Sites that are offered by third-parties frequently contain duplications of listings and information that is outdated or inaccurate.

We encounter this problem every day; a buyer requests to schedule a showing for a property listed on one of these sites, only to find out that the property has already sold, is under contract, or was expired/withdrawn. There is even a Pre-Foreclosure List on Zillow which consists of properties that are not currently for sale, and in many cases, are not going to be available anytime soon if ever. For buyers, this causes a great deal of frustration.

It is mainly due to the fact that most of these third-party websites require home listing information to be manually imported into each site, or require brokers to claim the listings themselves. Due to the fact that numerous real estate brokerages fail to do this, the consequence is listing information provided to customers is sometimes inaccurate or outdated.

As the MoveMe2Boston Buyer System is updated every 15 minutes, you can be sure that the information on homes that you see is up-to-date in real-time when you see them. As a user of this site, you will have the ability to search for homes just as accurately as Realtors do! Make sure to ask your Move Me 2 Boston agent for access to this incredible system.

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You will be able to sign up for our customized Buyer System which will send you automated updates daily or immediately tell you whenever new homes come on the market matching your criteria or if the price has changed recently. A reliable source of accurate data from the Multiple Listing Service (MLS)

You'll always have access to your agent, so you can get in touch with them regarding open houses or homes

You will be able to compare up to three homes at once room by room · Home searches are completely customized so that you can highlight the features you are looking for 

It's all here! You won't miss a single opportunity to see a home by doing this.

Information about Homes for Sale that is Detailed and Easy to Understand

It is possible to view how the selected listing matches up with other homes on your list by clicking our "Compare Button". There is even a mortgage calculator on the Buyer System so you can calculate how much your monthly mortgage payment will be. There is also information about schools and public transportation in the town, as well as other details about the community like schools. The Buyer System will even show you a property’s walk score, which gives a rating based on how far the property is from nearby amenities like restaurants, shopping, entertainment centers, schools, and parks, as well as how far it is from other nearby amenities. MoveMe2Boston Buyer System also offers the advantage of having access to homes that have not yet been listed on the MLS.

    Instructional videos for our system

    Getting Started with MoveMe2Boston Buyer System

How to Send a Message or Showing Request

How to View Property Detail Pages

How to Save or Hide Listings

How to Compare Homes Side-by-Side

• In the course of the home buying process, there are a lot of steps that you have to move through - getting your offer accepted, getting the home inspected, and getting the appraisal - so what happens on the day of closing?

Let's take a look at what to expect on closing day. 

In addition to preparing for the closing, your attorney will handle all the details on the day of the closing, as well as any follow-up issues that may arise. When a property closes, ownership and funds are transferred from seller to buyer.

Timeline

An offer letter typically specifies the closing date, which would be determined by when the mortgage company would be able to process the loan. After an offer is accepted, the closing usually takes place within 30-60 days. Ensure that the date you choose works for your schedule. It is typical for the closing arrangements to be finalized a few days before the date scheduled.

Where does Closing take place, and what materials do I need to bring?

The purchase and sale agreement specifies where the closing will be located, but this location may have to be changed prior to the closing, depending on the circumstances. Most of the time, a location is coordinated by the buyer and their attorney. A real estate closing can be done either at the Registry of Deeds in the county where you purchased the property, at the law firm of your choice, or at the real estate office. It is required that you have a valid form of identification as well as a certified bank check (or wire transfer) in order to cover your closing costs and down payment. As part of the Closing Disclosure, your lender will provide you with an estimate of the total amount that will be due. It is important to keep in mind that your lawyer will confirm this amount as soon as they have verified and approved the final numbers and potential closing credits with the selling party.

Documents

The following documents must be signed:

·         As part of your mortgage agreement, you will sign a promissory note with a lender (a promise that you will repay the lender).

·         A mortgage document stating that your home is pledged as collateral as a guarantee of repayment of the loan.

·         An itemized closing disclosure. An appraisal, credit check, title search, and other charges are typically associated with processing the mortgage.

Other documents you must sign include tax records, the settlement statement, and a variety of legal disclosure documents. There is no need to worry, you will be provided with a detailed explanation of what each of these documents mean by the attorney.

Tips for avoiding common mistakes

Between getting your offer accepted and closing, here are some mistakes you should avoid:

·         If you are buying or selling a home, avoid closing on the last day of the month.

·         Final walk-throughs are important! Don't skip them! Ensure there are no new damages or damages that have arisen. Upon removing the seller's furniture, any new damages will not be covered by the seller once you have decided not to do the walkthrough.

