PART IV OF THE SERIES: THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY
Part I - Affordability
Part II - Finding your dream house
Part III - Making the offer
On the assumption that your offer was accepted, what do you do next?
Part IV - Hiring an attorney
As soon as the offer is accepted, then the seller hires an attorney to prepare the contract and then the seller's attorney sends the contract to the buyer's attorney. In NY metropolitan area which includes Long Island, you need an attorney to represent you. Outside of NY metropolitan area, real estate agents prepare the contract which makes for an easy closing. From here on, the attorneys handle the transactions. It is a standard procedure to have you represented by a real estate attorney who will advise you on all the legal angle of the transaction. Real estate agents in Long Island stay away from this aspect of the transactions and let the lawyers handle them. The only thing an agent can do is to follow up with the seller's attorney and find out if the contract is out. Most good attorneys have the contract out within couple of days, some can even have it out within a day.
Our office, Century 21-Laffey Associates, has a list of over 30 attorneys that they recommend and can get the contract out to the buyer's attorney within 24 hours. There is no obligation to use Laffey's list of attorneys. If you have your own attorney, you may use your own. However, make sure your attorney specializes in real estate law. There are attorneys and there are real estate attorneys. I would not want using a criminal lawyer to handle my real estate transactions. Would you go to a dermatologist if you need a heart surgery? You want a heart surgeon.
Real estate transaction is a stressful transaction as it is, you want to make sure you get the best real estate attorney who will make the transaction as simple and easy for you. You do not want to hire an attorney who makes the transaction so complicated. I once had a client who hired an attorney and the attorney sent out a 45-page contract that we almost did not close on the house. The buyer got scared and almost backed out. The seller I thought would fire his attorney. The seller finally told the attorney that he was working for him and he better simplify the contract.
Always hire an attorney who specializes in real estate transaction. They make closing a breeze. The reason we recommend the list of attorneys is to make sure the contract is out as soon as possible. We have dealt with the attorneys on the list and we know how efficient they are.
While the contract is going back and forth between the two attorneys, the buyer is now looking for the next professional to help in the next process.
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY - PART IV*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *WORDLESS WEDNESDAY - A BED OF KNOCKOUT ROSES AT BROOKLYN BOTANIC GARDEN, NY*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
PART III OF THE SERIES: THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY
Part II - http://activerain.com/blogsview/1197973/the-process-of-buying-a-home-in-brookville-ny-part-ii
Now, we are getting serious.
Making the offer - You have done your homework. You have talked to your lender and he/she has figured out how much mortgage you can afford. You have found your dream home. Ok, it is not yet your dream home but close enough. The location is perfect and you can improve on what are there right now.
Now, you have to make the biggest decision in your life. How much do I have to offer for my dream house? You do not want to lose the house. Your best bet is to make the best offer you think the house is worth. I have seen buyers lost their chance to own their dream home because they made a low ball offer. I had a buyer once who made an offer of 40% below the asking price. Apparently this was the third house they made an offer. They lost on the other two and lost on this one too. Offer within 5-10% off the asking price has a better chance of being accepted.
In Long Island, all offers have to be in writing. Real estate agents will provide you with their office form which in essence is almost the same for all agency. It includes the name of the buyer, address, the property they are bidding on, the amount of the offer, down payment and amount of mortgage, the term and contingency if any. The buyer has to fill up the form, sign and write in the name of the buyer's attorney and fax or phone number. Negotiations can go back and forth until both parties agree on the terms and conditions.
Once the terms are agreeable to both parties - the seller and the buyer- then we can move forward.
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY-PART III*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *SPEECHLESS SUNDAY - OLD SLAVE QUARTERS, BOONE HALL PLANTATION, SC*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
PART II OF THE SERIES: THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY
If you miss Part I of the series, follow this link: http://activerain.com/blogsview/1196351/the-process-of-buying-a-home-in-brookville-ny-first-of-the-series-affordability
Now that you know how much you can afford to buy a home, the next step is:
Finding your dream house - Today buyers are tech savvy and start their search on the internet. They start checking the web for what's available out there in their price range. In this regard, you do not have to look elsewhere. Just by visiting my website - www.rosalindamorgan.com will take you to a SEARCH HOME page where you can see all houses available in the Multiple Listing Service of Long Island.
You have to know what town you want to live in. The old adage still applies - LOCATION, LOCATION, LOCATION. There are several features you want to see while looking. Condition of the house is important and can be found under the heading of Appearance. Agents used several adjectives to describe the condition of home. It ranges from good to diamond. Good generally means handyman's special and diamond is mostly brand new. Agents sometimes divert from this description using pristine or move in. There are times when you do not mind a little work to be done if you can get a bargain. Although in Long Island, basically there is no such thing as a bargain. The sellers want more money for their homes and the buyers are always looking for a bargain. If the price is right and you really like the house, you don't mind a little work to be done. Besides most buyers want to do some changes anyway after they move in to make the place their own and reflect their personality. Most listings provide a whole set of picture with accompanying virtual tours. I would recommend skipping listing with only one picture. That says so much about the kind of agent you will be dealing with. In this internet driven world, a "professional realtor" has to be tech savvy and provides plenty of information to customers and one of them is providing at least ten pictures with the listing. If school is important, there is a place where you can find it. Property tax is also available.
No one can decide which listing you want to see except yourself. Your real estate agent meaning me is one to help you find the right home. Some buyers will buy any home as long as the price is right. It is important to remember that if you only want to live there for few years, look at the resale angle for a quick turnover. Now if you intend to live there for a long time, whether the house is a bargain or not, it does not really matter. Buying a home is still the best investment in the long run.
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY - PART II*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
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