The Purchase Process
Here is a snapshot of a typical sales process for general information purposes only.
A Purchase Offer
To start the purchase process an agent prepares a buyer's offer on a contract form prepared by the Erie County Bar Association, specifying the price, sellers concessions, deposits, home inspection, financing specifics, etc. The seller may choose to accept the contract as written or counter. Buyer and seller may continue to negotiate. When we have a meeting of the minds paperwork is finalized with signatures and initials and the contract is forwarded to both attorneys. We now have available the ability to circulate contracts and addendums via "Authentisign" making it easier for everything to be done online if that works best for you.
You and your attorney have 3 business days to review and discuss the terms of the contract. Attorneys usually issue an attorney approval letter or they must decline the contract by the end of this time period, if you choose not to go forward.
Usually buyers have 7 days to complete a home inspection, paid for by the buyer, if one has been requested. At the end of the home inspection period the buyer will sign off on the home inspection or we will assist in negotiating repairs requested.
Deposit funds are generally due within 2 business days following the removal of the inspection contingency and/or the attorney approval. Deposit funds will be held in the listing broker's escrow account. Please know that until the deposit funds are received and all contingencies removed the house will continue to be available to other buyers.
Generally buyers are required to apply for their mortgage within 5 days business days after lifting all contingencies. A mortgage commitment date is specified on the contract and must be met. Please visit our Getting a Mortgage page for more valuable information.
Paid by the buyer, the buyer's bank will have a licensed appraiser perform a certified appraisal.
The Septic/Well Inspection
If the house has a private water supply and/or septic system they will need to be tested by the county. The septic and well test is ordered by the seller. The Dept. of Erie County Health performs the three day septic inspection as well as the testing of all private water supply systems for the transfer of property. When the septic cannot be tested due to weather the buyer may have to pay a refundable $1000 fee to the county.
Marching to Closing
Your agent and the attorneys will work closely together to coordinate the closing and make sure everything that's required is properly handled. Seller's please visit our Sellers Estimated Net Equity page for an estimate of proceeds. Buyer's, your loan officer can provide you with a good faith estimate of closing costs.