The Home Buying Process
with Long Island Real Estate Agent Ted Kritikos
A Guide to Buying a Home on Long Island
1. Begin Working with Ted
Once you select me as your agent we'll make time to discuss the areas you’re considering and the home features you're seeking to help guide our search. I will configure a custom Compass Collection to give you real-time access to all Long Island homes that meet your criteria in a single online dashboard.
2. Get Pre-Qualified
Based on your income and credit history, the mortgage banker or broker will determine how much a bank will lend you, to help determine the price range & taxes for your search. You will be provided with a pre-approval and approximate total monthly payment (mortgage payment, property taxes and home owners insurance), which will further inform our search criteria.
3. Visit Properties
Using Compass Collections as our guide, we will select properties that meet our home criteria and I will coordinate private showing appointments. During our showing appointments I will share insights, provide expert feedback, and answer your home buying questions.
4. Submit an Offer and Negotiate
Once you identify a home you like, we will work up a formal offer. I will provide market analysis & advice throughout the process to justify the offer price, accompanying deal terms, and contingencies.
5. Home Inspection
We will typically complete a home and termite inspection within 24-48 hours of an accepted offer to determine the property condition. The findings of the inspection report will help you determine if you'd like to move forward with the deal or update/rescind your offer.
6. Contract Issued / Attorney Review
Once the home seller's attorney issues the contract, your attorney reviews the document on your behalf and makes the necessary and appropriate modifications before you sign & make your down-payment.
7. Loan Appraisal
Once in contract, you will complete a loan application and your lender will schedule the home appraisal. Once the appraisal is complete, the bank will issue a loan commitment to be provided to the seller's side and the loan is submitted for final loan approval.
8. Title Search
Your attorney will run title to confirm no liens or judgements are against the home, seller, or buyer, to ensure the certificates of occupancy are in place.
9. Final Walkthrough
Confirm that no damage has been done to the home since the inspection and that major systems and appliances are in working order.
10. Closing
Documents are signed, payment is exchanged, and you receive the keys to your new Long Island home.
Key Terms
An appraisal is typically ordered by a lender during the home buying process to ensure that the home is worth the price being paid. This value can influence the amount of money a bank is willing to lend a buyer. A licensed appraiser will take into account factors like the home’s condition, size, location, and recent sale prices of comparable homes in the area to determine a homes appraised value.
Contingencies in a real estate contract are conditions that must be met for the contract to proceed to closing. They protect the buyer from potential risks and allow them to back out of the deal without losing their earnest money deposit if certain conditions are not satisfied.
The final walkthrough is the last inspection of a property that a buyer conducts before the closing of a real estate transaction. It’s typically done on or just before the day of closing. The purpose of the final walk-through is to ensure that the property is in the agreed-upon condition, to verify that any requested repairs or agreed-upon changes have been made, and to make sure that no new issues have arisen since the last inspection.