Buy FAQs for Buyers

FAQs for Home Buyers

Everything you need to know about buying a home in Massachusetts — the buying process, pre-approval, closing costs, inspections, first-time buyer programs, and how to compete in Greater Boston's market. 26+ questions answered.

Buying Process Pre-Approval Tips Closing Costs Home Inspections First-Time Programs
Common Questions Pre-Approval & Financing The Buying Process Home Inspection & Appraisal Costs & Closing First-Time Buyer Programs Market & Offer Strategy First-Time Buyer Guide Mortgage Calculator

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Buyer's Quick Tip

In Massachusetts, all real estate closings must be conducted by a licensed attorney — budget $800–$1,500 for attorney fees.

Get pre-approved before you start viewing homes — sellers in Greater Boston won't consider offers without it.

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Common Buyer Questions

Most-asked questions from home buyers in Greater Boston

3 Q&As
These answers reflect the Massachusetts residential real estate market as of 2026. Market conditions change — always confirm current data with your agent.
Our process begins with a free consultation to understand your needs and budget. We then guide you through property search, offer submission, inspection, financing, and closing.
Helpful?
On average, the buying process takes 30–60 days from offer acceptance to closing. Timelines can vary based on financing, inspections, and title work.
Helpful?
We strongly recommend getting pre-approved for a mortgage before searching. It clarifies your budget, strengthens your offers, and speeds up the process.
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Pre-Approval & Financing

Getting mortgage-ready before you start your search

4 Q&As
In Massachusetts's competitive market, most sellers won't consider an offer without a pre-approval letter. Pre-approval tells you exactly what you can afford, strengthens your offers significantly, and speeds up the closing process once your offer is accepted. We strongly recommend getting pre-approved before attending any open houses.
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Pre-qualification is an informal estimate based on information you provide verbally — it carries little weight with sellers. Pre-approval involves a full credit check and document review by a lender, resulting in a written commitment for a specific loan amount. Pre-approval is what Massachusetts sellers expect to see with any serious offer.
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It depends on the loan type. Conventional loans typically require 3–20% down. FHA loans require just 3.5% with a 580+ credit score. VA loans (for veterans) require 0% down. MassHousing offers programs with as little as 3% down for first-time buyers. A larger down payment reduces your monthly payments and eliminates PMI above 20%.
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Private Mortgage Insurance (PMI) is an extra monthly cost added when your down payment is below 20%. On a $600K home with 10% down, PMI typically adds $100–$200/month. You can avoid PMI by putting 20%+ down, or by choosing a lender-paid PMI option (which raises your rate slightly). PMI automatically cancels when your equity reaches 20%.
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The Buying Process

Step-by-step guide to buying a home in Massachusetts

4 Q&As
The Massachusetts home buying process: (1) Get pre-approved for a mortgage. (2) Work with a buyer's agent to search and view properties. (3) Make an offer — your agent submits it with your pre-approval and earnest money. (4) Offer is accepted → sign the Purchase & Sale Agreement within 10–14 days. (5) Complete home inspection and negotiate repairs. (6) Lender appraises the property. (7) Final walkthrough. (8) Attend the closing with your attorney — sign documents, transfer funds, receive keys.
Helpful?
From accepted offer to closing typically takes 30–60 days in Massachusetts. The timeline depends on your financing (cash closes faster), the inspection period, and the lender's appraisal schedule. From starting your search to closing, most buyers take 2–6 months total, depending on market competition and budget.
Helpful?
The Purchase & Sale Agreement is the legally binding contract that comes after your offer is accepted in Massachusetts. It spells out the final price, closing date, contingencies (inspection, financing, appraisal), and all agreed-upon terms. Your real estate attorney reviews it before you sign. This is distinct from a purchase offer — the P&S is the binding commitment.
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Yes. Massachusetts is an "attorney closing state," which means all real estate closings must be conducted by a licensed attorney. Your attorney performs the title search, reviews the P&S Agreement, coordinates the closing, and ensures the deed is properly recorded. Attorney fees typically run $800–$1,500 for a residential closing.
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Home Inspection & Appraisal

Protecting your investment before closing

4 Q&As
We strongly advise against waiving a home inspection. In Greater Boston's competitive market, it may feel necessary, but it exposes you to significant financial risk. An inspection typically costs $400–$600 and can uncover issues worth tens of thousands of dollars. Instead, consider scheduling an inspection before making an offer (a "pre-offer inspection") or offering a shorter inspection period.
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A standard Massachusetts home inspection covers: structural components (foundation, framing, roof), plumbing, electrical systems, HVAC, insulation, windows, and doors. Inspectors note safety concerns, code issues, and items requiring repair or replacement. For older Boston-area homes, we also recommend radon testing, lead paint testing (required for pre-1978 homes with children), and oil tank inspections.
Helpful?
After an inspection, you have three options: (1) Request repairs or a price reduction from the seller. (2) Accept the property as-is and proceed. (3) Walk away if the issues are too significant — your inspection contingency protects your deposit. Our agents negotiate inspection requests every day and will help you determine what's reasonable to ask for.
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Your lender orders an independent appraisal to confirm the home's value supports the loan amount, typically after the inspection period. If the appraisal comes in below the purchase price, you can renegotiate the price, make up the difference in cash (appraisal gap), or walk away. In competitive markets, some buyers include appraisal gap clauses in their offers.
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Costs & Closing

