The process of buying the single most expensive investment of you life should really be treated as such...Even though we as Realtors conduct how ever many of these each year, we need to recognize the patience that's required in working with new home buyers. Most of the time agents do a poor job setting the expectations of purchasing a home. After you have finally found a home that is agreeable to your lifestyle, here is are the necessary steps to expect after you have settled on a price:

  1. The attorney's approval: (2-5 Days from the signing of both parties, typically) In New York, just like anything else- attorneys are involved in the contract. They play an important role in overseeing the process for their respective client. During this stage, the attorneys will come together and submit thier acceptance of the contract or they may request certain changes be made in order to satisfy their acceptance. Even though you have a signed contract (as a buyer or seller), you need to be aware that until both attorney's agree on the contract, a seller can accept another offer & a buyer can walk for another property.
  2. The inspections: (1-2 weeks from the signing of both parties, typically) This is customarily the only out of pocket expense that the buyer incurs before the closing. The typical inspections include "the main three" - structural, pest & radon. Other inspections include the well & septic if they apply to that particualr property. Generally, this expense could be anywhere from $300-1,000 depending on the inspections necessary.
  3. The Mortgage Loan Commitment: (2-4 weeks from the signing of both parties typically) Depending on the loan officer (LO) or bank, the application is submitted after the inspections. The appraiser is usually sent out to examine the property's value by comparing it to similar properties that have sold within the last 6 months in a close proximity. Tracing the sale of properties back to 1 year was typical until the Fall of '09(ish). Once the file has gone thru all the underwriting & has been approved it's cleared for a close pending the successful title search & "other items"...
  4. The Title Search; (3-6 weeks from the signing of both parties typically) In NYS the attorney arranges the title search & most times Real Estate attorneys have their own title companies. Once a clear title has been secured on the property, the attorney sends the report back to the bank for what usually is the last thing the bank needs in order to clear the file.
  5. CLOSING: (3-6 weeks from the signing of both parties, typically) This is it!...Time for your walk thru. Next you sign away get the keys & CONGRATS your a home owner!

These steps are an abbreviated version to many of the other roles an agent, loan officer, attorney & title company play into the successful steps of a real estate closing however they do paint a general picture as what to expect!...If you'd like to go over this in more detail, now your talking about getting the HOME FIELD ADVANTAGE!- THATS A DIFFERENT STORY! YOU MUST CALL Michael J. Field of the FIELD TEAM at Keller Williams Realty in order to experience that at 518.871.9422.