What Are the Steps Involved in Making a New York Home Purchase?

Once you make the decision to purchase a home in New York, your next steps are planning out your budget and networking with an experienced real estate professional who can guide you through the process. You may also wish to begin researching possible lenders who will help to finance your home and consult with an attorney who can ensure that your rights are protected throughout the home purchase process.

Finding a lender for your home purchase can be somewhat confusing, but your real estate professional may be able to point you in the right direction. Once you have located a lender, the company will prequalify you for a loan in an amount that it decides you’re able to afford. This is an important step because it helps communicate to home sellers that you are serious and able to purchase a home. After you have been prequalified by a lending company, you’ll begin looking at homes.

It may take some time to identify your new dream home, but once you have done it, your real estate professional will make an offer to the sellers on your behalf. This is usually less than the asking price. In most cases, this will lead to a counter offer through which the seller is trying to negotiate a higher price than your own offer. Once you’re able to agree on the selling price of the home, your realtor will work with your attorney to put together the necessary paperwork. The final step is scheduling closing where you officially become the owner of the new home and sign all of the documents. As you can see, having experienced individuals on your side throughout makes purchasing easier.