- Pen Realty -
Peter Mancini
pmancini@penrealty.net
917.916.5126
BUYER'S GUIDE
A new home is a meaningful investment in your next chapter, and
there’s no better place to begin again than the communities of
New York City. And when it’s time to find or list your luxury home,
fixer upper, or condo in the area, I’m the agent most dedicated to
your personal needs and story. For years I have dedicated myself
to my community through service that exemplifies my passion for
helping and educating home buyers and sellers of all walks. From
the start of our professional partnership, I make it my mission to
communicate with and listen to my clients, blending their needs
with my own market strategies to create a seamless sale. With this
end in mind, my results are inspired by you and the priorities most
important to you. When it’s time for your next move, I want to help
you invest in a future that you can be proud of.
@petermancinipenrealty
pmancini@penrealty.net
penrealty.net
Note:
Thi
s
is
only
a
high
level
overview
of
a
buy-side
process.
For
more detailed steps, please refer to your real estate agent.
Peter Mancini
- Licensed Associate Real Estate Broker -
pmancini@penrealty.net
917.916.5126
HOME BUYER'S ROADMAP
1
2
FIND AGENT
FINANCIALS
Get your finances in order, get a credit check, and get pre-approved for a mortgageOFFER
Match with an agent that
you feel comfortable with
Make your offer for the
home and prepare to
negotiate
APPRAISAL
Arrange for a professional appraiser to visit the home and determine a valueSCHEDULE MOVE
Schedule your move date and arrange for moversCLOSING
Get your keys and celebrate your new home!6
7
8
3
SEARCH
Begin your search! Look
online and in classifieds
INSPECTION
Arrange for a professional home inspector to visit the home5
4
OFFER
CONTINGENCY
An offer is a preliminary agreement
to purchase a home, and is set
between a buyer and a seller.
A contingency related to a property
is when the preliminary offer is
accepted, pending certain
conditions set out by the seller.
CLOSING COST
The closing cost is the amount that is paid, in addition to the sale price. This can include: taxes, insurance and lender expenses.DISCLOSURES
The disclosures related to a property will include everything that the sellers know about the property, including any areas that need repairs.HOME INSPECTION
A home inspection is an official review of the real estate asset's current condition. They will help to determine if there is any work needed to be done to the property to bring it to normal working order.TITLE SEARCH
APPRAISAL
CLOSING
GOOD FAITH MONEY
PRE-APPROVAL
A title search will confirm that the
property that is being sold in fact
belongs to the seller.
An appraisal is the value that is
assigned to the real estate asset
based on an assessment of the
asset, neighborhood, market
condition, and more.
The closing part of the real estate
sale is when the money and keys
are exchanged.
Good faith money is the balance of
funds that are set aside into a trust or
an escrow account to show the
buyer is serious about the purchase.
A pre-approval is the first step to
obtaining a mortgage to purchase
your home. The banker will perform
an analysis on your income, debt,
and credit-worthiness. You will need
one in order to be ready to put an offer
on a house.
REAL ESTATE TERMS
TABLE
OF CONTENTS
FIND A GREAT AGENT
FINANCIALS
TOUR HOMES
MAKE AN OFFER AND NEGOTIATE
INSPECTION
APPRAISAL AND LOAN APPROVAL
CLOSING
SCHEDULE YOUR MOVE
1
2
3
4
5
6
7
8
PREPARING
TO BUY
FINDING A
GREAT AGENT
Finding a real estate agent that you trust and feel comfortable with is as hard as
finding the right house to call a home. A purchase of this magnitude is a huge
life decision and you want to make sure that your real estate agent is as invested
in this sale as you are.
We have over 15 years of experience.
01
FINDING A
GREAT AGENT
01
INDUSTRY KNOWLEDGE
CUSTOMER SERVICE
PROFESSIONAL EXPERIENCE
SMART NEGOTIATING
I have access to a wide variety of resources that is not readily
available to the public. They can help you determine the best price
and time to sell.
I am dedicated to helping you answer any questions that arise from
this process. We treat you, how we would like you to treat us!
I undergo annual training and compliance to ensure that Pen Realty is up to
date on any changes in legal or administrative paperwork. A strong offer and
negotiate with the seller on your behalf.
With my collective experience and expertise, I can help you negotiate the best
price for your home.
02
FINANCIALS
It
is
recommended
that
you
stay
within
a
budget
of
3-
5
times
your
annual
income
when purchasin
g a
new home.
