Buyers Guide.

Finances

Determining your financial state before you start your search saves you time and streamlines the buying process. We can arrange a meeting with a mortgage broker who will answer questions about the loan process and identify a suitable price range for your exciting hunt. There are two levels of endorsement during this early stage of the loan process.

Prequalified Based on information you provide during your initial conversation with a mortgage broker, you can qualify for a specific loan amount, once you finalize certain documents.

Preapproved After your initial conversation with the mortgage broker, you provide information for a detailed background check and financial check (tax returns, credit check and income history). You will then receive a letter from a lender stating how much they would be willing to lend you, valid for approximately 60 days.

Condo vs. Co-op

There are a few key differences between owning a condo and owning a co-op. Owning a condo is like owning a house. Those who buy condos receive deeds and specified pieces of real estate, while those who buy co-ops maintain shares of corporations that own the buildings where their units are. Condos are typically more expensive from purchase to closing.

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EXPLORE NEIGHBORHOODS

Now you will begin the fun part! Explore the neighborhoods with us and learn what they have to offer. Consider how living close to your workplace, the public transportation or the school system if you have a growing family and other factors will affect your life on a daily basis. Will you love to be immersed in a chic crowd of people enjoying the nightlife and restaurant scene right after you step out of your residence, or do you enjoy more privacy and quietness?

During this process, you will spend a great deal of time online and on the road with your buyer’s agent who will schedule showings and drive you to the properties you choose to view.

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MAKING AN OFFER 

Following extensive research your buyer’s agent will present and discuss with you all the facts pertaining to the property of your choice to help you formulate a competitive offer that he/she will later present to the seller or the listing agent, the agent representing the seller. The offer will contain the proposed purchase price and an indication as to what portion of the same, the buyer plans to finance, the terms and conditions of the proposed transaction, a proposed timeline within which the transaction will take place, and a deadline for the seller’s acceptance after which, if the seller should not accept or counter-offer, the original offer will no longer be valid. The offer will also list any contingencies upon which the offer will be structured. These include:

· Mortgage contingency

· Inspection contingency

· Pest contingency

· Others

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NEGOTIATIONS 

This is arguably the most delicate, emotional and nerve-wrecking time for any buyer but also the best time for your agent to shine like a star. In fact, your buyer’s agent will conduct the negotiations on your behalf and make use of his/her abilities to make the process as stress free as possible while interacting with the listing agent working on behalf of the seller.

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AFTER THE ACCEPTANCE 

Once an offer is accepted and signed by the seller, your buyer’s agent will diligently work with you on satisfying the contingencies contained in your offer within the agreed upon time frame, typically 1-7 days. You will hire a certified home inspection professional to conduct an assessment of the structural, mechanical and cosmetic conditions of the property and discover what is not immediately visible to the untrained eye. You will receive a written report from the inspectors and if any outstanding items should be assessed, you will have an option to renegotiate the terms of the offer. However, the seller is not obligated to accept your new terms.

Once the contingencies are removed, both parties are bound to the contract.

You will be working with an escrow officer who will provide you with escrow instructions, which will reflect the terms and conditions spelled on the offer and include the legal language necessary for your peace of mind. Your escrow officer will additionally perform a number of duties to ensure the seller is offering a clear and marketable title, will work with your lender and agents, prepare all the documents for title transfer and finally prepare a settlement statement and coordinate with all parties for the closing.

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CLOSING DAY 

The big day is here! Weeks or months of hard work have come to their final stage on the very moment when you become the new homeowner. Congratulations!

Upon obtaining a clear to close from the lender’s underwriter, the escrow officer will be advised and in turn they will schedule a closing with the title company. Once confirmation is received that the Deed has been recorded, you will be a proud new home owner!

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