Are you a new home buyer? The home buying process can be a bit complicated; a Realtor like me can assist you in making the process smooth and enjoyable. In this article I will go over the basic steps in the home purchase process. You can easily write individual articles about each step in the process, so this is that you have a basic understanding of what goes on each step of the way.
It all begins with the selection of a Real Estate salesperson. You should select someone who will listen to your wants, be attentive to the things that are important to you, and most importantly someone you feel you can have a good working relationship with. The next step in the process is getting a preapproval from a Mortgage lender (your broker should be able to recommend good people for you to work with all throughout the process) Most buyers will not entertain offers unless they know the bank will in all likelihood give you a mortgage, or you are going to pay cash and supply proof of funds. It is now time for that realtor to help find you that home you love. You will then make an offer and he or she will negotiate an accepted offer.
Once those negotiations are complete a vital part of the process is the home inspection. This can be done by either building inspectors or engineers. Most inspectors are either certified to do, or work with termite inspectors who will check for termites or termite damage. Once the inspection report is reviewed by you and your attorney it is time for the formal contract. You should have an attorney selected, his name number and email available any time prior to the inspection.
It is now time for the bank to do their work if you are getting a mortgage. They will need a copy of the contract signed by both parties. They will then order an appraisal making sure the value of the property is in line with the money they are lending you. The bank and your attorney will now check for clear title of the property, check the survey and make sure there are no outstanding liens against the property. Once all your personal information is verified the bank will issue a commitment letter. This process usually takes 30-60 days.
It is now time for your final walk through before closing. This is typically done the day of or the day before closing. You will use this time to insure that things are still in the same condition as they were in when you negotiated the purchase. If you were to find things in disrepair (different condition than when the purchase was made) your attorney will hold money in escrow so you can have them fixed or an amount will be agreed upon prior to closing. It is now time for the formal closing. This usually will take place at the bank attorney’s office.
Congratulations you are now a homeowner. Enjoy your new home!
THINKING ABOUT BUYING OR SELLING A HOME? I can help make the process easy, get in touch today!
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CBR, SRES - Licensed Real Estate Salesperson
Phone: 516.849.5895 | [email protected]
As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.
Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors