Kat Deleon (917) 301-7965

What to Expect When Buying a Home

The Steps

If you haven’t spoken with a mortgage broker or bank yet, it is important to contact one immediately in order to obtain a pre-qualification letter prior to making an offer to purchase.

You will then need to contact a local lawyer and let them know you are getting ready to purchase a house. Ask for their fee for a closing and an estimate of closing cost.

If a binder check taken, it is held by Gibson E. Mckean. We will then deposit the check into our escrow account where it will be applied to your down payment. If your offer is not accepted it will be returned immediately.

Generally you would make arrangements at this time to have the future home inspected by a professional. They would look for item like termite damage, bad structural features, check the water quality, make sure the septic is working, check the heating system and generally assess the whole house. If you choose to waive this inspection, I will need you to sign a letter stating you will be waiving a home inspection.

Once your offer is accepted, the seller’s attorney will send out contracts to your attorney.

They will most likely make little changes then discuss the entire contract with you. Upon your approval of the contract, you will give your attorney a check for the remainder of the down payment. It will be placed in their escrow account till the closing.  The attorney will then make arrangement for you to sign multiple originals. Once signed by you, your attorney will deliver them back to the seller’s attorney. The sellers will then approve the changes and sign the contracts also. Two signed copies go back to your attorney. At this point we then have what is called a fully executed contract.

A copy of the fully executed contract will go to your mortgage broker, who will work with you to get the paperwork together for the approval of your mortgage. Simultaneously,  the bank will order an appraisal of the property.

Your attorney will be ordering a title search and title insurance. They will check with local and state government to make sure there are no violations on the house and that it has a certificate of occupancy.

The attorney will order a survey to be done, or if one was done in the last few years it can just be updated, which will cost less.

When all that is complete and your mortgage has been approved, a closing date will be set. On the day of closing you will do a walk through of the house and make sure it is in the same condition as when you agreed to purchase it. We will then go to the closing and you will write a few checks and sign a lot of papers. When it’s all done, we hand you the keys and

Congratulations!! YOU OWN A HOUSE!!