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Could you give me a rundown of the entire buying process?
This is a basic overview of what happens when you buy a house. The whole process really isn't so intimidating if you know what's going on.
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How should I prepare for buying a home?
Make sure you know where your down payment funds will come from. If you need to sell stocks, or get the money from a relative, do it now. You'll be...
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What is the first step in the home-buying process?
Get pre-approved with a lender. This means you will submit a loan application and most of the necessary paperwork to obtain a mortgage. Your credit...
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How do I find out how much house I can afford?
There are a number of formulas you could use to determine how much house you can afford. You would do best, however, to speak to a mortgage lender....
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What is the difference between a pre-qualification and a pre-approval?
A pre-qualification is a letter from a lender stating that, based on your income and a rough idea of your expenses, you may qualify for a certain...
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Can I buy a home below market value?
It depends on the market. In some cases you can find a "bargain" and pay less than market value for a property. The most common examples of...
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How can I find bank-foreclosures or government-owned homes?
In most cases, once a property has been foreclosed on by a lender, it is placed on the market through a real estate agent.
Sometimes, government...
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What about HUD homes?
Sometimes, government agencies, such as the U.S. Department of Housing and Urban Development (HUD) acquire properties that have been foreclosed upon....
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How is an asking price determined?
Asking price is usually set using a CMA or Comparable Market Analysis. This method uses other properties that are similar in size, style, and...
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How do you determine the value of a distressed property?
The best way to determine the value of a distressed property is to find a value based on comparable homes in the area. If the property needs work,...
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What is the difference between sales price and assessed value?
The selling price of a home is the value placed on it based upon other home sales in the area, condition of the property, and other factors.
The...
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What is the difference between an appraisal and a CMA?
An appraisal is performed by a certified appraiser who uses comparable homes in the area, condition of the property, etc. to determine an official...
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Explain the difference between a "Buyer's market" and a "Seller's market."
A "Buyer's market" is when there are more homes for sale than buyers looking for homes. In this instance, the buyers have an advantage,...
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Whose obligation is it to disclose information about a property?
It is the ultimately the seller's obligation to disclose any known defects or other pertinent information about the property to an agent or a...
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Do I need an attorney when I buy a house?
You may want to hire an attorney to look over the paperwork that goes along with a real estate transaction,
and give you any legal advice you...
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Can I make a verbal offer on a property?
Verbal offers to purchase Real Estate are not accepted in Massachusetts. All offers must be made in writing. In most transactions, a pre-printed form...
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What contingencies are usually put in an offer?
Most offers include two standard contingencies: an inspection contingency, which allows buyers to have professionals inspect the property to their...
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What is a mortgage contingency?
A mortgage contingency is a stipulation that makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender. If a...
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What is an "earnest money" deposit?
A serious buyer will put down an "Earnest Money Deposit" as a show of good faith. This shows the seller that you are "earnest" in...
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Do I have to put down a deposit with my offer?
In order to show good faith to the Seller, a deposit, usually, a personal check or money order, accompanies the written Offer to purchase. Many times...
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