Select a qualified agent with market knowledge, good negotiating skills, and one that is familiar with the area. Agents are your “Partner in Real Estate” which is very valuable. They are engaged to represent the buyer’s interest and must perform fiduciary duties to the buyer.
Start the pre-approval process with a bank or mortgage broker to determine how much you can afford to spend.
Understand what type of home your looking for with your wish list of wants and needs in mind.
Once you identified and found the home of your dreams, and have an accepted offer, be sure to have the proper home inspections performed including septic, radon, termite, and underground oil tank inspections if necessary.
Select an attorney who will review the contracts, order the title, and guide you with the legal aspect of the process, and explain the mortgage contingency. For co-ops only, an application must be completed and the attorney will request the Prospectus and the last 2 years of the financials to review the stability of the building.
Once contracts are fully executed by both parties, the bank will appraise the home to ensure the value of the home.
If purchasing a co-op, the management company will meet with the buyer(s) for an interview and initiation into the building.
Start the mortgage process with the bank and provide bank statements, tax returns, etc.
Once the underwriting process is completed with the bank, a commitment letter will be requested with conditions to be met such as home owners insurance, updated bank statements, etc. The final stage of the process requires all the necessary paperwork to be reviewed, and a clear to close letter will be issued. The attorneys schedule a closing date for all parties to attend.
The agent and the buyers will go to the home for a “walk thru” to ensure the home is broom swept and cleaned, and there are no issues with the home. All appliances must be in working order, with no leaks, etc.
Congratulations…you are now the new proud homeowner!!