With market conditions still favoring Boston condo sellers (for now), getting an offer accepted can be a cause for celebration, particularly when the Boston condo for sale listings was in a bidding war. The first step when an Offer is accepted: don’t take the acceptance for granted. There’s always a chance the seller may want to introduce certain conditions, which is why a written confirmation must be obtained before any of the next steps are taken.
Mortgage Loan Processing
In the Boston condo sales market, condo sellers are unlikely to consider bids from prospective buyers who don’t present a pre-approval document from a mortgage lender. All purchase contracts are contingent upon proof of financing, and in the case of mortgage borrowers, this means getting the bank to start processing the loan. As long as the offer accepted doesn’t exceed the range of the pre-approval, the loan process will begin with orders for title search, appraisal, and flood zone determination.
The appraisal is a crucial step of the Boston Beacon Hill condo-buying process because it can move things forward, require renegotiation, or even collapse the deal altogether. The real estate agents should already have an idea about the value of the unit, since they likely consulted automated valuation models, also known as pencil appraisals. However, there’s always a chance of a lower appraisal derailing the mortgage process. In some cases, buyers may be expected to increase their down payment contribution or consider presenting an out-of-pocket challenge to the first appraisal.
Commitment from the Lender
If the appraisal comes in at a value that is conducive to closing the deal, the bank will take a look at the title insurance report to ensure a lender’s policy can be issued. Once these steps are completed, a commitment to lend will be presented, along with conditions such as condo board approval, insurance policies, escrow account funding, and a final review of the purchase contract. The goal of this commitment is to reach a “clear-to-close” stage so buyers and sellers can sit down at the closing table.
When you’re looking for Boston Beacon Hill condos for sale the process after you make an offer can be a bit overwhelming, so it’s a great idea to seek help from a Boston condo sales agent, a trusted real estate firm with agents who will guide you every step of the way. To get into your Boston high rise condo as soon as possible, call one of our friendly agents today at 617-720-5454.
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