what do I do after they accept my offer.? what are the details I should carefully look in a contract before I sign.?

Asked by Shoumick, Valley Stream, NY Fri Oct 29, 2010

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Apr 16, 2013
For HomeBuyers in the New York Metropolitan Region: The Five Boroughs, Nassau, Suffolk, Westchester, Dutchess, Putnam, Rockland and Orange Counties, there's a tried and true method for purchasing a home. Because we use Attorneys here in the Downstate New York area, HomeBuyers benefit from very specific protections built in to this method.

While a HomeBuyer might make the Offer to buy a home in writing, until a Contract of Sale is signed in the presence of your attorney, the transaction isn't binding. Follow the tried and true method and don't let anyone influence you to vary from it; it's for your protection.

In a New York home purchase, the timeline goes like this:

1. HomeBuyer and Seller negotiate the Offer. Offer is best presented in writing. After much hand-wringing and back and forth negotiation, both parties agree on a price and terms of the sale.

2. Offer accepted

3. Contract of sale is prepared by Seller's Attorney and forwarded to Purchaser's attorney for review

4. Purchaser hires a Licensed Home Inspector (As per NYS regulations, ALL Home Inspectors must be Licensed). The Home Inspection is conducted PRIOR to signing contracts. If inspection reveals a problem with Foundation, Roof, Plumbing, Heating or Electrical, Purchaser's Attorney discusses with Seller's attorney to obtain satisfactory remedy PRIOR to contract signing. The remedy can be either a Seller repair or Seller credit to Purchaser at closing.

Since Home Inspection is done before contract is signed, the Purchaser has the opportunity to negotiate or walk away with no obligation to the Seller.

5. Contract Signing. Once all issues and concerns and terms of the Contract of Sale have been satisfactorily worked out by Purchaser's and Seller's attorneys---including any Home Inspection issues---the Purchaser meets with Attorney to sign the Contract and present an "Earnest Money Deposit." This is often misconstrued as the Down Payment.

In fact, this is money presented by the Purchaser for the Seller's attorney to hold in an escrow account until closing. This is often referred to as the "Good Faith Deposit" because it's the Purchaser's way of telling a Seller "I'm serious about buying your home and obtaining the mortgage financing to complete this purchase! Here's my money as a show of Good Faith."

6. Mortgage Application. Purchaser applies for and receives approval for the mortgage loan

7. Title Report. Purchaser's attorney orders a title inspection of public records to verify the Deed can be transferred from Seller to Purchaser with no liens, violations, or other encumbrances. Purchaser's Lender's attorney reviews the title inspection, or title report, to verify there are no objections on the Lender's behalf that would affect the closing of the mortgage loan.

8. Closing! Purchaser completes Down Payment, Mortgage Lender ponies up the rest of the cash, and Seller hands over the Deed and the Keys to the House!

9. Purchaser buys steaks for first Barbecue in their own backyard of their own home.

10. 30 years of Fixed Rate bliss because you own a Piece of the Rock!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes
Eleanor Sams…, Agent, Valley Stream, NY
Sat Nov 24, 2012
Hi Shoumick,

Purchasing a home can be scary. It is a big step that will change your life in many different ways. It is probably the largest purchase you have made in your entire life. As you can see there are many qualified real estate professionals willing to help you for free. The fee is paid by the seller. If you already have an agent and would like more information on the steps to buying your first home simply visit my website http://hurdlehomesofvalleystream.yourkwagent.com/atj/user/Yo… I have dedicated an entire page to buyer's resources. On this page you can even request a free e-book titled Your First Home.
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Janet Nation,…, Agent, Baldwin, NY
Sat Oct 30, 2010
If your offer is accepted, the first thing you will need to do to is get an home inspection done. If there are any major concerns you can ask the seller, via the listing agent, to address them. Unfortunately you clearly do not have your own buyer's agent so you are at the mercy of the listing agent or sub agent guiding you. After the home inspection, and everyone is on the same page, contracts will be sent to your attorney of choice. Your attorney will go over the contract with you, the contracts are pretty standard with slight variations. A copy of the contract will be sent to your mortgage rep of choice. I'm assuming you have already selected an lender because a pre-approval would have to been submitted with your offer. Once yourself and the seller have signed the contract, you have a fully executed contract and you will have 45 days to secure a mortgage commitment. The whole process from beginning to end typically these days take 2-3 months. Once everything is done and you have a clear to close, you go back to the house for a final walk through. The house should in the same condition or better as you remember it. If they were any agreed up contingencies from the home inspection, they should be completed. That's it in a nut shell. If it doesn't work out for you, give me a call, I service Valley Stream and I'm a buyers agent.

