Buying a house raises a lot of questions. Over the years, we found that buyers we work with ask similar questions. We answer all of those questions (and more!) below.
How long does the purchase process take from start to finish?
The answer can vary depending on your financial position. A typical lender can close within 30-35 days of the offer acceptance. Generally, the sellers need to know that you’ve been approved for your financing so they can schedule movers and finalize their relocation plans. As a result, closings often range 45-60 days from offer acceptance.
What kind of inspections can I do?
There are many types of inspections including, but not limited to, a general home inspection, pest, radon, water quality and quantity, lead paint, etc. You can do any kind of inspection you want as long as it is conducted by a licensed professional in the business of giving such inspections. This generally a buyer's expense.
What is a P&S?
The P&S is an abbreviated name for the Purchase & Sale Agreement. In Massachusetts, this is generally drafted by the seller’s attorney. It is then reviewed by the buyer’s attorney. Once the two attorneys mutually agree upon the terms of the P&S they send it off for review to their respective clients. The buyer then signs the document and gives their second deposit to their buyer’s agent. Their agent then hands the check and the signed agreement over to the seller’s agent. The seller will then countersign the agreement. Then it is shared with all pertinent parties.
Is the Pre-Approval the same as a Mortgage Approval/Commitment?
No. A Pre-Approval is the first step in the process for a lender to determine what you can afford. The process for the “approval” of your mortgage does not begin until you’ve completed a formal application with your lender. From there it takes approximately 30 -35 days for the consumer to be approved, property to be appraised and everything to be reviewed by the underwriter.
When do I get the keys?
Most buyers assume that they get the keys after they sign all the paperwork at the closing table. Technically the buyer does not own the home until it is recorded at the registry of deeds within the county that the property is sold in. The quickest way to get your hands on the keys is to hold your closing at the Registry of Deeds so the closing attorney can walk over to the counter and get it recorded.
*Disclosure: All the above information is offered as general information from a local real estate firm in the business of practicing real estate sales. The information is most relative to the state of Massachusetts. Please consult with a local agent or real estate attorney to understand the process specific to your needs and area.
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