Just Rented

Just Rented
3 Kenmar Dr, Billerica
2 Bdrm ~ Rented for $1,500/mo

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How Much Could You Get For Rent In Today’s Market??

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Coming soon to the Billerica market!

Coming soon to the Billerica market!

2 Bedroom 1st floor unit in Plaza Place!
$190,000

Enjoy the Inground pool before summer ends!

New Listing! 338 Treble Cove Road, Billerica

338 Treble Cove Road, Billerica
$369,900

 

3 bdrm, 2 full bath Full Shed Cape

Move in condition full shed cape convenient to major highways! Eat in kitchen with opening to bright and sunny living room! Formal dining room with hardwood floors, 1st floor bedroom and updated full bath. Second floor offers 2 front to back bedrooms both with incredible closet and storage space, as well as another full bath! Full partially finished basement great for future expansion & entertainment! Convenient 3 season mud room off the kitchen with access to large deck overlooking private backyard and patio!
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Beyond Curb Appeal

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Home Buying & The Down Payment

Massachusetts Home Buying – Is the Purchase and Sale Deposit the Same as the Down Payment?
Being a Massachusetts home buyer is a bit different than buying in some other parts of the country. Here in Massachusetts we have a two part contract system. It consists of the “Offer to Purchase” and the “Purchase and Sale Agreement.”

Initially, at the offer stage it is customary to put a deposit of $500 to $1,000 along with the offerdownpaymentonhouse in order to bind the agreement.

Ten days to two weeks after the offer comes the Purchase and Sale Agreement. This is the actual complete document that will have all the terms and conditions of the sale. At Purchase and Sale signing, the buyer will put down a more substantial deposit in order for the seller to feel secure about taking the property off of the market.

The question then arises – is the Purchase and Sales deposit the same as the “down payment?”

The customary amount for the P&S deposit is equal to 5% of the purchase price you will be paying for the property. And, I would not advise putting down any more than this. There is really no reason to do so.

Unless you are in the situation with an FHA or VA loan in which you will be able to put a low down payment, 5% will not be a significant enough amount to qualify as your complete down payment. This is still merely a deposit that holds the property off of the market.

When the P&S is signed and executed, the deposit check is cashed and the funds are put into an escrow account. There they will stay there until your closing at which time this money is brought forward and applied to your purchase.

At the time of your closing you will be bringing “good funds,” usually a bank check, for the remaining amount of your down payment as well as any closing costs.

As a Massachusetts home buyer you should know – there is a definite distinction between the Purchase and Sale deposit and your down payment.