The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

I'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

At this time, I will also help you get pre-qualified for a mortgage loan through our Sister Site www.OneBetterMortgage.com. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.

Step 3 - SHORT SALES, FORECLOSURES, BEGIN THE HUNT

After our initial meeting, I'll search all my resources for houses on the market that fit your criteria. I'll preview these houses to eliminate the duds. Then, I'll schedule appointments to tour the houses at times convenient to you.

As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

My knowledge of the local market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

We know of every foreclosure in Nassau and Suffolk Counties as well as those in New York City.

WE KNOW SHORT SALES, FORECLOSURES AND HOW TO GET THE BEST PURCHASE PRICE, OFTEN LESS THAN THE BALANCE OF THE MORTGAGES.

As we tour houses, I'll let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge will keep you a step ahead of the "house hunting competition".

THIS IS A "BUYER'S MARKET". It is not unusual to see multiple to properties at LESS THAN full-price offers. This gives us more negotiating room as houses are taking longer to sell and there are more houses for sale than purchasesers willing to purchase. Across the State of New York and the Nation prices are 20% less than they were two years ago.

Step 5 - Find Your Dream House

I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with any mortgage broker, bank or lender of your choice. You might consider speaking with one of the expert loan officeers at OneBetter Mortgage Corp which has been approved by the New York State Banking Department as a Registered Mortgage Broker and by the FHA as an approved loan processor for FHA insured mortgages and which has been awarded a Mini-Eagle by the FHA (www.OneBetterMortgage.com). We believe that you will save money by being pre-qualified for the loan before starting your home search because you will know how much you can borrow. The FHA insures loans for up to $729,750 in Nassau, Suffolk, Westchester and the five boros of the City of New York. The FHA will also permit 97% financing as well as 3% seller's concessons. By being pre-qualified you will be in a more competitive position with the home seller and that much closer to the end. I'll gather the necessary property information your lender will need to close the loan. Management of OneBetter Realty Corp. and your mortgage broker will be able seemlessly integrate the purchase and funding aspects for you.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," as will the actual loan officer at OneBetter Mortgage by answering questions so that there will be no confusion and no surprises at your closing.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.