Central New York Home Listings

 

This part will cover what you can expect and the timeline from the time you make an offer to having the offer accepted to closing. After spending many hours looking at many homes online and setting up appointments to view them, you have finally found the ideal home. Now what? You and your realtor will get together to write up an offer for the home. The amount of the offer can depend on many factors. First of all, your realtor should put together a market analysis on the home, so you can see what comparable homes have sold for the area. This will allow you to feel comfortable with the offer that you are making and insure that you are not overpaying for the home. Secondly, there are other factors that may come into play including the length of time the home has been on the market and if there are any other offers being presented. Your realtor will be able to advise you the best route to go since each situation may be different. This is the time that it is critical to have an experienced agent on your side. He/she will know the market and be a able successfully negotiate with the listing agent to get the best deal for you. Once you and seller have agreed on the terms of the contract, you will have a signed purchase agreement. Following is the timeline of events that you can expect once you have a signed agreement:

 

 

Home Inspection and/or Radon Test - Based on the terms of the contract, these inspections are completed within 7 days after both parties have signed the contract. The purpose of the inspections is to let you know about and maintenance items or major issues with the home. If there are major issues, you have the opportunity to renegotiate the contract or terminate it. If the inspections are satisfactory, you will remove this contingency and proceed with the contract.

 

Mortgage Application - The purchase contract generally states that you need to make formal application for your mortgage within 7 days of acceptance. You will contact your lender and let them know that you have a purchase contract on a home and give them the details regarding it. If you haven't given them financials yet, this is the time you will do that. Do not pay any application fees or appraisal fees prior to the home inspection being done unless they are refundable. You don't want to incur fees until you know you are moving forward with the home.

 

Attorney Review of Contract - Per the terms of the contract that all realtors in the Cental New York area use, your attorney has the right to approve or disprove the contract after all parties have signed the contract. After it has been signed, the realtor has 3 days to deliver it to the attorney and the attorney has 3 days to review it. Once this time has passed you are bound to the terms of the contract.

 

 

During this time you and your realtor will be in communication with the bank to make sure the process is going smoothly. Generally, the mortgage commitment letter is due within 30 days. If it is not provided within that time frame, the seller may have the right to terminate the contract. This is why it is very important to make sure the bank is getting their job done. During this time, you many want to also contact insurance companies to get quotes for homeowner's insurance. Most people will talk to the company that they have their vehicle insurance through since they may offer a multi-policy discount. Generally, you will have to provide proof of insurance to your mortgage company within a week or two of closing.

 

 

During the final two weeks prior to closing, your attorney will be revewing the title work and survey that he has received from the seller's attorney. This is to make sure that you will have no issues after the property has transferred to you. You should be contacting utility company to insure that everything is transferred to your name as of the day of closing. You may need to contact phone, cable, and internet providers 2 - 3 weeks in advance to schedule services for the day of closing. Just prior to closing (on the day of closing), you and your realtor will do a final walk through to make sure the home is in the condition it is supposed to be in. You then go to closing, sign mortgage paperwork (or a check), get your keys, and move into you new home.