FAQ

Plan for three things: a down payment, closing costs, and a little cushion left over. Down payments vary by loan. Conventional loans can go as low as 3 to 5 percent down, FHA loans as low as 3.5 percent, and VA and USDA loans can require nothing down for those who qualify.

On top of the down payment, closing costs generally run 2 to 5 percent of the purchase price. You also want funds left after closing, both because lenders look for reserves and because a new home brings immediate expenses. The real number depends on your price range and loan type, which is one of the first things I help you pin down.

Pre-qualification is an informal estimate based on figures you tell a lender. Pre-approval is a formal commitment: the lender verifies your income, assets, and credit and commits in writing to a specific loan amount. Sellers take pre-approved buyers more seriously, and in a competitive market a pre-approval letter is effectively required for your offer to be considered.

Neither is final loan approval, which comes after underwriting once you are under contract. Get pre-approved before we start touring homes.

There are are a few things you need to consider to figure out how much home you can afford: down payment, monthly payment, homeowners insurance, PMI, property taxes, fees, closing costs, reserves, maintenance, water and sewer, utilities, and waste removal.

A lender will tell you the maximum they will lend, but that figure is a ceiling, not a budget. Using a mortgage calculator is a good start to figuring out what your monthly payment might look at, but doesn't always include all of the things that change about what you pay as a homeowner. This is why it's a good idea to work with someone who can help you fully understand the financial side of buying a home and the tradeoffs in what different properties will truly cost over time.

I would rather help you find a home that fits comfortably inside your life than one at the edge of what a bank will approve.

Buyer's agents are legally and ethically required to represent you and your best interests in the transaction, not the seller. You can work without a buyer's agent, but that leaves you entirely at the mercy of the seller's agent, who is only looking out for the seller's interests.

Working with a buyer's agent makes negotiations easier, moves the process faster, and ensures you take the right steps to avoid losing your deposit if something turns up in inspection that changes your mind.

How buyer agents are paid changed in 2024. After a national legal settlement, buyer-agent compensation is no longer posted in the MLS, and buyers now sign a written buyer-agency agreement before touring homes.

That agreement spells out my services and how I am compensated. Payment is negotiable: it can come from the seller as a concession, be built into your offer, or be paid by you directly. We settle those terms up front so there are no surprises later.

Massachusetts deals usually involve two deposits: a smaller one with the accepted offer, often a few hundred dollars up to around a thousand, and a larger one at the P&S, commonly about 5 percent of the price.

Exact amounts are negotiable and written into your contracts. The deposits are held in escrow, not paid to the seller directly, and they are credited toward your purchase at closing.

Massachusetts uses a two-step process. First you submit an Offer to Purchase. Once the seller signs it, you have an accepted offer and typically put down a small deposit.

Then, usually within a week or two, both sides sign the Purchase and Sale Agreement, the longer contract that governs the deal, and you make a larger deposit. "Under contract" generally means you are bound by the signed P&S.

Your attorney reviews and negotiates the P&S before you sign it, which is standard practice.

The common contingencies are financing, which lets you exit if your loan falls through; inspection, which lets you negotiate or walk based on the home's condition; and appraisal, which protects you if the home appraises below your price.

Each is a defined exit that protects your deposit. In competitive situations buyers sometimes waive one to strengthen an offer, but waiving a contingency means giving up that protection and putting your deposit at greater risk.

I will walk you through the trade-offs on a specific home rather than give you a blanket rule.

There is no single number, because it depends on the loan. FHA loans allow scores as low as 580 for the 3.5 percent down option, and 500 to 579 with 10 percent down. Conventional loans generally start around 620. Massachusetts first-time buyer programs such as MassHousing and ONE Mortgage typically look for about 640.

A higher score usually earns a lower interest rate, so it is worth checking and improving your credit before you apply.

Two statewide programs help most first-time buyers here.

• MassHousing offers affordable mortgages as well as a down payment assistance program that's structured as a second loan for income-eligible buyers.
• The ONE Mortgage, run by the Massachusetts Housing Partnership, is a 30-year fixed-rate loan with 3 percent down and no private mortgage insurance, which lowers your monthly cost.

Both carry income limits that vary by community, and both require a homebuyer education course. Amounts and limits change, so check masshousing.com and mhp.net for current figures, and I can point you to participating lenders.

