The ABC’s of Boston Home Buying (Part 1)

Buying a home can be intimidating. But it shouldn’t be. In fact, with a great agent and taking the time to learn the buying process, it can be as easy as “A… B… C…” A great first step is checking out our Boston Home Buyer Class which we offer each month. (Check out the next one.) This is a great way to not only meet some of our agents but learn about the home buying process in a fun and relaxed manner.

So if we were to boil down some aspects of the home buying process to some simple “A, B, C’s,” this is how we would do it.

A – Appraisals

What is this and how does it impact your home purchase? Well, an appraisal is the determination of the value of your property that banks want in order to see how it relates to the price you are paying for it. Typically, banks don’t want to lend more money than a property is worth in the marketplace. It is oftentimes the buyer’s financial responsibility to obtain an appraisal before closing on a mortgage.

B – Buyer’s Agent

You know what a real estate agent is, we bet. But what is the difference between a buyer’s agent and a seller’s agent. Well, as it sounds, a buyer’s agent is out to protect their buyer clients’ interests. They are out to obtain the best price and terms for their client and ensure a smooth transaction. One of the best things about having a buyer’s agent is that it is typically free of charge to to the buyer – the seller pays the fees.

C – Contingencies

Sounds like a big word. A contingency is a caveat in a contract that is a stipulation that must be met to keep moving forward as described. In simpler terms, they are sorts of checks in a transaction that must happen based upon all information being obtained. There are a variety of continegencies that can be part of a contract including a financing contingency, inspection contingency, and more. Your buyer’s agents will help you navigate these in your best interest.

 Stay tuned for the rest of the Home Buying alphabet!