The first consideration in buying a house is the house itself.
What do you want? Basic things to think about are:

1. Location - Consider the area. Is it close to what you need? (Highway accesses? Schools? Parks? Stores? Church or Temple?) Is it the type of neighborhood you would be happy to live in? Is it convenient to where you work?

2. Structure - Is the house well built? Will it accommodate the needs of your family? Are there enough bedrooms and bathrooms? Do you like the layout of the house?

3. Resale - It's important to realize that the average time that people live in a house is only 5-7 years, which means that someday, you'll be likely to want to sell the house you are now considering buying. Does this house have good general appeal?

Making an Offer
When you have found a house that you want to buy, you begin by making an offer. When you make your initial offer, you will put down a deposit (generally of $500) to show good faith. That check will not be deposited until your offer is accepted, at which point it is put into an escrow account. This deposit will count towards your down payment.

Negotiation
If you offer less than the asking price, three things can happen. First, the sellers may accept your offer. Second, the sellers may reject your offer entirely, and not respond to you. (This can occur if you have insulted them with an offer that is significantly lower than the value they place on their home.) Third, and most commonly, they will make a counter-offer. From this point, you can walk away, accept their offer, or make them a counter offer. This process continues until you come to agreement or determine that you can't come to agreement.

An Accepted Offer
When you and the sellers agree on price and terms, you have an accepted offer. (Congratulations!) At this point, a number of things will happen:

1. You will arrange for a structural inspection of the house within 10 days of signing the Offer To Purchase. It's a good idea to take care of this inspection as early as you can. If the inspection reveals anything about the house that you are not pleased with, you can attempt to renegotiate with the seller or you can withdraw from the purchase and have all deposits returned to you.

2. You will choose a lawyer. You will want to have all agreements checked over, and you will need to have the title researched. (Researching the title will turn up whether there are any known liens on the property you are buying, and any foreseeable problems with passing title on to you.)

3. You will sign a Purchase and Sale Agreement (also known as the P&S). This document lays out in detail every aspect of the transaction.

4. At the signing of the P&S, you will make an additional deposit which will also be held in escrow and applied to your downpayment.

5. You will apply for your mortgage. These things happen more or less simultaneously. Don't worry! I'll be there to help.

The Seller's Process
The sellers must arrange some inspections:

1. Termites: An inspection is usually required by the bank to determine if termites or any other wood boring insects are present at the property.

2. Smokes: Smoke detectors must be present, operational and properly placed in the house. This will be inspected by the local fire department.

3 .If the property has a private septic system, the sellers will need to arrange an inspection of the system, called a Title V inspection. Massachusetts requires that all septic systems be in compliance or be brought into compliance with state sanitary codes when a property is transferred. If the system requires repair or replacement, the cost is usually the seller's responsibility.

The Realtors
Communication is our major role. We make sure all parties do what they need to do on time, and that everyone involved (buyers, sellers, bankers, and lawyers) has access to the information they need from the other parties. We also arrange to let the various inspectors and the appraiser into the house. We help work out little disagreements, pick up loose ends, put out fires, and basically help everyone through the process right up until closing day.

The Bank
The bank processes your loan application. In addition to making sure that you are a good risk for a mortgage, they must determine that the house is a good risk. This means having an appraiser verify that the house is worth what you and the sellers have agreed upon. The process of approving and then writing a mortgage generally takes about four to six weeks.

The Closing
At last, the closing date will arrive! This is the day you will actually get to buy your house. At the closing, you will sign all the necessary documents, the bank and the lawyers will release the funds to the sellers, and when you're done at the bank, you are a homeowner!