Two statewide programs help most first-time buyers here.

• MassHousing offers affordable mortgages as well as a down payment assistance program that's structured as a second loan for income-eligible buyers.
• The ONE Mortgage, run by the Massachusetts Housing Partnership, is a 30-year fixed-rate loan with 3 percent down and no private mortgage insurance, which lowers your monthly cost.

Both carry income limits that vary by community, and both require a homebuyer education course. Amounts and limits change, so check masshousing.com and mhp.net for current figures, and I can point you to participating lenders.

The best time to sell your home is when you're ready to sell! There are pros and cons to each time of year, especially in Massachusetts.

As your agent, I can assess your needs, timeline, and the local market and inventory for the greatest buyer demand. This will help to determine the best time to list so that your home isn't sitting for long stretches of time.

It's also never too early to get your home ready for listing by making repairs and clearing out clutter to make it easier to show the home when you're ready to list.

Automated online estimates are a rough starting point, not a pricing strategy. You can estimate your home's value online, but the true value is determined by a comparative market analysis and formal appraisal.

I prepare a comparative market analysis for my clients: recent sales of similar homes near you, adjusted for differences in size, condition, location, and features, alongside what is currently on the market competing with you.

Pricing correctly from the start usually matters more to your final result than any single improvement, and I will show you the data behind the number I recommend.

Focus first on what buyers notice: cleaning, decluttering, minor repairs, and curb appeal. These are low cost and consistently move the needle. Buyers want to picture themselves living there, which is easier when the space is clean, open, and free of personal items.

Staging, whether a full service or simply rearranging what you already own, helps buyers picture themselves in the space, and it tends to matter most for vacant homes.

I will walk your home with you, prioritize the handful of things worth your time and money, and tell you what to skip.

It depends on the repair and your goals. Some fixes return more than they cost and head off problems during the buyer's inspection. Others are not worth doing before a sale.

Selling as-is is legitimate and sometimes the right call, but it does not remove your disclosure obligations.

I will help you decide which repairs earn their keep and which to leave for the buyer to price in.

The main deductions are your remaining mortgage payoff, the real estate commission, and the Massachusetts deed excise tax, commonly called tax stamps, which the seller pays by custom at $4.56 per $1,000 of the sale price in most counties.

Add attorney fees, any agreed buyer credits, prorated property taxes, and smaller recording and administrative costs. What remains is your net.

I will give you a net-sheet estimate before you list, so you know your likely bottom line going in.

Commission has always been negotiable, and a 2024 national settlement changed how it is handled.

Sellers are no longer expected to set the buyer agent's compensation, and it is no longer advertised in the MLS.

You still decide what you will pay your own listing agent, and separately whether to offer anything toward the buyer's agent, which can widen your pool of buyers. We agree on all of it in writing before listing.

If your home is on a septic system, yes, in nearly all cases. Massachusetts requires a Title 5 inspection before most property transfers, and a passing result is generally valid for two years.

If the system fails, it typically must be repaired or upgraded, usually within two years, and that becomes part of the negotiation.

Homes on municipal sewer are not subject to Title 5, and certain family transfers are exempt.

If your home was built before 1978, you and I must give buyers the state's Property Transfer Lead Paint Notification package before they sign a purchase and sale agreement, along with any lead records you have, and we must disclose what we know about lead in the home.

Buyers get a window to conduct a lead inspection if they choose. You are not required to delead in order to sell, but buyers must be properly notified.

Massachusetts does not require sellers to fill out a general disclosure form, and the state largely follows "buyer beware." That said, you cannot make false statements or actively conceal defects, and specific rules do apply, including lead paint notification and, for septic systems, Title 5.

If a buyer asks a direct question, answer it honestly. When you are unsure, disclosing is safer than staying silent, and your attorney can advise on a specific situation.

That depends on price, condition, location, and the season. A well-priced, well-presented home in a strong market can go under agreement quickly, while a mispriced one can sit regardless of the market.

When I prepare your pricing, I will show you current days-on-market for comparable homes in your area so your expectations match local reality.

This is the central question for anyone moving from one home to another, and there is no universal answer.

• Selling first gives you certainty about your proceeds but can leave you needing somewhere to live.
• Buying first gives you a place to land but can mean carrying two homes briefly.

The right choice depends on your finances, the market, and your tolerance for risk. Coordinating both sides is exactly what the Lamacchia Buy and Sell System is built for.

