Buying A House In Westchester County

buying a house in Westchester County

Buying your dream house in Westchester County often means that you have to do research on the local housing communities as well as understand the nuances which make it distinct from other parts of the state and country. For example, purchasing property in New York requires the help of an attorney, with closing taking as long as sixty days to be completed. Here are some tips to help you make the most of the purchase process.

Negotiate With The Property Seller

Once you’ve found a home that you’d like to buy in Westchester, you’ll need to negotiate the price with the seller. This process is relatively straightforward; you should set a maximum amount for how much you’re willing to pay, which is within your budget. If the seller wants more which you cannot afford, walk away from the deal. The owner wants to sell you the property for as much as they can get, and in some cases, may attempt to overcharge. As a buyer, it isn’t in your interests to pay more than what a property is worth, which is why you should get an inspection and appraisal.

Get A Home Inspection

Home inspections are common in Westchester County, and are usually carried out within 72 hours of the offer being accepted. The inspector’s job is to assess the property in order to determine its condition and what problems might be present that will require repairs. A good inspection is one of the best investments you’ll make as a buyer, as it ensures you’re not sold a “lemon” which has all sorts of hidden structural problems that the seller fails to mention, which you will be responsible for when you assume ownership. Upon discovering any problems during the inspection you can determine how much it will cost to repair it and the seller can either accept a lower sale price, repair it themselves or you can walk away from the deal.

Sign Contracts Under The Guidance Of Your Attorney

The seller will have their own attorney, who will be responsible for drafting the contracts; your attorney will look over them and will request any changes that they feel should be made. You and your attorney must review the contract carefully to be sure every stipulation is understood. Once the contract is signed they are distributed along with a check to the attorney of the seller which must then be signed.

You May Need To Apply For A Loan

Unless you can afford to buy a Westchester home in cash, you will need to apply for financing. This is usually accomplished through a pre-approved loan, but it is not uncommon too to apply for a loan after you have identified the property to buy. After the application has been completed and the bank receives the contract that has been signed, the appraiser will set up an appraisal of value. Once this is done, the bank underwriter must approve the loan, and you will need to send a commitment letter to your lawyer who will have a survey and title search performed. After this, the closing will occur and you can move into your new house!

If you are looking to buy a house in Westchester County, why not use the help of our outstanding agents who are locally specialized in the NY property market? Contact us today for great deals!