New
York Buying Process
10 STEPS OF BUYING A HOME IN NEW JERSEY WITH COLDWELL
BANKER
Purchasing a home will be one of the biggest investments
of your life. To provide you with some guidance and a better understanding
of protocol in New York, we have outlined 10 easy steps to consider when purchasing
a home in New York.
STEP 1: THE DECISION TO BUY
Whether you are a first-time homebuyer or entering the marketplace as a repeat
buyer, you need to ask yourself why you want to buy. Are you planning to move
to a new community due to a lifestyle change? Is buying an option and not
a requirement? What would you like in terms of real estate that you currently
do not have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace,
the more likely you are to effectively define your goals. As an interesting
exercise, it is worthwhile to look at the questions above and to then discuss
them in detail when meeting with your local Coldwell Banker Sales Associate.
Whom do I work with? The best place to find a local professional Coldwell
Banker Sales Associate is by referring to Finding an Office
and Sales Associate. By choosing a Coldwell Banker
Sales Associate, you will have selected a professionally trained, experienced
individual who will offer you representation and full service. The Coldwell
Banker Sales Associate will discuss the details of agency, buyer agency, seller
agency and disclosed dual agency, indicating how you can be represented.
STEP 2: THE MORTGAGE PRE-APPROVAL
In New York the demand for housing is high. It is highly recommended that
buyers be pre-approved by Coldwell Banker Mortgage prior to starting the home
search process. Although the pre-approval is not a final loan commitment,
the pre-approval letter can be shown to listing brokers when bidding on a
home. It demonstrates your financial strength and shows that you have the
ability to proceed with a purchase. This information is important to owners
since they do not want to accept an offer that is likely to fail because financing
cannot be obtained. For more information on affordability see our Mortgage
Services section.
STEP 3: PREVIEW HOMES FOR SALE
Ask your Coldwell Banker Sales Associate about our home finding tools including
The Best Buyer Guidebook, Home Finding Needs Worksheet
and Home Finding Evaluation Sheet to ease the process
of looking and finding a home. Your Coldwell Banker Sales Associate can provide
detailed information on almost any property currently listed for sale, whether
it is listed by a Coldwell Banker Affiliate or another real estate company.
If you see a "For Sale" sign or an ad in the newspaper on a property that
interests you, we have access to all the data. Your local New York Coldwell
Banker Sales Associate can provide you with all the details including the
listing price, description, special features, and the financing terms.
Your Coldwell Banker Sales Associate is already familiar with your housing
and financial needs, so there is no reason to go through the process again
with someone else. This will save you time and take the hassle out of house
hunting…and it won't cost you a penny more!
STEP 4: HOME SELECTED - PLAN THE APPROACH
Negotiating the purchase agreement is part of every transaction. Preparation
allows you to negotiate the best price and terms obtainable. Your Coldwell
Banker Sales Associate's experience will help you in developing negotiating
strategies and techniques to plan the approach to be taken.
STEP 5: MAKE THE OFFER
You have previewed quite a few homes. Now, you have found one that meets your
needs and you are ready to make an offer! The process varies around the country.
In a typical situation in Rockland County, you will complete and sign an offer
prepared by your Coldwell Banker Sales Associate on either a binder agreement
(sometimes called "Agreement of Sale" or "Offer to Purchase") or on the Standard
Rockland County Contract. The offer will then be presented to the owner's
Sales Associate who will present it to the seller. After reviewing the offer,
the owners may accept, reject or make a counter-offer. Because counter-offers
are common (any change in an offer can be considered a counter-offer) it is
important for buyers to remain in close contact with the Coldwell Banker Sales
Associate during the negotiation process so that any proposed changes can
be reviewed quickly.
STEP 6: OFFER ACCEPTANCE - ATTORNEY REVIEW COMMENCES
Once a written offer which was prepared on a binder agreement is accepted,
then the seller's attorney prepares a contract of sale. Whether prepared by
your Coldwell Banker Sales Associate or the seller's attorney, the fully executed
contract is an agreement between the seller and the buyer. Generally, in Rockland
County, attorney review of the contract for residential property is five business
days. For condominiums and co-ops, there is an eight-day attorney review period.
Please see your attorney for details during this process.
STEP 7: HOME INSPECTIONS ORDERED - PERFORMED
The home inspection in Rockland County, New York is ordered by the buyer and
conducted within five days of accepted offer. Structural inspections are particularly
important. During these examinations, an inspector visits the property to
determine if there are material defects and whether or not expensive repairs
and/or replacements are likely to be required within the next few years. Such
inspections for a single-family home often require two or three hours. It
is advisable for buyers to attend the inspection. This is an opportunity to
examine the property's mechanics and structure, ask questions and learn far
more about the property than would be possible with an informal walk-through.
Any home inspection issues should be addressed immediately after the inspection
results are received.
STEP 8: DOWN PAYMENT AND MORTGAGE COMMITMENT - ATTORNEY
ORDERS TITLE REPORT
As soon as your attorney receives the contracts, make an appointment to meet
with him/her to review and/or sign them. At that time, your attorney will
have you write a check, payable to the seller's attorney, for the down payment
amount, usually 10% of the purchase price. Your attorney will forward your
down payment check to the seller's attorney for deposit into his/her attorney
escrow account pending closing of title. If a binder was used for your initial
purchase offer, the contract, which was prepared by the seller's attorney
and is signed by you when you meet with your attorney, will also be forwarded
to the seller's attorney, who will subsequently return two fully executed
duplicate originals of the contract. Your attorney will order title and advise
you if you need to order a survey.
At this time in the process you, as a buyer, have already been pre-approved
for a loan. If you have not already done so, submit a formal loan application
to your mortgage lender and advise the address of the premises which you are
purchasing. A copy of the fully executed contract will also have to be provided
to your lender. Obtaining a final written mortgage commitment can take approximately
30 t0 45 days so it is important that you work closely with your lender and
provide required information and documentation on a timely basis. Be sure
to keep copies of all documentation that you submit to your lender and notes
on conversations.
STEP 9: THE WALK-THROUGH - THE CLOSING
Coordinated through your Coldwell Banker Sales Associate, the walk-through
inspection is usually performed the day of the closing. This activity lets
you re-confirm the condition of the home before the closing takes place. The
closing usually occurs at the attorney's office of the buyer's lender. If
that office is outside Rockland County, the buyers must reimburse the sellers
at closing for the additional legal fees incurred by the sellers for their
attorney's time and travel, usually $250 as provided in the contract.
STEP 10: THE MOVE - CONCIERGE™ SERVICE
Moving can be overwhelming, however, our Concierge™ Service can help
you locate the services needed before, during and after a move…a moving company,
home insurance, a painter, a nursery school or even a dog walker! Refer to
our Concierge™ Service
