Just 11 Steps from Choosing a Real Estate Agent to Closing

Our Adirondack real estate agents provide a wealth of relevant facts, tips, knowledge and experience that you can rely on in the home buying process. Buying a property requires keen knowledge of local market trends, neighborhoods, zoning and current events. Merrill L. Thomas, Inc. has provided buyers with precise market details for over 75 years. 

#1 – Find an Adirondack Agent

Look for a real estate agent who is knowledgeable about the specific ADK Town or Village you are considering and can help guide your search. 

#2 – Research Financing Options

The first step into ownership is to get pre-qualified for a mortgage loan unless you are paying cash for the purchase. Be prepared to show proof of funds for any cash transaction. Your Merrill L. Thomas, Inc. agent can set you up with a mortgage broker in the area. Based on the income and credit score, the mortgage broker will determine how much the bank will lend. 

#3 – Visit ADK Properties

Both in-person or virtual walk through are all a part of the search process in today’s world. We expect that you may not be available all the time, so please lean on us to make sure you have every chance to see the ADK property you are looking for before it’s too late. Our website allows you to set up times in advance with either the listing agent or a preferred buyers agent. 

#4 – Make and Offer and Agree on Price

Reach an agreement on price and terms with the seller. Depending on market conditions, we recommend submitting a non-binding written “Purchase Offer” with the help of your MLT agent. 

#5 – Retain a Lawyer

NYS is a title state, therefore it’s important a local or NYS attorney review all contract documents and title report before closing on a home or property in the Adirondacks. 

#6 – Review Your Sale Agreement

Most purchase and sale agreements allow for a 3 – 7 day attorney review period to allow your counsel to make any necessary changes or approve/disapprove the contract.

#7 – Sign the Contract & Provide a Downpayment

The funds due for a down payment in our area are typically 5% of the purchase price. Wiring instructions can be sent via email to help speed up the process. 

#8 – Schedule Inspections

We always advise our clients to consider a home/structural inspection whenever purchasing a residential property in the ADK. Other inspections such as well, septic, pest and environmental could also be useful and appropriate depending on the property. 

#9 – Obtain Mortgage Commitment

Staying on top of your mortgage broker and/or bank is important to meet the deadlines of the contract. Typically you have 45 days to obtain a commitment letter from the bank which includes a bank appraisal by a certified general appraiser. Make sure you include your agent in all parts of the process as they are pivotal in making the transaction flow. 

#10 – Final Walk Through

On the day before or day of closing we recommend briefly touring the property one last final time before heading to the closing table. to ensure everything is agreed upon. 

#11 – Closing – You Made It!

It’s finally here. Your attorney will help guide you at closing and answer any questions relating to the final signatures.

All that’s left is to move into your new Adirondack home and get to know the area and all it has to offer.