Buying A Home
We pride ourselves in establishing strong relationships with our clients. After all, purchasing a home is one of the biggest decisions you will make in your life! Below is a list of steps for the home buying process.
- Meet with one of our trusted agents to discuss expectations and develop a list of criteria you have for your new home. During this time you will also sign a Buyer’s Agency Agreement which defines the responsibilities of you, the Buyer, and the real estate agent.
- Obtain prequalification for financing the purchase. This could be a prequalification or pre-approval letter from a lending institution. If you intend to purchase the home with cash, you will need to show proof of funds or assets that can be liquidated for the purchase. Let us help guide you through this process!
- Work with your agent to identify available homes to view. We realize savvy Buyers are performing their own online searches. If you have a specific property you would like to see, we can arrange a showing. We will also send you information on homes we believe may meet your criteria.
- Submit a Purchase Offer on a property. We will discuss not only purchase price, but different terms and conditions that could be more favorable for you and the Seller. In today’s competitive market, we want to use every advantage possible to get your offer accepted.
- Obtain an approval letter from your attorney. Your attorney will review the Purchase Agreement for form and content. They may call you to discuss the terms of the contract to ensure you are fully aware of your responsibilities.
- If applicable, attend all inspections agreed upon by the Buyer and Seller. Depending on the findings within the inspection report(s), this may be an opportunity to continue negotiations to ensure all parties are in agreement.
- Apply for your mortgage. It is important to work very closely with your loan originator to ensure the transaction closes as quickly as possible.
- Both the Buyer attorney and Seller attorney perform their due diligence. This is to ensure all the terms of the agreement are met.
- Obtain a Mortgage Commitment and schedule a closing date. Depending on timing, this may happen before or after those dates listed within the Purchase Agreement.
- Attend the Final Walk-Through of the property. This is done 24-48 hours prior to the Closing Appointment. You and your agent will walk through the property, ensuring the conditions of the property meet those of the Purchase Agreement.
- Attend the Closing Appointment. You will meet with your attorney and the lender’s attorney to sign all the required documents. Based on the terms of the Purchase Agreement, you will obtain the keys to your new home and officially own the home!
- Continue to use your real estate agent as a resource. We don’t walk away after the sale. We want you to consider us a trusted resource.
What you will need before you start your home search:
- Pre-qualification or pre-approval letter from your Mortgage Professional.
- A “wish list” for your new home, outlining the “must-haves” and the “would-be-nice-to-haves.”
- A signed Buyer Agency Agreement (click here to view a sample document).
STANDARDIZED OPERATING PROCEDURE FOR PURCHASERS OF REAL ESTATE PURSUANT TO REAL PROPERTY LAW §442-H
Vincent Associates Real Estate, LLC (the “Broker”) is making this Standardized Operating Procedure available on any publicly
available website and mobile device application maintained by the Broker and any of its licensees and teams. Broker has copies of these Standardized Operating Procedures available to the public upon request at Broker’s office location.
Please be advised that Broker:
- Requires prospective buyer clients to show identification*
- Requires exclusive buyer broker agreements
- Requires pre-approval for a mortgage loan/proof of funds*
*Although Broker may not require such information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
Mortgage Information
A vital first step to finding your dream home is figuring out how you’re going to pay for it. There’s no one more qualified to help you navigate through the whole financing process than a local mortgage professional.
What’s the difference between a Mortgage Broker and a Mortgage Banker?
A Mortgage Broker searches through the offerings of several different mortgage companies to find
financing options. The Broker isn’t tied to any specific bank or lending institution, so there is more
flexibility when it comes to mortgage options. They will do all the “shopping” for you. Keep in mind that you may be charged an additional fee for using a Mortgage Broker. Be sure to ask!
A Mortgage Banker works for a specific bank or lending institution. They work with you to create an entire banking relationship. This is a good option if you already have a strong lending/banking relationship with your local bank or credit union.
Estimate Your Monthly Payments
A house is the largest purchase most of us will ever make, so it’s important to calculate what your mortgage payment will be and how much you can afford.
Simply enter the price of the home, use a zero if the down payment is unknown, override the mortgage terms if other than 30, and enter the interest rate; the calculator will do the rest. Keep in mind that the calculator does not consider additional fees (Property taxes, home insurance, etc.).
*This tool is used as a base-line estimate. For a more accurate estimate, consult your mortgage professional.
Selling Your Home
We use a coaching methodology with our Sellers, educating you about current market conditions and how to prepare your house for achieving a successful sale. Some of the steps we take include the following.
- Meet with one of our trusted agents to discuss expectations and develop a plan and timeline for selling your house. This usually includes a tour of the property so we can assess the condition and offer suggestions for getting the house “market ready.”
- Schedule a photo shoot. Our professional photographer tries to capture the true essence of the property to ensure the images pique the interest of prospective Buyers.
- Complete the required documents to list the property on the Multiple Listing Service (MLS). This is done no more than 24 hours before the house hits the open market. We discuss terms, conditions and set a listing price.
- Conduct showings. We work with real estate agents throughout the region to get as many Buyers through the property as possible.
- Receive and review Purchase Offers. We review the purchase price as well as all the terms the Buyer is requesting. If multiple offers are received, we compare the price and terms of all offers and discuss the pros and cons of working with each Buyer. We negotiate to get you the best Purchase Offer possible.
- Obtain an Attorney Approval Letter. Once the Buyer and Seller have signed a Purchase and Sale Agreement, we request that each party’s attorney review the document and approve it for form and content. Your attorney may call you to discuss the terms of the contract to ensure you are fully aware of your responsibilities.
- If applicable, provide access to the property for all inspections agreed upon by the Buyer and Seller. Depending on the findings within the inspection report(s), this may be an opportunity to continue negotiations to ensure all parties are in agreement.
- Order a Survey of the property. This is done by your attorney. Both attorneys will review the title documents in preparation for transferring the property from the Seller to the Buyer.
- The Buyer receives their Mortgage Commitment. In some cases, you as the Seller may be required to fulfill some conditions in preparation for the property being transferred.
- Schedule a meeting with your attorney to sign all the required documents. They may give you a list of tasks to be completed prior to the closing date.
- Notify the utility companies of the transfer of ownership. It is customary to inform the utility that a new owner is taking possession of the property and that the service should be transferred, not terminated.
- Vacate the property prior to the Final Walk-Through. Per the terms of the Purchase and Sale Contract, you may need to empty the property and leave it in “broom clean” condition prior to the walk-through appointment. Any concerns of the Buyer will need to be addressed.
- Closing appointment is attended by the Buyer and the attorneys. Documents are signed and a financial reconciliation is completed. Within a few days, funds are transferred to the respective parties.