Buying Bronx Real Estate
When looking to buy a home there are several things you need to keep in mind. Steps that need to be taken so you will have a smooth home buying experience. Here you will find some of the steps involved.
Work with a Bronx Realtor
- A Realtor can help you navigate the Thousands of Homes on the market.
- Helps you narrow down your search based on your criteria.
- Guides you through out the negotiation.
- Get Pre-Approved from a Lender.
- Pre-Approvals shows Home Sellers you’re serious.
- They also show your Ready, Willing and Able.
- Sellers prefer offers from those who are Pre-Approved vs those that are not.
- Provide the Pre-Approval to your Realtor
- Start looking for an Attorney
- Your Realtor can help you Identify an Attorney
- An Attorney can help you understand the legal aspects of buying a home
- Start looking at Bronx Homes
- Your Realtor can help you narrow down the amount of homes to view.
- Choose a style of home
- Price Range
- Make an offer
- Sign Purchase Agreement
- Sale Agreement
- Realtor Presents Offer to the Sellers Agent or Owner
- Offer Accepted
- Complete Inspections
- Inspections help you know what you are actually buying
- An inspector gives you a detailed report of the property condition
- Your Realtor can help you identify an Inspector
- Provide Mortgage Docunments to the Lender
- Your Lender will make sure that the loan process is moving forward
- Title Company
- Get Title Search Done
- This will make sure there are no liens on the property
- Will verify the property can be sold
- Lender orders the Appraisal
- Appraisals are used by lenders to verify the value of the property
- Lenders determine loan amount based on the appraisal
- With a good appraisal you can move forward on a loan
- With a bad appraisal you will need to determine your options
- Order Home Owner’s Insurance and Title Insurance
- Do your final walk through with your Realtor
- Make sure the property is in the same condition as when you signed contracts
- Your Realtor will provide you with access to the property for this step
- Attorney Prepares HUD-1
- Close on your home
Buying a home is a major investment. There are many steps and paperwork that needs to be completed. That is why its important to work with a Realtor who can help you navigate all aspects of the Home Buying Process. Finding the right home can be like finding a needle in the haystack!
Buyers should get pre-approved for a loan before looking for a home. There are good reasons for this:
Before falling in love with a home, it’s a good idea to know whether or not it is in your price range. A Pre-Approval can give you insight on how much a bank will lend to you.
Banks do there due diligence. They will verify your credit and income. If there is anything in your credit report that needs to be fixed, it’s better to know that in beginning of the process versus being surprised after you make an offer.
What type of loan are you looking to utilize? Have you done your homework on what each loans terms mean to you as the borrower? Don’t wait till the last minute to do your homework on the different types of loans out there. Remember this is a major financial decision.
Sellers are often presented with Multiple Offers and tend to accept the offer from a buyer who is pre approved since the process won’t be delayed while the banks do their due diligence which can take up to a couple of weeks.
Pre-Qualification letters are not worth much since they do not verify income or credit. Sellers know this and so do their agents. Getting Pre-Approved shows that you are Ready willing and Able.
The documents you will most likely be asked for are W-2’s for the past 2 years and 2 recent paystubs. You will also need to provide proof of funds and assets. Bank Statements and all other financial statements such as investments and other property that might be owned. Of course they will need your State ID and Social Security Number for a credit check. Be prepared by gathering all these docs before meeting with a lender.
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