For Buyers
Buying A Home
Before getting into the buying process, I want you to be aware that I respect today's buyers desire to work the Internet on their own and gather information on location and homes before ever contacting a Real Estate Agent. I'm hoping that you will find the information you are looking for right here on my web site. I will not endlessly contact you to see if you want to look at homes but will be here to answer any questions you have, no obligation. So please feel free to get in touch and let me know how your search is going. I go all over Westchester County and if I do not know an answer right off the top, I will find out the answer for you or direct you to a location you can get the answer.
This section includes information and real estate services for buying a home in White Plains, Hartsdale, Scarsdale, Harrison, Thornwood, Hawthorne, Valhalla and surrounding communities of Westchester County New York Homes For Sale. View My Listings, My Office Listings and then I recommend you try the HOME SEARCH. There you will find just about 100% of all homes listed on the MLS system in Westchester County.
As a professional Realtor, I am privy to some of the best homes for sale before they actually hit the market. Simply fill out the PROPERTY REQUEST form, and I’ll get back to you ASAP with homes that meet your specific requirements.
The Step by Step Process of Buying A Home
Their are two very important steps to take simultaneously when purchasing a home. The first is to find an experienced Realtor who can assist you in finding a home and then negotiating the deal. Pick a Realtor who listens to your needs and won't waste your time showing you properties that don't match you priorities.
The second step is finding a lender who can match a loan program to your specifics profile. Your Realtor can help you with referrals of lenders she knows if you like, ones who will bring the deal to a close. It is essential that you get yourself in the best negotiating position you can be in and that means getting Pre-Approved with a reputable lender. If you are doing an income verification loan be certain that you get all your paperwork to the lender in a timely fashion so he can give you a Pre-Approval where income and assets have been verified (A stronger tool for you to use than a Pre-qualification). You may be up against a lot of competition for the same house.
If you are doing 90-100% financing be prepared to possibly provide income, employment position and time employed and other pertinent information to the selling agent if necessary. The selling agent is often responsible for recommending an offer to her sellers, she may need more than a pre-approval letter to make her seller's feel comfortable with such an offer.
You will determine with your real estate agent whether you are working with a buyer's agent or seller's agent. She will have detailed information for you to read to help you determime which choice is right for you. Once this is done, you will be on your way to identifying listings and homes you are interested in seeing. Make certain you communicate what you like and dislike about it property. This information will help your agent determine what type of properties to send you and will help eliminate sending you things you won't like wasting your time.
You should also determine early on who you will use for an inspector to inspect the house (ask friends or relatives that recently bought in the area who they used or your real estate agent can give you names of qualified people) and an attorney to use in the event that you do find the right home. This will help eliminate some of the time restraints and stress that occur once you find a home you wish to purchase.
Making an Offer
Once you have found a home you are interested in, it's time to present an offer. You can ask your agent for comparable sales in the neighborhood which may or may not help you in deciding on an offer amount. What you need to determine is what the house is ultimately worth to you; market conditions will dictate how your agent suggests you present your offer. Whether it is a buyer's market, a seller's market or a stable market will have a distinct impact on what you can expect. In the last 5 years or so we have been experiencing a Seller's Market. The market however is now changing...I would classify it as a more stable market but far from a Buyer's Market.
The Offer
Your Offer will be written out or presented by your real estate agent and will consist of two parts: 1. the price 2. The terms and conditions. Price is self explanatory but terms and conditions specifically relate to the following:
How much you will put down at contract signing (your down payment/average is 10% of purchase price); How much you are mortgaging or if it is a cash deal; What the offer is contingent on: ie. mortgage, selling a current home (if it is not contingent on selling your property your pre-approval letter must state this), inspections (home, termite and radon...possible lead paint, mold etc.), any other special conditions and finally your timing of when you wish to close on the property. You also need to present your written pre-approval from you lending institution at this time.
Once your offer has been presented, the seller can do one of three things: reject your offer as too low or the terms and conditions unacceptable, accept your offer or counter your offer. Countering your offer means that they will present a new lower price than the list price but higher than your offer to consider and possibly ask for different terms and conditions. If both parties can agree to an offer or counter offer, we have what is called a meeting of the minds and therefore an acceptable offer.
Be aware that in Westchester County, NY the real estate agent does not write the contract and we do not take binders on offers. What that means is that until the contracts are drawn up by an attorney and are signed by both the seller and the buyer, the offer is not binding on either party and the house will continue to get shown to other prespective buyers. If a more pleasing offer is presented to the seller, the seller has the option of taking that offer in place of the acceptable offer. In the same way, if the buyer determines that they do not wish to continue the process of buying the house, they too can back out of the offer.
