everythingrealestateny.com / Top Producer Step-by-Step Series MASTER BEDROOM 14

everythingrealestateny.com / Top Producer Step-by-Step Series MASTER BEDROOM 14’-0” X 16’-6” BEDROOM 13’-10” X 12’-5” LIVING ROOM 12’-0” X 22’-0” DINING ROOM 16’-1” X 12’-9” CL CL CL DW WC MASTER BATH 11’-0” X 12’-2” P.R 5’-6” X 5’-2” W/D KITCHEN 11’-6” X 9’-8” FOYER BATH 9’-7” X 5’-6” WIC 5’-8” X 5’-3” WIC 3’-11” X 4’-11” Home Buyer’s Guide Home Buyer’s Guide How to Secure the Home of your Dreams everythingrealestateny.com / Top Producer Step-by-Step Series MASTER BEDROOM 14’-0” X 16’-6” BEDROOM 13’-10” X 12’-5” LIVING ROOM 12’-0” X 22’-0” DINING ROOM 16’-1” X 12’-9” CL CL CL DW WC MASTER BATH 11’-0” X 12’-2” P.R 5’-6” X 5’-2” W/D KITCHEN 11’-6” X 9’-8” FOYER BATH 9’-7” X 5’-6” WIC 5’-8” X 5’-3” WIC 3’-11” X 4’-11” Home Buyer’s Guide Introduction ………………………………………………………..……. 3 Guidelines for buying a new home ………………………….…..…… 4 Expect great service from your real estate broker .……………….… 7 Getting Pre-approved ……………………………………..……….…… 9 Your home buying team ………..………………………………..…….. 12 Searching for your new home …….…………………………….……. 15 Make an offer ………………….………………………………………… 22 Negotiating the deal ……………………………………………………. 23 Signed, sealed and delivered: Closing the deal .……….…………… 27 A home buyer’s glossary ……………………………………………….. 31 CONTENTS everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide Introduction Whether this is your +irst or third experience, buying a new home is a serious undertaking. It requires dedication, planning, and research to +ind the perfect place for you. Is the path to home ownership stressing you out? Relax – owning a home comes with many perks, which makes the whole process worthwhile, and Jermel Singleton of Douglas Elliman Real Estate wants to be your partner through it all. He’s here to help make your house hunting experience as enjoyable and stress-­‐ free as possible. There are so many factors that go into buying a new home, which is why many +ind the task daunting. You most likely will need to secure a mortgage and will need to pre-­‐qualify to learn what price range you can afford and +igure out other +inances such as down-­‐payments and closing costs. everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide You will need to +ind a real estate agent to help you with the hunt and secure the best offer, and, of course, +ind that perfect home for you and your family. And that’s just the tip of the iceberg! Jermel’s goal with this guide is to provide you with insight during this stressful, yet very exciting time. You’re on your way to achieving the American Dream, and Jermel is with you every step of the way. Guidelines For Buying A New Home As you embark on this journey to homeownership, there are a few items to be aware of prior to purchasing a home. These tips will help prepare you to avoid the bumps in the road on the way to locating your new place. Identify your must-­‐have list. Unless you are building a new construction home, most homes will require you to compromise, whether on its location, square footage, price, or that mudroom for the kids. As you begin your search, identify your must-­‐have items. Remind yourself of these items and why they are important for your life in your new home when you begin visiting everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide potential homes. Avoid major purchases before buying a new home. This includes a new car, vacations, electronic equipment, etc. You don’t want to allocate all your funds on something and leave little money for one of the largest purchases you’ll make in your lifetime! Remember you may need to buy window treatments, yard equipment and a ladder when your new home becomes a reality. And besides, maybe you’ll want a new state-­‐of-­‐the-­‐art refrigerator for your new home versus that trip to the Bahamas. Think of time frames. Do you need to be out of your current place by a certain time? Are you looking to move because your family is expanding in nine months? In addition to your decision to buy a new home, think about the time frame you are allotting for you and your family to locate a new place and set expectations for meeting that time frame. Come up with a backup plan if you aren’t able to +ind your new home within a certain period of time. Don’t move money around. everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide When you go through the approval process for a loan it’ll be easier for the bank to check your credit history and banking statements if you’ve had a consistent bank for the last few months and