First 4 Weeks Of The Home Buying Process

While it takes around 12 weeks from starting the home buying process to closing in NYC, a motivated buyer can be in contract on a property within the first 4 weeks.

I work with many first time home buyers and there is a steep learning curve with the types of real estate here in NYC.  Condo vs. Co-op; walk-up, prewar, or new development; and all sorts of amenities and carrying costs.  

Week 1: Getting ready to purchase

Is your lease expiring in a few months and your roommate is moving out?  Are you looking to live alone?  Do your parents want to help you with a down payment to purchase?  I work with buyers who have many different reasons for buying in NYC.  Depending on how long you plan on staying put in NYC, there is a point in time where it becomes more beneficial to purchase.  

Contact me if you would like to walk through:

  • Pros & cons of purchasing vs. renting

  • A typical timeline for purchasing

  • Tips for first time buyers

  • Co-purchasing vs. gifting

  • Co-op building financials and red flags

  • Pre-approval vs. pre-qualification and major lenders in NYC

  • Structuring an offer

  • Choosing a real estate attorney

Week 2: The Apartment Search

Whether you know where you'd like to live, or have seen properties before, its important to know your budget and look at ALL neighborhoods in which you can afford.  This is because you can fully understand whether you are looking for appreciation or quality of life, or both.  

Did you know:

  • Its in your best interest to work with a buyer's agent

  • If you plan to spend over $1M, there is a 1% tax called a mansion tax

  • Condos are sometimes up to 40% more expensive than co-ops depending on the neighborhood

  • Maintenance fees include building expenses and property taxes

  • Subletting for co-ops is case-by-case and its best to work with an agent to talk about your long term plans

  • An average buyer sees 20-25 apartments before making an offer

  • Agents pay for your contact information on Streeteasy and are not the most qualified so its important you either ask a friend for a recommendation or meet an agent at an open house

Week 3: Making an Offer & Contract Negotiation

Once you've found a home that you are interested in, now its time to make an offer.  Typical offers include a REBNY Financial Statement & Pre-Approval/Proof of Funds, and can get even more detailed including bank statements, tax returns, credit scores, love letters, etc.

Contact me if you would like to walk through:

  • How to make your offer more appealing to a seller

  • What to do in a multiple bid situation and a highest and best deadline

  • Getting pre-approved for a mortgage

  • Reasons why your offer might get rejected or not be competitive

  • Debt to income ratios & post closing liquidity

  • Valuation analysis

Week 4: Purchase application to board interview to closing

Did you know that 50% of accepted offers don't close?  Even if you don't win a highest and best, you might end up having the opportunity to purchase.  After your offer is accepted, there is a week long process called due diligence where your attorney will review key building documents and negotiate the contract with the seller's attorney.

Contact me if you would like to walk through:

  • Timeline between offer acceptance, contract signing, board package submission and closing

  • Whether a home inspection is necessary

  • Why working with an agent who has also been through the home buying process is beneficial

  • Tips for board approval

  • Estimated closing costs

  • Disaster scenarios

Weeks 5-12 include:

  • Putting together your purchase application & submitting

  • Review / approval of your purchase application by the management company & board

  • Scheduling a board interview

  • Setting up a closing

 

Check out my latest listing, 472 Broadway, #PH!

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Danielle Nazinitsky