- WNY-RealEstate.com - http://wny-realestate.com -

Steps to Buying a Home

These are the typical steps to buying a home in New York State.

  1. Get Pre-Approved for a mortgage. This allows you to know your price range and monthly payment.
  2. Search for a home.
  3. Submit a purchase offer, a deposit is required at this step.
  4. Seller accepts contract.
  5. Contingencies removed after home inspection, etc.
  6. You apply for a mortgage typically within 7 days.
  7. While your mortgage application,  is being processed your credit is checked and the property you are purchasing will be appraised.
  8. Receive Mortgage Commitment- Typically within 30 days from mortgage application.
  9. Abstract updated.
  10. Property Surveyed.
  11. Water/Septic Tests performed if required.
  12. Package sent to lender’s attorney 4 to 7 days before closing.
  13. Lender attorney reviews package.
  14. Home owners insurance purchased typically 5 days before closing. (Buyers are required to purchase a Hazard insurance policy.)
  15. Final Inspection done 1 day before closing.
  16. Closing. (60 days from mortgage application)