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Fred Doleac's Blog

By Fred Doleac | Broker in Amherst, NH

Medford MA Home Buying Guide - Tax Credits for You

Buying a Home in Meford, Massachusetts

Purchasing a Medford MA home can be a very stressful and complicated process. Enlisting the services of experienced real estate related professionals will provide you with the information and advice to make sound decisions. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisors during the process of purchasing a property. Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting Medford MA Real Estate and Homes for Sale.

Financing

Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.

There are four major reasons to consider purchasing a home:

  • Home buyer tax credit of up to $8000 (for qualified buyers).
  • Historically low interest rates.
  • Affordability - declining values in the past three years provide exceptional price offerings.
  • Tax benefits - current tax law favors owning a home over renting.

 The Home Search

Consumers in Massachusetts  have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.

Your agent can assist you in searching for a property through the Medford MA MLS (Multiple Listing Service) and homes sold by their owners (FSBO). Most property for sale, including Medford MA foreclosed and bank owned homes, is listed in the MLS.  You may consider a Medford MA condo as a property to meet your housing needs.

Home Inspection

Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

  • Evaluate the physical condition: structure, construction, and mechanical systems;
  • Identify items that need to be repaired or replaced; and
  • Estimate the remaining useful life of the major systems, equipment, structure, and finishes 

Title and Closing

Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.

Visit Virtual Homes real estate to visit cities and towns to obtain home buying information. Visit CT real estate, Rhode Island real estate, MA real estate and NY real estate for information about communities, homes and condominiums.  Virtual Homes real estate agents will assist you in your search for Medford MA real estate and homes for sale.

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