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Learn About The Buying Process

Looking for your dream home? We are here to help as your realtor in the Long Island City area and Queens, NY! Our real estate agents have a system we follow to guarantee you get the home best suited for you at the right price.

THE BUYING PROCESS

Step 1

Finding your home & making an offer

First, we must define your needs & wants in a new home. After that, you must get pre-approved for a loan & set up a search to preview homes you are interested in. We have a large list of real estate listings for you to look through, or we can search outside of our network. When you finally find your dream property, your real estate agent here at The Ferrara Team will submit an offer & negotiate a price you are comfortable with.

Step 2

Inspections, The Contract & Title

After the home is purchased, you may elect to perform an inspection on the property. Your attorney will work up a contract for the new purchase, where matters such as closing date & financing will be disclosed. After the contract is signed, all the work that involves changing the title & owner of the home will be prepared. If the inspection shows anything that needs to be addressed, you can negotiate with the seller on closing costs or repair work.

Step 3

The Mortgage Process

First, you submit a loan application where the lender will reveal in 3 days what the closing costs will be on the new purchase. Your lender will ask for a series of financial disclosures including bank statements & 2 years of tax returns. The lender will then render an approval decision stating its willingness to fund the mortgage. Next, an appraisal is done on the property & the home owner's insurance is purchased & proof of purchase is submitted to the lender.

Step 4

The Closing (Or Settlement)

As part of the preparation for the closing process, an attorney or title company performs a title search to see if there are any liens on the property. After all of the searches are completed & cleared, a closing date is finalized. A final figure is calculated for how much should be presented on the day of closing (cashier's check or bank wiring). A final walkthrough will be done on the property to ensure it is in the same condition as when the process began. At closing, you will sign all documents & pay the remaining funds for your down payment. Finally, you move in & enjoy your new home!

Contact Our Team

If you're interested in buying or selling a property, please reach out below. We aim to respond in one business day

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