TTC_06_12_19_Vol.15-No.33.p1-12

Community Connections
Business Spotlight
June 12 - June 18, 2019 www.TheTownCommon.com Page 7
For
Sale
As I sat down with a buyer
who had bought and sold a few
homes in the last dozen years or
so to fill out a purchase contract,
I realized again why REALTORS®
are a valuable resource. Going
through this process is something
I have done hundreds of times and
unlike my buyers who have done it
only a few times, I am intimately
familiar with the terminology
and procedures to put an offer
together.
The real estate contract is
the most often used, yet least
understood part of the real estate
transaction. Trying to explain it
to the first time home buyer or
the veteran of many real estate
purchases can be a difficult process.
You, Mr./Mrs./Ms. buyer or seller
need to know what you are getting
into as there is no excuse for not
knowing and understanding the
real estate contract. Keep in mind
that if you are unsure or confused
with any part of the process even
when sitting with your REALTOR®
you are within your rights to seek
advice from an attorney.
There are different forms used by
REALTORS® in Massachusetts but
most contain similar wording and
ask similar questions. The offer is
usually signed by the buyer(s). The
contract is not binding until the
seller accepts, creating a “meeting
of the minds”. The seller must sign
the contract for it to be accepted.
A seller can do one of 3 things
with an offer…reject it, counter it
or accept it. If the seller accepts
all the terms written by the
buyer then it is off to the home
inspection (assuming that clause is
written into the offer). If the seller
says something like, “we agree to
the price but want to close on the
“28th of April” then the original
offer is null and void and a counter
offer is in place. Until you hear
back from the buyer in writing
the seller can accept additional
offers so make sure everything gets
signed and/or initialed.
Parts of a Real Estate Offer
1. Purchase Price and
Deposits: This section asks what
you plan to offer for the property
and what you will be putting down
for deposits. ANY offer is required
by law to have “consideration”.
This “consideration” is usually in
the form of $. Therefore when
writing up an offer it is customary
for the buyer to write out a check
$1,000 to go into the escrow
account of the Listing agent.
There is also another deposit put
into escrow when you sign the
Purchase and Sale agreement.
2. Purchase and Sale
Agreement: This legally binding
form is typically signed 10-14
days after the offer to purchase
is accepted and after your home
inspection period ends. When you
Real Estate • For Sale
Contracting a Sale
Sports • Sports • Sports
By John McCarthy, Rowley Realty
sign this form typically you deliver
Pets, another deposit Animals, to be put into Plus
escrow. The amount can vary but
5% of the purchase price minus
Health the $1,000 you put & into Fitness
escrow
when the offer was accepted is
typical. Most buyers and sellers
have a real estate attorney review
this form for their protection.
Please note that money put into
the escrow account can be used as
part of your down payment OR if
you are putting less than 5% down
you can potentially get some of this
money back at closing depending
on your closing cost amount.
3. Contingencies: Do you
have a property to sell before you
can purchase this one? Does the
property have a septic system and
has it passed the Title V inspection?
Do you want the seller to remove
the swing set in the backyard or
open up the pool for the summer?
Do you need financing and if so
when can your bank commit to
approving your loan?
4. Financing: Do you need
financing? How much are you
going to finance and when will
you commit to getting financing?
If you need a mortgage to
purchase the home you will need
to have a pre approval letter from
a bank or mortgage company.
The mortgage agent should also
be able to tell you when they
can give you a full go ahead
or approval on the mortgage.
Financial institutions typically
need to send an appraiser to the
property to determine its worth;
this takes some time to coordinate.
Lastly, get a preapproval, not
just a prequalification letter. A
preapproval letter is viewed more
positively by a seller as usually
shows them that you have been
more completely screened by your
bank or mortgage company.
5. Dates: When can you
close on the property? Check with
your mortgage company on this
as well. How much time should
we give the sellers to review our
offer? The least amount of time
is ideal for a buyer as nobody else
will be able to swoop in and get
the property. However, if you
make it too short the seller will
feel rushed and may be hesitant
to work with you. 24-48 hours
is usually enough time. “Time is
of the essence” is used in many
real estate contracts means which
means simply that if any of the
dates are not met the contract will
become null and void.
6. Signatures: A contract
must be signed to be enforceable.
A faxed signature is usually
acceptable, so long as the contract
states that faxed signatures are
valid.
7. Legality: If you are unsure
on any aspect of the process get in
touch with a real estate attorney.
There are two other things
that I think deserve mentioning.