steady funds within those accounts. Don’t change jobs. This might seem basic but it’s certainly something to think about. Buying a home can take months. If you’re looking to switch jobs, think about whether you want to also buy a home at the same time. Lenders want to see stability when considering a mortgage approval and job changes can decrease your credibility with the lender. Anticipate surprises. There is always a potential for hiccups to happen when buying a home. There are many factors that go into securing a mortgage lender, a trustworthy real estate professional, +inding that perfect home and of course making an offer to purchase the dream home. There are a lot of steps and room for error. As such, prepare yourself for this journey that will have a couple missteps; but know that it’s completely normal, and that ultimately you will be able to +ind the home of your dreams! everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide Expect great service from your real estate broker In becoming a real estate broker an individual must complete a variety of courses and regularly update their professional education. They also have access to a wide array of optional courses, seminars and certi+ications. They must adhere to a strict and rigorously enforced Code of Ethics. On top of all that, through experience, they truly become local real estate market and community experts, as well as masters of property marketing, networking and negotiation. In working for you, a real estate broker will: • Outline their professional responsibilities to you, including complete Disclosure, Loyalty, Con+identiality, Obedience and Accountability. everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide • Help you determine the best initial offer price. • Conduct extensive research of home values in order to make knowledgeable sound offers and negotiate. • Schedule appointments with listing agents and offer proven advice on how to select the best home based on your needs. • Assist you, if necessary, in +inding any home-­‐related services you need. • Regularly communicate with you to keep you fully informed of everything they do to +ind your home. • Ask for feedback from all showings and open houses. • Update you on both real estate and lending changes that could affect your prospective purchase. • Promptly present each offer and discuss counter-­‐offers with you. • Negotiate the lowest possible price and best terms for you. everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide • Manage contractual, title and transaction details and keep you informed. • Ensure that important items are signed, sealed and delivered on closing day. • Arrange for a moving company and relocation agent, if required. In short, they’ll provide you with comprehensive, high-­‐quality service. So when you decide to purchase your home, be sure to take advantage of the knowledge, experience and professionalism of a real estate broker. Getting Pre-­‐Approved Getting pre-­‐approved is a necessary +irst step as it lets you know how much you’ll be able to afford as well as the down payment for which to budget. Not only this, it prepares you for the monthly mortgage payment and what type of loan you are going to use to +inance your new property. There are so many different loans to apply for as a homebuyer; it all depends on what you’re looking for. There are many types of mortgage loans to suit your needs. Do your research and see which +its best with everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide your situation. If you refer to my First Time Home Buying checklist, there are seven (7) items to check for when receiving a pre-­‐approval letter. 1. Loan Amount: Base loan amount and gross loan amount 2. Status and Expiration Date: The majority of Pre-­‐Approval Letters are good 90 days from when credit report is run 3. Mortgage Type: FHA, VA, USDA, Traditional, Jumbo 4. Term: 40-­‐, 30-­‐, 20-­‐ or 15-­‐Year Fixed 5. Occupancy: Owner Occupied, Secondary Residence, and Investment 6. Contact Info: Lender’s Name and Address 7. Conditions: Document and Funding Requirements Prior to Acceptance Always use mortgage calculator so you can estimate what you’ll be able to afford, but I always recommend contacting a professional. Sellers take you more seriously when you’re pre-­‐approved for a loan because that makes you more quali+ied for buying a home. everythingrealestateny.com / Top Producer Step-by-Step Series Home Buyer’s Guide is backed uploads/Ingenierie_Lourd/ home-buyers-guide 1 .pdf

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