How to prepare for a home closing in Massachusetts
National foreclosure rates declined in April 2012, as banks weren't forced to seize as many properties from at-risk homeowners, the Boston Globe reports.
National foreclosure rates declined in April 2012, as banks weren't forced to seize as many properties from at-risk homeowners, the Boston Globe reports. All-in-all, the number of U.S. houses taken back by lenders in April declined 7 percent from March 2012, marking the third consecutive month this figured has declined.
Homebuyers looking to purchase a home now that the market has stabilized slightly may want to consider real estate in Boston, MA. However, it's important for any prospective buyer to understand the home closing process in the Bay State. Recently, the Globe published a blog post that broke the process down for readers.
Activity, task and date
♦ Mortgage pre-approval takes approximately one day.
♦ The search for a property can take significant amounts of time, depending on budget.
♦ Offer to purchase is made when a home is identified.
♦ An offer is accepted within 24 to 48 hours.
♦ A home inspection must occur within 7 to 10 days after the offer has been accepted.
♦ Due diligence is performed prior to signing the Purchase and Sale agreement.
♦ The purchase and Sale Agreement (P&S) must be signed within 10 to 14 days.
♦ After the P&S is submitted, a complete mortgage application must be provided.
♦ The mortgage commitment letter arrives within 10 to 21 days after the P&S is signed.
♦ The buyer can then secure insurance binder at least one week after closing
♦ Utilities are set up prior to the move-in date.
The entire home closing process takes anywhere between five and eight weeks, depending on the specifics of the aforementioned circumstances.