This is to be used as a general guide to the purchase process. There are many nuances unique to each particular transaction. The Realtor will advise and assist you along the way. For more “in depth” questions and answers, please feel free to contact us at any time. 518-851-9601
1. It is always a good idea to contact a mortgage representative of a bank or a licensed mortgage broker. Getting “pre-qualified” will help you and the Realtor understand the price range in which you’ll be working.
2. Contact a Realtor. The competent Realtor will help you search for just the right property. He or She will have access to the entire Multiple Listing Service, where most all homes for sale will appear. Don’t be concerned if the listing the Realtor shows you is not an “in house” listing. A Realtor who is a member of the Multiple Listing Service is allowed to show and sell other Realtor’s listings as well as His, or Her own. Fully explain your likes and dislikes. The Realtor needs to know and understand you and your particular needs, in order to fully assist you in your search for a home.
3. After you’ve decided on the property that will suit your needs, you will be asked to make a purchase offer. This will involve filling out a binder accompanied by a mutually agreed upon monetary sum, typically a 1% deposit.
4. The Realtor will present the offer. At this point the offer will either be accepted as is, countered to reflect a change, or refused. This negotiation process continues until both parties come to an agreement.
5. All inspections, such as water testing, structural, septic, pest etc. will now be scheduled and completed as soon as possible. These will all be performed at the buyer’s expense. Mortgage applications should also be completed at this time. It is advisable at this time to contact a licensed insurance broker to discuss homeowners insurance needs.
6. Attorneys will draw up the contract of sale. All parties will sign the contracts, and an additional deposit may be required at this time, except if special financing has been pre-arranged. Title search will be ordered. Your lender will have the property appraised for value.
7. Closing date will be scheduled.
8. You will own your new home!