Steps to Buying a Home - on Long Island
You've shopped around and hopefully seen lots of homes and learned about the neighborhood, schools, community benefits, etc. etc. —- and if you have shopped with us, you know we have given you a lot of information about these things — maybe too much. Now it's time to make a move. You found the perfect home. You already have a mortgage pre-approval. You make an offer.... So what's next?
Every home purchase can be slightly different and some of the steps are different by geographic region, but for the Long Island, New York area the following is a pretty good idea of what to expect.
These are estimated timeframes because in an active home sales market, step #6 can easily take another 15 days.
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VERY IMPORTANT!! The step numbers are color coded to |
The Steps to Buying a Home
(Assuming Mortgage Pre-Approval and Home Identified...)
| Step | Event Description | Est. Time Lapsed | Buyer Things to do.. |
| 1 | Make Offer | Day 1 | Find Lawyer, Inspector |
| 2 | Offer Acceptance by Seller | Day 2-3 | Schedule Inspection |
| 3 | Complete Inspection | Day 3-5 | Review Inspection |
| 4 | Contract Process starts ..from Seller lawyer to Buyer lawyer |
Day 4-6 | Review/Modify Contract |
| 5 | Sign Contract | Day 5-10 | Minimum 5% Cash Down payment Required |
| Home Taken off the Market (Under Contract) - no more showings |
| 6 | Secure Mortgage for Home ..bank will perform formal buyer qualification process, arrange home appraisal, title search, underwriting and finally funding |
Day 11-45+ | Deliver personal documentation for mortgage |
| 7 | Home Purchase Close Date ..transfer of ownership |
Day 35-50+ | Balance of Cash payment Required |
| 8 | Move in .... | Day 35-50+ | ENJOY!! |
We welcome your comments.
Visit us at: www.MyLIHOME.com
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