Buying Process:Your understanding of the buying process is a direct reflection of our ability to guide you. At Bronx Experts, we share your interests and work diligently to find you a home that not meets your basic requirements but allows your family to share amazing new experiences.
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Choosing a broker
The decision to buy a home is one of the most important financial decisions most people make, yet many give little thought to finding the real estate agent best suited to their needs. Agents are often chosen solely on the recommendation of a friend or an ad in the newspaper. But choosing the right agent can save you time, effort and aggravation in finding the perfect home at a price you can afford. At Bronx Experts, we tailor our services to meet your needs and we have a network of resources available to help guide home buyers through the process.
Buyer's consultation and market preview
At Bronx Experts we provide educational seminars on a variety of topics to help interested buyers understand the process as well as the inventory available in their target market. Seminar topics include: buying your first home, getting a mortgage qualification, understanding your target area and location, determining your home requirements, and previewing inventory.
Because Bronx Experts has a strong network of resources, we are able to provide buyers with several banking options and allow them to select the bank and loan program best suited for their needs. Before buyers can start viewing home listings, they need to know exactly what they can afford to buy. When you take the time to determine an appropriate mortgage amount, you'll avoid looking at homes you can't pay for, and save yourself some aggravation.
Determining your options
Once you have completed the mortgage qualification stage, you should be ready to describe and outline your home requirements. Because we want to better serve you, we want to understand the type of home you are looking for whether it's a single family or a multi-dwelling. We want to know what zip codes and neighborhood preferences you have. And of course we want to know the layout you are searching for whether it's a duplex unit or a certain amount of bedrooms needed. The point is, the better you are able to describe your dream home, the better we are able to help you find it.
Creating a "Must See" List
Once we understand your needs, we want to create a "must see" list that we think best incorporates your home requirements as well as your outlined budget. With the "must see" list we not only provide addresses but also detailed property descriptions, specific home highlights, professional photos and a detailed financial breakdown that includes mortgage payments, taxes, and other useful information.
Now that you have reviewed the "must see" list, we want to begin our viewing tour. We will start with any homes that you highlight from the list and work diligently to see as many homes you need to make a decision you will be comfortable with.
Making an offer
Once you're pre-approved for a loan and you've survived the rigors of house hunting, the time will come when you find a house that you'd like to call home. But first, you'll need to make an offer. The offer is the first step in the negotiation process. A good basic offer includes the price you're willing to pay for the house, your financing terms, and any potential contingencies. Our agents are skilled in negotiating and will help you develop a realistic offering price that takes into account similar houses sold in the neighborhood in the past six months while keeping the local conditions in mind.
Start your hunt for a good real estate attorney about the same time you seriously begin your search for a new home. You want plenty of time to find a good attorney you don't want to end up picking one at the last moment without doing any research. Bronx Experts is also able to provide recommendations for real estate attorneys that handle real estate transactions regularly, not just occasionally. Choosing the right real estate attorney is just as important as choosing the right agent.
Mortgage Loan Application
Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual mortgage application. Most loan applicants go to their loan interview with a signed copy of purchase contract, which will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. To ensure that your mortgage application will be processed as quickly as possible, it's important to bring all the proper information to your loan application interview.
Home appraisers and inspectors each play very important functions in setting the stage for real estate sales. Both generate reports that can be used to prevent the buyer from overpaying, but their roles are far from identical. Lenders require appraisals to make sure they don't approve loans for more than the properties are worth. Appraisers attempt to look at a home the way a buyer would, taking into consideration any visual flaws that might discourage a purchase. They also will consider the quality of its neighborhood and proximity to schools. The overall health of the local real estate market also will influence their evaluation. If you decide to hire an inspector, be sure to get referrals. Make sure the inspector you hire is knowledgeable about the local real estate market. Finding one who is familiar with your subdivision and builder will ensure more accurate results.
Closing the deal
Closing is the final step in executing a real estate transaction, but more importantly, it is the realization of a dream for the buyers. The closing date is typically scheduled by the buyer's attorney but several other individuals will be present at the closing. On the closing date, the parties consummate the purchase contract, and ownership of the property is transferred to the buyer.
Once in office, we'll start off by asking you a series of questions that encompass your income and home owner histories, family or investment needs, and neighborhood preferences. Once your Buyer Profile is complete, we will provide a free residential mortgage credit report. This report provides a clear understanding of your home buyer qualification by analyzing your debt to credit ratio and provides FICO credit scores from the three major credit bureaus: Equifax, Experian, and Transunion. From this crucial first step, we can move on to mortgage pre-approvals and looking at homes.
Does Credit Determine Which House I can Afford?
While credit is an important aspect of obtaining a mortgage, lenders look at a combination of your credit history, your salary, and length of employment. You should have enough income to afford the monthly payments on your home PLUS at least two years of continuous employment. Lenders will also take into consideration potential income generated from rentable units in your new home.
Bronx Experts has the largest inventory of real estate in the Bronx covering all zip codes. We provide our clients with a thorough in-office digital presentation of available houses in their estimated budget. You get to see the exterior and interior of houses even before you go on a viewing tour! We specialize in totally remodeled homes or new constructions. What you see on the presentation is exactly what you will get once you actually step foot in a home.
Because our houses are in turnkey condition and completely ready for you to move in immediately, it is important that buyers secure a mortgage pre-approval. New houses also mean that your deal will close faster, you don't have to worry about repairs, or until the "seller" finds another place to live. If you are not sure of how to attain this documentation, we can refer you to several lenders and mortgage brokers so that you can pick one that is to your liking. A large number of our clients take advantage of Federal Housing Administration (FHA) loans which are for first time buyers.