Finding the right apartment starts with finding the right agent. An experienced agent will help shape your search, recommend an all-star professional team (from lawyers to inspectors to movers), and otherwise guide you through the entire complicated process of acquiring a home in New York.
Your agent will help you define your budget, set up your search, and recommend a lender that can pre-approve you and identify any potential credit issues, some of which may be fixed in time for your home purchase.
Finding the One
Depending on what you are looking for, it might take one day or one year to find an apartment. You don’t need to wait until you’re ready to make a purchase to learn about the market. It’s invaluable insight that will empower you to make more effective offers when the time comes.
Your agent will help you identify properties that you should visit, but also explore online listings on your own. Just make sure to let your agent know any questions you have about particular properties so they can find out pertinent information and schedule appointments for you to view. Set aside your Sundays to visit open houses and share your feedback on properties with your agent.
Making an Offer &
Getting into Contract
Your agent will strategize with you when you are ready to submit an offer and will help you gather all required documents and information required. Your agent will negotiate on your behalf and advise you through any bidding wars.
Once you have an accepted offer, remember that it is not binding on either party, so its is important to get into contract ASAP. This means hiring a top attorney to complete contract negotiations and due diligence in a timely manner. Once you and your attorney are satisfied with the contract terms and health of the building, the buyer signs the contract and submits a 10% deposit.
Once you are in contract, you can compare lenders and officially apply for your mortgage. Once the lender approves you and the property, they will issue a commitment letter.
As soon as you have the commitment letter, your agent will prepare and submit the building application. Most coop applications are extensive (requiring full financial disclosures with supporting documentation, employment and salary information, personal and business references, tax returns for the previous 2 years, credit history, etc.) and will be followed by an interview by the board of directors before approval is granted.
Most condos also have a building application, but these vary in the extent of disclosures. Most condos have no interview and as long as the application is complete, will grant the necessary waiver of the right of first refusal.
Once you have the Board's approval/waiver, your attorney will coordinate with the appropriate banks, title company, building management, etc., to schedule a closing date. Once closing is scheduled, you’ll obtain the required home owners insurance policy, and can make the necessary moving arrangements. Within 24 hours of the closing, you and your agent will have a final walk through of the property to identify any issues.
Make sure to rest up your signing hand for the closing! Once you've signed a pile of documents, you'll get the keys to your new home!
WHAT BUYERS ARE SAYING