When I moved almost a year ago I was overwhelmed with all the planning, details and loose ends. Almost every day I thought of another company I needed to notify of my new address. That is why I
The NY Home Buying Process
Dated: April 13 2021
Thinking about buying? Not sure where to get started, well, this post is JUST FOR YOU!!!
The first thing you're going to have to do if you are not purchasing with cash outright is get pre-qualified by a reputable mortgage lender. This is a free, no-obligation process which gives you “buying power”. Most sellers at this time are not allowing showings of their homes without one so there's no better time than the present to get your preapproval going.
Choose a Realtor with whom you feel comfortable. You may want to interview a few before committing but you're going to want to focus and work with one. Your Realtor can show you all the homes listed in Multiple Listing Service (MLS). and advise you along the way. A Realtor will prioritize your needs when you work with him/her exclusively.
Investigate homes in your price range. When you fall in love with the right home for you, you should be ready to make an offer the seller. Make your offering keeping in mind that most homes sell for over asking price in this market place according to the MLS. It is an extremely competitive market. Know that you will have to pay to play. This should be done in writing in the form of a binder, a written declaration of your intent. No money is exchanged until you meet with your attorney and sign contracts.
Your Realtor will try to negotiate a meeting of the minds between you and the seller. Once this is accomplished, there is an accepted offer.
At this time you should schedule a home inspection. Your Realtor will provide names and numbers of competent inspectors. You should be present for the home inspection. If there is a septic system, you may want to have an open pit inspection to make sure it is functioning properly. The home inspection fee is approximately $500-$700 depending on what you include (basic home, pest inspection, radon testing, metal sweep etc.) The open pit septic test usually runs around $400-$500.
After the home inspection, you will decide if you want to move forward with the Purchase. If there are problems with the home, you may want these issues rectified or re-negotiate the price. If the owner is not willing to remedy the problems, you can still go forward with the Purchase or you can look for another home to buy.
If you decide to go forward, you should contact an attorney. Your attorney will receive the contract from the seller’s attorney when it is available. At this time you should be shopping around and applying for your mortgage.
When your attorney receives and reviews the contracts, you will need to meet with him/her to go over the contracts. With your attorney’s consent, you will sign the contract and put down your deposit which will be held in an attorney’s escrow account until closing. The contract will then be sent back to the seller’s attorney for the seller to sign providing there are no changes to be made. Note: You want to get the sellers to sign as soon as possible, as the deal is not done until the contracts are fully executed. Delays can cost you the house in this market.
The mortgage company that you’ve selected will order an appraisal of your home. Your attorney will order a survey (or have an existing survey re-certified) and the title ordered to make sure there are no liens against the property.
After all elements are in line, a closing will be scheduled by the lender and attorney. This can take any where between 45 and 90 days. Wtih the newer TRID guidelines in place, be sure to sign any and all electronic disclosures sent to you within 3 days of scheduling closing.
Before the closing, you and your Realtor will arrange to do a “final walk-through” to make sure that everything in the home is intact and emptied. This is generally scheduled a few hours before closing. You typically want to try to be the last person in the house before you sign off on it to ensure that nothing has been removed or damaged.
Closing Day! Be sure to bring a photo I.D., blank checks and any certified funds that your attorney instructed you to bring. Make sure you put the utilities in your name and that you have proof of your homeowner’s insurance. You must bring the original copy of your policy to the closing.
Congratulations on your new home! Be sure to apply for the S.T.A.R. (School TAx Relief) program with your local tax assessor if this is your primary residence. You may do so between November and March 1. And don't forget to change the locks!
"Just Do It" is the motto I live by. Whether it be trying something new or making a decision to change something old, when I decide to do it, I just do it! That goes for helping you accomplish....