Planning to Buy A Home?
Prepare to Buy a Home in Columbia County NY & the Surrounding Area
Checklist to “Grease the Skids”
What you need to do now:
- Find a mortgage banker/broker to discuss your desire to buy a property. Together determine what budget you would be comfortable with. Sharyn recommends comparing at least two to see who will give you the best terms, rates and service.
- Ask Sharyn for references. She is happy to share her list of fair, honest and trusted providers for this and all services required. Contact Sharyn >>
- Owning a Home link for additional information that will be helpful with the process.
- Ask your mortgage banker/broker to provide a good faith estimate. Generally speaking, if you budget for 6% of the purchase price towards closing costs, inspections, attorney fees etc you should be well prepared.
- Send a copy of your pre-approval letter to Sharyn as well as contact information for your mortgage banker/broker.
- Interview and hire an attorney. Generally real estate attorneys cost between $750 - $1500.
- Ask your attorney to provide a good faith estimate.
- Advise Sharyn which properties you would like to see in person and schedule an appointment to go look.
- Complete the NYS Disclosure Form for Buyer and Seller. This is NOT a contract. It is simply an explanation of our agency relationship and the rights and obligations it creates.
- Review the Columbia Greene Northern Dutchess Multiple Listing Service (MLS) Standard Form Contract for Purchase and Sale of Real Estate. When we do find the right property for you, you will be prepared to put in an offer.
- Pay close attention to your finances until you close on a property. Pay all bills on time. Do not purchase any big ticket items or open new credit cards.
- Have 1% earnest money available to submit with your offer generally payable to the listing agent’s Agency.
Once an offer has been accepted:
- Advise your attorney and mortgage banker/broker and share a copy of the offer.
- Interview and hire a home inspector ASAP. If required do the same for septic and well/water inspectors. Ideally all inspections would be done on the same day. Sharyn recommends the home inspector also does a radon test.
- Ask Sharyn for references.
- The home inspector with radon test will cost approximately $600. The septic and water/well will cost approximately $350 each.
- Notify Sharyn of the inspection date to be sure it works with her schedule, along with the seller’s and listing agent’s. Plan on attending the inspections which will run approximately 2 – 3 hours. Bring your checkbook to pay everyone or ask if they will accept a credit card.
- Continue the mortgage approval process. Get requested documents to your mortgage banker/broker ASAP to avoid a closing delay. Keep Sharyn posted on your progress.
- Obtain home owner insurance quotes.
- Once attorney review of the contract has been cleared and inspections are done, obtain the second earnest money check. Generally this goes to the seller’s attorney to be held in escrow until the closing.
When inspections are done and acceptable and the contract is executed:
- Hire a mover and begin packing!
- Await word from your attorney for the closing date. This is coordinated between the attorneys, the bank and the title company.