Are you contemplating buying a home in Tarrytown? Joseph Baratta can help.
Buying a home can be stressful for most people, but with some up-front planning, it isn't very complex. We like to provide buyers with an outline of the entire deal so they know exactly what they can expect. Here are our nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
Before you start looking for a home, there are plenty of things you'll want to take into account. You'll probably want to form a checklist of items you need to have, get a plan of what neighborhoods you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is around a third of your monthly income is a good rule of thumb to go by.
Step 2 – Get with a real estate agent in Tarrytown
This is where Joseph Baratta can help. We'd be happy to plan a time to get together with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, schools in the Tarrytown area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
We'll also assist you with getting started on your loan. There are some great mortgage professionals in Tarrytown, and we partner with a lot of them, so you're in great hands. They will assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
Following our initial meeting, we'll start looking for available houses on the market that suit your needs. We'll preview many of the houses and remove the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we view homes, we'll identify positive features and bad ones. we'll even ask you to tell us about things you like and don't like. For the most part, buyers update their wish list as we view houses and some things become far more crucial than others. If that's the situation, we'll look through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Understand the housing market
Our knowledge of the Tarrytown market is a crucial advantage in your house search. We are informed of all the school districts and neighborhoods, and we can alert you to some areas are "hot" and call for immediate action and the rest that are "cool" and allow for careful consideration.
As we view homes, we'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell." Any real estate agent in Tarrytown will tell you they truly know the housing market, but be on guard, and be sure to ask your agent lots of questions. If it appears they don't know everything, call us at 845-323-1945 or e-mail us at JB@joebaratta.com, and we'll be more than happy to answer your questions. Our market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
We're confident we'll find your dream home in Tarrytown. When we do, we'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When presenting your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property and is often applied to the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer. It's widely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, it shouldn't be a long process at all. But you'll want to keep in close contact with your mortgage lender. And we'll care for all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of taking your application. This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy, and we'll review the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will likely happen at a title company or escrow office and is often a smooth and comfortable occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call us at 845-323-1945 or send us an e-mail.