Buying a home is an exciting experience, but it can feel a bit overwhelming if you don’t have the right information. Check out these helpful resources about the home buying process. When you’re ready, give Chris Kostopoulos Group a call at 617-751-4111 or email at Chris@Isellmass.com at to tour available homes in the Suffolk County and Boston areas.

Mortgage Appraisals

If you apply for a mortgage for your home purchase, the bank or lender will require an appraisal of the property. Here is a list of some basic questions and answers about appraisals. For the sake of simplicity, we will assume the most typical scenario: the appraisal is for a mortgage for 80% of the purchase price, and you will be covering 20% of the purchase price from your own money. If you need to borrow more than 80%, or have enough of your own money to borrow less, the basic concepts are the same but. there are some significant differences. We will cover the less typical situations in future posts.

HOME INSPECTIONS – 12 Things You Really Should Know

1. Do I need to have a home inspection? No, it’s up to you whether to have an inspection.  But a good agent will never tell you don’t need an inspection.  You can actually sue an agent if you take their advice to forego an inspection and then have an expensive problem that an inspector would … Continued

CONDOMINIUMS – 12 Q’s You Shouldn’t be Afraid to Ask

Everyone knows you can buy a condominium – a “condo” for short – and become the proud owner of a unit within a building. But, it’s not so obvious exactly how condominiums work and what it all means. So, let’s look at the answers to some important questions about condos.

BUYING NEW CONSTRUCTION, UNDER CONSTRUCTION, PRE-CONSTRUCTION

There is nothing like a brand-new home. A home never lived in by another human being. Shiny. Up to date. Fully equipped and gadgetized. Charm and history are fine for other people, but they are not for you! You would sooner buy a used car than a used home. So, let’s look at all the benefits of new construction, as well as the pitfalls and how you can try to deal with them.

Mortgage Pre-qual and Pre-Approval

Why does everyone tell you to get a mortgage pre-qual (pre-qualification) or pre-approval before you start seriously looking for a house. And what’s the difference between the two? Which one is better for you? Let’s look at the answers to these questions.

Mortgage Rates: Why does it feel like Bait and Switch?

When you look at mortgage rates – whether on line, a sign in the bank window, or in a newspaper – you’ll see a simple interest rate as well as something called APR. Yet it seems that neither is the rate that you get at the end of the day. Why is that? Does it go up depending on how gullible you look to the lender? No, there are good reasons for the final rate you get quoted. First, let’s first look at the two types of rates just mentioned, then we can look at how the rate that you get in the end will be determined.

Real Estate Internet Fraud: Buyers Beware

What do you know about internet fraud? If a Nigerian prince wants to “get to know you” on-line would you correspond with him? If a foreigner sends you an email saying he would like to make an offer, sight unseen, on your property which is not even on the market, would you pursue it? If you get an email from a financial institution with their logo asking you to send them your account number and social security number for confirmation purposes, would you email those things to them? By now we’ve all seen – and heard about – enough of these types of scams to laugh at them…or at least to just delete the emails.

BUYER AGENCY AGREEMENTS (Massachusetts) – To Sign or Not To Sign?

Why is there so much paperwork involved in buying a property? Sometimes, it seems that buyers look at more documents than homes. There are things you need to sign before you even see a single property. And that’s just the beginning of a steady stream of documents that need your signature before the closing is over. It’s no coincidence that people fondly refer to the closing as “passing papers”. But we’re getting ahead of ourselves. At the very beginning of the process you have to decide how to work with the Great Buyer Agent you’ve found and whether to formalize that decision in writing…in a Buyer Agency Agreement.

BUYER AGENT – How to Find a Great One

There are many ways to find buyer agent leads: troll open houses, ask your network for referrals, search on-line real estate software (Zillow, Yelp, Trulia, Google, etc. LINKS)…the possibilities are almost endless. But there is only one way to find a GREAT buyer agent – by carefully interviewing and researching the agent leads you gather. Good buyer agents should be willing to meet with you to discuss their services and your needs before you look at property together. Here are FOUR things to ensure that you will not only select a GREAT buyers agent, but also the BEST buyer agent for your personal needs!

Mortgage Loan Basics

Home buying and mortgage loans go hand in hand for most people as one is usually not possible without the aid of the other. As a product, mortgages are hugely profitable for banks and other kinds of lenders. But it is a competitive field – rates and conditions change according to a number of factors. … Continued