Janet Nation
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Candi Rosent…, , Valley Stream, NY
Sat Oct 30, 2010
What you probably will do is celebrate - but after that the work begins! One of the first things I would recommend is have a home inspector examine your property. Your agent should have a few names
from you to chose from. Upon a successful completion of your property most likely the seller's attorney will be sending out contracts to your attorney, which you must review together. Make sure you have a well recommended real estate attorney - that can't be stressed enough. In the meantime, start working on
your mortgage application. You are going to be very busy! Good luck and try to enjoy the process.
0 votes
James Ryan, Mortgage Broker Or Lender, Leesburg, VA
Sat Oct 30, 2010
Hi Shoumick!
NY is an attorney state, meaning you need to hire an attorney firm to close your loan. I suggest strongly you inquire about an attorney refrerral, and contact them as soon as possible. If you have a good loan officer now, I am sure they can suggest a good firm to work with!
Jim, Home Savings of America, 703 591 5626 ext 419.
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Pat & Steve…, Agent, Westlake, OH
Fri Oct 29, 2010
It appears that you don't have a Buyer's Agent representing you, based upon your question. You need more help than than Trulia answers can do for you. You really need to retain an Attorney who handles residential real estate matters ASAP.
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Kevin Monette, Agent, Virginia Beach, VA
Fri Oct 29, 2010
Well you should have an agent to repersent you in this deal. An agent that repersents you will point out every step you will need to take. In your first meeting you both should have covered the entire process, so that there will be no Surprises on both parties. Areas around the country and the current market conditions, desides on what the specific process will be. A few years ago, buyers had to wave the home inspection in order to get the deal. That's not the case now, but its always changing.
If you get a ratified contract from the seller, your should conduct a home inspection first thing, if its good then you will need to order an appraisal and conduct a termite/mouisture inspection, receive and review any condo/HOA doc's, then have an title company/attorney do the title search on the property. From there you set a closing date, to get the keys to your new home. Good luck and enjoy your new place!
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Anna M Brocco, Agent, Williston Park, NY
Fri Oct 29, 2010
Do you have an agent, if so what is he/she suggesting......Your attorney, should carefully review the contract with with you, before you sign anything-- therefore, in order to best protect yourself, make sure he/she specializes in real estate.
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Bill Eckler, Agent, Venice, FL
Fri Oct 29, 2010

To enter the real estate world without the support od a realtor or attorney to advise you may be "entering troubling waters."

Since the fees for professional services is normally paid for by the seller, there is no reason not to use a realtor that will look out for your best interests, for a transaction. There are just too many ways you could encounter difficulties without the proper guidance.

Good luck,

0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Oct 29, 2010
You need to use a contract to make your offer, verbal offers are not binding so they need to be in writing, the time to review your offer is before signing it, not after they accept it. Your buyer broker should guide you through the process, if you have choosen to buy alone without an agent, you may want an attorney to review what you are signing. It should include major points like your offer amount, the deposit you pay, when you will close and whether it is contingent on a home inspection and a mortgage and how much time you have to complete those tasks. After it is accepted you need to abide by the time frames for each
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Tammy Hayes, Agent, Port Charlotte, FL
Fri Oct 29, 2010
The Contract
The way you make an offer is by signing a contract and paying earnest money. The contract doesn't necessarily obligate you to buy the house no matter what.

If the seller accepts your offer they'll sign the contract, and then you can proceed with having the house inspected and appraised. If they don't agree then they'll likely make a counter-offer, by preparing a new contract with different terms that they ask you to sign. The process repeats until you either have a contract signed by both parties, or the deal falls through because the two parties couldn't agree.

If the seller accepts your contract s/he'll take the house off the market. Then you won't have to worry about competing buyers while you have the house inspected and appraised to make sure it's really worth what you think it is. This secures your position as first in line to buy the house.

Get a copy of a standard contract right now so you can see what's in it and follow along easily. You can likely get a copy from the real estate commission website for your state. The seller's realtor will most likely use the standard contract used in the state you're in. If they've written their own contract from scratch, then get your realtor or an attorney to look at it to make sure there's nothing unreasonably disadvantageous to you in it.
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