Buying A Home On Cape Cod

Buying A Home On Cape Cod

Buying A Home On Cape Cod

Buyer Agency - When it's time to find your own Cape Cod home, let Today Real Estate work for you! As a buyer you can hire an agent who will represent your interests and negotiate on your behalf. Your buyer agent can provide you with information on short sales on Cape Cod, bank owned property for sale, and other property available for purchase. Your agent can provide you with market information including a market analysis on property of interest. Mortgage Pre-Approval - Do you know what you can afford to spend for your home on Cape Cod? Speaking with a mortgage broker or mortgage lender early in the process will save you time by assuring that you are looking for real estate for sale in the right price range. A mortgage pre-approval included with your offer will give you an edge, especially if you are competing with other buyers for the same property. The Offer - When you've discovered your home on Cape Cod, it's time to make an offer! It is important to think about not just the amount being offered, but other terms and conditions that should be put into (or left out of) the offer. If you're writing an offer on a bank owned home, for example, your agent may advise you to keep your offer as contingency-free as possible. Have you chosen a condo for sale as your new home? The offer should contain a contingency allowing you to review the condominium documents. Have your agent provide advice on current market activity and conditions to help you arrive at the best price to offer. Typical contingencies contained in an offer include the right for the homebuyer to have the home inspected by a licensed professional or professionals for structural faults, lead paint, radon, pests and water quality. There is usually a contingency that covers the septic inspection and an additional contingency for obtaining a mortgage. The offer is usually valid for a specified period of time, generally long enough to contact all of the parties involved and allow a reasonable time for consideration and response. Because of the nature of Cape Cod real estate, with its high number of properties used as second homes, it may be necessary to reach sellers who are located out of the area. A "good faith" or "earnest money" deposit is customary to bind the offer. Generally speaking, a deposit of about 1% of the purchase price is tendered at this time. If the offer is accepted by the seller, this deposit is held in an escrow account pending the result of the transaction. What happens next? Whether purchasing a waterfront estate on Cape Cod or a simple Cape Cod cottage, the process is the same. The buyer can usually expect one of three responses from the seller: The offer is accepted. You're well on your way to owning property on Cape Cod!

The offer is rejected without a counter offer. This would usually indicate that the offer was not close enough to what the seller was looking for in either price or terms. You can submit a new offer or look for another home for sale on Cape Cod.

The offer is rejected with a counter offer. In this case, the seller has rejected your offer but has proposed terms that are acceptable. This often begins a dialogue between the buyer and seller; negotiations for your property on Cape Cod may go back and forth a few times before a meeting of the minds. The Accepted Offer - Once all the terms and conditions have been agreed to by both the buyer and seller, it is extremely important to expedite a written offer. Only a fully signed offer is binding. Until the offer is signed by all parties, there is no agreement. If you have made an offer on a bank owned property, you may find that the bank will not sign an offer but will proceed directly to a Purchase and Sale Agreement. The Purchase and Sale Agreement formalizes in greater detail the terms of the original offer. An additional deposit (typically totaling 10% of the purchase price) is placed in escrow at this time. Buyers are encouraged to have an attorney review the Purchase and Sale prior to signing. Most often, the signing of the Purchase and Sale Agreement takes place after the inspections have been completed, leaving only the mortgage contingency to be completed before the sale. Homeowners' Insurance - Once the Purchase and Sale Agreement has been fully signed, you should apply for homeowners' insurance. Your Today Real Estate agent can provide you with the contact information for insurance companies in the area. The Mortgage Contingency is designed to protect your deposit. Even with a pre-approval, a lender will need to have an appraisal of the property prior to issuing a commitment letter. The commitment letter should contain no contingencies that can't be met by the buyer. If you haven't been able to obtain a mortgage by the date specified in the mortgage contingency, you can request an extension of this contingency or request the return of your deposit. The Closing will usually occur in the office of the closing attorney or at the Registry of Deeds. The date for the closing is specified in your Purchase and Sale Agreement, but can be changed if all parties agree in writing. Congratulations! You are now the proud owner of property on Cape Cod!

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