Buying and Selling a home in the Greater Boston Area

How Soon Can You be Living in Somerville MA

Posted by Karen Lilley on Tue, May 3, 2011

somerville Let’s say that you have been searching for a new home and eureka, you found one, right here in Somerville, MA.  Do you have any idea how long it takes to get from this point, to moving in all your cherished belongings and calling it home sweet home? While every transaction is different, this will give you an idea of a “standard” timeline from buyer to owner.

Home Inspection - Once the offer is accepted, the next step is most often the home inspection. This is most typically performed within 5 – 10 days after the offer is accepted.

Purchase and Sale - Next in the chain of events is the Purchase and Sale. Since this is often negotiated by the attorneys for the buyer and seller respectively, it may stretch in “legal time” which often has no correlation to “actual time”. But, assuming all goes well, the Purchase and Sale is hopefully completed within           5 - 7 days after the home inspection.

Mortgage - Typically buyers will apply for a mortgage within 2-5 days after the signing of the Purchase and Sale Agreement, if not before. The mortgage process, much more laborious than in years past, should take 4 weeks to reach commitment.

Closing – After commitment is issued to the buyer, the bank typically needs a week to two weeks to prepare for closing.

All in all, the process, moving smoothly, should take about 7 - 8 weeks from start to finish. That being said, I have seen it done in 30 days and seen it take, well, forever….

If you have any questions about the process, procedures, or contracts involved in purchasing a home, please contact us or download our better buyer kit for more info.  We would be happy to help you accelerate your chance to find yourself happily living in Somerville, MA.

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home buying kitFind tips on buying a home by downloading our very informative Better Buyer

Topics: Somerville MA, Somerville MA homes for sale, Living in Somerville MA

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