·         Avoid large purchases - Using the information you have provided about your accounts, your bank has already approved you for a certain amount of money. There are times when there is a credit check performed just before closing, which means that if you make a substantial purchase it can have a negative impact on your financial information and result in a delay in your closing.

·         You should make sure to coordinate the delivery of a certified check or wire transfer instructions from your bank before closing. This is especially true if you have an online bank or a bank out of state.

·         It is very important that you carefully review the closing documents so that you are able to be sure that names and addresses have been entered correctly and will be recorded correctly.

·         In the event you or another co-borrower is going to be out of town on the day of the closing, make sure that your team is informed of this fact, as the bank will need to approve a Power of Attorney in your absence. Make sure you let your team know well in advance about any power of attorney you wish to utilize as not all loans allow them.

·         If the documents have not been recorded, you are not the owner. As a result, if you need to move in immediately, you should contact your team as soon as possible in order to schedule the closing at the Registry of Deeds so the keys can be released immediately after the paperwork is recorded.

·         Watch out for the dangers of cyber security! These large financial transactions are susceptible to cyber-attacks. As part of our efforts to prevent them, we release tips. Generally speaking, you should be extremely aware of the emails you accept files from. Also, any change regarding large financial transfers or wires should always be confirmed with your attorney or Realtor verbally.

You can experience overwhelming feelings during the buying process, which is why your Realtor and attorney are essential.  It's their job to make sure you're well prepared, on time, and equipped with everything you need, so the closing day won't be a hassle. 

Your new home is now yours! Congratulations!

We created this page to help clients understand how Real Estate transactions work today. There are several steps involved in the sale of a home, so we will break down each step here. Our goal in this blog is to help sellers understand the sales process before accepting an offer by explaining how these concepts work in practice. As you read this blog, it's important to keep in mind that most sales happen as described, but each sale is unique.

#1 Offer to Purchase

This is a document that outlines the key points of the purchase between the buyer and the seller. This includes the price, the transaction dates/deadlines, the amount of the deposit, etc. Upon execution by both parties, it becomes "legally binding"

By far the most common method of submitting an offer is for the buyer's agent to send an email directly to the listing agent. The seller has the option of accepting or rejecting the offer or making a counter-offer. A seller's offer is emailed directly from the seller's listing agent to the buyer's agent after both parties have reached an agreement on the terms. Contracts become legally binding once they are signed by both buyers and sellers. If there are contingencies such as a home inspection included in the offer, the seller is more legally obligated than the buyer is.

#2 Deposits

Deposits are sometimes referred to as "earnest money" and are held in escrow most commonly by the listing brokerage but could also be held by the seller's attorney. The total sum of the buyers deposit is usually divided into two parts. An offer is accompanied by one and a Purchase and Sale Agreement by the other.

In general, buyer's agents mail deposits to the listing brokerage once the Offer and the Purchase & Sale agreement has been signed. All parties must first agree and sign a mutually agreed release before funds can be returned to the buyer or given to the seller.

#3 Mortgage Pre-Approval

Pre-Approval is a conditional approval provided in advance of mortgage application. In addition to their offer, buyers who plan on getting a mortgage should provide their pre-approval documentation.

It is common for buyers to assume that once they get a pre-approval for their loan, everything will be fine, but the "pre" in the pre-approval is crucial to understand. A buyer cannot apply for full approval until they find a home. It is more likely that a buyer with a pre-approval from a reputable mortgage broker and company will be able to obtain a mortgage, provided they do not have extreme life changes, such as losing their jobs or making large purchases that affect their credit.

#4 Home Inspection Contingency

It is simply a period of time during which buyers have to inspect the home and conduct their own due diligence before they purchase the home. In the Offer to Purchase, inspection deadlines and types of inspections are outlined.

Ultimately, after their inspections of the property, buyers have the option of proceeding with the sale, renegotiating the terms of the transaction, or backing out of the sale. The buyer's deposit is refunded if both parties cannot come to an agreement. Inspection contingencies are sometimes used by buyers to renegotiate their offers terms. If this happens, we will advise you on the most appropriate course of action based on the specific situation.

#5 Purchase & Sale Agreement (P&S)

The Purchase and Sale Agreement is a comprehensive and legally binding contract between the buyer and the seller. To complete the sale, each party must perform certain tasks prior to and up until the closing. The agreement contains clauses that are designed to protect both the buyer and the seller.

