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The Steps to Buying a Home

by J. Tar

Can buying a home be a stress-free process? Well, we can't guarantee that, but we believe that being informed and knowing the steps involved can certainly help.

You've shopped around and hopefully seen lots of homes and learned about the neighborhood, schools, community benefits, etc. etc. --- and if you have shopped with us, you know we have given you a lot of information about these things -- maybe too much. Now it's time to make a move. You found the perfect home. You already have a mortgage pre-approval. You make an offer.... So what's next?

Every home purchase can be slightly different and some of the steps are different by geographic region, but for the Long Island, New York area the following is a pretty good idea of what to expect.

VERY IMPORTANT!!
A property remains on the market until a contract is signed. So you need to move quickly through steps 1 to 4, or risk losing the home to another buyer's offer!

The step numbers are color coded to
indicate transition from buying to owning.

The Steps to Buying a Home
(Assuming Mortgage Pre-Approval and Home Identified...)

Step Event Description Est. Time Lapsed Buyer
Things to do..
1 Make Offer Day 1 Find Lawyer, Inspector
2 Offer Acceptance by Seller Day 2-3 Schedule Inspection
3 Complete Inspection Day 3-5 Review Inspection
4 Contract Process starts
..from Seller lawyer to Buyer lawyer
Day 4-6 Review/Modify Contract
5 Sign Contract Day 5-10 Minimum 5% Cash Down payment Required
Home Taken off the Market (Under Contract) - no more showings
6 Secure Mortgage for Home
..bank will perform formal buyer qualification process, arrange home appraisal, title search, underwriting and finally funding
Day 11-45+ Deliver personal documentation for mortgage
7 Home Purchase Close Date
..transfer of ownership
Day 35-50+ Balance of Cash
payment Required
8 Move in .... Day 35-50+ ENJOY!!

 

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The information included at this site, or received from this site, may not be applicable to every situation. Every property, market and personal situation is unique. The formulation of an effective property marketing or purchasing strategy requires careful analysis and planning with a real estate professional. The authors make no representation or guarantees through the presentation of this information. Federal, New York State and local laws prohibit discrimination because of race, color, sex, religion, age, national origin, marital status, familial status or disability in connection with the sale or rental of residential real estate. Coach Realtors does not knowingly accept advertising on this website in violation of these laws. Coach Realtors will not be responsible for misinformation, misprints, typographical errors, etc., which appear on this web site. All offerings are subject to errors, omissions, prior sale, change of price, or withdrawal with or without notice. All facts should be independently verified by prospective purchasers.

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