•1) Gather a "Financial Picture" of yourself: Your Monthly Income; Savings; Current Debt- Credit Card, Personal and Auto Loans; Average Monthly Expenses; and Any Gift Money Available.
•2) Speak with a "Mortgage Representative" to get a target price range based on your financial picture. Ask what the average monthly payment would be including principal, interest, PMI, homeowner's insurance, and taxes.
•3) Find a "Real Estate Sales Person or Broker" you feel comfortable with to act as your agent during your search. This agent will help you throughout the entire buying process.
•4) Explore "Target Areas" by looking at average selling price, school district information, access to goods and services, commuting time to your place of employment, and future resale value.
•5) Decide on your "Wants and Needs" bedroom/bath requirements, other must haves or desires, and "level of comfort with condition" - new, renovated, or in need of repairs.
•6) Review "Available Properties" with your real estate agent and tour those that might work.
•7) Along with your agent prepare "The Offer" to present to the seller and participate in negotiations.
•8) Choose a "Home Inspector" who will give an overview of the house's condition and recommendations for future maintenance. The seller is not required to make a resale house into new condition but it may be possible to get them to repair or compensate for major health and safety issues.
•9) Pick a "Real Estate Attorney" who will review contracts, order title insurance, and help you through the closing.
•10) Sign "Contracts" and provide your down payment to be held in escrow until closing.
•11) Complete "Mortgage Application" and provide the mortgage representative with all requested documents and information.
•12) The lender will order an "Appraisal" to insure that the house is worth what they are lending you for the purchase.
•13) A "Survey" may be required by your lender - if it is, have it ordered as soon as possible.
•14) The mortgage will be reviewed by the "Underwriters" at the mortgage lender and will "Clear the Mortgage to Close" once all conditions have been met.
•15) The "Closing" will be scheduled. It is important to know that the "Closing" may not be on the exact date in the contract.
If you are looking for a home in the Greater Hudson Valley of New York or anywhere else please contact me to help you. If you are not in my area I will find you a buyers agent that can help you where you are.
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