The Greater Boston area is one of the most desirable and competitive real estate markets in the world, and we understand that making the decision to buy a home here can be a particularly overwhelming experience. From mastering the difference between areas of town to planning for an inspection, there’s a lot to learn.
Buyer’s Guide Timeline
01 Find An Agent
Look for a licensed Compass real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.
02 Get Pre-Qualified
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Your Compass agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
03 Visit Properties
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s location and amenities.
04 Negotiate
Once you have seen a home you like, you can put in an offer, which is a agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a counter-offer price, which you can choose to accept, reject, or make another offer. Your Compass agent will provide advice throughout to ultimately reach an agreement with the seller on price and terms.
05 Review
You are given a limited time period during which to conduct all inspections
06 Sign Contract & Make Deposit
The seller’s attorney will draft a purchase and sale contract and deliver it to your attorney. If any changes are requested, the seller must agree to these changes. Signed contracts are then returned to the seller’s attorney with a contract deposit. This deposit will be a portion of your down payment.
07 Complete Loan Application
Your bank will organize an appraisal. Your completed mortgage loan application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed contracts. The bank then issues clearance to close.
08 Schedule Closing
09 Final Walk-Through
A final walk-through of the property is performed just prior to closing. The walkthrough confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order and any inspection items have been addressed.
10 Closing
Once all the conditions of the contract have been satisfied, the closing is held. The closing documents are signed, payment is exchanged, and the buyer receives the keys to their new home!