North of Boston Home Buyers Timeline

1. MORTGAGE PRE-APPROVAL  - Before starting your home search, get pre-approved from a reputable lender.  A copy of the pre approval will be needed when submitting an offer.

2. FIND THE HOUSE - Do your homework, drive around neighborhoods, visit open houses.  Is your search criteria and budget match the availability of homes for sale?

3. MAKE THE OFFER-  Ask your agent for a market analysis and strategize an offer.   A good faith deposit, pre-approval along with any additional disclosures is submitted with an offer.

4. OFFER ACCEPTED- Congratulations! Inform your lender. 

5. HOME INSPECTION ( within 10 days)  The home inspection will reveal any maintenence items and defects that will need to be addressed immediately, as well as items that should be budgeted for, and potentially any major defects.

6. SIGN PURCHASE AND SALES-  ( within 14 days) The Purchase and Sales agreement is a much more detailed version of the Contract to Purchase. An attorney will review this agreement and negotiate legal terms. Typically 5% of the purchase price is deposited in escrow at this time. 

7. FORMAL MORTGAGE APPLICATION-  Once the Purchase and Sales has been executed, a formal mortgage application will be submitted with your lender.

8. MORTGAGE APPRAISAL -  The lender will have the property appraised to confirm its value. 

9. MORTGAGE COMMITMENT- The lender will issue a mortgage commitment. It is important to look at the conditions of the commitment, as once the commitment date has passed your deposit money will be at risk.


11. CLOSING ( 45-60 days)


John Ternullo, REALTOR,  The Ternullo Real Estate Team |  Leading Edge Real Estate