This guide will walk you through the buying process so that you can focus on what's important - being excited about your future home. You will feel ready, organized, and prioritized! So when the right house comes around, you will know the proper steps to take to buy the house of your dreams.
We are here to tell you to stop browsing and clicking; move your eyes away from the screen.
There is nothing worse than finding the perfect house online, only to discover that the house is out of your price range. Before you begin your search, reach out to a mortgage broker. They can run all of the numbers, so you will fully understand what you can afford.
We recommend talking with at least two different mortgage professionals. There are a variety of mortgage products available, so you will need to spend some time researching the different options to determine the right fit.
After speaking with a mortgage professional, take the time to understand all of your expenses including a mortgage, interest, and taxes. You should be sure that you are comfortable with any additional debt you might incur.
It's always a good idea to dig deep when assessing your mortgage budget. Once you've taken a close look at your family's expenses and the lifestyle you want to live, you might even decide that you don't wish to spend the full amount suggested by the mortgage broker. By adjusting your number downward, you might open up additional travel and other family related possibilities.
We recommend starting with the bank where you already have an account. Starting with an existing relationship may help you get a better rate and terms. It is also wise to check out some of the local banks in the area, as they may have some great rates and terms. Your network, friends, and community can also be extremely helpful - especially if they recently bought a house.
Get their perspective by asking them about their experiences. Another informative source is a successful real estate agent, so a little plus there. Since they work with a variety of different mortgage brokers on their deals, an experienced agent will have some recommendations. Ideally, you want to work with a bank or a mortgage broker that can get the loan commitment done in a timely fashion and will meet all deadlines for the closing.
You should have a pre-approval letter prepared by your mortgage broker, so when you find the house where you want to submit an offer, you are ready to submit. You don't want the seller to accept another offer simply because you were not prepared with all the necessary documents.
Jot down a wish list that includes your must-haves and features you can’t live without. Once you have that list, prioritize your must-haves at the top of the list. Don’t leave anything out! Do you need to have a garage? Is it something that you could live without? Think about all of the details of your dream house — top to bottom.
This is a great opportunity to learn more about the towns you’re interested in. Consider the towns you might want to live in, and then dive in to see what’s available in your price range.
Consider Everything
Remember that homes usually look better in pictures than they do in real life. Photographers are very good at what they do. With the right lighting and angle, everything can look picture-perfect.
Even that large kitchen you saw online can completely surprise you in person. What looked like an open concept online is suddenly a galley kitchen? Or that picturesque
After exploring online, it is always helpful to visit the town in person. With Waze, GPS, and Google Maps at your fingertips, you can really drive through the towns, have lunch in the town center, drive by the schools, or spend some time at the parks or playgrounds. This will give you a little bit of a feel for the community and what the town has to offer. Go to a few open houses in your price range to gain a better understanding of what you can get in each town.
A real estate agent can be a huge resource to you. Agents are filled with information about the town, schools, and community.
Use these open houses as a chance to interview some agents in the town. The agent may even live in the community. Remember, just because you speak with an agent at an open house, it does not mean that you are locked into that agent.
If you know people in the town, it is always helpful to ask them about different agents and real estate companies. Friends or family may even have some good insight into the best local agent. Ideally, you want an agent who is well respected in the community and amongst the broker community. If a broker is well-respected by other brokers, then they are more likely to have the inside scoop on what is going to come on the market. It is extremely important to hire a real estate agent who works full-time in the business. You do not want to hire someone who just does one or two deals a year. You want to hire an agent who is out there pounding the pavement every day. They will have the inside scoop on houses that are active on the market or have recently sold.
You will be spending a good deal of time with this agent, so you want to make sure that you like them and trust them.
Qualities to look for in a real estate agent:
You want someone who lives and breathes real estate and has the pulse on the market. If you want your friend to be part of the deal, then ask your friend to pair up with one of the top agents in their company. Remember, this purchase will be one of your biggest assets, so you want to hire a smart, successful agent.
You do not need a different agent for each town. Most agents have narrowed down the towns that they service and focus on. Ask your agent to explain which towns he/she cover. If you are looking at towns outside of the areas that your agent covers, your agent should be able to recommend a qualified agent for those areas.
For example, we cover eight towns:
For any of our clients looking outside of these eight towns, we are happy to set them up with an agent who has a similar work style. Over the years, we have built a strong network of real estate agents.
Maybe it was the second house that you looked at and you just knew it was the right one. However long it took, the process is the same.
