Buyer's Guide

Do you already know where you want to buy? Do you want a condo, coop, townhome, or single-family home? Do you know which features you like and dislike? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer. A good agent can help provide expert guidance on these trends.

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as most sellers won’t entertain offers from those who aren’t already prequalified for a loan.

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Please don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Now that you have an accepted offer you need to turn that accepted offer into a written agreement/contract. Both the buyer and seller will work with their agents and real estate attorneys to draft a contract and perform due diligence on the property prior to signing a contract. In NYC, for condos and coops, this due diligence includes receiving the buildings' financials, board minutes, proprietary lease, by-laws, etc...The buyer's attorney will review all this information with you before signing the contract. For homes and smaller apartment buildings, home inspections are also a part of the process. I can help you arrange this, and you can schedule it within days of making an offer. If there are no significant issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed or withdraw it. If all checks out, the buyer and seller will sign a binding contract, and the buyer will put into escrow a deposit until the deal closes. 

If you are buying an apartment, which is likely the case in NYC, then you will likely need to complete a board application. Once you are in contract, and while you await your lender's commitment letter, you will complete an application for the building you purchase. Both condo and coop applications can be lengthy, and they must be put together with care and attention to detail to ensure a smooth process or avoid rejection (for coops specifically). You will be asked to provide extensive financial information similar to what you provide the bank and personal and professional reference letters. You must show proof of employment and complete an array of disclosure forms. We can talk about this process more together at the right time.