The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

We'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

At this time, we will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal. Our in house mortage broker, Melissa Ragonesi Horen, of Weatherstone Mortgage ia available to assist you in this process. Contact her at 516-349-8181 or 516-458-5880.

Step 3 - Begin the Hunt

After our initial meeting, we'll search all our resources for houses on the market that fit your criteria. We'll preview these houses to eliminate the duds. Then, we'll schedule appointments to tour the houses at times convenient to you.

As we tour houses, we'll point out amenities you might not notice, we'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, we'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

Our knowledge of the local market is an essential factor in the house search. we'll let you know when the market in a particular neighborhood is "hot" and requires immediate action.

Our unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market", it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers.

Step 5 - Find Your Dream House

We at Nancy Scarola Real Estate are confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs.

The offer is normally presented with "earnest money". This is good faith deposit made to a home seller to secure an offer to buy their property. If the seller accepts the offer, generally closing is held 60 to 90 days from the offer date. Variations to this depend upon circumstances which are particular to each deal.(generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you.

Market conditions will play a role. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits. There is no point in having a seller think he is selling, when you cannot move forward.

Step 7 - Get a Loan

During the contract period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs during the loan application process.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.