Historically, sellers wait for springtime to place their homes
on the Real Estate Market and will often remove them from the market in winter
and re-list in the spring, a season that seems more amenable to lookers and
buyers. The reason for this seems simple
enough. It takes approximately sixty
days from signing contracts to closing and most buyers who have children in
school do not wish to disrupt their school year. therefore the hope for a
September closing is realistic. However, this past year I’ve been advising my
sellers not to wait for spring to list their homes due to current low interest
rates and the intense activity of buyers.
Buyers should prepare themselves before engaging a Real
Estate Agent and going out to look at houses.
You, the buyer, should confer with certain professionals who will help
you achieve your goal of buying a house and because there can be complications
in any Real Estate transaction, these professionals will facilitate a smooth
transaction. I’ve listed the following
players you will need;
Mortgage Professional* Home Inspection Professional* Attorney* Real Estate Agent * First you should meet with a mortgage professional because this is
where the journey for your new house begins.
The mortgage broker will review your income, debt level, and credit
score and will tell you if you qualify to purchase a home. If you qualify, you will be given a written
pre-approval letter which informs your Realtor of the price you can afford.
Now it’s time to contact a Realtor. Call any Real Estate office or get a referral
from a friend or family member, then set up a time to meet with your chosen
agent. This meeting will help you get to
know your Realtor and will give him/her the opportunity to go over the
purchasing process and show listings of houses to you. Your agent will then take you out to look at
the houses you have chosen.
Now you have found a house and
made an offer which has been accepted; what do you do next? You should contact a home inspector and an
attorney. A home inspector is important
because he will inspect the house from stem to stern noting things which may be
of concern. He will provide you with a
full written report of his findings. A
radon test must be done and if there is a well, the water must be tested as
required by Westchester County.
After your offer has been
accepted and the home inspection done, you should contact your Real Estate Attorney
who will review the contract which has been drawn up on the purchase of the
house. Your attorney will, at this time, order a title report on the
property. To transfer the title, there cannot
be any liens or open permits to encumber the property, and there must be a
Certificate of Occupancy,
After all these
issues have been researched then your attorney will be in contact with the
seller’s attorney to schedule a closing. Your attorney will then provide you
with amount of the closing costs. Closing costs can consist of prorated school
and property taxes, prorated utility bills, oil/propane proration, mortgage
tax, and filing fees to record the mortgage.
Some checks may be personal checks while others will need to be bank
Closing day is
here!!!….Before you go to the closing you and your Realtor should do a final
walk through at the house to make sure it will be delivered to you in the condition
specified in your contract. You should check all appliances and water faucets,
check for any leaks or damage that may have occurred after the inspection was
done. If there are any such issues,
contact your attorney as soon as possible so it can be addressed at the
The moment has finally
come and you’re at the closing. By the
end of it, you will know your name and the date because you will be signing it
too many times to count. Most closings
go smoothly but if a problem or issue arises, your attorney is there to address
it. Once you have completed signing, initialing and dating everywhere,
congratulations you have a new home!!
Author:Pat Stam Phone: 914-557-6858 Dated: February 21st 2014 Views: 16,142 About Pat: Pat is a longtime resident of Yorktown where she and husband Joe raised their three boys. She is v...
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