LET US HELP
We are here to educate you on the steps involved in purchasing a home and equip you with the knowledge and inside tips that you need to be a savvy NYC buyer.
NYC BUYING TIMELINE
1 WEEK
1. PRE-APPROVAL & PROPERTY SEARCH
Getting pre-approved is an important first step as it sets purchase-price expectations from the get-go. It’s important to partner with a local lender who specializes with the unique products NYC has to offer and not just dialing up any old bank, who may not have experience with co-ops or condos. This usually takes a few days to produce. Once you are pre-approved, we want to determine your home buying criteria --- your absolutely must-haves, would be nice and wish-list items.
1 WEEK
2. SUBMIT AN OFFER
Once you find your ideal home, we will carefully craft an offer to submit to the seller. We will provide you with recent comps and a game plan on how to reach the best possible terms. We will discuss your closing timeline, percentage down and mortgage contingency. In order to submit an offer, you will need a REBNY Financial Statement along with a pre-approval letter in financing or proof of funds if paying all-cash.
1 WEEK
3. ACCEPTED OFFER & CONTRACT SIGNING
An accepted offer between you and the seller is only the beginning and the time between an accepted offer and contract execution is a critical period as an executed contract is not always guaranteed. Your RE attorney will conduct due diligence on the home. They will read board minutes to ensure that the building is in good financial health. If you are choosing to have an inspection, you will do so after your offer is accepted. At contract signing, you will be putting down a 10% deposit.
2-5 WEEKS
4. BOARD PACKAGE & MORTGAGE APPLICATION
The board package is a set of specific documentation that includes legal forms that must be filled out (window-guard rider, lead-based paint rider, etc) as well as personal financial documents and references. The extent of the board package requirements vary by building, and your broker will help guide you in its successful completion. If the building requires an interview, it will be scheduled after the board package is approved.
1-2 DAYS
5. FINAL WALK-THROUGH & CLOSING
Once the bank gives your clearance to close and the board gives you approval, the attorneys will schedule a closing. Prior to closing, we will conduct a final walk-through in which we will test all appliances to ensure that they are in working order. During a real estate closing, the property title and ownership get transferred from the seller to the buyer. The home buyer will sign a variety of documents prepared by the attorneys, and will also pay whatever closing costs are due.