Accepted an Offer in Boston? Here’s What’s Next!

Accepted an Offer in Boston? Here’s What’s Next!

It’s exciting when you accept an offer on your home, especially in a competitive market like Boston real estate. You might feel a mix of relief and joy. But what happens next? The journey from an accepted offer to a closed deal involves several important steps. Let’s walk through the main stages, so you know exactly what to expect.

Attorney Review

Once you accept an offer, both you and the buyer's attorneys will review the purchase and sale (P&S) agreement. This is a critical step. Your attorney will make sure your interests are protected and that all terms are clear. This usually takes a few days. During this time, they might suggest small changes or additions.

Purchase and Sale (P&S) Agreement

The P&S agreement is the official contract for buying and selling property. It outlines all the details: the price, closing date, financing terms, and any contingencies. Both you and the buyer will sign this document, and the buyer will typically provide a larger deposit (often 5% of the purchase price). This step makes the deal much more binding than the initial offer.

Home Inspection

The buyer will usually want a home inspection. This is where a professional inspector checks the property for any issues, from the roof to the basement. If you're selling a home in South Boston or the historic Fort Point neighborhood, inspectors might look closely at older systems or foundations. If issues are found, the buyer might ask you to fix them, or they might ask for a credit to cover the repair costs. Many deals today have an inspection contingency where the buyer can back out if the inspection reveals significant problems.

Appraisal

If the buyer is getting a loan, their lender will order an appraisal. This is an official estimate of your home's value. The appraiser makes sure the home is worth at least the loan amount. If the appraisal comes in lower than the agreed-upon price, it can cause delays or require new negotiations. For example, if you're selling in an up-and-coming area like West Broadway, the appraisal needs to reflect the current market value.

Buyer's Loan Approval

The buyer needs to get final approval for their mortgage. This involves banks checking their finances, credit, and making sure the property meets their lending requirements. This process can take several weeks. During this time, it's important for the buyer to provide all requested documents quickly to avoid delays.

Final Walk-Through

A day or two before closing, the buyer will do a final walk-through of the property. They'll check to make sure everything is in the same condition as when they last saw it and that any agreed-upon repairs have been made. They’ll also confirm that all your belongings are gone.

Closing Day!

This is the day you officially transfer ownership of your home to the buyer. You, the buyer, attorneys, and often a representative from the lender will meet. You'll sign a lot of papers, hand over the keys, and the funds will be transferred. Congratulations, you’ve sold your Boston home!

Selling a home involves many steps, but with a good real estate agent and attorney on your side, the process can be smooth. While some of these steps might feel overwhelming, remember that each one brings you closer to your goal.