Home Buying in Boston>Question Details

Gail Mosesian, Real Estate Pro in Newton Center, MA

Process for buyer to make an offer to purchase within a timely manner

Asked by Gail Mosesian, Newton Center, MA Tue May 15, 2012

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James P. Furlong’s answer
You need to work with a buyer's agent to make sure that you make the right offer with all the right contingencies to protect yourself. "Timely" depends on the property type and location. Condos that are correctly priced in a hot neighborhood will get offers fast. Be prepared to move fast. Have your preapproval letter in place. Put your offer in fast. Multi-family properties, priced for an owner-occupier are not moving that fast in many neighborhoods, so you can probably take your time. If it's a short sale, think long and hard and work with an experienced agent (s/he should be CDPE certified). As always, FurChin is "your real estate solution". You can reach us at jamesfurlong20@gmaol.com or 617-620-0669 or dalechin61@gmail.com or 617-645-3254.
0 votes Thank Flag Link Tue May 15, 2012
Gail,

The market in Newton is hot, if the home just came on and you love it and you recognize based on your knowledge of the market it is a good value, you should offer on it immediately.

But as the others have said, it is a good idea to have representation. Have you physically viewed the home? Is the home currently listed? Are you pre-approved? Do you know good home inspectors? Do you have a good real estate attorney?

Let me know if I can be of assistance.
0 votes Thank Flag Link Tue May 15, 2012
Hi Gail,
Either buying or selling a house is a negotiation. So it should not be that hard, except that because of the sizable amount of money involved in it for the majority of us it is a big purchasing. Therefore it has a sort of standard procedure to it. And for the same reason it is more important that when you are in that situation you seek and gather your “A” team to protect your assets and help you to go through it. These transactions are highly regulated by the government and local authorities in such a way that professionals in real estate and mortgage lending industries have to be licensed by the State before offering their services to the public.
But who should be in your “A” team?
- A mortgage broker is mandatory if you do not have all the money required to purchase the house. Lending institutions and underwriters can help in getting 80% or a little bit more of the purchasing money.
- A real estate attorney is to review all the documents and contracts involved in the transaction before you sign them. They also check for clear title or tittle insurance. And in the end they make sure your deed (ownership document) is registered or recorded in public records.
- A real estate agent is to act as the project manager (or coordinator) every step of the way. Pointing to you what contracts or money or home inspections, etc. is next. Among other things. In the end this is the guy (or gal) that will be watching for your interests and executing your orders during the home purchasing process.
All valuable people to you because of the services they provide to you. So don’t leave home without them.
Good luck in your real estate transaction.
Jaime Fernandez-de-Castro
0 votes Thank Flag Link Tue May 15, 2012
Not sure what your question is but I will give it a whirl...

First step is make sure you have a solid pre-approval where the mortgage banker has verified income assets and credit. As a listing agent I have had more buyers disappointed because they did not take care of their financing up front!! A pre-approval is good for 90 days. Once you start looking at house have one ready to go.

An "offer form" or Contract to Purchase is a one or two page standard document where you fill in items like your name, purchase price, deposit monies and so on. A contract to purchase form can be filled out in minutes. An agent should deliver the offer to the listing agent immediately after receiving from their client. Typically you give the seller 24 hours to respond but if you feel you have a strong offer you can tighten that up.

With the Contract to Purchase you deliver the copy of the deposit check, a pre-approval letter and an agency disclosure.

I hope this answers your question.
0 votes Thank Flag Link Tue May 15, 2012
Gail,
you should be talking to a buyer's agent about putting this together. There are a few things involved, from doing a market analysis to figure out what the right number is to put on your offer (and your negotiating strategy), to actually putting the paperwork together.
If you'd like to chat or meet, please give me a call. I'm available today and tomorrow if necessary and am right in Newtonville.
Masha
617-340-3986
0 votes Thank Flag Link Tue May 15, 2012
Contact me at 617 233 9651
0 votes Thank Flag Link Tue May 15, 2012
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