Q: What kind of a house should I look to be buying?

A: You should look for a house which you are going to feel comfortable living in! Most important is the kind of house someone else in the future is also going to find appealing too! Location, of course, is the most important factor. You can change the building, but you cannot change the location. You want your investment to be as liquid as possible. If something happens and you need cash quickly at some point, the property will be attractive to another buyer.

Q: What should I look for in a Realtor?

A: Look for what you look for in any professional who would be working in your best interest. Look for someone who is knowledgeable, honest and has integrity. Continue to ask the question, is this Realtor working in my best interest?

Q: Can I use my lawyer off Cape to represent me in the purchase of a property or is it better for me to use a local lawyer? Do I need a lawyer at all? Who can you suggest as a good lawyer?

A: You can use any lawyer licensed to practice in Massachusetts. Local lawyers tend to know the local real estate customs and may be better facilitators. I cannot suggest or recommend a specific lawyer to you, but I can give you a list of local attorneys who might make your purchase or sale easier.

Q: Will you represent me as a Buyer’s Broker? Are you certified as a Buyer’s Broker? What is a Seller’s Broker and a Dual Agent?

A: I am compelled to represent you as a Buyer’s Broker unless I am showing you one of my own listings. Then I am compelled to take the role of a Dual Agent.

Q: How much money do I need for a down payment? How much will the taxes be, the insurance, the total monthly payment?

A: Typically a down payment is 20% of the agreed price. Taxes and insurance vary with each property. I can calculate the monthly payments for you.

Q: Should I use a local bank or would a national lending institution be better? Who can you suggest as a good lending agent?

A: Any lending institution who will give you a mortgage at a fair rate is fine. There are local banks that have loans that stay within the bank and are not sold to larger entities.

Q: Is a Realtor required to tell everything he knows about a property? How do I know my Realtor is not holding back some information in order to get the sale?

A: Realtors in MA are compelled by law to tell all they know about a particular property.

Q: Why are there two documents to sign: the Offer and the Purchase and Sales agreement? Why do both require deposits? Does the deposit have to be 10%?

A: Two documents are the custom in Massachusetts. The Offer is presented with a typical deposit of $1,000. The Purchase and Sales Agreement is a re-write of the Offer in greater detail and in more specific and legal language. It usually requires an additional deposit which can be any amount that is considered “earnest money”. This would be money put at risk to make sure the Agreement is not frivolous. It is usually 10% of the agreed price, but can be more or less.

If you didn't find the answers you were looking for contact the Cape Cod Real Estate Guy or call my office: 508-255-3001 or my cell: 508-737-6888.