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12 Steps to buying a house in Syracuse

Nov. 30, 2018

1.Decide to buy - Save money for down payment and closing costs. The downpayment is a portion of the purchase price. The closing costs include taxes, attorney fees, title insurance, bank appraisal, and other costs to set up the loan. You will also want reserves for repairs you may to do, and for any surprise expenses. You also want to make sure you have a good credit score and fix any issues you may have. The credit score not only affects the interest rate of the mortgage, but it also affects your homeowner's insurance rate.

 

2. Find a Realtor to work with as a Buyer's Agent - they will be your resource to guide you through the purchase process, so find one that you can work with and understands what you are looking for in a house. Also know that the persons who's name is on the sign in front of the house you like, they work for the seller and have to look out for their best interest.

 

3. Secure Financing - Get pre-qualified/pre approved with a bank or mortgage lender.

 

4. Look at house listings online and go look at houses. This is the fun part, houses tours, showings and open houses!

 

5. Put in purchase offer with earnest money deposit - Negotiate the price, terms of the sale, and any contingencies - Seller accepts offer and signs the contract, this is when the clock starts to get the contingencies completed, like the home inspection and the loan commitment from the bank.

 

6. Inspection Period - Home inspection and radon test. If any issues come up during the home inspection and you want to get a specialist to look at particular part of the house, now is the time to do it.

 

7. Bank application - Appraisal - Get more documents, statements, tax returns and gift letters to the bank.

 

8. Bank Commitment - the bank will issue a commitment letter stating they will give you the loan.

 

9. Seller's attorney updates the abstract of title and the survey - shop for homeowner's insurance rates.

 

10. Closing date scheduled - get the gas and electric accounts set up in your name, final walk through, water meter reading, attend the closing at attorney's office, sign all the documents and receive the keys to your new home!

 

11. Move in ! Change locks, forward mail, sign up for STAR tax credit if you qualify, register to vote at your new address.

 

12. House warming party - once you get settled into your new home, you will want to show off your new home to your friends and family, and don't forget to invite your Realtor!

 

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