12 STEPS TO NYC HOME BUYING
1. Lay the Foundation
A strong foundation is the key to a sturdy home, and our first meeting is the key to a successful home search. Let’s chat about what you want: neighborhoods, number of bedrooms, amenities and more! I’m here to listen.
2. Nail Down a Budget
Setting your budget lays the groundwork for our search. Unless you will be paying cash for the full price of your new home, getting pre-approved for a mortgage is the first step. I am happy to connect you with a mortgage banker who will determine your loan amount based on income and credit history. Now we’re ready to look!
3. Use a Great Toolkit
Today’s real estate websites provide an overwhelming number of listings, but they’re not always accurate or up to date. I’ll work with you to create an online outpost for your home search. In this private folder, we’ll collaborate to track new, accurate listings posted across various sites, in real time.
4. Cast a Wide Net: Open Houses
We’ll start by visiting open houses that meet your criteria in order to see many homes in a short amount of time and get a feel for the current market. At first, we’ll visit open houses together, so that I can coach you on what to look for and how to ask the right questions.
5. Whittle It Down: Individual Appointments
Once you’ve attended a number of open houses, you’ll narrow your interest and set individual appointments to view potential purchases. Individual appointments are also more common for luxury, by-appointment-only listings and in new construction where brokers (that’s me!) are required to be present.
6. Keep Hammering Away with Questions
What are common charges? Is there a tax abatement? Can I add a washer/dryer? Throughout the home buying process, I’m available to answer questions, conduct research and recommend trusted professionals. If you have any concerns about the homes we see, I’m here to help.
7. Make an Offer
Once you find your new home, we’ll discuss price and terms and prepare an offer. I will guide you through the entire process and submit your offer to the seller. They may respond with a counter offer, which you can choose to accept, reject or counter again or we could face a bidding war.
8. Be Diligent with Due Diligence
Before signing on the dotted line, we will make sure everything is in good shape with solid financials. An engineering inspector might check out the unit and building, while an attorney will guide you through the financials and contract negotiations. I can recommend highly regarded attorneys and inspectors, whom I’ve worked with for years.
9. Prepare the Blueprint
You’re almost there! After due diligence process, you’re ready to sign the contract and put down the deposit. You’ll meet with your lawyer to give him 10 percent of the purchase price, which is held in an attorney escrow account until closing. Once you and the seller have signed, you are officially in contract!
10. Apply Yourself
Once you’re in contract, it’s time for applications. Your mortgage lender will begin the loan process by researching the building and preparing your final loan paperwork. Meanwhile, you and I will work on your condo or co-op application and interview preparation, if necessary. It's not easy, but rest assured, you’re very close to owning your home!
11. Walk It Out
We’re now in the home stretch (pun intended) — the walk through! For resale, the home should be empty and in the condition agreed upon. For new construction, everything in the unit should be completed as promised. If there is a problem we’ll work with your attorney to determine how best to remedy the situation.
12. Home Sweet Home
The closing meeting will be long and filled with piles of papers to sign. Take deep breaths, read each document carefully, consult with your attorney — he or she will be there with you — and stretch out your hand cramp as often as necessary. This is it! You’re a homeowner!
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