Buyers – YOUR TRUSTED CNY REALTOR

Information for Buyers

The First Step When Thinking of Buying a Home is ALWAYS to get prequalified.

For mortgage lenders, I recommend:

Steve Ferris

SEFCU

315.521.3861

Maybe half the prequal letters I'm seeing right now are from:

Empower 315.477.2200

Also:

Geddes Federal Savings & Loan

Linda Meade

315.362.2641

Buying a home can be stressful, but it helps to have a caring real estate agent help you through the process.

Here is some information that will help you getting started. If you have any other questions, text me at 315.351.2220 and I am happy to answer your questions (I will also add them here, so thank you )

My commission is paid for from the seller’s proceeds. The money comes from the buyer of course, but I'm not paid directly. I'm always paid through my broker. Having a buyer’s agent protects you. No brainer.

When you get pre-approved, find out what your payment will be and what the max amount of taxes can be. Make sure the purchase price you’re approved for matches the payment you can afford and want.

If there are any homes you want to see, call me. Please be loyal.

If you go to an open house, tell them I’m your realtor, but really you can just schedule the showing with me instead of going to the open house.

Real estate agents are the only profession that work for free until a transaction actually happens when they get paid. Realtors are independent contractors and are not paid hourly to do showings. They also pay for all their expenses out of pocket before a transaction happens (like gas for driving to showings and paying for advertising on listings).

Find out from your lender what your closing costs will be and maintain that money in your account until closing.

Once you make an offer on a home and it is accepted, you are under contract and can’t make another offer on another home just in case the first doesn’t work out.

Once your offer is accepted, you can’t change any of the terms of the contract. The seller accepted your offer based on the characteristics of your specific offer and may have passed up other offers to give you the house. Making your offer less desirable after he turned down other offers, is not a good move.

Once you apply for your mortgage, don’t take additional credit like buying a new car or making any major purchases on your credit card.

Keep your work hours and money coming in consistent. If you are laid off or your hours are reduced, let your lender know. (They will call a couple days before closing to check that there have not been any changes in your employment).

There are three attorneys in any real estate transaction - your (the buyer’s) real estate attorney, the seller’s real estate attorney, and the bank/lender’s attorney.

The closing date on the contract is “on or about” and is what the attorneys are shooting for, but depending on title delays, bank attorney availability, and many other factors that date is not set in stone. Check with your attorney for a firm idea of the actual closing date before you give notice at your apartment or schedule movers, or take the day off for the closing.

The date the closing is scheduled is pretty much mandatory if all three attorneys have been able to schedule a time that works for them. Closing on your home is along similar lines to jury duty as far as employers are concerned. If you tell them you’re closing on a house and the closing is on such and such day, they are unlikely to deny you the time off.

What You Can Expect to Spend

What you can expect to spend, out of pocket, as part of the process

(these prices are estimates, please confirm with the chosen vendor):

An Earnest Money Deposit of 1% of purchase price ($1500 minimum) is required for all transactions.

Home inspection, if desired, can cost $400-700 depending on the home inspector and square footage of the home. You can pay with cash, check, or credit/debit card the day of the home inspection. *Prices will vary and you should confirm with your home inspector.

Along with the home inspection, you can get a radon test if you so chose. That will cost an additional $100 to $200.

Your lender will normally ask you to pay for the mortgage appraisal, that will cost around $500 depending on the lender. Please verify with your particular mortgage lender.

You will have a real estate attorney to represent you in the transaction. That will cost $600-800 depending on the attorney. You normally write a check to the attorney at the closing table or it is a line item in the closing disclosure.

Closing costs can only be estimated by your mortgage lender and will include your down payment amount. They will vary greatly depending on your home price and financing details, so please verify this amount with your lender.

If you have any questions, call me or text at 315.351.2220 or email me.