Final Steps In Buying A Boston Beacon Hill Condo Boston Condos For Sale Ford Realty

Home Inspections and Other Tests

Beacon Hill home Inspections are generally completed within 17 days of the acceptance of an offer in a normal contract. The inspection can reveal some problems. If so, these are problems that must be fixed or the Beacon Hill home cannot be sold. The seller then has to arrange to pay for the repairs, or have the repairs paid out of the contract proceeds at close. Before you can truly set the closing date, the repairs have to be made and approved by the buyer.

Final Contract

As soon as the seller agrees to the final contract, you should start following through on your loan. Get the final contract to the lender to start the loan process in earnest. If you have been pre-approved, much of the work has already been done and your loan will process more quickly.

Home Apraissal by Your Lender

The lender arranges to have the home appraised, which can affect whether the loan is granted. The likelihood, however, of a Beacon Hill home selling for more than a lender is willing to lend is very slim in this market. The real estate industry not only keeps up with how quickly homes sell, but how much they sell for in an area. Most lenders will have a ceiling on the price per square foot per home they will lend. If a home is overpriced, it will quickly be obvious. You can then go back to the seller and renegotiate a lower price.

Avoid Last Minute Problems

At this point, as you are nearing closure, everyone involved in your Beacon Hill real estate transaction should check its progress. This is an important factor to remember because if there is a problem, it’ll be caught immediately. Remember some do’s and don’ts as well: do not make any major purchases until your home closes; do not change jobs unless it is absolutely necessary; do not let your emotions take over; and do not panic if your appraisal comes in lower than expected. Remember, if a problem arises, your agent has probably seen and dealt with it before, they are there every step of the way to coach and guide you towards a rewarding transaction.

Closing and Taking Possession of Your Home

You are on your way to closing, the event that transfers ownership of the property to you. Until closing, and even during closing, anything can happen. You might find out that your closing costs are higher than you thought because some additional service fees have been added by your lender. A glitch could come out in your credit report that delays the sale; a problem the owner was supposed to fix wasn’t repaired in time; the homeowner can decide that she or he doesn’t want to pay for the home warranty after all; the appraisal may come in the day before closing and be short of the asking price of the Beacon Hill home. If so, the buyer, seller, and their agents have to figure out how to make up for the shortfall. How will last-minute problems be handled? Again, this is where an experienced agent can really help!