Beverly MA Homes for Sale - Home Buying Guide
The process of buying a home is both exciting and at the same time can become stressful. It is advisable to utilize the services of knowledgeable real estate related professionals who can represent your interests and assist you in purchasing Beverly MA homes for sale. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers. Visit Beverly MA real estate to evaluate the community demographics and obtain school, relocation, home buying and selling guides.
Beverly Home Mortgage Financing
Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.
Your qualifications as a buyer is one of the most important elements in the negotiating process with a Seller. If you have a mortgage financing contingency, you must present a credit approval from a reputable lender so that the Seller will accept your offer. The Seller does not want to take their home off the market unless there are reasonable assurances that the financing contingency can be met. Make sure your pre-approval is current as mortgage standards often change.
Primary Reasons to Consider Purchasing a Home
The two primary benefits of home ownership are the government tax deductions and solving your housing needs. In many cases, especially for first time home buyers, you may own a property for less than it costs to rent it. Consult with your tax accountant to understand the true cost of owning a home as mortgage interest and property taxes are deductible costs. Interest rates are at historic lows and there is a wide variety of Beverly MA homes available at very affordable prices. Recent declines in property values offer exceptional values.
In many cases, homeownership provides you with a quality of life that you may not find in a rental. Various factors apply such as privacy, location, housing styles, space, amenities, fewer restrictions and rules to comply with. In addition, owning a home may be a good return on your investment provided that you are not forced to sell in a difficult market.
Finding Your Beverly MA Home
Consumers in Massachusetts have the option of contracting with a real estate agent to represent them in buyer agency and this is disclosed in a mandatory disclosure form required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. You should consult with two or three agents to determine their qualifications before signing an agency contract.
Your real estate agent can assist you in your homes search for a property listed in the MA MLS and homes sold by their owners (FSBO). Most property for sale, including Beverly MA foreclosures and bank owned homes, are listed in the MLS.
Visit Beverly MA homes for sale for all MLS listings displayed in a map based search. Properties can be viewed by location, price, age and specific criteria meeting your needs.
Once you have found a Beverly property and are under contract, exercise your option to obtain a home inspection by a certified inspector. The inspection contingency will allow you to further evaluate the condition and structural integrity of the property. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to evaluate the physical condition structure, construction, and mechanical systems; identify items that need to be repaired or replaced; and estimate the remaining useful life of the major systems, equipment, structure, and finishes.
Title and Closing
Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has clear title to the property. Schedule a final walk-thru inspection of the property prior to signing the closing papers. Once the closing is complete buyers can now occupy their new home.
Virtual Homes real estate agents will assist you finding a Beverly MA home for sale that meets all of your real estate needs.