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2016-05-10 13:57:24
New York Homebuyer's Field Guide to Buying...

Core Real Estate, Advisors, Real Estate, Long Island, NY, Nassau County, Suffolk, County

 

So, if you are ready to forge ahead, endure the search for the RIGHT home in the RIGHT location, weather the negotiation process, schedule inspections, and sign 100 pages of documents, then let this guide help set the stage for what’s to come! But remember, it is always in your best interest to consult with a Realtor®. She or He will ensure you don’t overpay for a property, and can be a great resource from which to bounce questions. Let them be your personal guide through the following steps until you close!

Now let’s get started…

 

Step 1) Get Ready for Home Ownership

  • Build a good credit history
  • Get mortgage pre-approval
  • Find out what type of mortgages you quality for
  • Consider hiring an attorney to review all contracts and agreements associated with the home buying process
  • Save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less)
  • Consider closing costs which can include taxes, attorney’s fees, and transfer fees
  • Consider closing costs which can include taxes, attorney’s fees, and transfer fees
  • Consider utilities and monthly bills, such as homeowner's assessments

 

Step 2) Find a Real Estate Professional

  • Get a referral from friends, family, and work colleagues, or search realtor.com® and look for real estate yard signs and advertisements (in your search, please also consult with Core Real Estate Advisors, Inc.)
  • Ask the real estate professionals you interview about buyer's representation contracts and agreements; make sure you understand the terms
  • Explain your needs and expectations to the real estate professional you choose to work with

 

Step 3) Find the Right Property

  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.
  • Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

 

Step 4) Finance the Property

  • Contact your mortgage broker or lender
  • The lender or attorney will run a title search to ensure there are no clouds on the title
  • Make sure you understand the financing terms—ask the lender for clarification, if needed

 

Step 5) Make an Offer

  • Ensure the property is inspected by a licensed home inspector
  • Acquire title insurance
  • Make sure the title is clear, or make your offer contingent upon title clearance
  • Read all contracts before signing—make sure you understand all of the terms, ask questions
  • Place a competitive bid and be prepared to make a counter-offer
  • Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing
  • Only one offer will result in a sale, so be prepared to move on if your offer is not accepted

 

Step 6) Closing and Life After the Big Purchase

  • Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
  • Weatherproof your new home
  • Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.
  • Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)
  • Set up utilities bills in your name, maintain files
  • Implement desired aesthetic changes such as painting, minor construction, and re-flooring
  • Set a move date and hire movers or plan a move party with your friends
  • Get to know your neighbors and explore your new neighborhood
  • If you're happy with the work of your real estate professional, be sure to recommend her/him to friends and family

 

As always, THANK YOU for tuning in…!

 

For more information, or if you would like to speak with a Core Real Estate Advisor you may call (844) 211-5053 or send an email to info@corelisted.com. You may also visit our website at www.corelisted.com

 

Anthony Manzolillo is the Principal Broker for Core Real Estate Advisors, Inc. Core has agents specializing in both Residential and Commercial properties. Anthony Manzolillo started his career in real estate working for a private equity firm. In his role as the Director of Acquisitions, Anthony has been involved in acquiring over 50 multi-family properties worth over 300MM. He has been the lead agent for helping lenders such as Bank of America, JP Morgan Chase, Country Wide, Litton Loans, Green-Tree, and Compass Bank dispose of hundreds of distressed properties. Anthony’s most recent accomplishment is working as a consultant for NY Rising and GOSR, whereby he was directly involved in the acquisition of over 600 homes substantially damaged by Hurricane Sandy.

 
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