When
determine
your
mortgage,
don't
forget
other
factors
like:
down
payment,
legal
fees,
taxes,
home
inspection
costs,
appraiser
costs,
and renovation costs.
DETERMINE YOUR BUDGET
A 20% down payment is the most common, however, it
is not your only option!
Have a discussion with your banker to determine what
works best for your scenario.
HOW MUCH SHOULD YOUR
DOWN PAYMENT BE?
FINANCIALS
02
CREDIT SCORE CHECK
Your banker will likely perform a credit check prior to approvin g a mortgage and determining your interest rate. The most ideal range will be 620 or above. The better your score, the lower the interest rate you will be charged on your mortgage.
Obtaining a pre-approval on your mortgage will help you in
many ways. First it will help you determine your budget, and help
you stay within your means. Second it shows the seller that you
are serious about purchasing a home, and that you have the
funds necessary to complete the purchase.
Although you are pre-approved for a loan, does not mean that
you will be guaranteed this amount in your final mortgage. You
will still have to be approved for a mortgage after you have
submitted an offer.
It is important not to make any significant purchases or alter
your credit score in any way during this time.
PRE-APPROVAL
@PenRealty363
- Pen Realty -
Peter Mancini
03
HOME SEARCHING TIPS
Once you find a house you love,
you can make an official offer to
the seller.
Be sure to make a list of your
must haves, wants, and don't
cares.
As you go through the viewings,
make sure you check off all your
must haves.
TOUR
HOMES
Take photos as you go through the open houses so you remember the layout
and the feel of each house you visit.
Pay
attention
to
features
o
f
the
property
that
are
fixed
such
as
the
neighborhood,
the
lot
size,
and
the
orientation
of
the
home.
Don't
pay
too
much
attention
to
the
colors of the walls or the furniture.
Be
sure
to
check
out
the
small
details
like
the
light
switches,
water
features,
and
appliances to make sure everything works.
HOME SEARCHING TIPS
03
TOUR
HOMES
04
MAKE AN OFFER
Once you find a house you love, you can
make an official offer to the seller.
Don't be afraid to make an offer below the
listed price. Sellers often price higher than
they would be willing to sell for.
04
NEGOTIATE
AN OFFER
Be prepared to receive a counter-offer, and don't be afraid to bargain for your
purchase.
Be sure to know what you are buying and ensure that you feel the price is fair at
the end of the day.
05
INSPECTION
Make
sure
that
you
allow
for
an
inspection
to
be
completed
prior
to
the
closing
of
the
sale.
It
is
important to know as much about your home as possible.
If anything serious comes out of the inspection, you have an option to back out of the agreement, or
gives you more negotiating power.
Feel free to ask your inspector to take pictures and be descriptive in their report.
You can also ask for a meeting with the inspector to better understand their findings.
Once the inspection is complete, you can discuss and negotiate with the seller any final
points.
FINAL
STEPS
06
APPRAISAL
Other checks you should run prior to finalizing the purchase of your new home:
1.
Appraisal
2.
Property title search
Your banker will also want a formal appraisal of the home prior to issuing your loan. Be sure to purchase
home insurance for your new property!
Your income
Credit check
Employment status
The lender will review any and all financial related forms and information prior to
granting the loan.
They will review details like:
AND LOAN APPROVAL
CLOSING
and MOVING
07
SCHEDULE
YOUR MOVE
Movers
Renovators/ contractors
Utilities
Cleaners Move out details
Some things you will want to keep in
mind closer to your move date:
08
CLOSING
Closing is the final step for you to become the legal owner of your home. You
will take a final walk-through just before closing to assure that negotiated
work has been completed and everything is in working order.
The closing process itself requires a lot of paperwork and patience. Be
prepared with your government issued photo ID, cashier's check and any
other documents required by the title company or loan officer.
Don't forget to re-key all the locks and change the garage door opener code
when the property is officially yours.
Congratulations on your new home!
CUSTOMER TESTIMONIALS
pmancini@penrealty.net
www.penrealty.net
917.916.5126
Outstanding service! Highly recommend!!!!
Gianluca Palanca
Very professional and dependable, highly recommend using
him again in the future.
Matthew Deliso
Peter and the team at Pen Realty are the ultimate real
estate professionals. An unrivaled knowledge of the local
marketplace coupled with their year of real estate
experience make them Brooklyn’s top flight real estate
firm.
Louis Lubrano
Peter is very knowledgeable, responsible and easy to work
with. Peter always goes above and beyond for his clients
and cares for them deeply. I would recommend him to
anyone.
Richard Battista
