• •              The Buying home process explained
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    Now, is the perfect time to buy a first home, before prices and interest rates start to climb.  Home inventories are up, prices are down from years past, and sellers are offering "Buyers Agent Commissions". This means you have an agent working in your best interest, and the sellers pays the agent, NOT YOU!
    
    FASTER & EASIER HOME SEARCH
    Browsing the internet, is a great way to get a "feel" for the market. But when you "get serious " about actually making a purchase, a professional, full-time realtor can save you hours of time and frustration! The more you can narrow your choices, towns, price range, # of beds, # of baths and communicate your "must have critera" and "absolutely do not want "criteria to your agent, the faster and easier your search will be. Your agent can advise you if your expectations are unrealistic.
    
    WORKING WITH AN AGENT
    Working with an agent is a team effort. Both parts of the team must perform in order to be successful.  What works best, is choosing homes on the internet, communicating your wants and do not wants with your agent, have the agent research and advise you of homes that may or may not be suitable, and set up appointments for no more than 5 in one day.  More than this is both tiring and confusing to both you and the agent.  Take your time, take notes, and evaluate each property before you view more. You need not call 10 different agents to view 10 different properties. Any licensed agent can show you all 10 homes as long as it is listed on Long Isand's  Multple List Service. The key, is to feel comfortable with the agent's attitude and abilities. 
    
    PRE-QUALIFYING LETTER IS ESSENTIAL 
    Before you even visit your first prospective home, and spend time and money on gas, it is important to find out how much home you can afford.  There is not point in falling in love with a home, only to find out later, you can't afford the monthly payments.
    
    BEWARE OF ON-LINE PRE-QUALIFICATIONS
    Frequently, the on line mortgage calculators do not take into account taxes, closing costs, and other hidden expenses. Calling or visiting a mortgage professional, preferrably someone recommended to you, is best.  Speaking to a live person, asking questions, and getting options, is what it is all about! Here again, attitude and ability both count.
    
    ONE-DAY PRE-QUALIFICATION
    Your pre-qualification process can take a little as 15 minutes and up to a few hours, if you have extenuating circumstances.  If it takes longer than 1 day, find a mortgage professional who isn't too busy help you! Your mortgage professional should be able to fax or email both you and your agent with a pre-qualification letter.  Always keep an extra copy with you when visting prospective homes.  You never know when it might be needed.
    
    MAKING AN OFFER
    Once you find a home that meets most of your criteria ,(no home is 100%) make a written offer. Make sure to include a copy of your pre-qualification letter. In the state of New York,there is no cost involved, you have time to change your mind, and it is not a binding agreement. The Sales Agreement (the offer)is not a contract. It is simply a piece of paper, stating the price and terms you might be willing to accept. It is subject to negotiation and re-negotiation between you and the seller through their agent. Verbal offers without pre-qualification letters are sometimes used but rarely accepted without some type of income verification. 
    
    HIRE AN ATTORNEY & ENGINEER
    Congratulations! you and the seller have agreed to price and terms. The next important step is to hire a NY State registered engineer.  The inspection usually takes 1-3 hours depending on the house. The purpose of the inspection is to determine if there are any major problems that could potentially cost thousands of dollars to fix.  Areas such as foundation, plumbing, electric, and roof are considerations. Every house has minor defects, and it is unrealistic to expect the seller to fix and or compensate you for each and every defect. When your inspection is complete, a copy is sent to your attorney.  Your attorney can advise you further as to what else is required.  The sellers attorney will send your attorney the contract.  Ask questions, know your rights, responsibilities, and liabilities should you deceide not to purchase. 
    
    FOLLOW UP WITH DETAILS
    Your agent or their office staff should be willing to follow-up with attorneys, mortgage lenders,and others, keeping you updated and expediting the whole closing process. If you have questions direct them to your attorney and/or agent.
    
    That's the buying process in a nutshell. 

    To receive your copy of the 2010 extended and expanded  buyer tax  credit guidelines
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^{Let me help you find your new home !   call : 516 476-7671      Barbara- C21 American Homes}