Tips for Buyers
Are you thinking of purchasing a home in Ulster County?
Here are a few tips for getting started that will guide you through the process.
2) Getting your finances in order – You will need a steady source of income with a consistent flow of cash each month, as well as savings to put toward a down payment. It is also important to get your debts under control, by paying down larger debts. Check your credit report. A good credit score can help you get a better interest rate.
3) Talk to a Mortgage Professional – Prior to house hunting, speak with a mortgage professional to determine how much you can afford and the mortgage amount for which you qualify. They will explain the many types of loans available and the down payment percentages needed. Once you find the house you want, a letter of pre-approval or pre-qualification is usually submitted with the purchase offer.
4) Choosing a Real Estate Professional – Buying a home is often the single biggest financial decision you and your family can make, so it is important you select a competent, experienced Ulster County Realtor, with whom you are comfortable. The internet is a good place to start your search. It is also a good idea to ask friends, family and neighbors for referrals to agents that they have worked with in the past. You should be confident they will work hard to find the right house for you and negotiate the best price on your behalf.
5) Going to Look at Homes – Discuss with your real estate agent your criteria for a home, for example, the style and size of house you would like, the areas you prefer, schools and price, so an organized day of showings may be planned. If possible, bring spouse, partner or whom ever will be part of the decision making process.
6) Making an Offer to Purchase – Once you have found the right home, it is time to make an offer. Your realtor will assist you with the process of making an offer to the seller including the terms of the sale. The seller may except the first offer or they may propose a counter offer. During this period of negotiation, your realtor will be of great help. When both parties have agreed on the sale price, it is time to arrange for inspections.
7) Inspections – The buyer should be included in the inspection process. This is the buyer’s opportunity to ask questions and learn about the home. Many issues are divulged during the following inspections:
*Termite and pest inspections to ensure no damage
*Structural inspections to determine defects and possible upcoming repairs and replacements
*Survey to determine lot dimensions and boundaries
*Appraisal to prove the value of home to the lender
*Title search to ensure the title is free and clear of any liens that would affect the sale of the home
8) Getting Ready for the Closing – Consult with a lawyer who will guide and assist you during the closing process. Contact an insurance agent regarding all the insurance policies needed for your new home.
9) Closing Day – This is the when all the documents are signed and the purchase of the home is completed. You will have to pay closing costs which include legal fees, down payments and taxes. Once all paperwork is signed and the seller is paid the amount owed, the title is transferred from seller to buyer.
Have fun moving into your new home.
It is time to experience the joy and accomplishment that comes from owning your own home.
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