e REALTY GROUP INC
Office: 631-929-9100
1530 North Country Road
Wading River, NY 11792


The Buying Process on Long Island

To Start
1. Realtor Consultation:
A. Determine representation
B. Contact us to review your wants & needs, price range & timeframe.
2. Research and contact a mortgage representative to determine what price range you prequalify for and feel comfortable in. (if applicable)
A. Notify them of your choice to have them represent you.
B. Start the mortgage application process.
B. Provide the Mortgage Representative's contact information to your Real Estate Agent.
3. Research and choose a Real Estate Attorney for your purchase.
A. Notify them of your choice to have them represent you.
B. Provide the Attorney's contact information to your Real Estate Agent.
4. Review home prospects.
5. Schedule and view homes with your Realtor. Make sure to bring any and all friends or family members that will influence your decision.
6. Your Agent will provide information resources for the homes & areas that you will be looking in. Buyer Agency

Making an Offer
1. Preliminary Counsel:
A. Discuss local buying trends in the area where the home is located. Buyer Agency
B. Review recently sold comparable properties. Buyer Agency
C. Discuss strategies. Buyer Agency
2. Forms needed:
A. Property Condition Disclosure
B. Lead Disclosure (if applicable)
C. Binder - offer or proposition
D. A deposit check written to the seller (if applicable)
3. Your Realtor will contact your mortgage representative to obtain a pre-qualification letter (if applicable)
4. Your Realtor will present and negotiate your offer with your constant consultation to procure an accepted offer.

Accepted Offer
1. At this time the owner's are willing to accept your offer. This means:

A. The owner can still show the home.
B. The owner can still market the home.
C. Someone else can make a better offer.
D. The owner can accept another offer.
E. The owner can recind the acceptance of your offer.
F. You can recind your offer.
2. Research and choose a Licensed Home Inspector for your purchase.
A. Schedule a home inspection (engineer's report) through your Realtor ASAP.
B. You and your Realtor should be present at the home inspection. This is the last time you will see the home before closing.
C. COD is typically required.
D. The engineer will send you and your attorney the report.
3. Renegotiate only if unexpected costly repairs are needed or information has been witheld.

Contracts
1. Your Realtor will notify your attorney of the accepted offer and submit all information related to the transaction while the listing Agent will notifies the seller's attorney.
2. The seller's attorney will write the contracts and send them to your attorney.
3. When the contracts have been received, you will be contacted by your attorney and scheduled to sign them.
4. Your attorney will review and have you sign the contracts.
A. Make sure the contract reflects your entire offer.
B. A Portion of your down payment is due
C. Your attorney will then send the contracts back to the seller's attorney.
5. The seller signs the contracts, and their attorney sends a copy back to your attorney.

Under Contract
1. At this time you and the owner(s) are bound to the terms of the contract.
2. Your attorney will:
A. Contact and send a copy of the contracts to your mortgage representative.
B. Order a title report on the property.
3. An appraisal will be done on the property coordinated through your Realtor, the listing agent, the seller and bank appraiser.
4. A termite inspection will be done on the property (if not done during the home inspection) coordinated through you, your Realtor, the listing agent, the seller and mortgage representative. COD is typically required.
5. When the title report is free and clear of any leins and property discrepancies, the mortgage commitment will be given.
6. You will need to obtain home owner's insurance for the year.
7. A Closing Date will be coordinated through both attorneys, the seller and You. Notify your Realtor of place, date and time.
8. The transfer of utilities and final walk-through will be done on the property, coordinated through you, your Realtor, the listing agent and the seller.

The Closing
1. Bring a good black pen & don't be late. :)


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