Your real estate agent should walk you through the buying process so that you know what is needed when the offer is submitted. In Massachusetts, when you submit an offer, you usually put $1,000 down as a deposit with the offer. The deposit is usually held in escrow by the real estate company listing the property. Sometimes, the deposit is held by the seller's attorney. You also need to submit your pre-approval letter with the offer. A pre-qualification letter is not necessarily accepted anymore, so you want to make sure that your letter is a pre-approval letter. In addition, you may have some contingencies with the offer.
Some common contingencies are for a home inspection, pest inspection, radon inspection, lead paint inspection, mortgage contingency, and title five inspection if a septic system is located on the property. For the most part, the majority of the contingencies are taken care of before the Purchase and Sale Agreement is signed. The Purchase and Sale Agreement is usually put together by the seller's and the buyer's attorneys.
Ask your friends and real estate agent if you need recommendations for an attorney. Unless the property is under construction or there is something unusual with the deal, the Purchase and Sale agreement should be pretty standard. Each attorney will add in language that they typically like to see in the Purchase and Sale Agreement (P&S to better protect their client. Your attorney will also walk you through the P&S to make sure that you feel comfortable with the document before signing it.
In general, the only contingencies still out there after the signing of the P&S are the mortgage contingency and the Title 5 inspection. Once the dates on the contingencies pass, it is very difficult to get out of the deal without forfeiting your big deposit. I always tell my clients that if they are having second thoughts that the time to get out of the deal is before the P&S signing. Once the P&S is signed, you have put down a significant deposit in escrow.
After exploring online, it is always helpful to visit the town in person. With Waze, GPS, and Google Maps at your fingertips, you can really drive through the towns, have lunch in the town center, drive by the schools, or spend some time at the parks or playgrounds. This will give you a little bit of a feel for the community and what the town has to offer. Go to a few open houses in your price range to gain a better understanding of what you can get in each town.
After the signing of the Purchase and Sale and once all the contingencies are satisfied, you will work very closely with your mortgage broker and your attorney to prepare for closing. Ask your attorney to explain the closing costs to you so you know what to expect at closing. You can expect to receive many phone calls from your mortgage broker asking for documents in the last two weeks before closing. Try your best to be efficient with getting your mortgage broker the information they need so that you don't delay your closing.
What Happens at The Closing?
Who Attends the Closing?
When Can I Get Into the House?
We also recommend that on the day of the closing, in actuality, right before you close, you conduct a final walk-through of the property you are buying. You want to make sure that the house was left in the condition that you expected. Double-check for potential issues, such as leaks, and ensure that everything is in working order.
Many times, the sellers do not actually attend the closing. They often either sign the deed earlier in the day or have the attorney do it for them. Ask your agent before closing to check in with the seller's agent about garage door openers, keys, and service providers. It is always helpful to know who has done work on the house or who currently services the house. You may also want to keep the same snow plow company, landscaping company, or other service providers since they know the property already, or maybe they take care of the majority of your street, so you can get a good deal.
Your attorney will walk you through the various documents that you need to sign at closing. Make sure you come to the closing table well rested. We also suggest that you bring a check with you, just in case it is needed. And of course, you will need to bring your license.
While it's tempting (and logical) to want to run right over to your new house, you will need to wait. You first need to be on record at the Registry of Deeds. This could take a few hours, or if you submit the documents in the afternoon, the transaction may not be on record until the next day. Make sure that you plan accordingly.
Once you are on record, the house is all yours! It is time to celebrate and make some wonderful memories in your new home! Our first night at our new house, we had no furniture, so our journey began with a picnic on the family room floor. How will your journey begin?
My hope is that you found this First Time Home Buyer's Guide helpful. We are always here as a resource, whether you are buying in our eight towns or somewhere else. Feel free to reach out with questions. Or if you are looking in our eight towns, then give us a call or send an email. We would love the opportunity to work with you on your real estate journey.
The Shulkin Wilk Group represents the fusion of two of the leading luxury real estate agent teams in the Wellesley, Weston, and Needham markets. Prior to bringing their groups together, Traci Shulkin and Jared Wilk have each accomplished unparalleled success, consistently achieving top agent status over a combined 25+ years in the industry. This union has blended over half a billion dollars in completed sales to date. As a team with a sizable group of seasoned agents, administrators, and social media specialists, The Shulkin Wilk Group provides cutting-edge concierge service in every transaction, incorporating top-level communication skills and the utmost integrity and confidentiality. Collaboration with both clients and fellow agents and a truly customized buying and selling experience are the hallmarks of The Shulkin Wilk Group.
The Shulkin Wilk Group prides itself on delivering a truly customized buying and selling experience while continuing the relationship beyond the closing table.