HICKSVILLE, N.Y., April 3, 2019 /PRNewswire/ -- Buying a house will be one of the largest transactions that you will make. It requires significant time, effort, and money. Long Island real estate lawyer, Markotsis & Lieberman, discusses the process of buying a house.
The first step to purchasing a home will be doing your research. As soon as you decide you're ready to make this purchase, start reading websites, newspapers, magazines and any other form of literature that may have real estate listings included. You can save any listing that spikes your interest and track things like open houses, duration of time on the market and what price it actually sells for. This can give you a great insight into particular home types and communities that you're considering for your big move.
As you're researching, you should also be determining a budget and preparing your finances for the mortgage process. Lenders will typically recommend that buyers consider homes that cost no more than three to five times their annual household income. That's assuming the buyer will be putting 20% down and doesn't have any abnormal amounts of debt.
Next, you'll want to get pre-qualified and pre-approved for your mortgage. To obtain this, you'll need to contact a mortgage broker or banker and provide baseline financial information such as your annual income, amount of savings and any investments you have. The lender will review your information and advise how much they can loan you. You'll also eventually need to provide documents such as W-2 statements, pay stubs, bank statements, etc. You can get a step ahead by gathering those documents early on so all you have to do is hit send.
After getting your research, budget, and pre-approval all set up, you can find a real estate agent and start searching for your dream home. You'll be looking at a lot of listings and attending open houses until you find the perfect fit that you're ready to make an offer on! Your real estate agent will work closely with you to put in an offer, negotiate, and eventually reach an agreement with the seller on the purchase price
Next it's time to have your attorney negotiate the contract of sale with the seller's attorney. This will include such things as the purchase price, the amount of the down payment and the closing date. Once the terms have been negotiated, you will sign the contract.
Now that you've gone into a contract with the seller stating your intent to purchase and the agreed upon price, you'll need to work with your lender to finalize your mortgage.
As can be expected, there's a lot of paperwork that will be involved in purchasing a home. It's imperative to have a seasoned and experienced real estate attorney in your corner to advise you throughout this endeavor. They will be an invaluable member in your home buying venture, assisting every step of the way from reviewing and negotiating your contract to dealing with issues that may come up regarding title or other things to ensuring that your closing goes as smoothly as possible.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you're facing a complicated legal situation, our team of legal experts is there to fight for your rights.
SOURCE Markotsis & Lieberman, Esq.