Get copies of all documents you
have signed and anything that
is signed subsequently by the
seller. Secondly, if you come to
an agreement with the seller and
dates you have agreed to previously
(Purchase and Sale, Commitment
for Financing, Closing, etc.)
need to be changed make sure
extensions are in writing. You can
not assume that anything is agreed
upon unless it is signed by both
buyer and seller.
Typically it is wise to choose
someone to represent you who
has a good track record for
representing buyers and sellers in
the town you are buying or selling
in. Have the REALTOR® show
you what they have done in sales
in your area. There is no reason
why they can’t show you on paper
their sales volume and where their
sales took place. Also, if you can,
get references from someone who
was, or is, in a similar situation as
you (first time homebuyer, new to
the area, selling a home first, etc).
Thank you.
If you have any questions about
this article, real estate in general
or are looking to buy or sell a home
please contact me, John McCarthy
at Rowley Realty, 165 Main St.,
Rowley, MA 01969, Phone: 978
948-2758, Cell 978 835-2573 or
via email at john@rowleyrealestate.
com
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ROWLEY REALTY
165 Main St., P.O. Box 101, Rowley, MA 01969
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Address, Town Description DOM List Price Sold For Orig Price
30 S Martin Amesbury, MA 7 room, 4 bed, 1f 0h bath Colonial 35 $215,000 $200,000 $250,000
29 12th Street West Salisbury, MA 4 room, 2 bed, 1f 0h bath Ranch 15 $319,000 $328,000 $319,000
42 River St Amesbury, MA 7 room, 3 bed, 1f 1h bath Colonial 154 $269,900 $235,000 $319,900
104 Bachelor St West Newbury 7 room, 3 bed, 1f 0h bath Antique 50 $324,900 $320,000 $349,900
14 Ridgemere Way Amesbury, MA 6 room, 3 bed, 2f 0h bath Cape 32 $349,900 $345,000 $349,900
17 Farrell Street Newburyport, MA 7 room, 2 bed, 1f 0h bath Cape 11 $359,000 $407,655 $359,000
2.5 Neptune St Newburyport, MA 4 room, 2 bed, 1f 0h bath Antique 232 $289,900 $284,900 $359,900
5 Briscoe Rd Groveland, MA 6 room, 3 bed, 2f 0h bath Ranch 21 $379,900 $385,000 $379,900
171 Pond Street Georgetown, MA 7 room, 3 bed, 2f 0h bath Ranch 19 $419,000 $440,000 $419,000
51 S Hunt Rd Amesbury, MA 7 room, 3 bed, 4f 0h bath Gambrel 35 $420,000 $401,500 $420,000
30 Warehouse Ln Rowley, MA 5 room, 3 bed, 1f 1h bath Cape 191 $344,900 $340,000 $425,000
18 Old County Rd U:A Salisbury 6 room, 2 bed, 2f 1h bath Colonial 194 $449,000 $449,000 $459,000
61 Haverhill Road Topsfield, MA 5 room, 3 bed, 2f 0h bath Ranch 33 $475,000 $477,000 $489,900
59 Rust Street S. Hamilton, MA 7 room, 4 bed, 2f 0h bath Colonial 30 $465,000 $462,000 $499,500
183 King St Groveland, MA 7 room, 3 bed, 2f 0h bath Gambrel 22 $499,900 $520,000 $499,900
67 Cross St Rowley, MA 7 room, 3 bed, 2f 0h bath Cape 36 $519,900 $520,000 $519,900
8 Crum Hill Amesbury, MA 8 room, 3 bed, 2f 1h bath Colonial 61 $497,000 $480,000 $525,000
75 Alderbrook Drive Topsfield, MA 10 room, 4 bed, 2f 1h bath Colonial 20 $539,000 $582,000 $539,000
40 Kathleen Circle Rowley, MA 11 room, 4 bed, 3f 0h bath Colonial 21 $549,900 $545,000 $549,900
14 Woodland St Merrimac, MA 9 room, 4 bed, 2f 0h bath Farmhouse 38 $549,900 $500,000 $549,900
