Buying that Home of your Dreams
Buying a home can be an exciting, nerve racking and sometimes disappointing experience. Many home buyers have been disappointed and lost out on great homes because they were not prepared to put in an offer right away. They put a lot of time into looking for a home that was “ideal” only to be find places that were less than “ideal”. As a Realtor what we try and do is manage those expectations that buyers have to help them see through all the noise to find that perfect place.
- Contact your lender to get a Pre-Approval loan-please note the difference between getting pre-qualified VS getting pre-approved. A pre-qualification is merely a lender telling you how much your note would be based on how much you make -VS- how much you owe monthly.
- Find a Realtor-If you need a Realtor- Give me a call Thomas Roberts (914)755-9816.
- Set up a time to meet with me– This is a crucial step- Set up a time to meet with me so we can review your pre-appraisal and lookup all the houses within your price range in your area you where you want to live in.
- I will set up appointments- so we can visit the houses in the area you want to live.
- Set up second visit – To your favorite houses.
- You will choose your favorite place out of your list.
- Negotiate purchase agreement– Please note whenever I submit any offer all offers need to be accompanied with the pre-approval letter you got from the bank. I will discuss the offer with the selling agent. I will tell the selling agent a little about the buyer. At this time there is a lot of back in forth calling/texting/emailing between myself, the buyers and the selling agent. When there is an Accepted Offer (AO) house price, closing date, occupancy time, mortgage contingencies are all put down in writing.
- Schedule house inspection by a licensed professional of your choice: This should be done as soon as there is an accepted offer. Beware that some home inspectors will give you a very detailed report. Don’t be scared by this, it is the inspectors job to point out every possible thing that is not new or in the same condition it was when it was new. There are no perfect homes, not even a new homes.
- Give written report to seller– When you get the home inspection report you may or may not want the current seller to make fixes and repairs if they are unable or unwilling to make the necessary fixes you can ask for a credit back.
- Seller or sellers agree or disagree: The seller may agree to make the fixes or
repairs or they may reject it. They may also refuse to give you any type of credit back to you to make the repairs on your own after the closing. When they refuse to give a credit back or make the repairs we can discuss if it is worth moving forward on the deal. Please remember- Cavet emptor Buyers Beware.
- The Bank orders the Appraisal-The appraisal should be ordered by the bank within a week of the signing of your contract. You may need to be the squeaky wheel with the bank in order to keep the bank on your time frame.
- Walk through inspection is scheduled-this is usually scheduled the day of or the day before closing, particularly if there are seller repairs to be made.
- Closing is scheduled-This is the grand finale, you get the keys to your new home. I usually try and set a goal to have the closing within 4 weeks of the contract signing. I put out to both attorneys and the bank that we want to closing on or before a particular date and I will follow up with all parties to make sure everyone is on the same time line.
One of the most important lessons to remember is to work with competent real estate professionals who can patiently and calmly walk you through the home buying process. If you have any questions about purchasing a home in Westchester please give me a call at 914-755-9816.