The Final Walkthrough

After you have negotiated on pricing, terms, closing date, conducted an inspection, signed contracts, secured your financing, and cleared title (woah that’s a lot!) comes the final walkthrough. The purpose of the final walkthrough just before you officially close on the property is to check to make sure their are no new issues that have popped up since you conducted an inspection and to check that any repairs were done that you negotiated for.

Typically the final walkthrough will be conducted either the day of the closing or the day before. It’s important that you thoroughly inspect the property because once you sign that paperwork with your attorney any repairs that need to be made are yours to deal with. You also want to make sure that any of the items that were to left behind such as the Refrigerator, Dishwasher, Washing Machine or Dryer are there and are in tact and are in good working condition. On the other hand, you also want to make sure that anything that you do not want in the home was not left there for you to deal with such as any furniture or personal belongings the seller thought that they could just leave for you to handle!

 

You’ll want to go through the entire home (similar to your inspection) and check on all the appliances, the plumbing, the windows, doors, and inspect the exterior and below-grade level for any potential mishaps. Don’t forget to check all the utilities, whether its steam heat or a hydro air system.

Remember to inspect the exterior of the property which may reveal any issues with the siding, roof, or any external systems such as the air condenser for the central air system or the irrigation system in the lawn.

After this is all said and done, you can go and buy your new home with some peace of mind!

If you are thinking about buying or selling real estate in lower Westchester County, give us a call today!

 

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

O: 914-337-1312 Ext 330

C: 914-500-9194

Pet Friendly Housing, The Buyers Dilemma

Do you have any pets?

The one question that Real Estate asks and most in the industry fear the answer for any buyer who is looking for a co-op, condo, or rental apartment.

But Why?

Although the pet policies in the State of New York have changed dramatically since the mid 20th century, when in almost all cases no pets were allowed in rental buildings, it is still very difficult for pet owners to find rental apartment or to purchase co-op’s and condo’s in New York City along with surrounding suburbs like Westchester.

Nonetheless, many buildings in recent years have amended their pet policies to allow pets restricted by weight or breed. Many buildings have also begun to recognize the therapeutic value of having a pet and have allowed homeowners and/or renters to bring pets into the building as emotional support animals.

Even with all these changes, it is not easy for those who are searching in the New York City or Westchester County area to find housing if they are pet owners. Lets just put it this way, their are currently about 800 co-op apartments for sale in the entire county of Westchester, 100 of which accept pets! Therefore their about 100 co-ops on the market that will accept a pet currently, that makes it very tough to be a buyer in our current market!

Cats are wee bit easier to get into buildings, as most people keep their cats indoors so many buildings are not troubled by Cats, dogs are unfortunately a greater hurdle, and this is where in fact many co-op and condo’s have house rules restricting the weight of these animals and in many cases restrict against non aggressive breeds such as pit bulls, Rottweiler’s, and Dobermans.

Difficult but not impossible, and many buildings as stated earlier are changing their policies to conform with owners that have emotional support animals and are modernizing their policies. Do not be too discouraged, their is hope and there is plenty of great buildings that allow pets, you just have to be diligent and ready to jump on them when they reach the market.

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

 

 

Conventional Loan Interest Rates

Most buyers will choose a conventional loan to purchase their new home. Conventional loans follow guidelines that are set forth by Freddie Mac and Fannie Mae.

There are several types of conventional loans that vary in the loan term, anywhere from 10 to 30 years, along with how interest is accrued. Their are fixed interest rates for up to 30 years, as well at Adjustable Rate mortgages available that change according to the prevailing rate of interest.

The down payments also vary and can go as low as 3% with some loan programs. Typically, anything below a 20% down payment would require mortgage insurance at an additional monthly cost. Lower down payment mortgages are referred to as FHA (Federal Housing Authority), these loans are associated with mortgage insurance throughout the life of the loan and more fee’s than your typical conventional loan. PMI (Primary Mortgage Insurance) can also be based on your credit history and debt to income ratio.
Generally, if your credit score is 680 or higher and your debt to income can cover your mortgage, you should not have to pay additional fee’s. If your credit score is lower, you may to incur extra fee’s or have to be covered by mortgage insurance.

Your debt to income usually should not exceed 50% (your monthly debts should be no greater than 50% of your monthly gross income). Most banks will request 60 days of banks statements, 2 years of w-2’s or tax returns for those who are self employed.

Investment property can be purchased with conventional loans, although the interest rates and down payment requirement are often higher.

There are private lenders and large corporate lenders such as Chase Bank and Wells Fargo. When shopping for the right bank, it is also important to consider interviewing more then one Loan Officer, as there may be certain programs that other banks offer unique to you. For instance, there are some banks that offer special loan programs for civil servants.

The next step is to reach out to your bank and get started in the pre-approval process for a conventional loan!

Frank Morris

Licensed Real Estate Salesperson

71 Pondfield Road

Bronxville NY 10708

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