Understanding what you'll actually pay to buy a home in Massachusetts

4 Q&As
Massachusetts closing costs for buyers typically total 2–4% of the purchase price. They include: lender fees (origination, appraisal, credit report), title insurance (owner's and lender's), attorney fees ($800–$1,500), recording fees, prepaid property taxes and homeowners insurance, and any escrow reserves. On a $600K home, budget approximately $12,000–$24,000 in closing costs.
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Yes. Massachusetts charges a deed excise tax (transfer tax) of $4.56 per $1,000 of the purchase price, paid by the seller. Buyers don't pay the transfer tax directly, but sellers often factor it into their net proceeds calculations when pricing.
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Earnest money (also called a good faith deposit) shows the seller you're a serious buyer. In Massachusetts, earnest money is typically 5% of the purchase price, paid when you sign the Purchase & Sale Agreement. It's held in escrow and credited toward your down payment at closing. If you back out without a valid contingency, you may forfeit this deposit.
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Colonial Realty's buyer representation is free to you. Our agents are compensated through the seller's commission, meaning you get full professional representation at no out-of-pocket cost. Following the 2024 NAR settlement, buyer agency agreements are now required — your agent will explain the process and our compensation structure in your first meeting.
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First-Time Buyer Programs

Massachusetts programs to help first-time buyers get into the market

3 Q&As
Massachusetts offers several first-time buyer programs: MassHousing loans with down payments as low as 3% and below-market interest rates; ONE Mortgage (offered by MHP) with no PMI and 3% down; MassHousing Down Payment Assistance of up to $50,000 for eligible buyers; and the Massachusetts Housing Consumer Education Center (MHCEC) for free pre-purchase counselling. Income and purchase price limits apply.
Helpful?
In most Massachusetts programs, a first-time buyer is defined as someone who has not owned a primary residence in the past 3 years. This means you may qualify even if you owned a home years ago. Some programs (like ONE Mortgage) apply this rule on a county-by-county basis. Our agents can help determine which programs you're eligible for.
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Massachusetts offers a Mortgage Interest Credit Certificate (MCC) program through some lenders, which provides a federal tax credit of up to 20% of the mortgage interest paid each year. This is separate from the standard mortgage interest deduction. Ask your lender and tax advisor whether you qualify — it can mean thousands in annual savings.
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Market & Offer Strategy

How to compete and win in the Greater Boston market

4 Q&As
Greater Boston remains competitive in 2026 — especially in the $400K–$900K range. The market has moderated from the pandemic peak but is far from a buyer's market. Correctly priced homes still sell in 20–30 days, and 44% of homes sell above asking price. Being pre-approved, flexible on dates, and working with an experienced agent makes a significant difference.
Helpful?
There's no universal answer — it depends on the specific property, neighbourhood, and number of competing offers. Your agent will run a Comparative Market Analysis (CMA) to determine fair market value. In hot neighbourhoods (Cambridge, Somerville, South End), offers of 5–15% over asking are common. In slower markets, list price or below is realistic.
Helpful?
Besides a strong price, sellers consider: a larger earnest money deposit, flexible closing dates, a pre-approval from a local lender (preferred over big national banks in MA), a clean offer with minimal contingencies, a personal letter to the seller (in appropriate cases), and a shorter inspection period. Our agents know what individual sellers prioritise and advise accordingly.
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An escalation clause automatically increases your offer by a set increment above any competing offer, up to a maximum cap. For example: "I offer $750,000, and will beat any competing offer by $5,000, up to a maximum of $800,000." This can be effective in multi-offer situations but also reveals your maximum to the seller. Your agent will advise whether it's appropriate for a specific situation.
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Buyer Tips

Smart Buying in Greater Boston

Key strategies every buyer should know before making an offer in Massachusetts.

Get Pre-Approved First

Massachusetts sellers won't consider offers without a pre-approval letter. Get yours before you start touring homes — it takes 24–48 hours with most lenders.

Hire a MA Attorney

All Massachusetts closings require an attorney. Budget $800–$1,500 and hire one early — they review your P&S Agreement before you sign the binding contract.

Never Skip Inspection

Even in competitive markets, a $500 inspection can save you from $50,000 in hidden problems. Ask for a pre-offer inspection period instead of waiving it entirely.

Know the MA Market

44% of Boston homes sell above asking in 2026. Your agent's CMA will tell you exactly what a home is worth — so you can offer confidently without overpaying.

Ready to Buy Your Massachusetts Home?

Our buyer specialists know the Greater Boston market inside out and are ready to guide you from pre-approval to closing — at no cost to you.

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