Buying Real Estate in the Greater Binghamton Area

HOMEOWNERSHIP GLOSSARY

 

HOME-BUYING TIMELINE:

  • GET "PREQUALIFIED" BY A LOCAL LENDER. COMPARE CLOSING COSTS WHICH CAN VARY WIDELY FROM LENDER TO LENDER.
  • NOW THAT YOU KNOW WHAT YOUR BUDGET CAN AFFORD, FIND A BUYER'S AGENT TO REPRESENT YOUR INTERESTS IN YOUR PURCHASE. ASK FRIENDS OR FAMILY FOR RECOMMENDATIONS. LOOK FOR FULL-TIME AGENTS WHO HAVE EARNED DESIGNATIONS SUCH AS THE CRS OR GRI DESIGNATION.
  • HAVE YOUR BUYER'S AGENT SET YOU UP ON AN AUTOMATED SEARCH CLEARLY DEFINING YOUR CRITERIA. BE PICKY, BUT ALSO BE REALISTIC.
  • VISIT OPEN HOUSES TO SEE WHAT YOU GET FOR THE MONEY.
  • TOUR OTHER HOMES WITH YOUR BUYER'S AGENT.
  • WHEN YOU FIND  HOME YOU LIKE, PLACE AN OFFER WITH YOUR AGENT. YOU MAY NEED TO NEGOTIATE DOLLAR AMOUNT AND OR TERMS YOU WILL NEED A CHECK FOR THE EARNEST MONEY DEPOSIT. ASK YOUR AGENT WHAT THIS DOLLAR AMOUNT IS.
  • WHEN YOU COME TO A 'MEETING OF THE MINDS' CONGRATULATIONS! NOW LET'S GET ROLLING!
  • ORDER YOUR INSPECTION AND MAKE FORMAL MORTGAGE APPLICATION WITH YOUR LENDER.
  • PLAN ON SPENDING SEVERAL HOURS WITH YOUR HOME INSPECTOR; YOU WILL LEARN EVERYTHING ABOUT YOUR NEW HOME AND SOME TIPS ON HOW TO MAINTAIN IT.
  • RE-NEGOTIATE WITH THE SELLER IF NEED BE, AFTER REVIEWING THE INSPECTION REPORT WITH YOUR AGENT.
  • WAIT FOR YOUR MORTGAGE COMMITMENT. QUICKLY PROVIDE ALL REQUESTED DOCUMENTATION TO YOUR LENCDER TO EXPEDITE THE UNDERWRITING PROCESS.
  • IN THE MEANTIME, YOUR ATTORNEY WILL BE UPDATING THE ABSTRACT OF TITLE AND PREPARING ALL CLOSING DOCUMENTS.
  • ARE YOU PACKEDYET? COORDINATE WITH A MOVER BASED ON THE 'ON OR ABOUT' CLOSING DATE.
  • WHEN YOU RECEIVE THE 'CLEAR-TO-CLOSE' FROM THE LENDER YOU ARE JUST DAYS AWAY FROM CLOSING. CALL THE UTILITY COMPANIES TO HAVE SERVICES TRANSFERRED INTO YOUR NAME.
  • THE CLOSING IS SCHEDULED AND THE KEYS TO YOUR NEW HOME WILL SOON BE YOURS!

                                                       CONGRATULATIONS!

        Buying a home? "Your Home, Next EXIT!"

 

                   

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