A successful purchase starts with the right representative. Many Buyers think that dealing directly with a Sellers Agent they will save money. In New York State this is called this is called Dual Agency and in fact the statistics prove that Buyers do NOT save money. The fact is the Sellers Agent under the New York State Code of Ethics can't provide you guidance in putting in an offer as to price or terms, can't provide you with sales of comparable properties in the area so you can better judge the proper offer amount and sellers agent will now receive both sides of the previously negotiated commission with the seller so there is no incentive for the seller to accept a lower offer if the agent has both sides of the deal.
In 1993 New York State recognized that Buyers were at a disadvantage not having their own representative so Buyers Agency was created. A Buyers Agent REPRESENTS YOU the Buyer. When an agent first meets with you they should advise you who they represent (Read Agency Disclosure).
Once you’ve selected the best local agent to represent you who is familiar with the area of your search, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.
In New York State the Sellers attorney, NOT the Realtors, prepare the contract so as a Buyer, having an attoney is wise. Your home purchase is far too important and is probably the largest financial transaction that you will engage in to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a lawyer specializing in Real Estate Law who is local and knows the area where you wish to purchase the home as hiis/her familiarity with:the local government zoning laws and commissions such as building inspectors, zoning boards, wetlands commissions, and Westchester Board of Health, with management companies if your purchasing a co-op or a condo, and with other attorneys in the area to assist you in getting the proper language in the contracts, time extensions if neccessary, and negotiating credits after the inspection or at the closing.can prove invaluable and a good local attoeny can help keep a deal together. The attorney as well should willing to take the time to answer your questions especially if you are a First Time Home Buyer and a real estate atorney can assit with tax implications involved in the purchase of a home. .
A mortgage lender is not just a bank. Having the right financial lender can be extremely important and it could cost you money. Check with multiple lenders as they have many different programs and perhaps even have special programs for First Time Buyers, new construction investors, and even those with little or poor credit histories. Make sure that your lender and financial representative is someone with whom you feel comfortable, provides you with Good Faith Estimate of Closing Costs right up front so there are no surprises later and be wary of any lender who promises you more than you think you can reasonably afford. Also, as credit bureuas expect buyers or those refinancing to check with multiple lenders, during a 28 day period you can have an unlimited number of lending institutions check your credit and it will only count once.
Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves.
Be aware that no home inspection is 100% guaranteed as certain items just can't be seen or some items due to weather and snow prevent a full inspection of a property, but a few hundred dollars to catch most major problems now is certainly better than many thousands to correct that ‘surprise’ down the road. These items can then be negotiated with the seller to be corrected or to allow you a credit at the closing to make the corrections. Ask your agent for a recommendation or go to New York State Department of State Division of Licensing website for Licensed Home Inspectors as licensing in New York State has been required since January 1, 2006.
If your planning some renovations after the move, in some areas you need to arrange those home improvements well in advance. Planning ahead to ensure the best contractor to do the work will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice . As part of your preparation be sure to get multiple bids, check the references provided by the contractor, check with your own town building department as to the feasibility of what your planning as there may be code issues that need to be addressed or variances to be obtained in advance which could take several months to obtain the necessary approvals before a contractor begins their work. Visit www.NeedContractor.com for help locating contractors in your area.