Step 1. Home Evaluation
1. Our office will schedule a visit to inspect both the inside and outside of your home.
2. During the evaluation process, we will complete a full property spec sheet, which will go over all the details of the property inside and out.
Step 2. Legal Due Diligence
1. Canale Realty will check your home for any possible violations. If any violations exist the homeowner will have time to resolve the issues prior to the closing.
2. We will also obtain the balance of both the water bill and tax bill for the property, so that the homeowner is aware of any outstanding balances prior to the closing.
3. We will check the NYC Property records to review the number of mortgages and/or possible judgments that are against the home.
The above due diligence performed by Canale Realty advises the homeowner of possible obstacles and title issues that may later prevent them from closing the sale of their home.
Step 3. Home Staging
1. Canale Realty’s home stager will visit your home. A stager is a person who views the inside of your home and provides suggestions on how to improve the visual appearance to prospective buyers.
2. Our stager will give you a suggested list of pointers to maximize the appeal and make home look more spacious. For example: decluttering rooms, removing unnecessary garbage, etc.
3. Our stager will provide a list of suggested repairs. Keep in mind, a buyer will reduce their offer by thousands of dollars for items that the homeowners can repair for minimal costs.
4. Canale Realty will provide a list of suggested contractors or if they wish, the seller can repair themselves.
Step 4. Cleaning Service
1. Prior to the date of the open house, Canale Realty cleaning service will do a basic cleaning of your home.
2. Although cleaning is optional, buyers make purchase decisions with two senses: sight and smell. Homes that are appealing to the eye and smell pleasant are more likely to incite interest in a buyer.
Step 5. Open House
1. Prior to the open house, Canale Realty will speak with the homeowner to determine if they are looking for: a cash or financed buyer. Canale Realty’s main objective is to ensure the homeowner finds the right buyer.
2. A minimum of two Canale Realty agents and/or employees will be present at the open house to assure people are not wandering about in the home without supervision.
Step 6. Evaluation of Buyer
1. With all offers, buyer’s preapproval/ proof of funds and credit score will be obtained.
2. We will ascertain whether a buyer has previously filed bankruptcy, which can impede the mortgage process.
3. We will follow up with buyer’s attorney to confirm contracts are executed promptly.
4. Lastly, we will serve as an intermediary between the buyer’s attorney and seller’s attorney to assure the closing occurs promptly and without obstacles.
It is often more emotional to sell a home than to buy a home, especially depending on the reason for selling your home. It is important consider the following factors can influence the sale of your home:
1. PRE-APPROVAL – Preliminary documents needed for pre-approval include W2s, bank statements, tax return etc.
2. FIND A HOME – Access your wants and needs, then let your REALTOR help you find the perfect home.
3. MAKE AN OFFER – Sign a purchase agreement and pay earnest money which can vary depending on the transaction.
4. APPLICATION PROCESS – Submit pre- approval documents prior to obligating yourself to contract. Prior to making an offer, a buyer should visit a financial institution and/or mortgage broker to determine the mortgage amount they qualify for and what their estimated monthly mortgage payment would be.
5. CONTRACT – Review and sign your contract of sale with your attorney.
6. INSPECTION – Typically in a standard contract the home buyer has 5 to 7 days to conduct an inspection. In some transactions, the seller would request this to be done prior to signing of the contract. The inspection should be conducted by a licensed home inspector and should include a termite inspection.
7. MORTGAGE PROCESS – During the mortgage process, verification of credit, employment and assets is conducted. It is imperative that the buyer does not have any additional new credit transactions during the mortgage process because this could affect your ability to qualify for a mortgage or worse, result in the mortgage being denied by the lender. (For example you will need to wait after a mortgage closing to finance a new car or open a new credit card account).
8. APPRAISAL REPORT – Your lender will have a licensed appraiser provide them with the value of the home. If the appraisal report is lower than the contract price, the lender can deny the mortgage or reduce the approve mortgage amount. It is very important that your attorney read the contract because in some cases the seller may not agree to take a reduction in price, and the contract of sale may call for the buyer to pay the difference.
9. UNDERWRITING – The mortgage processor submits your financial file and appraisal to the underwriter for review. The underwriter can ask for additional information, issued a conditional approval, which means they are requiring additional documents and/or information prior to closing, or they can issue a commitment letter.
10. COMMITMENT – If a commitment is issued, conditional or otherwise, a buyer must close the sale before it expires or obtain an extension.
11. TITLE REPORT – Title report submitted for review and clearance.
12. HOMEOWNER INSURANCE
POLICY – The buyer must obtain and pay for homeowner’s insurance. If the property is in a flood zone, the bank will require flood insurance.
13. CLEAR TO CLOSE – When you are notified that your file is clear to close, a closing date must be coordinated between the buyer, seller, their attorneys and title company.
14. FINAL WALK THROUGH – Buyers should do a final walk through 24 -48 hours prior to closing of the property. If issues are found during walk through, they should be resolved prior to the closing date.
15. CLOSING – You are at the Finish Line. Buyer will need to bring their identification such as a drivers license or passport and proof of paid insurance. The buyer will do a lot of signing especially if there is a mortgage.
16. CONGRATULATIONS! -Congratulations and Welcome to your new home.
17. FINISH – You can enjoy the tax advantages of owning your new home. Don't forget to bring your closing statement to your accountant the next time your file taxes.
Let Us Help You with Your Purchase.
Come in for free consultation to discuss your needs. 718-888-1051
Disclaimer: Anadel Canale is a licensed real estate broker & attorney but in her capacity as real estate broker, Anadel cannot offer any legal advise and cannot represent a buyer or seller in the sale of a real estate transaction and/or Closing. As such the attorney client privilege does not apply in that capacity. A buyer & seller must obtain an independent real estate attorney to represent them in sale or purchase of their home.