Centers And Squares
Welcome to Centers and Squares
As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.
My Offer Was Accepted – What Happens Next?
Congratulations! Your offer on a home was accepted and you’re probably wondering what happens next.
Things to Do When Your Offer on a Home is Accepted
Perhaps you’ve been searching for real estate for weeks, maybe months. Finally you’ve found the perfect house or condo, decided to make the leap, written an offer, perhaps gone through a round or two of negotiations, and finally come to terms – the seller said yes. The offer to purchase was signed, you’re on your way. Now you’ve got several things to take care of right off.
In Massachusetts, the home buying process has two main steps – the initial offer and the purchase and sale contract. The purchase and sale contract is typically scheduled to be signed about ten to fourteen days after the date of your offer. During that period you’ll need to:
- Schedule an inspection and get back to the seller with concerns if any. The deadline for your inspection response will be in your offer. It’s typically about one week after the date of your offer on the home.
- Engage a real estate attorney to represent you during your purchase. Massachusetts is a state where almost all buyers and sellers work with an attorney during the home buying or selling process. Your attorney and the seller’s attorney will work to draft the purchase and sales contract which is a more fully fleshed out agreement between you and the seller.
- Apply for mortgage financing. Your offer will spell out the deadline for filing a mortgage application, usually no later than the purchase and sale date. Nowadays the banks are not processing applications as quickly as they have in the past so it is a very good idea to get this process started sooner rather than later.
- When you sign the purchase and sale agreement you’ll need to provide an additional deposit – typically enough to equal 5% of the purchase price of the home you’re buying.
There’s a lot to do in the first couple of weeks after you’ve found your dream home. Once these hectic days are past you’ll have less to do – or more time to pack I guess!
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Elizabeth Bolton is a real estate agent in Cambridge Massachusetts and author of My Offer Was Accepted – What Happens Next?
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Good points Elizabeth, When the offer is accepted the emotions are running high. Now the purchaser acturally has to focus on finishing up the process.
Hi Richard ~ And for real estate buyers in the Cambridge area there’s a *lot* to do right in the beginning. Thanks for stopping by!