14 Steps To Buying a House, Condo or Coop in Westchester County, NY
Posted by Carolyn Schoemer on Wed, Jun 09, 2010 @ 03:29 PM
Westchester County, NY has it's own unique way of buying and selling real estate, unlike most other parts of the country. As I network with realtors all over the globe I realize that it might be really helpful to learn how we do things here in a very special way (not always the easiest or the best way!) In my 23 years in the business the steps have basically stayed the same. Our buyers and sellers are each represented by lawyers for one thing, and our closings take approx. 60 days from start to finish.
We have a fourteen part series on buying a home, this would be step 1 out of 14. Stay tuned over the next two weeks for the rest of the steps. By the end, you will see how our system works and see if you agree it could use a little room for improvement :-) !!
Step 1:
Talk To A Mortgage Lender And Get "Pre-approved" - You and your Realtor should know exactly what you can afford, what you should spend, and help you put your financial picture in perspective! PLUS WITH A PRE-APPROVAL IN HAND YOUR OFFER WILL CARRY MORE STRENGTH TO THE NEGOTIATION TABLE, particularly if being weighed against other offers. Most agents want a pre-approval, rather than a pre-qualification - it shows you have taken the time to do your homework! The difference is that the bank will verify your income and assets and check your credit which of course carries more weight than a pre-qual letter which is based on a simple telephone call where the numbers are not verified (ie anyone could say they make big dollars and get a big loan.) It is not necessary for you to apply for a mortgage when obtaining a preapproval; you can always shop around after you find a house and make a decision then. Most lenders will do a pre-approval for free because they are hoping to get your business once you find a property. I like to recommend mortgage people I have a personal relationship with who work locally and I see and talk to regularly. They will do a great job because they want to earn more of my business. Bank of America and Wells Fargo are two I feel very comfortable with. BUT please do not just go online or call an 800 number. You need to ask me for the names of the best people to call. I promise they will give you great rates and great service. Only go with the best people I highly recommend!
Stay tuned for step no. 2 tomorrow!