Upon signing, you have successfully crossed one of the biggest hurdles for the sale to take place. The Purchase and Sale Agreement may be breached in certain circumstances, for example, when one or both parties fail to fulfill their obligations under the Purchase and Sale Agreement. Our team will provide you with advice according to the situation if this occurs.

#6 Appraisal

Appraisals are conducted by licensed appraisers hired by the buyer's mortgage company to determine the home's value. This is done so that the lender will be sure that the home's value is sufficient to justify a mortgage in the buyer's proposed amount.

Appraisals are not another inspection, and buyers have no control over how much the appraisal will be. In most cases, an appraisal value will reflect what a buyer is willing to pay. In some cases, appraisals come in lower than expected; such instances are more likely to occur in areas with fewer comparable sales. Depending on the circumstances, if the appraisal comes back too low, we can advise you accordingly.

#7 Mortage Contingency Date

The Mortgage Contingency Date date is in the offer and purchase and sale agreement. This date specifies when the buyers must receive their mortgage commitment from their lender.

When buyers notify the seller earlier than the contingency date that they may need additional time or that they will not be able to obtain a mortgage, the buyer may request an extension of the date or the sale can be terminated and the deposit returned. It is often the case, however, that the seller keeps the deposit if the buyer is denied a mortgage after this date. If this situation occurs, please note that the Escrow policy with regards to the deposit will apply.

#8 Closing Date

This is the date on which the deed is executed and transferred to the buyers, and buyers officially take ownership. Sellers may think they can remain in the home up to or after this date, or that the seller can easily change this date after signing a contract. Both are misconceptions. It is often stipulated in the purchase and sale that the house is to be 100% cleaned out by this date.

As stated in the Purchase and Sales Agreement, this is a firm date that cannot be changed easily in the future. There are times when a closing can be delayed because of items like mortgage or title delays.

It is imperative that buyers make as compelling an offer as possible when an attractive house is available in this highly competitive market. A good strategy is to hire a real estate agent who is experienced in dealing with multiple offers and is also familiar with the complications that come with this. An expert will then be able to assist the buyers during the bidding war and offer some of the following tips that will enable them to set their offers apart from the rest of the competition.

Letter of Pre-Approval

The lender should keep your pre-approval letter current, within 20 days, and if you can, specific to the house you're bidding on. When choosing your lender, you should take into account whether they'll go the extra mile for you in case there's a bidding war. A mortgage lender should be respected in their specific area, be highly skilled in their area of expertise, and be highly regarded in their local community. When the lender is prepared to advocate on your behalf, he or she will contact the listing agent, if necessary, after business hours, informing them of your eligibility; along with your qualifications and a thorough assessment of your documents.

Prepare a customized letter

It is common for sellers to want to do business with a buyer they feel comfortable with. Most people view their homes as their most precious possessions, and they want to be sure that you will treat the home as well as they have. You can convey your appreciation of the home by writing a letter. You should make sure to address their feelings in the letter. If the family raised its children in the home, how you could imagine raising your children there. If the family home has been passed down through generations with the same care and love, describe how excited you are to be the next custodian of the home, preserving its beauty and detail for future generations.

Bid more than the asking price

Pricing homes aggressively often leads to bidding wars. If there are multiple offers on a house, you know before you make an offer the home will likely sell for more than its asking price. Identifying how much a home will likely sell over the asking price is the difficult part. It is best to submit a generous offer, but also one that is comfortable. Do you think you would be prepared to give up your dream home for an extra $9K? That translates to roughly $5 a day - is that really worth giving up your dream house? Say you offer 80K more than the asking price on an 800k house. You will be able to recover the cost of the offer within a few years as the property values have been increasing at an annual rate of about 10%.

Think about looking for homes that are slightly below your budget so you can put your best foot forward with the funds that you have to work with. Adding homes $50K below your ideal price to your house search may help you win a bidding war since you can offer much more than the asking price. Recent years have seen a growing number of homes sold over the asking price, which is especially common now.

Here are five recent sales that exceeded the asking price:

Escalation Clause

Escalation clauses can boost your odds of beating other offers in certain situations. This allows you to offer the seller a certain amount over their highest offer up to a fixed maximum price.

