Working With A Broker/Agent

The quickest and easiest way to find a home is to work with a reputable broker/agent. Nearly 90% of all homes offered for sale at any given time are listed with brokers/agents. A real estate broker and the agency team affiliated with the broker are best prepared to help you with your home finding needs. Further, it is always helpful to enlist the help of a trained professional to guide you throughout the entire real estate transaction.

_________________________________________________________________________

Matthew Lenza, Esq. Broker/Owner
Licensed in NY
(718)285-6491
(646)387-2971 matthew@islandstarlight.com

Buying a home is one of life's most significant investments. Not only are you choosing the place that you will live and possibly raise a family, but you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the process will be.

Our goal is to provide you with as much information as possible so that you can make an educated and informed buying decision. This will ensure a smooth stress free transaction. The following are the steps that we will follow:

1. The Preliminary Consultation

The first and an often overlooked step is the initial face to face meeting. While this may seem like an obvious step, it is important to utilize the initial consultation period to discuss your overall objectives in searching for a new home (i.e. time frame, desired features, etc.). By speaking with our clients and accurately assessing their needs from the beginning of our relationships, we can accurately narrow down the search criteria and steer you towards the perfect home. This consultation is also an excellent time to ask ANY questions that you may have about the buying process and express any concerns that you may have as well.

2. Obtaining a Loan Approval from a Reputable Lender

One of the most common mistakes made when searching for a home is the failure to secure a loan approval from a reputable lender PRIOR to finding a home which you intend to make an offer on. Any lender will gladly review your income, expenses, and credit history and pre-approve you for an amount that they feel is suitable. The decision then becomes yours as to what amount you are comfortable spending on a new home.

Lenders at this point will give you a "pre-approval letter" which is in essence a letter stating that you have visited their institution and that after review you have been approved for a certain mortgage at a certain interest rate. It is always wise to visit a few lenders and comparison shop on rates, etc., and recent federal legislation has made it possible to do so without a negative affect on your credit score.

3. Establish a Home Search Criteria

A home is much more than a collection of bedrooms, bathrooms, and recreation space. It is very important to consider things that are important you both you and your family (i.e. cooking, entertaining, etc.) This will help to create your ideal home "wish list" (i.e. large kitchen for cooking or large deck/yard for entertaining). Of course each home will possess unique features that may interest you or turn you off, but our goal is always to find you a home that fits the majority of your requirements and one that is within a comfortable price range.

Once we establish your criteria, I can (and will) email you houses that may interest you directly from the Staten Island Multiple Listing Service. You can then view photos of the property, property details and even in some cases take a "virtual tour" right from your home computer.

4. Tour Homes

Once we have completed a search based on your criteria provided, we will then schedule a block of time to visit homes together. Prior to our visit we may ask you to review all of the listings provided and inform me of any that you wish to "rule out" immediately (re: neighborhood, price, etc.). We may also ask you to mark any properties that you feel are in the category of "Must See" and we will of course ensure that these houses are viewed in the closest detail. We will make all necessary home viewing appointments and be on hand at all visits to answer any questions or concerns that may arise.

5. Make an Offer

When a property is listed for sale, the list price is the seller's asking price or offer price. As a buyer, you always have the option to accept this price if you feel comfortable doing so and are confident in your valuation of the property. Many buyers opt instead to prepare and submit a counter-price, or what is commonly referred to as an "offer". Matthew Lenza, Esq., owner/president of Island Starlight Realty has undergone specific training in the field of contract negotiation and combined with our knowledge of the market we are confident that we have no peers when it comes to the offer submission process. The value of using an experienced REALTOR (c) is crucial at this stage as the REALTOR(c) mark signifies a level of professionalism and respect that has no equal in the real estate business.

6. Contract Revisions/Clauses

Once an offer is accepted and all parties have agreed upon a sale price, the parties then enter into a sales contract. It is important at this stage to enlist the services of a qualified real estate attorney who will guide you through the contract process. While owner/broker Matthew Lenza, Esq. is a licensed attorney in New York State, because of the possibility that a conflict of interest may arise we cannot serve as your attorney in the home buying process if we also represent you as a home buyer in a broker/agent capacity. We will gladly refer you to a qualified attorney and even assist you with any questions that you may have in choosing the attorney who is right for you.

You will have to order a title search that checks all public records for any liens or encumbrances that exist on the property. This is a vital step because a bank will likely not offer you a mortgage without first verifying that the title to the property has no restrictions and that the property is in fact easily transferable. The title company will also insure your property against any future claims that may arise with respect to the ownership of the property. Your attorney can assist you in locating a title company, and our experiences in working with many both on and off of Staten Island have also allowed us to recommend several to our customers. We would of course be happy to share these recommendations with you if asked.

Your attorney will work with the attorney for the seller in creating a contract document which both the buyers and sellers will be comfortable signing. There may be adjustments made at this point based on the results of the home inspection and once this document is fully executed (signed) and forwarded to the buyers bank for approval, a closing will be scheduled by the bank when all paperwork is approved.

7. Get Ready to Close and Move

After the contract has been reviewed and approved by your attorney, it is your responsibility to contact an insurance provider to obtain Homeowners Insurance. You should take the opportunity directly following the contract signing to shop around and find a company that you are comfortable with in terms of both price and customer service.

You and your attorney can also now work with the sellers to arrange for the transfer of all utilities (phone, electric, telephone, internet, and cable). It is important to make these arrangements as soon as possible so that your closing is not delayed unnecessarily.

You will also need to conduct a final walkthrough of the property prior to closing, and we will accompany you on this visit to the home. Essentially you are just taking one last look at the home to make sure that no changes have been made that would affect any provisions of the sales contract.

Once that is done you'll close on your beautiful new home and move in. (We'll even help you carry a few boxes if asked!)