It's honestly the best idea. Dates and contracts need to be coordinated properly to protect your current home and deposit on your new home.

I know how to work with other agents and key vendors to make sure everything lines up so that you don't have to be anxious about any gaps between homes.

It is a coordinated approach for people who need to sell one home and buy another, so the two transactions work together instead of against each other.

Rather than treating the sale and the purchase as separate events, we plan the sequence, timing, offer strategy, and financing as one connected move. The goal is to shrink or eliminate the gap where you might otherwise own two homes at once, or none.

I will walk you through how this system can be used for your specific situation.

This is the most common buy-and-sell challenge. The usual tools are timing the two closings closely so your sale funds your purchase, negotiating a sale that lets you stay in the home briefly after closing, or using short-term financing to bridge the gap.

Which one fits depends on your numbers and both deals' timelines. Coordinating this is the core of the Buy and Sell approach, and it is what we plan first.

You have options: negotiate a period to stay in your sold home after closing, arrange interim housing, or line up your purchase to close soon after your sale.

The point of planning the two together is to keep you out of both a rushed purchase and a scramble for somewhere to live.

A bridge loan is short-term financing that lets you tap the equity in your current home to buy the next one before your sale closes, then gets repaid when the sale completes.

It solves a timing problem but carries added cost and its own qualifying requirements, and it is not the only solution. Whether it makes sense depends on your finances and how closely we can align the two closings.

A lender and I can help you compare it against the alternatives.

Both are done regularly. The cleanest version is closing your sale and your purchase on the same day, with the sale proceeds flowing straight into the purchase, or scheduling them a day or two apart.

It takes tight coordination among both attorneys, both lenders, and everyone's calendars, which is the work the Lamacchia Buy & Sell System is built to manage.

That is the real risk in any linked move, which is why we plan for it. Contract contingencies, realistic timelines, and backup options are how we limit your exposure, so a problem on one side does not automatically sink the other.

I will be candid with you about where the pressure points are on your particular deal and help you work through and plan around those risks.

Massachusetts is an attorney-closing state, so a closing attorney, often the lender's, runs the transaction. At the table you sign the mortgage and closing documents, funds are transferred, the seller signs the deed, and the new deed and mortgage are recorded at the Registry of Deeds.

Buyer, seller, their agents, and attorneys may attend, though not everyone is always present in person. Once recording is confirmed, the home is yours.

The walkthrough is your chance, usually within a day or so before closing, to confirm the home is in the condition you agreed to, that any agreed repairs were done, and that nothing has changed since your offer.

It's not another inspection, it's a last check. If something is wrong, it's far easier to address before closing than after, so we take it seriously.

Government-issued photo identification and your funds for closing, paid by wire transfer or cashier's check rather than a personal check.

Your lender and closing attorney will confirm the exact amount in advance on your Closing Disclosure. Verify wire instructions directly with the closing attorney by phone before you send anything, because wire fraud in real estate is a genuine risk.

In Massachusetts, both generally happen once the deed is recorded at the Registry of Deeds, which is usually the same day as closing. The seller is paid from the closing proceeds, and you receive the keys after recording confirms the transfer.

Occasionally the parties agree in the contract to different timing, but recording is the usual trigger.

Broadly, the seller pays the deed excise tax, or tax stamps, at $4.56 per $1,000 of the sale price in most Massachusetts counties, along with the commission and their mortgage payoff.

Buyers generally pay lender fees, recording fees for the deed and mortgage, title costs, and prepaid items such as insurance and taxes.

Every charge for both sides is itemized on the Closing Disclosure, so nothing arrives as a surprise.

Title insurance protects against claims on the property that predate your purchase, such as an unknown lien, a records error, or a competing ownership claim.

There are two policies: a lender's policy, which your lender will require and which protects only the loan, and an owner's policy, which is optional but protects your own equity.

A lender's policy does nothing for you personally, so an owner's policy is worth serious consideration.

The usual culprits are financing problems, such as a change in your credit or employment before closing, issues surfaced by the title search, a low appraisal, or something found at the walkthrough.

Changes to your loan terms can also restart a required waiting period: your lender must give you the Closing Disclosure at least three business days before closing, and major changes reset that clock.

Your best protection is to keep your finances steady once you are under contract, and to raise anything unusual with me early.