FAQs: Home Buyer

Where should I start?

First, find an agent that knows the area and takes the time to understand what you’re looking for. This is a critical step because buying a house is more than a transaction. It can be a very emotional process and a good agent will keep it balanced. In New York, both buyer and seller must be represented by a Licensed Real Estate Salesperson licensed in the state of New York. Also, keep in mind that a listing agent for a property has been hired by the seller.

Second, obtain a mortgage pre-approval letter from your bank. This is an important step as this will ultimately guide what homes you view in your search. Also, you will be ready to go when it is time to submit an offer.

Third, do your research and start speaking to attorneys and home inspectors in preparation for your home purchase.

In New York, you will need a real estate attorney to represent you preferably one familiar with Westchester County. Your agent can help make recommendations as needed. The buyers’ attorney is hired to work with the seller’s attorney to negotiate the terms of the contract. In addition to attorney fees, do not forget to budget costs for home inspection, radon testing, termite inspection, bank appraisal, and closing costs such as the municipal search, title insurance, survey and homeowners insurance policy.

Once we find the house, how do we submit an offer?

Consult with your agent to ensure the offer is competitive. A good agent will help you strategize and put your best foot forward on not only the purchase price but the terms of the offer.

After you’ve aligned, your agent will submit the offer to the seller’s agent for the homeowners consideration. Typically a seller will respond within 24 hours. However, if they say yes, this is not a done deal and is not a guarantee that obligates the seller to you. Even if they say yes, a seller has the option to continue to show the home and entertain other offers. The possibility remains that someone may make an offer more enticing than your offer. The sellers agent, by law, is required to present all offers to the seller. Neither you or the seller is bound to an offer. Only a signed contract of sale between the seller and the buyer obligates the parties to one another.

A home will remain on the market for sale until both parties have signed the contract and a down payment has been received by the sellers’ attorney.

When is our down payment due?

Good question! Your down payment (traditionally 10% of the purchase price) is due at the buyers’ contract signing. At this point, inspections will have been completed and language within the contract will have been finalized by both parties’ attorneys. This down payment is held until closing in the sellers attorney escrow account.

After we sign the contract, what happens?

The next step after a contract has been executed is to provide the fully executed contract to your lender. Your mortgage professional will order a bank appraisal. The lenders’ third party appraiser will then make an appointment at the home to take photos and measurements.

How much time between contract signing and close?

If you’re obtaining a mortgage, the typical timeframe is anywhere between 45-90 days.

How much do we owe when we close, and what do I need to bring to a closing? Where is the closing, and who needs to attend? How long does a closing take?

Your attorney will provide the date and location for closing day! Don’t forget to bring your drivers license or photo ID. Closings normally take between 1-3 hours.

When does a final walkthrough occur and what can I expect?

The final walkthrough happens as close to closing day as possible. I suggest within 24 hours prior to the closing I.e. the night before or morning of the closing. A final walkthrough is never a waste of time. Buying a home is probably the biggest purchase you will make in a lifetime. Its an opportunity to walkthrough the house room by room to check that no new issues have cropped up, confirm seller has made all the agreed upon repairs and the home is in order before you sign paperwork (and handover all that money!) on closing day.

After closing, do we get the keys to the house?

YES! This is an exciting day. You officially are new homeowners, and can move-in any time after everything is signed. Many of my buyers take 3-4 weeks after closing to do minor renovations including hardwood floors, painting walls/ceilings, and other construction that is best before furniture kids and/or pets arrive. Should you need recommendations with any planned projects consult friends, family or my resource guide to thoroughly vet and hire a professional.

When is my first mortgage payment due?

One month after closing.

FAQs: Home Seller

Should we stay, or should we go?

This is a very personal decision. Evaluate whether the move and/or renovations you are considering are worth the return. Do these considerations align for the amount of time you intend to stay in the home? Consult with an agent to determine whether the renovations you are considering are for your personal enjoyment and/or for maximizing the return on your investment in your home.

I’ve decided it’s time to sell, what next?

Tell me more?! Find an agent, whose goals align with yours to help you obtain your desired outcome whether it be your next home or your next adventure. Find one you trust and feel comfortable calling any time of the day (or night) to answer your questions no matter how silly you think they are. Ideally the agent you select should have connections both locally and globally in order to best position and market your home, the community, daily lifestyle and cast the widest net to achieve your shared goals. Selling a home is so much more than just selling a house. The right agent for you will be happy to help guide you through the process so you can easily make the decisions that matter to you and to the next homeowner. They should have a technical excellence, a commitment to that excellence and be a trusted advisor as well as an advocate for you.

So tell me, if you could wave a magic wand, how would this ideally look to you?

When is the right time to list?

A good agent can provide information on the past and present however cannot predict the future. Circumstances vary based on seasonality and the economy. Typically more buyers are out in the spring however, so is more competition i.e. homes for sale. Consult with your agent to determine timing based on your own personal circumstances.