- How best to communicate: With SO many options out there we like to set a clear game plan and outline availability so nothing gets lost or overlooked! Text- Email – Phone calls?
- Wants, are things that are the perks to a home, but are not NECESSARY if not in your budget. For example, a modern kitchen, a 2 car garage, hardwood floors.
3) Finding “THE ONE”:
There is no magical formula of how many properties we’ll look at before finding “The ONE”. Experience however has shown us, that typically, if we have not found a property that our clients at the very least “like” within 10 showings, we are either looking at the HOUSE wrong, or we are looking at the WRONG houses. To zero in, it’s important that we always have an open line of communication. We offer these suggestions to simplify the search:
Always perform a Drive-By– You’d be amazed how frequently we’ll pull up to do a showing and before we even get out of the vehicle, we can tell by the look on our clients face that they want out! Photos can be very creative. Doing a drive by gives you an idea of the neighborhood and helps make certain the house is in an area that you want to live in.
COMMUNICATE, COMMUNICATE, COMMUNICATE– our feelings won’t be hurt if you don’t like a home! Tell is what it is you don’t like, tell us what it is you do! All of this information only helps us to BETTER search for the RIGHT house for you.
Showing Etiquette– When entering other people’s homes we are expected to treat them with the same respect we’d want others to treat our homes with. We demonstrate this by:
-Never attempting to gain access to a property without a scheduled showing and NYS Licensed Real Estate Agent present. (unless you like small cells and look good in orange)
-Only walking the premises on properties that you have permission to do so at.
-Removing shoes at the entrance of the home
-Turning off any lights that we turned on while in the home
-Re-locking door
-Never touching the homeowners personal possessions – this includes sitting on beds or furniture
-Keeping our children close by: You’d be amazed how easy it is to lose a mischievous little one in a house you/they have never been in. We always ask that everyone stay together in a group as we walk through the house. Please note: Children are ALWAYS welcome, and in fact we ENCOURAGE you to bring them along – this may after all be their future home too!
4) THE offer – Negotiations:
Are you ready for the longest 24-48 hours of your life? Then it’s time you submit an offer on your next dream home/investment property.
Drafting a Contract– Once we identify that we have found THE one, we will perform a market analysis of the property to identify a fair offering price. From there we draft up a formal purchase contract outlining our offering price and terms. The contract will be sent over to you to sign electronically, and we will send the following signed documents to the Seller’s Agent for presentation to their sellers:
-Purchase Contract
-Pre-Qualification Letter
-Agency Disclosure
-Property Disclosures (all applicable)
-Deposit Check made out to the listing agent’s broker
Then…we wait.
Counter: If the seller counter’s our offer we will determine if it is a price point we feel confident or comfortable with.
-If yes, we will modify our purchase contract to reflect the new purchase price/terms and resubmit to the sellers
-If no, we will notify them that we are unwilling to accept their counter offer and either propose an alternative offer, or continue on in our search.
Declined: Determine the reason if possible that our offer has been declined and discuss our options.
Multiple Bid: When multiple bids are presented on the same house it is common practice, (although not mandated) to issue a highest and best notification and request all interested bidders produce their highest and best offer by a specific date and time.
Acceptance: Once accepted and received, we will relay over a signed copy of the purchase agreement over to your partnering attorney for Attorney Approval.
5) Attorney Approval:
Before a contract is considered valid, it is standard practice in our region for all contracts to undergo attorney approval. A contract is NOT considered ratified or complete until we receive attorney approval.
6) Applying for your Mortgage:
7) Due Diligence/Inspections:
8) Mortgage Commitment:
While this is all occurring, you will be working simultaneously with your lender to provide them all of the necessary documentation so they can underwrite your loan. Once your file is approved, your lender will issue you Mortgage Commitment which is your official approval notice. This document outlines the terms of the loan and lists any conditions that remain to be met before you can close your loan.
9) Appraisal:
Attorney’s will order a title search to make certain that there are no outstanding liens against your future property. Who pays for this search varies from county to county.
11) Clear to Close:
THIS IS IT! We’ve reached the finish line. All of the mortgage documentation is prepared, all of the necessary clearances have been issued and a formal closing date can be set!
12) Closing:
This is the day you become a homeowner! Depending on your funding source, you will be asked to acquire a bank check or wire funds for your down payment costs/purchase expenses, and be given a time to meet at the designated closing site. You will awkwardly sit around a stuffy conference table signing your name onto dozens of legal documents with the guidance of your attorney. Once completed, you’ll officially become a HOMEOWNER!
