Buying a home is a serious proposition. It may be the most significant financial decision you will ever make. Like any other large decision, you should consult with an experienced real estate professional before taking the plunge. Rowan Realty has been serving the Carle Place-Westbury community for over 50 years. We can give you accurate, up-to-date information on the real estate market and help you find the home that best suits your needs and budget. Our relationships with mortgage professionals. contractors, and attorneys are at your disposal. At Rowan Realty, we pledge to use our skills and knowledge to make the purchasing process as easy and stress-free as possible.
1. Pre-Approval – Unless you intend to purchase a home for all cash, you should contact a bank or mortgage broker to obtain a pre-approval for a mortgage. Your mortgage agent should let you know your approved mortgage amount, interest rate, and approximate monthly payment. In addition to allowing you to determine your price range, a pre-approval is needed to accompany an offer on a home.
2. Finding a Home – Once you choose a Realtor to help you find a home, you should decide whether the agent will represent you as a Brokers Agent, Buyers Agent, or Dual Agent. Descriptions of the different types of agency are listed on the Agency Disclosure Form. After you establish a relationship, your Realtor will use his/her professional resources and experience to locate homes that match your criteria.
3. Making an Offer – When you find a home that you are interested in purchasing, your Realtor will make an offer to the seller's agent on your behalf. The offer should include the terms of the purchase including the amount of down payment, pre-approval if you require a mortgage or proof of funds if it is an all cash transaction, and prospective date of occupancy.
4. Offers – The seller will accept, reject, or respond with a counter offer. Your agent will help negotiate a price and terms that are acceptable to both you and the seller.
5. Accepted Offer – After your final offer is accepted, a sales agreement will be sent to your attorney.
6. Home Inspection – You should hire a Licensed Home Inspector to examine the property. The homeowner is responsible that the heating, plumbing, and electrical service are in working condition and up to current safety codes. The roof should be free of leaks and the foundation secure. If these items are not satisfactory, the seller may opt to make repairs or give you a credit to fix agreed upon issues.
7. Contract – After the home inspection, the seller's attorney will draw up the contracts and send them to your attorney. You will sign the contracts and give your attorney the down payment check. The contracts will then be sent to and signed by the seller, and your down payment will be deposited in the seller's attorney's escrow account. The fully signed contracts will be sent back your attorney.
8. Mortgage Application – When you receive fully signed contracts, you can process your mortgage.
9. Termite Inspection – A termite inspection should be done within 10 days after the contracts are signed. You pay for the inspection.
10. Title Search – Your attorney will order a title search to make sure the property is free of liens, there are no open permits, and all CO's are in order. If there are any problems with the title, they must be resolved by the seller before closing. Sometimes, money can be left in escrow until the proper CO's are issued.
11. Bank Appraiser – If you are taking out a mortgage, the bank will send an appraiser to determine the property value to make sure it qualifies for the loan.
12. Mortgage Approval – You should receive a mortgage commitment within 45 days.
13. Closing– After the bank declares that they are ready to close (the file must go through underwriting and all conditions met), the bank attorney will contact the buyers' and sellers' attorneys to schedule a closing date. If there is no mortgage, the closing will be scheduled by the buyers' and seller' attorneys once the title report is complete.
This process may appear complicated, but we are accessible 24/7 and will guide you through every step until closing.
At Rowan Realty, we treat our customers like family.