Waiving inspections may be an option

To demonstrate your seriousness about a property, you can decide to waive the home inspection. An alternative is to have an inspection performed and state that you will cover the estimated repair costs up to a certain amount. If you choose to go this route, make sure the number is high or it won't be as appealing to sellers. Typically, buyers allow for repair costs of $10,000 - $15,000. However, in a bidding war, these numbers might not be sufficient. Sellers will be confident that you do not intend to back out or renegotiate the sale as you have shown them that you are fully engaged in the purchase.

Reduce contingency timelines

You may want to shorten contingency dates on inspections, purchase and sale, and mortgage. To figure out the earliest mortgage contingency date, speak to your lender.

Make Your Down Payment Larger

Sellers may consider a buyer who makes a larger down payment, such as 10-20%, to be more qualified than one who makes a smaller down payment, such as 3.5-5%. If you can, consider putting down more money. If you can, borrowing from your investments or retirement accounts could be a useful method to bring your down payment to 20%. This option may be more sensible, rather than paying mortgage insurance that comes with an upfront fee and a monthly fee if you put less than 20% down. An additional way to strengthen your bid is to submit a larger deposit. It is common for buyers to submit a deposit of $1,000 with their offer, followed by a second deposit with the purchase and sale. Wouldn’t it make sense to put $5,000 upfront if you were going to have to at the end anyway?

Be willing to adjust on Closing Date

In some cases, sellers have rigid circumstances and must sell to a buyer who can accommodate their schedule. If you want to stand out from the crowd, be as accommodating as possible.

Lease Back

Consider allowing a use and occupancy agreement or also known as a “lease back.” Before moving into their new home, some sellers need to live in their current home while they wait.

A U&O agreement is a great option if a buyer is under a lease that they don't want to break or if they're selling a home and don't want to worry about packing and moving right away. In addition, by closing earlier, you are more likely to lock in an attractive interest rate. If you wait until the seller's timeline can be accommodated, you might have to pay for an extension of your rate lock.

If you are thinking of purchasing a home, you hope to find the right house at the right price and make the winning offer. Getting what you want the first time is not always simple and you may not always get what you want the first time. You will stand out to sellers and their listing agents if you have the best real estate professionals behind you. To beat out other offers and ultimately win the house you want, you need to do your due diligence, hire the best agent, and use the right lender.

This page aims to provide buyers with more information and a better understanding of how today's real estate transactions work. Here is a breakdown of the most significant steps in a buyer transaction:

1. Letter of pre-approval from a mortgage broker/lender

When a buyer plans to obtain a mortgage to finance their purchase, they need to consult with a reputable lender before even looking at properties. To help narrow their focus and save them time in the long run, it is crucial for the buyer to know how much they can afford. A pre-approval is a letter of "preliminary approval" that a lender provides after analyzing a buyer's income and expenses and he/she submits the necessary documentation. The buyer will need an updated pre-approval at the time of offer. This pre-approval is included in the offer package as the seller will want to have the assurance the buyer is financially qualified to purchase the home. 

2. Submitting an Offer to Purchase

The buyer's agent prepares the Offer to Purchase. The offer to purchase will outline the terms the buyer is offering to the seller to purchase their home. Price, deposit amounts, performance dates, and additional provision are all included. The offer for the property is submitted electronically by the buyer's agent to the seller's agent. Upon receiving the offer, the seller has the option of accepting, rejecting, or countering. When both parties are in agreement, the offer is signed. In order for the offer to purchase to become legally binding and enforceable, the acceptance must be communicated. The deposit is then delivered.

     Multiple offers are possible

An offer situation involving multiple offers occurs when a seller receives more than one written offer at the same time. A seller's agent will typically set an "offer deadline" when multiple offers are expected- meaning all offers must be submitted by a certain date and time. The seller's agent may not disclose to other bidders the offer price and terms of the other bids without the seller's permission. Typically, once the seller has reviewed all the offers, he or she will: accept the offer with the best price and terms, choose one of the offers and negotiate to reach an agreement or ask for a “highest and best” from all the bidders to see if anyone is willing to sweeten their offer. In most cases, the seller will accept one of the offers without negotiating, so it is vital that a buyer puts forth their best offer in the time that the deadline for offers is approaching.

3. Deposit Amounts & Dates

The first deposit is due when the Offer to Purchase is made and is typically $1,000. A copy of the check is included by the buyer's agent when the offer is submitted electronically. After both parties execute the offer, the deposit will need to be delivered to the listing brokerage in the manner agreed upon. Funds are due the same day as the Purchase and Sale agreement is executed for the second deposit. The deposit may range from 3-10% of the purchase price, but sometimes it may be higher depending on the buyer. Deposits can be made by personal check, e-check, or certified check. Your agent will confirm arrangements with you. Deposits are typically held in the Listing Brokerage's escrow account, so the check should be made payable to the Listing Brokerage unless otherwise indicated. A mutually agreed-upon release must be executed by all parties before funds can be released if a buyer utilizes a contingency or defaults on an obligation outlined in the offer.

