The Assessment Does not Equal an Appraisal

An assessment and an appraisal are both valuations of properties, but they are not the same.

An assessment is the value that a home is taxed on.  It's set by the assessor's office.

An appraisal is an opinion of what the property should sell for, given by an appraiser.  That is someone paid to analyze property values based on features of the property and comparable sales in the area.

Many times in Syracuse Real Estate ads you will see "Priced Under Assessment".  That doesn't mean it's a bargain, it just means that it is over assessed.

Similarly, sometimes people are alarmed that they may be paying more for a house than it is assessed at.  That doesn't mean the house is not worth the asking price.  It means it probably hasn't been assessed for a while.  What you have to watch out for here is that the assessor may re-assess your house and your taxes will go up.

Buying a House in the Syracuse Area - the Short Version

The first step is talking to a mortgage agent. They will be able to tell you how much house you can afford and what type of loan you qualify for. There's no point looking at homes that you are not going to be able to buy. I can send you a list of loan agents if you do not already have one.

Next, you need to decide what features are important to you in a home and what areas you want to look in.

I will send you listings of homes that fit your criteria. These will automatically be delivered to you every day. When there is one you are interested in, I can send you more information and we can make an appointment to see it.

When you find a house you like, it's time to write an offer. We will sit down and decide how much to offer and what other conditions

In New York State, most offers will have some contingencies. That means there are conditions that must be met or you can cancel the contract.

The first one is that both parties lawyers must approve the contract. In New York, the buyer and seller each have their own attorney. Usually it's just a formality to approve the contract, but sometimes the lawyer doesn't like some of the conditions. The sellers can also use this to back out of the contract if they have another offer.

The next contingency is usually the home inspection. As soon as the contract is approved by both parties lawyers an inspection is scheduled. After the inspection you can ask the owner to make repairs or to credit money for repairs. They do not have to make the repairs and the contract can be cancelled.

The most common other contingency is sale of the buyer's current house.

After the contingencies are closed, the next step is for the Mortgage Commitment Letter. That is the real approval for the mortgage, where all the conditions have been met. Then the closing is scheduled.

Be aware that the mortgage call still be denied any time up until closing. So don't make any large credit purchases or open new accounts, and especially do not buy a car!

A day or two before the closing a final walkthrough is done, where the buyers and their agent make sure the house is in the same condition promised in the contract.

The closing is usually scheduled in one of the attorney's offices. Get ready to sign paper after paper!

At the end of this marathon signing session, you get the keys and you are a home owner.

2000 NYSAR Grants for first time homeowners now available!

The New York State Association of Realtors is providing 2000 first time homebuyer grant for low to moderate income households in the state of New York.

For this program, a first time home buyer is someone who has not owned a home for 3 years and does not own any income or investment property anywhere in the world.

In Onondaga County, buyers must have an income of no more than $49,049. You are also required to qualify for a mortgage before applying for the grant.

If you are in this income level and have been thinking about buying a home, you owe it to yourself to call me. I'll help you find a lender and get you pre approved and then you can apply for the grant.

The grant application is not that long or hard, just one page of filling it out, you need to submit your 2009 taxes, fill out a one page form, and answer 3 questions:

1. How has your volunteerism affected your community and what to do you plan to
contribute to your new community?
2. How would receiving this grant affect your ability to purchase this residence?
3. How would purchasing this home affect your quality of life?

Even if you are not sure if you can qualify for a loan, call me at 315-395-7523. I will set you up with a lender who will be able to tell you what to do in order to buy a home. Even if you don't qualify right now there are steps you can take to repair your credit in order to become a homeowner. It might even be sooner than you think!