10 Steps to Home Buying
How to Buy a Home in Manhattan- In Ten Simple Steps
Not all real estate agents are created equal. Each agent has a different area of expertise and level of knowledge. When searching for an agent, you want an agent who puts your interests first. Another good quality to look for in an agent is someone who is knowledgeable about the neighborhoods and has technology in place to streamline the search process.
A loan officer will help you understand the financial responsibility of your monthly mortgage payment and the loan process. Based on your income and credit worthiness, the loan officer will help you determine how much the bank will lend you, which helps you establish a realistic price range. In a fast paced market, it is extremely important to obtain a pre-approval letter for your mortgage loan (unless you are paying for the home with all cash).
Once you have a trusted agent and loan officer, it is time to start touring homes that match your price range and criteria. We work with the sellers and your schedule to identify the best time to tour the home and get you inside as quickly as possible.
Once you identify a home that meets your needs, its time to write an offer. Your offer is more than just the price, it's about the terms as well. We will help you understand the current market conditions and structure your offer to get it accepted in today's market. Once the offer is submitted comes the hardest part... waiting.
After your offer is accepted, you open a window of time to perform any inspections to find out any unacceptable conditions about the property. We work with you to establish which inspections you want to perform, schedule the inspections then review the reports with you to establish a strategy on moving forward.
A home insurance policy can protect you from many disasters such as fire or theft, plus other types of financial losses. This is something you want to have in place to protect your largest financial asset. If you are obtaining a loan, lenders will require you to have homeowner's insurance in place.
The appraiser is an independent third party who visits the property to determine if you are paying a fair price for the home. If you are getting a home loan, your loan officer will arrange for an appraiser to asses the value. If you are paying with all cash, you will decide at the time of the offer if you want the opportunity to have an appraisal performed.
A title company will perform a search to make sure that the seller can convey clear title and transfer the deed to you as the new owner on closing day.
You will want to perform a final walk through with your agent to ensure the home is in the same condition it was at the time you wrote the offer.
The day you sign paperwork, acquire the new debt and get the keys to start moving in.