01: Find an Agent
Connect with a licensed Compass real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.
Connect with a licensed Compass real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.
Before beginning your search, your 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 Compass agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help you determine the price range for your search.
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 Compass agent will activate notifications for exclusive Coming Soon and Off- Market properties as they hit the market.
Once you identify a home you like, you can 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. 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 Compass agent will provide advice throughout.
It is the buyer's duty to schedule all desired home inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and inspection report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Buyers and sellers retain attorneys to represent them in the transaction. The attorneys will negotiate the terms of the contract, and then the parties will execute the contract of sale. At this time, a title search will be ordered on the property. Buyers will work on obtaining financing with their preferred lender.
Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed contract of sale. The bank then issues a loan commitment. Once the loan is clear to close, a closing date will be scheduled. At the closing, funds are transferred to the sellers.
Congratulations! You are now a homeowner.
KEY TERMS
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performedby a licensed appraiser.
Value placed upon property for property tax purposes by the tax collector.
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, and title insurance.
The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.
Certain criteria that have to be met in order to finalize the sale.
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Money given to a buyer from a seller through escrow at closing.
Buyers usually deposit 10% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
A loan on which the interest rate and monthly payment do not change.
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year.
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
A report showing the condition of title. After completion of the transaction, a new title insurance policy will be issued.
Money paid to the title company for recording a home sale with the county clerk, thereby making it part of the public records.
COMMUTING TIMES
SCHOOL DISTRICT BOUNDARIES
Westchester Buyer Closing Costs
Mark Metzler is a fantastic Real estate Agent focused on Luxury Residential Homes in Westchester County NY. Through his network of top agents across the world, he is also able to connect you with another great agent in whatever market you are looking in.