Boston Real Estate: Search Boston MA Homes for Sale

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REAL ESTATE 360

223 Newbury Street
Boston, MA 02116
Phone: (617) 615-6606

Conditions for making an offer on a Massachusetts Home

You've worked with your Boston Real Estate agent, did the research, seen the MA Homes for sale that meet your criteria, narrowed it down to the home you like, now it’s time to make the offer. Here are a few conditions that should be placed in the Offer to Purchase.

Financing Disclosure

Most Massachusetts home buyers do not have enough cash to pay for the home free and clear, so they will need a mortgage to finance the home. Since most Massachusetts homes have a contingency on a mortgage being obtained by the buyer, sellers want to be informed of the buyers financing plans when receiving an offer.

As part of the offer, sellers of Massachusetts homes want to be disclosed on the size of the down payment the buyer is capable of making before taking their home off the market. This will allow the seller to evaluate the statistic of a buyer getting a home loan before taking their home off the market. MA house buyers are a lot more likely to be approved for a home loan with a larger down payment.

Disclosing financing is beneficial to buyers of Massachusetts homes because buyers can put a cap on the interest rate they would be willing to pay when securing a home loan. Mortgage rates can be higher at some points, making monthly payments high so the home will no longer make sense; therefore if buyers disclose financing, they can withdraw from an offer the buyer made on a home with no penalties if they cannot secure a loan under the interest cap made in the offer.

Home Sellers Disclosure

You already got a feel for the space, touched the walls, looked at the ceilings and floors, turned the lights on and off, tested out the water pressure, whoever there is still a lot about the home you don't know. The seller of your new MA home has been living there; the seller knows how the atmosphere is like at all times and all the bugs in the house. This is why you should require certain disclosures as part of your offer on the home. What you want when making an offer on your new Massachusetts home is for the seller to disclose any conditions that would have an impact on your choice to purchase the house. When working with a Real Estate 360 agent, the disclosure requirement is automatically done as part of the offer on your new home.

Home Inspection

It is most important for a home inspection to take place. A professional should always go through your further home. Home inspectors know the things that should be looked at when a home is changing hands. Even if the seller of your new MA home is not responsible for fixing what the inspector will find, you need to know all the problems or potential problems that could arise with the house when making a decision to purchase. It is not required but you should be present at the home inspection, that way you can take your time and the inspector can point out all the things that they might find as a concern. If you did not like the inspection report, you can renegotiate with the seller either on the price or the things that need to be fixed. If you do not agree with the seller after the inspection report, you can cancel your purchase offer without penalty.

Minimum Standers for the Home Transfer

Another important action that should take place when placing an offer on your new Massachusetts home is for certain minimum standers to be met when you assume possession. The last thing a home buyer needs is to find the home in a complete mess when assuming possession. Some of the requirement that should be required is for the trash and debris to be removed, the house to be maintained inside and outside, this includes; the appliances to be present and working, the roof to be in proper condition, the plumbing not leaking, the yard maintained.

Walk-Through

Before closing on your new MA home one last condition should be included in the offer. You want to take a final walk-through inspection to make sure your new home is in the condition you required when you originally placed your offer; this includes the repairs demanded and if the property was maintained in the meantime.

If you'd like to know about the Massachusetts home buying process, we'd love to tell you all about it. Contact us!


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