Our Buyer Survey will help us to better understand what you’re looking for. Please take a few minutes to fill out our survey. We will make every effort to make contact within 24 houses of receiving your information.

Then, after months of searching-maybe with the disappointment of losing out at the last minute to other buyers--you finally find the house, condo or co-op of your dreams. Now what...
We have developed a 10-Step Buyer’s Toolkit© which takes you from the accepted offer to walking away from a closing with the keys in your hands. Here are steps 1 and 2.

STEP 1: Make an offer!
 

What price? 

Ask your agent to send you sold "comps" -properties similar to the one you are buying which have already sold to help you determine if the listing price can be justified. Typically, houses in Westchester sell close to the asking price, but we are no longer in the seller's market of the last few years. Buyers now have more leverage, though offers substantially below the asking price may not be taken seriously.
 

What are your contingencies?
This means..."what is your offer contingent upon". A contingency is met when documentation is produced confirming that things are as either the buyer or seller represents them. Typical contingencies are a house inspection and mortgage commitment. Other contingencies could include confirming the legal description of the house-for example whether the house has a 3 or 4 bedroom septic from the board of health. From the seller's perspective, a contingency restricts your offer; something could come up that would allow you to withdraw your offer without incurring any negative consequences. As a result, the seller knows he/she hasn't really 'sold' his property until the contingencies have been met. This may make your offer not as attractive as an offer without contingencies. Yet, contingencies are there to protect you. Discuss with your realtor the impact of adding contingencies to your offer. If you decide to remove any contingencies, it is recommended that you consult your attorney.

What closing date do you want? Closings typically take 6-8 weeks in Westchester. Faster closings can occur, but are difficult to commitment to. If either party wants a longer closing, it should be part of the negotiation. A clause called "time is of the essence" can be included in an offer if it's essential the closing occur on a certain date. However, this is an onerous, rarely used condition that most attorneys will probably advise against. Any factors impacting either side's ability to meet the closing date should be discussed at this time. However, the closing date specified in the offer and, subsequently, on the contract is a target-not a hard and fast date. The final closing date is determined by the attorneys based upon their client's needs and their own availability -- after the mortgage has been cleared to close by the bank.

What are your financial terms?
Down payment
How much cash are you putting down at contract? This is a question your real estate agent will ask. He/she will want to know when you sign the contract what percentage of the purchase price you will make as a down payment. With the exception of the money you paid for an inspection, this is your first financial commitment toward the purchase of the property. Ten percent of the purchase price is the standard down payment, but less can be negotiated. This amount is critical since these are the monies you have 'at risk' if for a reason not covered under the contingencies, you have to pull out of the deal after contracts are signed. Your personal check will accompany the signed contracts back to the seller's attorney. Be aware that this check will be cashed and remain in the escrow account of the seller's attorney-so you need to have the down payment as available cash. If you are planning on selling stock or getting funds from a family member, you should have the money cleared and in your account. Although a lender may be willing to lend you 100% of the purchase price or even more, they will not give you cash for the down payment since you don't own the property. You will have to make other provisions for the down payment.

Source of Funds-Mortgage or Cash
Where is your money coming from? This is a question the listing agent will ask. At this time you have to produce a pre-approval letter from a lending institution, which clarifies how large of a mortgage they believe you are qualified to receive based upon a credit check and information you give them about your income and assets. If you are ready to buy, make sure that the pre-approval letter is strong. This means that it is recent, written by a well-know lending institution, and is based on a credit check. Some agents prefer pre-approval letters from local lenders rather than e-lenders. A name and a phone number may give the listing agent greater confidence in your ability to qualify for the mortgage. If your offer is not based upon the sale of a property, a listing agent will ask that the offer and pre-approval letter both specify that you do not need to sell to get a mortgage.

If you are planning on using cash on hand for your purchase, you may be asked to submit a bank statement or other proof of funds. Just make sure the account numbers are blacked out! Although the seller will end up with the same amount of money at the closing regardless of where it comes from, having a substantial amount of cash to go toward the purchase will make your offer more appealing for one reason…the seller will have greater confidence that the deal will go forward.

Step 2: Negotiate

Unless you are buying a house directly from an owner, you will typically do this through the real estate agents. There is no standard negotiation. It can happen in hours or take months. It can be direct, easy and congenial. Or not! In Westchester, typically it can be completed in a few days.
When the buyer and seller finally come to terms, everyone is anxious to go forward. This is the most vulnerable period! The buyer can walk away without any out of pocket costs. The seller can decide not to sell or go on to another buyer without as much as a backward glance. It's in everyone's best interest to move quickly.