Now that you have found your home it is time to put in a written offer. The offer in Massachusetts consists of a two-page document and will spell out not only the offer price and closing date but also the terms of the sale including other important dates such as the Home Inspection, Purchase & Sale, and the Mortgage Contingency. The offer then becomes null once the Purchase & Sale is executed approximately 10 days later and includes everything in the written offer as well as results from the Home Inspection if necessary and other information that both the Sellers Attorney and Buyers Attorney will add to protect their clients.
As a BUYERS AGENT, the first thing I will do is make sure that all information in the listing is correct by going to the town or online to obtain a data card. The data card shows all information that the town has on the property and should be the most up to date however it is not always the case…The information I will look for may also include any easements, permits pulled, a plot plan, title V if it is Private Septic to name a few.
Next, I will put together a Comparative Market Analysis on the home (much like the one I would do if you were selling your home) so that you can see what is Under Agreement or has recently Sold that is comparable. This will allow us to know if the pricing is reasonable or not so we can determine an offer price. I also will contact the Listing Agent and see if the Seller has a specific closing date that works for them. If you as a Buyer can accommodate, the Seller may be more apt to give in on price. I will not, however, let the Sellers Agent know that I have an offer until it is completed so to give the Sellers Agent less time to call other interested parties.
The typical deposit in Massachusetts is $1000 at the time of the offer and then 5% of the purchase price minus the $1000 that was already given at the offer at the Purchase & Sales.
Contact Rachel Bodner to find out more about the Home Buying process in Massachusetts.