NYS Standardized Operating Procedures

NYS Standardized Operating Procedures

Notice to Home Buyers

Dated: April 1, 2022

New York Real Property Law section 442-h requires real estate brokers to institute standardized operating procedures for the prerequisites that prospective home buyers must meet prior to receiving any services.

Home & Hearth Real Estate’s standardized office procedures concerning those prerequisites are as follows:

1. We do not require prospective clients to show identification
2. We do not require an exclusive buyer broker agreement
3. We do not require pre-approval for a mortgage loan or proof of funds

Home buyers must understand, however:

1. Sellers or seller’s agents often do require a pre-approval letter from a lender and/or a COVID-19 Disclosure/Questionnaire Form prior to confirming a showing appointment and/or prior to considering an offer.
2. Only a lender or qualified financial professional can confirm your true budget with any degree of certainty – internet forms and apps are only guessing as to what your interest rate would be and which loan programs you are qualified for.
3. Most times, offers must be made very quickly before another buyer wins the deal, so once you decide to make an offer, there is very little time to wait for a lender to be contacted and for them to prepare a pre-approval.
4. Submitting an offer without a lender pre-approval is widely regarded as inferior and unprofessional and will often cause a seller to ignore or reject that offer.

These, however, are not the requirements of Home & Hearth Real Estate.

But having a lender pre-approval ready to go at all times will give you a strong advantage when searching for a home and when submitting offers. We would not be working in your best interests if we failed to advise you of that. And as always, we advise you, but you make the decisions.

We will assist you with your home buying process and guide you each step of the way until you find the perfect new home. We know that path is different for everyone, but it is an exciting and very rewarding experience that we love being a part of!