Buying a Home on Cape Cod

Whether you’re new to purchasing real estate or are a seasoned buyer, whether you’re planning to purchase saltwaterfront, fresh waterfront, beachfront, or waterview property on Cape Cod, think of buying a home in terms of a three-legged stool, with each leg represented by the seller, you the buyer, and your real estate professional.  

Since you will be making a significant investment, do your homework. 

• First, consider working with a buyer agent whose responsibility is to work for you on your behalf in negotiating a property purchase.  There are two other types of agency representation, so you will want to understand all of three before deciding which is best for you. 
• Focus on and clarify what you need and what you want, what you can live with and what you can live without, so that you develop a realistic idea of the property you’d like to purchase.
• Research mortgages by shopping around to find the lender whose rates and terms offer the most savings over the life of the loan.
• At the same time, obtain a letter of prequalification which states how much the bank will lend you to finance your purchase.  This information is helpful to have at the outset of your property search, since it is evidence to a seller that you can afford his or her property.  It also expedites the mortgage application process. 

Now you’re ready to begin viewing properties.  When you’ve determined which one you will purchase, you and your real estate professional will draw up an offer to purchase, a legally binding statement of your intent to buy the property.  In Massachusetts it must be in writing and must be accompanied by a binder.

At this point your real estate professional becomes a guide, seeing you through the sale process, including:  negotiating your offer; then, either personally or through the listing agent for the property, setting up inspections, notifying the bank, arranging for the property appraisal, septic report, and percolation test (if applicable); providing information on attorneys to complete the title search and mortgage paperwork; coordinating the execution of the purchase ad sale agreement receipt of your ten percent deposit; reminding you to complete the necessary mortgage, title , homeowners insurance and any other required paperwork; providing information on utility transfers; scheduling a walk-through of the property on the day of the closing, and finally, accompanying you to the closing.