Supcoffconstructionlaw's Weblog

Helpful Hints For First-Time Home Buyers
May 5, 2008, 12:27 pm
Filed under: Residential Real Estate

Spring and Summer are two popular seasons for home buying.  Here are some pointers when you are ready to start searching to buy your first home:

1.   Figure out how much you can afford – speak to your financial advisor/accountant and/or use an online mortgage calculator program to determine how much house you can afford.

2.  Get preapproved – once you know how much house you can afford, you should contact a mortgage lender or a mortgage broker and get pre-approved for mortgage financing up to the amount that you can afford.  The pre-approval letter from the lender will give you more leverage in the offer and negotiation process and should speed up the mortgage commitment process.

3. House hunting – Decide how you will you go about searching for your new home.  The Seller pays the real estate commission on the sale, so unless the Seller is selling the home itself (without a broker), there is no financial benefit to searching for a home without the assistance of a real estate broker.  A real estate broker has access to available listings as well as experience and knowledge of the local market.

4.  Contact Your Real Estate Attorney – Once you find a home and have agreed with Seller on a purchase price, the real estate agent or seller will ask for your attorney’s contact information.  It is helpful to line up your real estate attorney in advance so that you are not scrambling to retain one at the last moment.  The Seller’s attorney typically prepares the Contract of Sale (in NJ, the broker will fill out a form contract and circulate to both side’s attorneys to review).

5.   Pre Closing Items – Your broker and real estate attorney should guide you through the numerous preclosing items required from house inspection, co-op/condo board approval to title insurance to bank financing commitment requirements.

6.  Closing – At closing, the Seller will transfer title to the Buyer in exchange for the Buyer paying the balance of the purchase price and all closing items/adjustments.  If bank financing is required, the Buyer will sign all the bank loan note and mortgage documents at the closing.  The settlement agent at the closing will make sure that any exsiting mortgages, taxes and any liens on the property are paid off at the time of closing.

Contact The Law Offices of Marc Supcoff at (649) 278-9975 with any questions concerning buying a home in New York or New Jersey.



1 Comment so far
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Great post !
Generally it is very intresting kind of investment, but I think that real estate is loosing it’s price too much.
I own a site with prices for Moscow real estate listings and from the begining of this year it wasn’t grew….
Anyway american real estate is more stabil in this case.

Comment by moscowrealestate

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