As the buyer, if you are determined to purchase this house, you need to get your home inspection completed as quickly as possible since a contract will not be presented until this is done. Once the inspection is completed it is important to determine if anything major needs to be renegotiated.
Once all issues are resolved the real estate agent will draw up a Memorandum of Sale which is a document the seller's attorney uses to draw up the contract. The contract will be reviewed by the buyer's attorney for any needed changes. Once the final contract is issued it is the buyer who is the first one to sign it. The buyer sends along with the signed contract their down payment which will be held in the seller's attorney's escrow account til closing. Once the seller has signed the contract, the house will no longer be shown. A copy of the contract is given to both parites and the buyer presents the copy to their lending institution so the mortgage processing can be finalized. This process will include an appraisal to be done by the bank on the property.
At this time the buyer should start calling movers to get on their calendars but be aware that the closing date in the contract is only an estimated closing date and can move 3-4 weeks easily on either side...make the mover aware of this. Booking early with a mover is particularly important if your closing is to take place during the summer months...movers get booked during this busy season.
The buyer's attorney will also order a title search on the property. Once the bank has sent all the pertinent information to their underwriters and the title search is complete, the house is ready to be closed on. Once everything is ready to close the attorneys and the banks attorney will determine a closing date with the buyer and seller.
The buyer should call the utility company just before closing to tell them the bills should be forwarded in their names from now on. The buyer also want to make arrangements with the phone company and cable company since by waiting to close may cause you to have to wait for a date these companies can come out to the new home.
This basically simplifies the buying process but give you an over view of what to expect.
Other Helpful Information
Explore the buttons on the left! They are designed to assist you in answering the many questions you may have involving the purchase of a home. I provide you with free reports designed to assist you in your search. The LOCAL RESOURCES section contains useful information regarding communities, schools, local area entertainment and NYC entertainment, transportation information, hotels, home and garden, maps and Westchester weather as well as real estate information from sites that have been researched for you. Take a peak, I think you will find it very convenient and helpful.
The MORTGAGE CENTER will assist you with your financial questions and needs and give you the option to be contacted by one of several of the finest mortgage people in the area who can answer all your financial questions.
If you are selling your home, please be sure to visit the section FOR SELLERS to obtain an online market estimate of your home.
I hope you enjoy your visit and come back often. I am always available for personal service by phone or e-mail, so please contact me with questions any time! 914-329-6787 or e-mail at Deb@HomesByDeb.com.
Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you'll come to understand why.
How I Can Help In the Process
As Your Agent, I Will:
- Assure that you see the properties in the area that meet your criteria. And provide you with a means in which you can search yourself, if you like.
- Guide you step by step through the entire home buying process, from finding homes that meet your criteria to assisting you with finding some of the best financing options.
- Discuss your housing options to help you avoid costly mistakes.
- Answer your questions about the local market area or direct you to sources to assist you in answering these questions, including schools, neighborhoods, the local economy, and more.
Before You Start Looking For Your New Home:
- The most important first step is to discuss with a financial institution what it is you are trying to accomplish with this home purchase. Make sure that you obtain a pre-approval letter from a reputable institution. Make certain that they have not only run a credit report but better yet have also verified your income and assets. The pre-approval letter is your greatest tool to tell a seller that you are a serious buyer. It must be presented with all Offers to Purchase property. If you don't have a pre-approval letter or, less desirably, a pre-qualification letter, your offer will not be considered.
- You may wish to check your credit rating. If you don't, the financial institution you plan to finance your purchase with will do this. It can be helpful to run a report on your own so that you can straighten out any information that is not correct prior to the time when you need to obtain a pre-approval quickly.
- With the information you have received from your finacial loan officer, determine a comfortable monthly budget for your new purchase, including down payment and monthly mortgage payment including taxes.
- Choose a REALTOR® that you trust and who understands your needs. It is most important that you communicate well with this person and feel that they understand your needs.
- Determine what neighborhood best matches your requirements.
- Identify important features you need your new home to have and list them in order of priority. Depending on your price range, you may find yourself having to compromise on some of the items you first thought of being essential.
- Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account, credit report, appraisal of the property, bank attorney fee.
- Third-party fees include charges for insurance, title search, and other inspections such as termites, radon, lead and home inspections.
- Government fees include deed recording and state & local mortgage taxes.
- Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
Find out how much your closing costs could be.
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