HOW BUY A HOME IN THE HAMPTONS
In 10 Simple Steps...
1. WHAT AND WHERE? Determine what you would like to buy and where. Singled traditional or modern? Which area? Each Hamlet has its own vibe so sometimes it’s helpful to RENT and explore for a season.
2. HOW MUCH HOUSE CAN YOU AFFORD? Is it a vacation home or a primary residence? Everyone has an individual collection of financial circumstances that make up the answer to this question.
3. FINANCE OR CASH? If you plan to finance, first meet with a mortgage broker to get pre-qualified for a mortgage. If you plan to buy cash, be prepared to have your lawyer verify assets before going into contract.
4. THE SEARCH: Call me at (631) 379-3236 and let’s discuss your dream property.
5. SHOWINGS: Time to see it in person. This may take one tour or several but remember, this is a hyper-competitive market for everyone so when you find THE ONE – act decisively!
6. THE OFFER: Consult your real estate agent and she will submit the offer and terms.
7. OFFER ACCEPTED: Hire an attorney (preferably local) to handle the contract and work closely with your real estate agent to ensure a smooth and speedy process. Schedule a home inspector to produce an engineer’s report and conduct relevant water quality tests and termite inspections.
8. IN CONTRACT: A good attorney and real estate agent will hold your hand through the contract process. The contract commonly includes:
- purchase price
-amount of down payment (usually 10%)
-mortgage contingency
-date and place of closing
-description of the property
-list of all personal property, fixtures, and appliances included in the sale
-clauses of property ownership and permissible use
-responsibilities of buyer and seller
9. MORTGAGE (IF NECESSARY): With the fully executed purchase contract, you can now secure a mortgage commitment.
10. CLOSING: Your attorney will attend the closing to handle the transfer of title and disburse necessary funds from escrow. Expect to pay 2-5% in closing costs for taxes, attorney, title and inspection fees. The seller usually pays the real estate broker’s commission.
