You will need to work out the things that you require.
- Number of Bedrooms, bathrooms etc
- Land size
- Amenities etc.
HOW DO YOU PICK AN AGENT TO HELP YOU LOOK?
- Interviews / Establishing a relationship
Your agent is one of the most important elements. He or she is your partner
to hold your hand, answer any questions, and to make buying or selling a happy,
successful experience. But most importantly to establish a relationship that
does not end when the keys cross the table at the closing.
HOW CAN A REALTOR HELP YOU BE A STEP AHEAD OF THE REST?
By educating the buyer and telling them what is on the market, giving them
comps for their price range, and getting them ready to feel comfortable enough
to make a bid with all the terms, and to be ready for a counter bid. Then
they should be able to help you get in touch with engineers, termite inspectors & attorneys
WHAT DO YOU DO AFTER YOUR BID HAS BEEN ACCEPTED?
Have an engineer look at the house. Make sure that you are there so you can
learn more about the house. Then get any other inspections done that are
THE HOUSE INSPECTION IS COMPLETE THEN WHAT?
A written report is given to the buyer and attorney. On the whole an engineers
report is informational not negotiable, you want to know the home is structurally
sound. Seeing that the kitchen has to be renovated is the sellers concern
WHAT IS A VERBAL AGREEMENT?
When the buyer and seller have had a meeting of the minds and have come to
terms on how much to pay, how much on contract, when to close, what size
mortgage, and any other contingencies.
IS THE BUYER THEN PROTECTED SO NO ONE ELSE CAN BUY THE HOUSE?
No, A house remains on the market until two sides of a contact is signed & the
check is deposited & cleared. A realtor is obliged to present all bids
to the seller. Houses can be lost if other buyers out bid you or others act
WE HAVE AN ACCEPTED OFFER AND ALL REPORTS ARE DONE, THEN WHAT?
The buyer’s attorney calls the sellers attorney, and instructs him to
generate a contract. Once negotiated, the buyer generally writes a check in
the name of the seller’s attorney to be put into escrow, he then signs
ONCE THE SELLER SIGNS THE CONTRACT, CAN THE BUYER BACK OUT AND GET HIS MONEY
If the buyer decides he doesn’t want the house for whatever reason short
of not qualifying for the mortgage he is going to have major problems getting
his down payment back.
HOW MUCH TIME DOES THE BUYER HAVE TO GET THE MORTGAGE?
Once everything is in accordance to what the contract says, normally it states
45 days from the signing of the contract to get all the paperwork into the
bank, at which time it is processed and the property is appraised.
ONCE THE CONTRACT IS SIGNED & THE MORTGAGE IS OBTAINED, THEN WHAT?
- Arrange for a moving company quote.
- Arrange for school registration forms
- Get homeowners insurance quotes.
DO YOU NEED HOMEOWNERS INSURANCE TO CLOSE?
Yes, A paid up binder showing the bank who holds your mortgage must be submitted
to the bank to make sure their loan is protected.
HOW DO FIGURE OUT CLOSING COSTS?
You don’t, your banker does and your attorney also goes over the figures.
Everything from bank attorney fees, appraisals, credit checks, mortgage tax,
recording fees, etc, will be accounted for.
WHAT HAPPENS WHEN CONTRACTS ARE SIGNED & THE DOWN PAYMENT CHECK
Your attorney orders a title.
WHAT IS A TITLE?
A title shows that all CO’s are in place & that there aren’t
any liens on the property.
WHAT IS A CO?
It is a certificate of occupancy.
Example: A dormer to a house could be put on a house, a building permit could
be gotten, but maybe the final inspection has not been made to make sure everything
has been done to code. A deck, a bathroom, a garage, etc.
DOES ASBESTOS AND UNDERGROUND OIL TANKS CAUSE PROBLEMS WITH HOME SALES?
Yes if not dealt with. At the time of listing the house, there are companies
that come to the home and give you estimates to remove the asbestos and air
test the area with state certification that everything has been removed and
Likewise underground oil tanks have been abandoned and should be decommissioned.
Oil companies will come and measure how big the tank is then drain it and fill
it with foam or sand depending on your area. They will give you a certificate
that will satisfy the bank, the county in which you live and the buyer. Many
times tanks are put in the basement or outside & heating is changed to
IS THE ELECTRIC AND THE HEAT AUTOMATICALLY TRANSFERRED OVER INTO THE BUYERS
No, LIPA should be called a few days prior to switch to the buyers name. The
water department, and phone company must also be called to switch over also.
See Preparing Yourself for Closing