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Buyer's Guide

Get Pre-Qualified

Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your Compass agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help you determine the price range for your search.

Visit Properties

Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your Compass agent will activate notifications for exclusive Coming Soon and Off- Market properties as they hit the market.

Packaging and Submitting Offers

Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre- Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter-offer. Your Compass agent will provide advice throughout.

Escrow Process

Day 1 Once offer is accepted, escrow is officially open and the clock begins on contingencies*
Day 2 Contact your insurance agent for homeowners coverage
Day 3 Initial deposit is due per terms of agreement
Day 1–17 Seller delivers disclosures to buyer. Buyer performs inspections (Step 6)
Day 1–21 Loan is in underwriting and appraisal occurs (Step 7)
Day 7–30 | 21–45 Seller signs grant deed and staging is removed, if any (Step 7)
End of Escrow Within final week of escrow period, buyer signs loan and closing documents and wires in closing funds (Step 10)
Day 30–45 Loan funds and escrow closes (recordation)

*This escrow process is based on a standard 30–45 day transaction

Home Inspections: Review Disclosures, Reports & Repairs

It is the buyer’s duty to schedule all desired home inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.

Loan, Appraisal, & Closing

Organize an appraisal with your bank. Your completed mortgage application with
all supporting documentation should be submitted to your chosen lender upon receipt of
the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in
place, and then the loan will be funded with clearance to close.

New NY Standard Operating Procedures

We wanted to share with you a summary of our new procedures:

●    Compass does not require a prospective homebuyer to provide identification in order to receive services from Compass.
●    Compass does not require a prospective homebuyer to sign an exclusive buyer representation agreement in order to receive services from Compass.
●    Compass does not require a prospective homebuyer to have obtained a loan/mortgage pre-approval letter in order to receive services from Compass.

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