Boston Real Estate Attorney
Q.I have been renting in Cambridge for a few years now and would like to buy something. I have zero knowledge of how to do this sort of thing. What are, in general, the steps that need to be taken? I would like to be able to move when my current lease expires in June. When is a good time to start looking? How long does the process usually take? Does anyone have any specific recommendations. I know the area pretty well after having lived here for a while but I don't really understand the housing market other than that it is probably overpriced.
A.(1) Go to library or bookstore and get a book on buying a home. Read it. Alternatively, BCAE and/or CCAE offer courses for first-time home buyers. (2) Get yourself preapproved for a mortgage and get a letter from your bank or lender saying how much you can afford to borrow. ("Preapproved" means your lender has actually examined your credit report, verified your employment and income, etc, and is promising to give you the money subject to finding a satisfactory home. "Prequalified" just means you provided the numbers yourself, but isn't a commitment for financing.) The reason why you want to do this in advance is that in a seller's market when there might be multiple offers on the same property, the sellers will give preference to the one with the fewest unknowns in terms of financing or other contingencies. (3) Find yourself a real estate attorney. If you need to do anything unusual with your offer other than the standard form the realtors provide, your attorney should look it over before you submit it. You also need to have your attorney draw up the purchase & sales contract as soon as the offer is accepted. (4) Go house-shopping. If you're already familiar with the neighborhood, I think you can do just as well by using the various realtor web sites and going to open houses, as you can by having an agent take you around. The seller's agent can handle the mechanics of submitting an offer and answer any questions you might have about the process, but remember that they represent the seller's interests (that's why you have an attorney). (5) Once you have an offer accepted, you need to do a home inspection, finalize your mortgage application, and arrange your homeowner's insurance.
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