Most downtown Boston condo buyers are focused on competing for properties. What’s equally important is that you have a firm understanding of what happens once you’re in contract to purchase your Boston Seaport condo?

The first week to ten days after “ratification” (seller accepting your offer) are essentially a juggling act. Here are the five things you should be prepared to do:

1. Place your deposit into the escrow account. 

You’ll need to wire in your good faith deposit (typically 5% -10% of the purchase price). You can also write a check, but wiring is what most Boston Seaport condo buyers do. Make sure that deposit money is liquid and able to be transferred within two business days.

2. Submit outstanding financial documentation to your lender. 

Your lender will invariably need updated financial documentation in order to get your loan package approved. If you’re working within a competitive contingency timeframe (who isn’t?), you’ll want to deliver those docs to the lender within a day or so of the request.

3. Conduct your inspections.

You’re going to have to quickly get inspections on the calendar if you didn’t pre-schedule them. This will require some flexibility and probably time away from work during the week. Once you have the inspections and review written reports of the Boston Seaport condo you want to buy, you’ll be asked to address the contingency—either removing it, or negotiating any items—as per your contractual deadline.

4. Sign outstanding disclosures. 

You may have signed a bulk of seller disclosures and reports up front, but there will be more. Be sure you set time aside to review what comes in.

5. Address your appraisal/loan contingencies.

Make sure you set time aside to review your appraisal (particularly to make sure that it has come in at value) and respond to any remaining conditions once the lender has reviewed all property and financial documentation. You’re aiming for a big thumbs up from the lender on all aspects of your loan so they can get loan documents to the title company for you to sign. You will have to ultimately sign and submit the loan/appraisal contingency removal form to the seller to officially clear your contractual obligation

Boston Seaport Condos for Sale


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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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