Buying Real Estate on the South Coast of MA

"I'm ready to buy a house, now what?"

Congratulations! Buying a home is super exciting. It's also a huge decision and large financial commitment. Even if you already own a home and are getting ready to buy again, it's still just as big of a deal. Especially, if you're selling the home you're in now, at the same time. But, you've got this! Just imagine yourself, relaxing on your sofa in your brand new living room. Or, cooking your first meal in that beautiful new kitchen of yours. It's going to happen, and I am going to help you.

Step 1: Connect with an agent

Nicely done! You've already finished this one. I'm right here, ready to guide you through the next steps.

Contact Jana

Step 2: Determine your budget

We need to connect you with a lender, so they may provide you with a proper mortgage pre-approval letter. Through their process, a lender will be able to determine how much you can afford, and what your monthly payments may look like, to ensure you're looking in a price range that you'll be comfortable with. You'll also want to make sure you don't make any major purchases, or do anything that will change your credit ranking or debt-to-income ratio from this point forward, as it could effect your ability to obtain the actual mortgage when we go to close. Jack Conway & Co. has a financing division, in-house. I'd love to connect you with the representative that works right here in my office. She's fantastic to work with, has multiple programs to fit your financial abilities, and can provide you with tips to position yourself for your best program option. Don't want to utilize Conway Financial? No problem! I have several other references, and connect you with someone else.

Step 3: Find your dream home

Ok, so this is the super fun part. Let's narrow down your "must-haves", and start setting up appointments for you to see available homes that meet those needs. Through this process, I'll be able to get a good grasp of your likes and dislikes, which will help me find "the one" for you. I can also put you on an automated online search, which sends any new listings that meet your requirements, straight to your email right when they hit the market. Don't forget, if you're going to any open houses, be sure to let the agent know right away, that you're working with Jana Correia. The open house agent, is likely representing the seller, which does not necessarily benefit you as the buyer. I'm also happy to go to open houses with you, because again, it helps me see what you get excited about, and what you don't.

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Step 4: Make an offer

It's ok, breathe. This is it. This is the one. We've looked at 100 houses, and nothing compares to this exact one. You're excited, you really want it, but at the right price because you don't want to pay too much. Yet, you also don't want to lose the house to a higher bidder either. Don't worry, I'm here. You'll want to have your initial deposit check ready, so we can submit that with the offer, along with a copy of your mortgage pre-approval letter. There will be the initial (smaller) deposit, then later on (once they accept your offer) we'll provide them with the second (larger) deposit as part of the purchase and sale process. This larger amount will be best as a certified bank check, and is often requested from the seller. You'll also want to be knowledgeable, that the offer and negotiation process is not always about the money, as it also pertains to the timing, contingencies, inclusions, and other variables.

Step 5: Select an attorney

Your attorney will connect with the seller's attorney, to review the purchase and sale agreement, and act in your best interest. There are laws designed to protect renters during this phase, however, there really aren't any to protect home buyers. So, it's important to have a good attorney, to make sure the contract is just right. I'm able to provide you with attorney references, if you don't already have someone you want to work with.

Step 6: Home inspection

A home inspection, performed by a licensed home inspector, is always recommended. If any major issues are discovered in this process, we may be able to negotiate the seller to make repairs before closing, or credit you the funds, so you may have the repairs done yourself, on their dime. Even if purchasing an "as is" property, with no option to have the seller be responsible for repairs, it's still worth the cost of the report to know exactly what you're getting into. I'll provide you with some trusted names, so you may choose a home inspector to do this for you.

Step 7: Purchase & Sale

Now that the inspections are complete, and any further negotiations to cover repair expenses have now been agreed upon, it's time to draft the purchase and sale. Again, the attorney you hire will connect with the seller's attorney, to make sure both parties are protected, then both the seller and buyer must sign. The P&S is a more concrete version of what was agreed upon during the offer phase, and is the actual contract that will be used for the purchase. At the time of signing the P&S, this is when we will provide your second (larger) deposit check, which will be held in an escrow account by the seller's broker until closing. This amount is typically between 3-5% of the sale amount, so you'll want to make sure you have this amount available. Remember, no major purchases, or actions that will affect your credit score and debt to income. Your bank (mortgage company) is going to start preparing the actual loan papers now, so you need to be careful that nothing has changed since your pre-approval period. Because, yes, they can decide to deny you a mortgage, in which case we might not make it to the next step.

Step 8: It's time to close

See, that wasn't so bad. Now is the time to bask in the glory of all your hard work to get to this point. All the houses you looked at, the money you spent for deposits, inspections, attorneys, etc. That new monthly mortgage payment you just got yourself for the next 15-30 years. It's all for this moment right here. We will set up a more specific time and location, using the closing date agreed upon in the P&S, and both parties will sign away. Be sure to bring your license and a checkbook (just in case). On the way to the closing, or the night before, we'll be sure to stop by the house and do a final walk-through. This is your final opportunity to make sure the house is in the condition agreed upon. If any appliances were supposed to be included, you'll make sure those are there. If any repairs were being done by the seller, we'll make sure they were done, and done to satisfaction. Once we arrive at the closing table, you'll want to make sure your hand is well rested, because you'll generally have a rather large stack of documents you'll need to sign. These documents will pertain to the signing of the deed, loan paperwork, closing disclosures, etc. It will feel endless, but when you're all done, you'll be holding the keys to your brand new home. You made it to the finish line. Congratulations, homeowner!

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Applying for a Home Loan

Need help with getting a mortgage? Jack Conway's got you covered.

As a purchaser, you can choose to work with any bank you desire if you need to borrow money, as most people do, in order to purchase a home. If you haven't decided on a lender yet, perhaps you should consider Conway Financial.

We have an award winning financial representative, right here in our Mattapoisett office, who would love to work with you. Which, by the way, makes it super convenient during our process of working together. Conway Financial has several programs to choose from, to ensure you're getting the mortgage that works best for you. No, they are not one size fits all. There are different incentives and requirements for each program, which effect the amount you're approved for, the percentage of interest rate, the amount of money you'll be required to have for a deposit, the length of the loan, etc. First time home buyer? Military? Second home? Everyone is different, but I do recommend speaking with a Conway Financial representative, to determine if they're the right lender for you. A mortgage is a huge financial commitment, so you want to make sure you have an excellent lender to work with.

Visit Conway Financial

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