The Buying Process
Buying a home can be an exciting and emotional experience. As local experts, you can rely on us to guide you through the process so you can feel comfortable and confident each step of the way.
Click To Find Your HomeFind an Agent
Connect with a member of the Linda Filby Team (LFT) who is knowledgeable about the neighborhoods you're considering to help guide your search.
Get Pre-Approved
Before beginning your search, the first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your LFT agent can connect you to one of our mortgage broker referrals. Based on your income and credit history, the mortgage broker will determine how much you can afford.
Visit Properties
Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your agent will activate notifications for new listings, exclusive Coming Soon and Off-Market properties as they hit the market.
Packaging & Submitting Offers
Once you identify a home you like, we will put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter, closing date, and contingencies. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter- offer. Your agent will provide advice throughout the negotiation.
Acceptable Offer & Retain Your Attorney
Once buyer and seller agree on price and terms, you will have an acceptable offer. Now it is time to move swiftly through the process to ensure the property is yours. Make contact with your real estate attorney, or your agent can make a recommendation to a local real estate attorney.
Home Inspections & Building File Review Stage
With your agent’s guidance, you will schedule all desired home inspections and determine the overall condition of the property within the agreed upon timeline. Simultaneously, your agent will be creating the memorandum of sale to provide your attorney.
Contract Process
Once your inspection is complete and satisfactory, and the building file review is completed, the seller’s attorney will send your attorney the contract. Contract review process consists of approvals and modifications of the seller’s contract. Once the contract of sale is acceptable you will sign the contract with your 10% Deposit/Ernest money. Seller countersigns completing a fully executed contract.
Mortgage Approval Process & Pre-Closing Process
Appraisal | Loan underwriting - Prior to closing, a title search is conducted to determine if there are any liens, assessments, or encumbrances affecting title. In New York State, the Purchaser’s attorney orders a title search of the property, which includes an original and updated abstract of title, and a search of the Building Department records for open permits, certificates of occupancy, real estate taxes, housing and fire violations, if any. The Seller's attorney needs to provide Buyer's attorney with an updated property survey (if one is available; if not available, Purchaser’s attorney will obtain a new survey for the Purchaser). Once Buyer's attorney receives all of the title documentation they will review same and begin the process of getting the commitment for title insurance.
Closing Process
Clear to Close. Provided title is "clean" or "clear", and the lender has determined Buyer satisfied all conditions of its Loan Commitment Letter, lender will issue the "clear to close." At this time the respective attorneys will schedule a closing date.
Statement of Sale; Final Cash Figures. Both the lender and the Purchaser’s attorney will prepare a Statement of Sale that breaks down how much money will be needed to close. It will list Buyer's and Seller's "debits and credits" in the transaction. Buyer's lender will then prepare a final cash figure in the form referred to as a Closing Disclosure, which outlines what Buyer must bring to the closing table in the form of a cashier's check.
At the closing, Seller’s attorney prepares and buyer’s attorney reviews a copy of the proposed deed into Buyer (together with state reporting forms entitled "RP-5217" and the "TP-584" forms), a smoke/alarm carbon monoxide affidavit, and the statement of taxes and copies of the tax and, if applicable, water/sewer bills.
The mortgage documents are then signed by Buyer, the funds transfer from Buyer to Seller and the deed transfers from Seller to Buyer.
Final Walk-Through With Your Agent
A final walk-through with your LFT Agent of the property is performed just prior to closing. The walk-through confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order.
Closing
Once all the conditions of the contract have been satisfied, the closing is scheduled. The closing documents are signed, payment is exchanged, and the buyer receives the keys to their new home! CONGRATULATIONS!
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