Accepted Offer Process

A transaction summary is sent to the sellers attorney and buyers attorney. The sellers atty will prep the contract for review.

Once the offer is accepted. A home inspection should be scheduled- home inspections are not required but recommended.

Attorney and broker will review contract of sale, building financials (condo/co-op), offering plan and board minutes. Along with other due diligence in reference to building/home violations. During this time- comments or redactions will be made to the contract.

After completion of due diligence, your attorney will instruct you on how to Sign Contract and Put Down Deposit.

Once the seller signs the contract we are officially “In Contract”. The executed contract will be sent to your mortgage lender if you’re financing. Once the contract is received the appraisal should be ordered.

If the appraisal comes back more than the agreed to price, you’re in a good situation. The seller or sellers rep don’t review the appraisal report or have to know the value if it’s at or higher than the contract price. If the appraisal is below the contract price. We can discuss the ramifications.

If all goes well w/ the appraisal, loan underwriting will continue. During this time your lender may request updated financial documentation: Pay-stubs, W2-s, income verification, tax returns etc. During this stage, PLEASE do not open any new lines of credit, be a guarantor for someone or anything that can affect your credit negatively.

(If you are purchasing a townhouse or new development condo skip ahead to Step 10.) Co-ops are run by a board of directors, who will require a board package in order for you to purchase an apartment. A board package generally consists of financial documents including tax returns, bank statements, mortgage commitment from your bank, and letter of reference. After reviewing your package, the board will set an interview date. I will help prepare your board package as well as prepare you for your interview. While condos do not generally require board interviews, you will need to present a purchase application that shows you are financially qualified to purchase the apartment.

Board Approves the Purchase

Bank Issues Clearance to Close

1-2 weeks before closing your atty will provide a breakdown of closing cost and checks needed for the closing.

Prior to closing, don’t forget to set up internet, gas/electric service in your name for the new address.

Congratulations! You are now a homeowner.