LEARN MORE ABOUT BUYING A HOME

Learn More About the Home Buying Process with The Kim Arenas Team

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Client Intake Call

Our journey begins with a one‑on‑one conversation where we dive into your needs, wants, and vision of your “dream home.” We will discuss your timeline, goals, and priorities, and begin to map out a plan to make your home search as smooth and successful as possible. This step ensures we are all aligned and ready to find the perfect home for you.

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Understand Your Buying Power

The next step is to determine your buying power and establish a price range. Your lender will evaluate your financial ability to pay potential mortgage payments by reviewing your income, credit history, and other financial details. At this point the lender will be able to provide a letter of pre‑approval. This not only clarifies what you can comfortably afford but also strengthens your offer when competing in today’s market. A pre‑approval letter demonstrates to a seller that you are a serious buyer and ready to move forward. A pre-approval is necessary when submitting offers.

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The Home Search

With your goals and budget in mind, we will curate your Compass Collection, a personalized and interactive platform of homes, where you can favorite, like, or dislike properties. You will easily find our comments and insights on each listing; helping you to make informed decisions. Additionally, you will have access to exclusive inventory not yet on the market *can we link to private exclusives? As your agents, we will actively search for properties on your behalf. Using real-time market data, we will provide you with a comparative market analysis of recently sold homes in your targeted neighborhoods.

Factors to consider during your search:

  • Locations and/or neighborhood
  • Bedroom and bathroom count
  • Age and condition of the home
  • Proximity to highways, airports, and public transportation
  • Property taxes, maintenance fees
  • Flood zones, wetlands, easements etc to consider
  • Price range

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Making An Offer

Once you have found the right home, we will work together to present a strong, competitive offer, guiding you on price, contingencies, closing timeline, and offer terms. With our expert attention to detail and negotiation skills, we will work to ensure you get the best possible outcome.

It is important that you work with a local attorney in your real estate transaction. We can make recommendations, or you will have your attorney on standby should your offer be accepted.

Your offer should include the following:

  • Legal names of buyers
  • Offer price
  • Financing - is your offer cash or a mortgage? Provide proof of funds for any cash down and a pre‑approval letter. 10% of the purchase price is due upon contract signing.
  • Proposed closing date
  • Attorney contact information
  • Terms of your offer and any contingencies (i.e., inspections, financing, appraisal)
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Home Inspection

If your offer is accepted, you will schedule a home inspection with a licensed home inspector who will evaluate the property’s condition, including the structure, systems, and potential issues like pests. The inspector will also walk you through the home and explain how everything works, from the HVAC and electrical systems to plumbing and appliances. Based on the inspection report, there could be negotiated repairs or adjustments. Inspections should be performed 24-48 hours upon an acceptable offer and can last 3-4hours.

  • Engineering / Structural: Covers major structural elements of the home, including heating, plumbing, air-conditioning, and electrical systems.
  • Radon / Asbestos: For guidance, visit www.epa.gov/radon & www.epa.gov/asbestos.
  • Oil Tanks: In-ground oil tanks are subject to testing for leakage.
  • Septic Systems: Most engineers do not inspect septic systems. Contact a specialist to determine the condition.
  • Lead Paint: Homes built before 1978 must include a signed acknowledgment by the sellers. Visit www.epa.gov/lead for more information.
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Going Under Contract

The seller’s attorney prepares the contract based on a memorandum of agreement (the agreed terms of the deal). This is prepared by the brokers and sent to the seller’s attorney. Your attorney will review the contract and discuss any modifications with you and the seller’s attorney.

Your purchase is not complete until closing, but the home cannot be sold to anyone else once the contract is fully executed. You will provide a 10% (of purchase price) deposit at contract signing. This step secures the home while appraisals and financing move forward. We will guide you through the process to make sure everything stays on track.

Until both you and the seller sign the contract, the seller may continue showing the home and can accept a higher offer. Because of this, it’s important to act quickly: schedule inspections promptly and review contracts in a timely manner. Once the contract is fully executed by both parties and the deposit is received, you are officially under contract.

Contract Period

  • Home Visits: Buyers typically have up to 3 visits to access the home for purposes such as taking measurements, planning renovations, and design appointments
  • Appraisal: If financing is involved, the bank typically orders an appraisal approximately two weeks from contract signing.
  • Financing: Mortgage approval can take anywhere from 30 to 45 days.
  • Closing Date: Your attorney and the lenders and bank attorneys coordinate the closing date. In New York State, contracts are “on or about,” which allows for up to 30 days past the contract date, by either party.
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The Final Walkthrough

Prior to closing, you will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed and that the home is in the same (or better) condition as when the original offer was made.

08—

Closing!

Finally, it’s time to close! Prior to closing, your attorney will order a title search of the property and the appropriate title insurance policy. It may also be necessary to obtain an updated survey of the property.

If you are financing your purchase, the lender’s attorney will review all required documentation before the closing date can be set. Your attorney will schedule the date, time, and location of your closing in coordination with the seller’s attorney and the lender’s attorney.

Your attorney will advise you of the documents necessary to close, prepare a list of closing costs, and inform you which checks must be certified.

At the closing, you will sign all required documents, finalize your mortgage (if applicable), and receive the keys to your new home. This is when your dream becomes reality! Once the paperwork is signed by all parties and your loan is funded, you’ll be ready to move in.

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