Long Island is home to one of the worlds most competitive real estate markets. When your ready to take the next steps, you will find the information in the blog to be very helpful, along with the DONOFRIO team and our top performing agents. We are dedicated to helping you find the right type of property that suits you best, a home that offers the character and amenties you desire. We will then help you negotiate the best deal, along with our resources and influences, backed by one of biggest brokerages in the nation.
Buying a home is one of the most important financial and personal decisions many of us will make in our lifetime. Whether or not its your first time we all begin the home buying journey with a vision, a picture in our minds of what we want "home" to look like.
The DONOFRIO Team wants to make your home experience a wonderful and rewarding journey. We will explain the sequence of steps in the complex process and pay very close attention to detail.
There are many advantages to homeownership:
Build equity- when you pay a monthly mortgage, you increase your equity. The greater your equity the more you can capitalize on your homes value as it increases over time. My favorite line is "Dont wait to buy real estate, buy real estate and wait!"
Fixed Costs - Unlike paying rent to a landlord or property manager, which can increase year over year. Securing a fixed-rate mortgage ensures you wont have to worry about rising monthly housing costs.
Create YOUR space- want to retile a bathroom or open up the kitchen by removing a wall. Make your space your own.
PREPARE YOUR FINANCIAL PROFILE - Check your credit score! Credit scores help banks evaluate risk of lending. Use a reputable website to pull a credit score. The higher your score the better your rate, so if you need to do credit repair, we can help you navigate the right company to achieve that.
Calculate your savings - Although you can put less than 20% down, when you are up against multiple offers, a higher down payments leads the pack.
Get Pre- Qualified - A good loan officer will help you estimate your price range. They will discuss what monthly payment your comfortable with based on your income, assets and debts. We work along side a few different lenders that know how to get the job done. We would be happy to share their information with you.
Keep your pre-approval up to date - Sometimes the home buying process can take a little longer than expected, but worth the wait when we help you find that right place to call home. Typically Pre-approvals should be refreshed after 60 days.
FROM OFFER TO CONTRACT - WHATS NEXT?
We have an accepted offer, whats next! You have the right to a home inspection, an inspection is not a means for a renegotiation, and often times its for the buyers informational purposes only. However there are certain issues that could arise that need to be taken care of by NY state law. Thankfully we know what they are, we are at every home inspection to guide you every step of the way.
Contract signing - So everything went well at the home inspection and its time to sign the contracts. The buyer will sign the contract first. Your attorney, we always recommend a real estate attorney. An attorney who just specializes in Real Estate, is your best bet. We work with many attorneys who are extremely profiecient in Real Estate law, we are happy to share our list with you.
The Countdown Begins - Once all the terms are agreed upon by both parties, the buyer will give the down payment check to their attorney and the seller will sign. We are now fully executed! and on our way to HOME OWNERSHIP!! Whoo hooo
**** Important note, until the contracts are signed by both parties, the sellers has the right to hear all offers. We have seen higher offers come in when we are half in contract.
FROM CONTRACT TO CLOSE !
Mortgage Commitment - Once you have submitted all of your necessary documents to the loan officer, you would be issued a commitment. Basically, the loan is 100% approved! During this time the bank will ask for an appraisal on the house.
Scheduling a closing date - Once you have the clear to close, we help coordinate with the sellers on a day/time that works for both parties.
Final Walk Through - Just prior to closing, we will take you through the house to ensure that everything is in the same working order as the day of the home inspection.
Closing - Your attorney will advise you on what you need to bring to the closing. Once all documents are signed, deed and title are transferred over to your name and CONGRATULATIONS!!! YOU ARE OFFICIALLY A HOME OWNER!
