Let Metro Realty Be Your Home-Buying Partner

At Metro Realty, our primary goal is to connect home buyers with the property with which they’ll be happiest. The home-buying process shouldn’t be stressful and we aim to make the process as seamless as possible for you. Our first step with our home buyers is to listen to your house-hunting needs. We understand that this purchase is one of the most significant investments that you’ll make in your life and we want to make certain that you’ll be 100% satisfied with your home, with our support and with our service every step of the way.

We pride ourselves in being available to answer your questions 24/7 via phone, email, text or whatever means is most convenient for you. A well-informed, educated home buyer will come out ahead in the house-hunting process.

Whether you’re relocating to the Greater Boston area from out of state or out of the country or just seeking to make a local move from an apartment to your first condo or house, the Sales Team at Metro is only a phone call or email away.

Frequently Asked Questions

How long does it take to find a house?
Everyone is different. Some people will buy the first place they see, others may take months before finding that special property they can call home.

How long is the purchase process once I identify a home to purchase?
If you’re buying a home for cash, the process can be as quick as just a couple of weeks. If you are obtaining a mortgage for your purchase, you can expect the process to take between 6 and 12 weeks from the time the offer is accepted to the day papers are passed. Many factors contribute to the length of time it takes to close on a home including: the type of loan, type of property being purchased, type of lender, title examination, inspection issues, P&S negotiation, seller’s time frame to vacate and many more.

Should I find a home to purchase before I sell my house or sell my home before I find a new one?
The answer to this question depends on your personal circumstances; it makes sense to do some preliminary research before making any decisions. Getting in touch with a Metro Realty sales agent is a good place to start. An on-site consultation at your home along with the agent’s expert knowledge of the existing real estate market will give you the information you need to make an informed decision. Your Metro agent will also be able to help you formulate a plan to making sure you have a smooth transition from your old home to the new.

What is a buyer's agent and who is responsible for compensating a buyer's agent?
A buyer’s agent is an agent whose fiduciary responsibility lies with the buyer. A buyer’s agent must put the buyer’s interest first, negotiating the best price and terms possible for the buyer. If a property is listed for sale with a licensed real estate agent, the buyer’s agent will be compensated through a cooperative commission split with the listing agent. This means that the buyer essentially receives “free” service, so don’t hesitate to contact a Metro Realty agent when the time comes. You have nothing to lose and everything to gain!

What’s the difference between a short sale, foreclosure and an REO and where can these properties be viewed?
These three types of sales are ones that all involve varying degrees of bank ownership. Any property that has a mortgage can be thought of as being at least partially owned by the bank. In a normal private sale, the bank that holds the mortgage will generally not get involved with the sale of the property unless the seller is behind on their payments or the property is being sold for less than the seller’s unpaid mortgage amount. This is what is known as a “short sale.” In order to sell a home for less than what is owed the bank requires the bank’s approval which means a much longer and drawn out process than a normal private sale.

A foreclosed property is simply one that has been repossessed from the owner by the bank usually due to lack of payment. The physical foreclosure sale is a type of auction that will usually occur at the property, in which the highest bidder wins. If the bank does not receive a bid high enough to cover their expenses, a bank representative at the auction will make the high bid essentially buying back the property for the bank. At this point the bank’s stake in the property is 100% ownership and the property is deemed REO or Real Estate Owned. At any point within the foreclosure process the bank may list the property for sale with a real estate agent in the hopes of finding a suitable buyer. When an REO property is listed for sale it is often done so at a reduced price since the banks are not in the business of owning real estate.

While foreclosures and REO sales have been on the rise in recent years, they still only make up a small percentage of the total real estate market. Limiting yourself to only searching bank owned properties will likely not end in success. This strategy should only be used by property investors who can afford to buy real estate that might not meet all of their criteria but does meet the criteria of being a good business deal. If you’re looking to purchase a home for yourself and you happen to find a bank owned home that matches your criteria than you’re in luck and should act fast!

Do I need an attorney to purchase or sell a home?
It is highly recommended that you hire an attorney for any real estate transaction. It is important to chose an attorney who specializes in real estate law. A real estate attorney is able to properly draft, review and negotiate the terms of the purchase contract, perform a title examination, review condominium documents for deficiencies, and supervise the closing to make sure all documents are signed appropriately and the transaction is recorded with the Registry of Deeds.

Do I get the chance to inspect a home before making a purchase?
The option for a home inspection should be included as part of the purchase offer. As a buyer you have a given amount of time, usually a week from the offer acceptance, to hire a licensed home inspector to inspect the property for any major deficiencies or potential problems. It is recommended that you be at the inspection in order to learn firsthand from the inspector about potential problems with the property and ask any questions that might arise from the inspection. The inspector will provide a written report of the findings to you within 24 hours after the inspection. If there are any major, previously undisclosed problems that are discovered at the inspection, you then have the opportunity to renegotiate the terms of the offer. If the two sides are unable to come to terms the you have the option to withdraw your offer and request the return of your entire deposit without penalty as long as written notice is provided to the seller within the allotted time frame. On average, the cost of an inspection will range between $300-$700 and will usually take anywhere from 1.5-3 hours. All inspectors are not equal; be sure that the one you choose is licensed and recommended to you by a trusted source. A Metro buyer’s agent can refer a list of qualified inspectors should you need a recommendation.

What is the assessed value of a home?
The assessed value of a home is the value which a particular town, city or municipality gives to each property within its taxable jurisdiction. This value is used strictly to determine how much property tax will be collected for a given property. It is important to understand that each municipality has its own standards of evaluation, and the assessed value in no way correlates to the true market value of a property. Your Metro Realty buyer’s agent will be able to help you determine the true current market value of a property using recent comparable sales in the area while also taking into account other intangibles that might have an effect on the value of the home.

How much money do I need to put down when buying a house?
The days of buying a home with no money down are in the past but there are still great programs being offered through reputable lending institutions. In general, to be guaranteed the best rate for a conventional Fannie Mae or Freddie Mac loan, you can expect to put down 20% towards your purchase. However, there are programs available that will allow qualified buyers to put down as little as 3.5%. Speaking with a qualified mortgage professional is the best way to become acquainted with the mortgage market and learn just what products best suit your needs. Your Metro buyer’s agent is able to provide a list of preferred mortgage professionals upon request.