Purchasing a new home in Central New York with Amodio Realty, Inc.
Buying a home is stressful for a lot of people, but it's not all that difficult with a little up-front planning. So you understand exactly what to expect, we like to supply our buyers with an overview of the entire deal. Here are our nine steps to buying a home.
When you're ready to get started, simply contact us here or send us e-mail
. We're happy to answer any questions you have regarding this information.
Step 1 – Prepare to buy a home
There are a lot of things you need to do before you start looking for a home. When you begin your search, you'll want to form a checklist of features you need to have, get a plan of what school districts you want to live in, and start planning your budget. A good rule to go by is that your mortgage payment should be less than or close to a third of your net monthly income.
Step 2 – Contact a real estate agent in Central New York
This is where Amodio Realty, Inc. can help. We'd be more than happy to book a time to meet with you and talk about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, schools in the Central New York area, the mortgage industry, and any other economic factors that could affect your purchase today or in the future.
In addition, we'll assist you with getting started on your loan. We work with some of Central New York's best mortgage professionals, so you'll be in great hands. They'll assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After we meet, we'll start finding available houses on the market that best suit you. We'll research many of the houses and remove the ones of least interest, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour homes, we'll show you the positive features and negative ones. We'll also ask you about things you like and don't like. It's common for buyers to update their must-have list as we tour homes and some items become more important than others. If that happens, we'll search the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
Our knowledge of the Central New York housing market is a valuable resource in your house search. We are mindful of all the schools and neighborhoods, and we will communicate certain neighborhoods are "hot" and require prompt action and the rest that are "cool" and allow for thoughtful consideration.
As we tour homes, we'll let you know if the list price has room for negotiation or if we believe the house is "priced to sell." When working with an agent, be mindful and be sure to ask a lot of questions, as every REALTOR® will convince you they truly understand the market. If things don't add up, contact us at (315) 336-7000 or e-mail us at StephenAmodio@amodiorealty.com, and we'll be glad to answer any questions you have. Our knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We're certain we'll find the home of your dreams in the Central New York area, and when we do, we'll carefully develop your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, we make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we send in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is typically put towards the closing costs. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the first offer. It's pretty common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your financing limits. When it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain financing
Upon finishing the deal, you'll start working with your lender to close the loan. If you're pre-qualified, this won't take much time at all, but you should stay in close contact with your mortgage lender. We'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your loan application. This estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. We'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely occur at a title company or escrow office and should be a smooth, pleasant and exciting time!
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact us at (315) 336-7000 or send us an e-mail.