First Time Buyers

Pay your own mortgage - not your landlord's.

Build equity and enjoy tax benefits.

Benefit from my experience to guide you through each step of the way.

Below is a list of the typical steps in New York State for the purchase of a single family home:

1.  Mortgage pre-approval - a free service banks or mortgage brokers are happy to provide.   Learn what price range you should be searching in for the monthly payment you can live with.  This document is necessary to convince a seller to take an offer from you seriously.

2.  Market search - specifically targeted to your wants and needs, I can provide you with the newest listings on the market, and educate you with sold data to establish fair offers.

3.  Make an offer - I'll explain the entire 13 page contract, plus attachements such as Property Condition Disclosure Statements, Lead Based Paint Disclosures, Agency Disclosures, Sale Contingency Riders, etc.  A modest initial deposit is required at this step.

4.  Seller Acceptance - once a negotiation is successful with price and terms, we move on to the next step.

5.  Contingency removal - Home inspection, radon testing, and attorney approvals are all typical contingencies.  Second deposit is made at this point.

6.  Mortgage application - once the above steps are satisfied, you make an actual mortgage application, providing your chosen banker with a deposit for credit check, mortgage application fees and property appraisal.  The amount varies lender to lender.

7.  Appraisal - hired by the bank offering you a mortgage, this step is done without the buyer's involvement. 

8.  Mortgage commitment - usually within a time frame of 30 to 45 days, this is when the bank actually agrees to lend you money in the form of a mortgage.

9.  Abstract update and property survey - typically paid for by the seller except in cases of bank foreclosures, these steps are arranged by the sellers' attorney.

10.  Water and septic tests if required - Seller normally agrees to comply with all local regulations and provide certificates of compliance to purchasers' attorney prior to closing.

11.  Package to lender's attorney for his/her review - Once both the seller's attorney and the buyer's attorney have reviewed the updated search and survey, the package goes to the lender's attorney for final review.  They are making sure the description of the property in the Abstract of Title matches the dimensions of the instrument survey and is correctly described on the new Deed.

12.  Home Owner's Insurance - Approximately 5 days before closing, buyers are required to purchase a one-year's Hazard Insurance Policy paid in full.

13.  Final inspection - best done no more than 24 to 48 hours prior to scheduled closing.

14.  Closing - typically 60 to 90 days after original date of Purchase Contract.  Your attorney tells you the final closing numbers for money you need to bring to closing.  Personal checks are NOT acceptable, certified funds only.    Keys exchange hands when all the documents are signed.  Occupancy is the same business day, unless previously negotiated otherwise.