17 S Pond St Newbury, MA 5 room, 3 bed, 1f 1h bath Contemp 20 $579,900 $573,950 $579,900
94 Hillside St Rowley, MA 8 room, 4 bed, 2f 1h bath Colonial 21 $599,900 $602,500 $599,900
15 Roberts Rd Boxford, MA 10 room, 3 bed, 2f 1h bath Colonial 58 $599,999 $605,000 $620,000
Lot 5 Abbey Rd Merrimac, MA 8 room, 4 bed, 2f 1h bath Colonial 21 $629,900 $640,000 $629,900
556 Merrimac St Newburyport 6 room, 3 bed, 2f 0h bath Gambrel 48 $599,900 $599,900 $629,900
10 Pheasant Lane Groveland, MA 11 room, 4 bed, 2f 1h bath Colonial 49 $629,900 $605,000 $629,900
5 Daniel Lucy Way Newburyport 8 room, 4 bed, 2f 1h bath Colonial 21 $649,900 $649,900 $649,900
96 Rockmaple Ave Hamilton, MA 5 room, 2 bed, 2f 0h bath Ranch 23 $659,000 $644,000 $659,000
3 Seaview Ln Newbury, MA 6 room, 4 bed, 4f 0h bath Colonial 45 $674,900 $670,000 $674,900
60 Gregory Island Road Hamilton 9 room, 4 bed, 3f 1h bath Contemp 47 $679,000 $657,000 $679,000
53 Great Pond Drive Boxford, MA 10 room, 4 bed, 3f 1h bath Colonial 20 $680,000 $687,000 $680,000
9 High Rd Newbury, MA 6 room, 3 bed, 1f 0h bath Greek Rev 186 $599,900 $560,000 $689,000
108 Main Street Wenham, MA 10 room, 5 bed, 2f 1h bath Colonial 62 $699,000 $690,000 $699,000
10 Partridgeberry Hamilton, MA 6 room, 3 bed, 2f 0h bath Contemp 13 $699,000 $705,000 $699,000
133 Old Ferry Rd Newburyport 7 room, 3 bed, 2f 1h bath Colonial 8 $699,900 $701,000 $699,900
24 Eagle Hill Rd Ipswich, MA 6 room, 3 bed, 2f 1h bath Contemp 400 $699,900 $670,000 $699,900
6 Waterside Ln West Newbury 8 room, 4 bed, 2f 1h bath Colonial 73 $705,000 $675,000 $729,000
9 Fox Run Dr Newburyport, MA 9 room, 4 bed, 2f 1h bath Colonial 20 $749,900 $762,500 $749,900
16 Harlow Street Essex, MA 10 room, 3 bed, 2f 0h bath Contemp 28 $789,000 $789,000 $789,000
15 Olive Street Newburyport, MA 8 room, 3 bed, 3f 1h bath Colonial 19 $799,000 $821,000 $799,000
4 Duffy Dr Newburyport, MA 7 room, 3 bed, 2f 1h bath Colonial 73 $819,900 $852,900 $819,900
15 Gunnison Rd Boxford, MA 13 room, 4 bed, 2f 1h bath Colonial 83 $829,900 $800,000 $829,900
4 Knights Ln Newburyport, MA 9 room, 4 bed, 2f 1h bath Colonial 18 $849,000 $870,000 $849,000
12 Duffy Dr Newburyport, MA 8 room, 3 bed, 2f 1h bath Colonial 56 $865,000 $877,500 $865,000
16 Buttonwood Ln Ipswich, MA 10 room, 3 bed, 3f 1h bath Shingle 37 $899,999 $865,000 $899,999
9 Fuller Farms Rd Topsfield, MA 9 room, 4 bed, 4f 0h bath Colonial 51 $985,000 $955,000 $1,050,000
119 High Ridge Rd Boxford, MA 10 room, 4 bed, 2f 1h bath Cape 23 $1,050,000 $1,040,000 $1,050,000
51 Townsend Farm Road Boxford 12 room, 4 bed, 2f 2h bath Colonial 28 $1,079,000 $1,030,000 $1,079,000
4 Richardson Lane Georgetown 10 room, 5 bed, 4f 1h bath Contemp 11 $1,099,900 $1,060,000 $1,099,900
41 William Fairfield Dr Wenham 12 room, 4 bed, 3f 1h bath Colonial 385 $1,100,000 $1,055,000 $1,195,000
76 Washington St Topsfield, MA 11 room, 5 bed, 4f 1h bath Colonial 304 $1,375,000 $1,185,000 $1,375,000
175 Gardner St Hamilton, MA 14 room, 5 bed, 3f 1h bath Colonial 39 $1,785,000 $1,717,500 $1,785,000
Single Family Listings: 52 Avg. Liv.Area SqFt: 2,542.31 Avg. List$: $661,473 Avg. List$/SqFt: $272 Avg. DOM: 68.08
Avg. DTO: 44.33 Avg. Sale$: $650,725 Avg. Sale$/SqFt: $269 2019 MLS Property Information Network, Inc.