Ready to start your buying journey?
Buying a home should be one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first-time homebuyer’s guide created by your agent will reduce the stress of buying a home and help you enjoy the journey.
Decide which communities, home features, and property types you and your family prefer. Have candid conversations about which of these characteristics are required, and which are “nice to have” in your next home.
Examine your current expenses and determine how they might change if you purchase a home. Create a comprehensive household budget so you can factor in any new ongoing expenses that might come with a home purchase, such as garbage and recycling, water, or homeowner’s association fees. Once you decide how these expenses will change, you’ll be better equipped to leverage the information you get in step three.
Connect with a licensed Compass real estate agent such as myself who is knowledgeable about the neighborhoods you’d like to explore & can help guide your search. Per regulations enacted in 2024, you’ll need to sign an Exclusive Representation Agreement to retain my services so I’ll happily go over any documents with you step-by-step. Throughout your search, I’ll hold your hand as you explore the local market, identify areas and properties that fit your specific criteria, help you create competitive offers that match your financial and logistical needs, complete your due diligence, and much more.
Before beginning your search, it’s vital to get pre-approved for a mortgage loan — unless you’ll be paying the full price of the home in cash. This is a great start for understanding your purchasing power, but it’s not the only factor. A lender may pre-approve you for more than you’re comfortable spending, which is why the budget you compiled in step two is so important. The opposite can also happen, where you believe you can afford a certain payment every month, but the bank doesn’t agree. This often happens when you’re new to your job, have insufficient credit, or have bankruptcies or other financial issues in your history.
I’ll happily provide you with an up-to-date worksheet to help estimate your anticipated closing costs and fees, but your lender is usually the best resource for all things financial. We typically recommend buyers have 3-4% cash reserves on top of their desired down payment to allocate towards closing & moving costs.
Finding the perfect home and navigating the purchase process can be daunting. Leverage my knowledge and expertise and enjoy your personalized real estate journey.
Now is the time to reconsider your ideal home’s location & amenities: You’ll attend open houses, drive around neighborhoods, try restaurants, research school districts, and explore Compass’ Collections Portal, where we will collaborate to find properties of interest for private showings. I’ll activate alerts in your new personalized Compass Dashboard so you’ll receive instant notifications for Coming Soon, New Listings, & Off Market Exclusive properties. Together, we will schedule tours and I’ll help you explore the details — from location to maintenance to the flow of a home — to understand the pros and cons of each option in front of you.
Once you’ve narrowed down your home search, it’s time to go back to the mortgage provider who pre-approved you in step three and obtain a specific, ideally underwritten, pre-approval to submit with an Offer to Purchase. With a property and purchase price in mind, your lender can get much more specific about your interest rate, monthly payments, the term of the loan, and special programs such as first-time homebuyer grants and loans through the VA and FHA. While you will primarily work with your bank to select the right options for you, I will be available to offer support and recommend a mortgage provider I’ve worked with in the past if you get stuck.
Once you identify a home you like, we will work together to craft a competitive offer based on my proven strategies. I’ll help you decide a fair offer price based on the value of comparable homes on the market, and we will work through details such as timing, contingencies, and fees. Once finalized, your offer will be packaged beautifully for the seller with your pre-approval and/or proof of funds, relevant signed disclosures, and all specific terms & conditions. The seller may accept, reject, or counter your offer. I will advise you on the pros and cons of each outcome and both parties will go back & forth until we have reached an agreement on price, terms, timing, & contingencies.
Once an offer has been accepted, it is your duty as the buyer to determine the overall condition of the property within the standard timeline. The offer is non-binding on both parties at this point, so it’s important to act with a sense of urgency — the seller can choose to pivot to another buyer if they get a stronger offer or don’t feel that you’re committed to the deal.
In most cases, your offer will be contingent on satisfactory inspections. This protects you from purchasing a property that has serious structural issues or requires major repairs. I have an extensive list of trusted local providers, but you can hire any licensed home inspector you like. If the inspection uncovers major issues, you can still withdraw your offer or renegotiate based on what needs to be fixed.
We will work quickly to complete any further inspections necessary and verify documentation from the municipality including tax amounts, assessments, & building department history. In the event of a Condo or Co-Op purchase, we will locate building financials, offering plans, house rules, & confirm application fees & procedures to be reviewed with your attorney. I will be there to guide you in this process & troubleshoot any unforeseen issues or circumstances.
New York and Connecticut Real Estate transactions require attorney representation in most cases, so please ask me if you need assistance connecting with one of my trusted referrals. At this stage, the real estate agents for both parties compile all terms of the agreement into a “Memo of Agreement” or “Deal Sheet” and send it to both attorneys. The seller’s attorney will draft the contract & once both sides have agreed, the buyer(s) will sign and place their contract deposit — typically 10% of the purchase price. Once funds have been received by the sellers’ attorney, the sellers will sign the contract and we will be officially “In Contract”. Breathe a sigh of relief, the home is now officially yours to purchase and cannot be shown for additional offers.
If you’re getting a mortgage, now is the time to work in close connection with your preferred lender to apply for the mortgage, lock your interest rate, & order the appraisal. When everything has been processed by the lending team, you’ll receive your mortgage commitment letter - which is usually required to be sent to the seller's attorney within 30-45 days. This letter is the bank’s commitment to lend you the funds for the purchase, but it will still have conditions such as appraised value, repairs, or continued employment.
The appraisal ensures that you are paying a fair price for the house. Your mortgage provider will hire an appraiser to inspect the property and offer an independent opinion of its value. Sometimes, appraisals may come in too low, which can impact the amount of money the bank is willing to lend. In this case, I’ll help you determine next steps and navigate the appeal process.
In the meantime, your attorney will order the title search and discuss any issues that may arise — liens, ownership disputes, survey issues, and other title concerns are not necessarily common, but they do occur from time-to-time and almost always have a reasonable solution. It might feel like not much is happening during this time, but your lender, attorney, and I are hard at work in the background making sure you arrive on time at the finish line!
An application and in-person interview may be required for co-op or condo purchasers. I will hold your hand through this entire process, which varies by building and *fair warning* can feel extremely invasive and time-consuming.
Once all conditions have been met and the bank has officially cleared your loan to close, the attorneys will schedule the closing date. Note: In New York, the closing date stated in the contract is usually “on or about” a certain day, which means that either party has a 30-day window to postpone with reasonable cause. I cannot stress this enough - please do not make any firm moving plans without a confirmed closing date from your attorney. It is extremely common to close later than the specified date in the contract in New York State.
I will help you schedule a walk-through of the property within 24hrs of closing and together we will check to ensure: the home is broom clean in the expected condition with reasonable wear, any negotiated repairs were completed, all personal items other than anything included or explicitly listed in the contract have been removed, & any available keys, warranties, remotes, and service instructions were left behind. I recommend reviewing your contract & request for repairs ahead of time, and If we have negotiated any significant technical repairs, you may want to consider bringing an experienced professional to inspect.
No one looks forward to all the paperwork stacked up on the closing table, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company.
After funds have been distributed to the sellers and all documents have been signed, you’ll be given the keys to your new home immediately.
Pop some champagne and don’t forget to snap a photo to commemorate this special occasion… you’re officially the owner of a new home! Don’t forget: I’m always here to help you with any home-related needs or questions, so keep my information handy and stay in touch. Cheers to you!
ADDRESS 68-70 THE CROSSING CHAPPAQUA NY 10514
ADDRESS 68-70 THE CROSSING CHAPPAQUA NY 10514