Home Buyers Information

The Home Buying Process

Buying a home can be very exciting yet overwhelming at the same time. Let us answer your questions about the first steps you need to take.

Pre-qualification

Pre-qualification consists of preliminary steps for the initial loan application process. The mortgage lender will use details provided about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. This process is usually free and takes minimal time. The NEAD Office has several affiliations with local banks to assist you and are experts in finding GRANTS to help with down payment and closing costs.

Looking

When you begin looking for a house, you should consider the following:

• Where do you want to live?
• What type of house do you want?
• What features of a home are absolutely necessary to you?

Take some time to gather your housing needs and put your "wish list" on paper. Now you're ready to begin your search.

House-hunting can be very tiring, especially if you want to see several homes a day and are driving around looking for signs. There's no sense in torturing yourself unnecessarily. To assist you in your search, the NEAD Office has 24 hour access to homes on the market and will set appointments to look at homes that only fit your needs. We do the work for you!

Let us make your home buying experience faster, easier, and less stressful. Contact the NEAD office at realestate@neadrochester.com or call us at 585-482-7320 to look for a house that meets your needs.

Finding/Matching

You may get lucky and find the neighborhood of your dreams right away. You're far more likely, however, to end up evaluating the strengths and weaknesses of several neighborhoods while trying to decide which one to favor with your purchase.

Prioritize your needs - Buying a home when you have budgetary constraints involves making tradeoffs. When push comes to shove and you have to choose a place to live, you must decide what is most important to you.

Research - You should examine the health of the local economy, area amenities such as parks and entertainment, school quality, and crime rates before you buy a home. A NEAD Sales Agent can guide you and aid you in your search.

Offer

When determining your offer price you should ask your Sales Professional for a Comparative Market Analysis. This is a comparison of recent sales of similar properties that have similar criteria to the house you are looking to purchase. Once you have established a fair price, you're ready to write an offer.

Your sales professional will present the offer to the seller or the seller's agent. The seller will either accept, reject or counter your offer. You may either sign it as it is showing your agreement, or make a counteroffer.

When both the seller and buyer agree to the terms and sign the document, it becomes a valid contract.

Closing & Moving

Typically, the closing will take place at the office of your attorney who will act as your agent. You will be reviewing and signing several loan papers.

After the closing, the mortgage servicer collects your monthly payments and handles your escrow account.

Then you finally get your keys to your new home and the home is yours!