4. Acceptance of the offer to purchase

When a buyer and seller reach an agreement and both sign the offer, it is considered 'accepted'. As a result, the buyer and seller have binding legal obligations.

5. Schedule Your Home Inspection(s)

The deadline for inspection(s) and type(s) of inspection(s) is/are outlined in the Offer to Purchase. Inspection(s) are typically completed between 7-10 days following offer acceptance. The inspection(s) should be scheduled immediately to allow for enough time to conduct and review the inspection(s).

6. Consult with and hire a REAL ESTATE attorney

It is critical for the buyer to hire a real estate attorney when purchasing real estate. They specialize in real estate conveyance and will represent the buyer's interests at every step. A real estate attorney prepares all legal documents, ensures there are no liens, easements or covenants on the property, and ensures that it has a clear title. These attorneys are also proficient in current real estate contract language as well as the guidelines of TRID (TILA-RESPA Integrated Disclosure).

7. Perform the home inspection(s)

During the home inspection, if any unidentified or undisclosed material defects are discovered, the buyer may renegotiate their offer terms or back out of the deal as a result. If the parties cannot come to an agreement, the buyers are entitled to get their deposit back as long as they notify the seller before their contingency date and both parties sign a release.

8. Review and sign the purchase and sale agreement

A P&S is a legally binding contract between a buyer and seller drafted by a real estate attorney. Unless otherwise agreed upon, the terms outlined in the P&S are the same as those in the original offer. As part of this agreement, each party defines what needs to be done prior to and during the closing. The P&S contains clauses to safeguard both the buyer and seller. The buyer should work with an experienced real estate lawyer to protect their interests. The P&S execution date is not flexible without an agreed upon extension, so the buyer should aim to sign prior to the due date. On the P&S date, the second deposit funds are due and they must be available for delivery.

9. Continue with the mortgage application process

The mortgage application process begins when the buyer applies for pre-approval and the lender performs an initial evaluation of the borrower's purchasing power. As mentioned, it is based on the borrower's income, assets, and creditworthiness. As part of the process, a lender will outline all the items the buyer needs to provide. The buyer's best interests are served by providing the lender with accurate and timely information.

10. The lender orders an appraisal

Appraisals are conducted by licensed appraisers hired by mortgage companies to determine the value of a home. An appraisal is done by a third party who is unbiased. The purpose of the appraisal is to allow the lender to determine whether the home's value is sufficient to qualify the buyer for a mortgage in the amount sought. The amount of the appraisal outcome cannot be controlled by buyers, sellers, agents, or lenders. In order to determine an appraised value, the appraiser must adhere to specific guidelines. If the appraisal comes in low, the buyer's agent will explain the options based on the circumstances.

11. Staying on top of Mortgage Commitment Dates

It's crucial to keep track of the mortgage commitment date during the transaction, since that's the date by which the lender must commit to providing financing to the buyer. Keeping track of this deadline is essential, and it must never be passed without commitment, extension, or termination. Should buyers need additional time to obtain a mortgage, they may request an extension from the seller prior to the mortgage contingency date. If they are unable to get a mortgage, they must let the seller know before the commitment date to receive their deposit back. If after this date the buyers cannot get a mortgage, the seller has the right to keep the deposit. You should keep in mind that the deposit release guidelines agreed upon by both parties would apply in these circumstances.

12. Schedule and conduct the final walk-through of the property

A final walk-through at the property needs to be conducted by the buyer before closing. This ensures that the property's condition hasn't changed since the buyer's last visit, that any agreed upon repairs have been made, and that the buyer has met the contract's terms. Ideally, the walk-through should take place the morning before the scheduled closing date.

13. Closing Time

The closing date is when the deed is executed and transferred to the buyers, and the buyers officially take ownership. A specific closing time is usually arranged between the buyer's attorney and the buyer. This date is usually a firm date that won't be easily changed. A delayed closing may be caused by mortgage delays from the buyer or title delays from the seller. If a delay occurs, an extension may be granted and a new date must be agreed upon by both parties. Official transfer of ownership occurs once the funds are dispersed and the property is formally recorded at the Registry of Deeds.

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