~ Home Buying in the Hudson Valley ~
The Basic Steps when putting in an offer on a home are simple if you do this every day. Most of my clients have never purchased a home before and therefore enjoy working together to make buying a home a pleasant experience.
Knowledge is power when working through the home buying process and having a team in place to work with allows for a great outcome. I love to hand over the keys to happy buyers that can’t wait to move in.
A few details on this blog will give you a better idea of the actual process. Keep in mind that this can be different in other regions. Even within the same state, the “norm” varies. If you previously purchased a property in Syracuse and now you are buying a home in Warwick, the process can be a bit different. The end result should be the same and you will own a new home.
These next steps are very important and can make or break a deal. An understanding of how this works can be helpful. The importance of having a prequal letter ready becomes important.
After touring a few homes, a new love affair is imminent. The most adorable ranch style home, in the perfect neighborhood and with a swing set in the backyard. This home has everything you have been looking for at an exceptional price. The local inventory of homes is currently low. This new well cared for home is available for the right buyer. If all goes well, that will be you!
The time has come to submit an offer to purchase this home. Putting your best foot forward is important. It is a good idea to use an agent with experience. Your agent should write all the details of your purchase offer. A properly written offer makes a statement when multiple offers are in play. Lucky you, when the offer is accepted and the next steps begin. A most exciting time in your life.
An accepted offer means that the buyers and sellers have come to an agreement of how much the buyer will pay, and with specific terms. The offer provides a timeline for signing contracts, a closing date, and any “non real estate” items included. The items can be things such as a washer, dryer, pool equipment etc. Written into the offer to purchase, will be a mortgage contingency, giving you time to get financing. It is important at this time to write into the offer that there will be a home inspection prior to contracts.
The next step will be to contact a licensed inspector in the area. Your inspector provides this service directly for you. A report is provided with details about the home that he feels are important for you to know. Your home inspector will provide you with info about how to prepare for the future. Knowing how to care for your home is very important.
During this time the home has an “accepted offer” status. Pending a fully executed contract the house can still be shown to other potential buyers.
Next on the agenda after the home inspection is signing contracts. The sellers attorney writes the contracts and sends them to your attorney. Included in the contracts will be the terms and conditions of the sale. Your attorney can prepare a rider to the contracts if needed after the home inspection.
Once your attorney receives the contracts you will be notified. This appointment is for you to review the contracts and discuss all the terms. This is a time to make sure you understand the details and ask questions before signing. At this stage of the process your downpayment will be required. The check will stay in escrow with the sellers attorney until closing.
The sellers attorney will receive the signed contracts and any adjustments necessary. The sellers will meet with their attorney to sign the contracts. Your attorney will receive a copy of the signed contracts, as well as the bank.
The Multiple Listing Service notes the property as “under contract”.
Your job now is to diligently work on the mortgage process. Provide the bank with any documents in a timely manner for your loan approval. Your contracts have a specific amount of time written into them to allow for this. It is important that you are making sure that everything is on track with them. Choosing a local bank can be helpful providing services that only a local lender can do.
The bank orders for an appraisal on the property. Your agent would be present for this, but it is not an appointment that has value for you to attend. The appraiser views the home and works on sending back their report to the bank. Once the bank has the established appraised value, everyone let’s out a sigh of relief. You are another step closer to owning a new home.
Your attorney orders title on the property and a title insurance company verifies any discrepancies of who is on the deed and that they are the legal owners and able to sell the home. Also on the agent is the purchase of an insurance policy. It is a requirement of obtaining a mortgage to take out a homeowners insurance policy prior to purchase. The purchase of this insurance policy for the home will be verified by the bank.
The process of purchasing a home is can vary in parts of New York State. Orange County NY typically uses attorneys for contracts and closings. Knowing how this work can be helpful and ease the fears of buying a home.
This blog post is a brief summary of the local details when buying a home in Orange County New York.
Want to get started in locating your next home? Call 845-527-7115 or email me now!
Steps on Buying Your Next Home
published by: Janis Borgueta Key Properties of the Hudson Valley in Newburgh NY. Her blog is about living, working and Real Estate in The Hudson Valley. Information here is a community service to the public. Please subscribe to this blog. When you are looking to buy a new home, Search the MLS for New Homes in Newburgh NY. You can contact Janis at (845)-527-7115