Purchasing a home in Massachusetts from Start to Finish
Part 1-Making the offer to purchase:
This is usually the first stage in buying a home here in MA. You present an offer to the seller in writing, usually giving them about 24-48 hours to answer.
Part 2-Negotiating the price:
Assuming you're are not making an asking price or above offer, there will be some negitiations. This is typically done within the time frame the offer to purchase is valid.
Part 3- Drafting and negotiating the purchase and sale contract:
This is typically done within 10-14 days of the acceptance of your initial offer to purchase.
Part 4- Mortgage commitment:
All purchases that aren't made with cash require a mortgage or some type of financing. The seller will need to know that the financing has been commited and the funds are available for the buyer. This is usually about a 5-7 days before closing
Part 5- Final walkthrough:
Prior to closing, the buyer will want to do a final walkthrough of the property to make sure nothing has changed since the purchase & sale contract was signed. Also to check that any applicable repairs have been done. Day before or morning of the closing is usually the best time to do this.
Part 6- Closing:
Both the seller and buyer will attend and sign all required documents in order for the transfer of ownership to take place. Documents are recorded at the registery of deeds and the sale becomes official. All in all you're looking at a 6 week timeframe from the time you made the intial offer to purchase.