monson, Ma 01057

streetrealtyma.com

Phone: 1-413-433-0283
Cell Phone: 1-413-433-0283
Email: pamelaawest@aol.com

REAL ESTATE TRANSACTION SUMMARY

A Real Estate transaction is almost always the same. You can run into different circumstances and time frames along the way but usually the same steps for the transaction. So there are different places to start for both sides. When someone decides that they want to sell their home, the first thing is to view the home. Just because the market says that the house is in a certain price range doesn’t mean that the condition of the home can sustain that price. The starting point for a Buyer is just because you want to buy a home and not pay rent anymore doesn’t mean that you can afford a home. You need to be pre-approved or pre-qualified for a mortgage, make sure that the lender you chose is licensed in Massachusetts. Financing is the number one reason that transactions fall through. The difference between the two is that the lender who you have chosen is doing a more extensive look into your financial circumstances to determine the amount of mortgage that you could afford. And to add a note to that, one of the most important steps in determining the amount to borrow is to assess the impact of the monthly payments on your financial circumstances or lifestyle. Just because you qualify for a certain loan amount does not necessarily mean that the monthly payment will be comfortable for you. Pick a lawyer who works in conjunction with the lender that you have chosen. Make sure that you check with the lender to make sure that the lawyer is on the lenders approved list.

Step #1. Select a Broker/Agent to act on your behalf.

Step#2. Pre-Approve or Pre-Qualify for a mortgage amount.

Step#3. Define real estate needs; price range, location, property type: house style, property age, yard and any other features that are most important to you.

Step#4. Visit and review properties (usually takes between 1-12 weeks depending on how well you have broken down your real estate needs and . desires).

Step#5. Prepare and submit an offer ( an offer should be simple and engaging to seller, don’t alienate with too many requests at offer stage).

Step #6. Negotiate the sale. This is where the Broker or agent works with the other agent to make the best deal possible for their client

Step#7. Home Inspection. Hire a professional licensed home inspector to conduct your home inspections. Some of the things you inspect for

are but not limited to is the structural and mechanical of the home and any other out buildings, lead, insect, water and sewer Title V.

Inspection usually occurs 3-7 days after the accepted offer.

Step #8. Sign the Purchase and Sale (P&S) usually 5-14 days after accepted offer. Deposit is given to Sellers agent at that point.

Step#9. Submit a mortgage application 5-14 days after accepted offer and usually after the inspections too.

Step#10. Loan processing/ appraisal/ commitment from lender. Usually 14-21 days from the application date.

Step#11. Closing preparation by the closing attorney including a title search and document preparation. 7-14 days prior to the closing.

Step#12. Obtain final utility bills, smoke and carbon monoxide certificate( Sellers responsibility).

Step#13. Notify utility companies os closing date to disconnect seller/ connect the buyer( natural gas, electric, telephone, cable and internet).

Step#14. Conduct the Final Walk through. This is done on the day of the actual closing and as close to being on the way to the lawyers office

as possible.

Step #15. Close the transaction- It is now your home! 45-60 days from the accepted offer.

Vow Page