East Dennis Buyers Information
Purchasing a home in Cape Cod is an exciting experience, but it can also feel overwhelming. Uncertainty often brings anxiety, so to help make the process as smooth and stress-free as possible, we’ve provided the following outline.
Know how much you can afford.
Getting pre-qualified significantly reduces the stress of buying a home in Cape Cod. The most reliable pre-qualification confirms that your mortgage approval is contingent only on the appraisal of the home you choose to purchase. This means your application has already gone through the full loan process and received approval from the bank’s underwriter. Since you’ll need to complete this step eventually, doing it upfront allows you to avoid unexpected issues later. With pre-qualification in hand, you can confidently begin your house-hunting journey.
Finding the right home.
Identify your non-negotiable requirements first, followed by your “wish list.” While essentials like the number of bedrooms or garage spaces are important, they may become flexible if the rest of the house meets your needs perfectly.
Next, focus on narrowing down the area where you’d like to live. In a buyer’s market, there is often an abundance of homes for sale in a specific region, giving you a greater chance to find exactly what you’re looking for in your preferred location. Keep in mind that many homes can be misleading from the outside, so don’t dismiss a property just based on its exterior.
Once you find the right home.
Once you find the perfect home, you’ll submit an “OFFER TO PURCHASE” to the seller, accompanied by a check from you as a binder. The offer outlines not only the price you’re willing to pay but also the conditions both you and the seller must meet. The seller is responsible for obtaining the smoke and septic certifications. A home inspection is typically scheduled within two weeks of the offer being accepted. If significant defects are found and the seller is unwilling to address them, you will receive your deposit back. The offer also includes a mortgage contingency clause, giving you time to secure your financing.
The Purchase and Sales Agreement
A more legally binding agreement is established after the home inspection. This provides time for the seller to arrange the septic inspection and for you to review the results of the home inspection. If you haven’t completed the full prequalification process in advance, your mortgage commitment may take longer. At the time of signing the Purchase and Sales Agreement, an additional deposit, typically at least 5% of the purchase price, is required.
Passing of Papers
This is commonly referred to as the closing. The buyers and sellers, along with their attorneys, meet to transfer ownership to the new buyers. While personal checks are acceptable for the Offer and Purchase and Sales Agreement, you will need to bring a bank check for any funds due at the closing.
If you would like to learn more about buying real estate in Cape Cod:
Use the mortgage calcuator tool below to estimate how much you’ll be spending on a mortgage for a home in Cape Cod. You might also like to browse our current listings or start your own Cape Cod real estate search. Contact us if you have any questions!
Monthly Mortgage Payments
Federal 30-year interest rate: 7.04% last updated on Jan 16, 2025
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.