Home Buying Process
Embarking on the home buying journey in New York? Acre streamlines the process for you, from obtaining a pre-approval letter and selecting the perfect property to closing the deal. Our dedicated agents provide tailored advice, keeping you informed at every stage. With Acre, you not only find a home that suits your needs but also experience a hassle-free purchasing process. Dive into our step-by-step guide to understand what awaits you in the path of becoming a homeowner.
1
Get Pre-Approval Letter
Getting the pre-approval letter is an important step in the home purchasing process. Knowing this information in advance will help you focus on the property that fits your budget. Besides, sellers often consider pre-approved buyers as more serious bidders for the property than those who haven’t completed this step. Acre has established long-term partnerships with major banks and lending institutions, and based on your specific situation, we can recommend a suitable loan agent for consultation.
2
Find an Agent and Get Consultation
Acre’s professional real estate agents will initiate a phone call to understand your requirements. Based on your needs, they will find suitable properties for you. If you have found the property you are interested in, you can send it to our agents for an evaluation. Furthermore, if you have any questions about real estate purchasing, feel free to ask our agents at any time
In New York, the commission for real estate transactions is typically paid by the seller, and buyers do not need to cover any broker fees.
3
Schedule Tour
Agents will coordinate appointments according to your availability. During the tour, our agents will conduct a thorough analysis of each property, highlighting their respective advantages and disadvantages, to facilitate well-informed decision-making for you.
4
Make an Offer
Once you find a property you love, it’s time to make an offer. Our agents will in accordance with considerations such as regional pricing dynamics, prospective growth prospects, and the prevailing sales trends to secure the best offer for you. Our agents will maintain a continuous and proactive communication with the seller’s agent to ensure timely awareness of the seller’s expectations.
When making an offer, you should be prepared to provide your initial deposit and either a bank pre-approval letter or substantiating documentation validating your capacity for an all-cash transaction.
Multiple offers can be submitted simultaneously, and negotiations can be conducted for the same offer multiple times.
5
Home Inspection
It’s necessary for both parties to hire a licensed home inspector to examine the property for the buyer. The inspection fee is borne by the buyer, and the cost of the inspection is determined based on the property’s price, with higher-priced homes incurring higher inspection fees.
6
Sign the Contract
Following mutual agreement on the purchase price by both sides, they shall engage in negotiations concerning the contractual terms, under the guidance of their respective legal representatives. These legal professionals will engage in discourse until all provisions of the contract are without dispute. Once both parties are in agreement, the contract is formally signed. Subsequently, the buyer is typically obligated to remit a deposit amounting to 10% of the total property price, which is usually sent to the seller’s attorney and placed into a third-party escrow account.
7
Get The Loan and The Title Search
After signing the contract, you will need to contact your loan agent to secure the prevailing interest rate. The lending institution will provide you with a comprehensive breakdown of transaction expenses. Meanwhile, your lawyer will engage the services of a title company in the capacity of the buyer to undertake a thorough property investigation. This investigation shall encompass an examination of the property's historical transaction records, loan status, owner particulars, culminating in the issuance of a formal title report.
8
Closing
After all of the above procedures are completed, both sides’ lawyers will coordinate to confirm the closing date. Our agent will accompany you for a final walk-through of the property within 24 hours before the closing to ensure that there have been no damages to the property. You will need to bring your valid identification and the check to cover the remaining purchase price and closing costs. Once all documents are signed and the check is submitted, you will officially become the new homeowner.
