Buyers Guide
The Home Buying
Process at a Glance
Buying a home in New York City is an exciting and important undertaking. I believe it should be done with great care and preparation. It is my goal as your agent to help make the process as smooth as possible and to provide my highest level of guidance to you in finding your dream apartment.
Step 1
Buyer Consultation
Has anyone ever taken the time to offer you a Buyer’s Consultation? My goal is to not only understand what you’re looking for, but why you're looking. Expect a 30 minute discussion so I can actively learn about your goals, motivations, and what matters most to you.
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Step 2
Buyer Representation
Agreement
You wouldn’t show up to a court room unrepresented. Why would you enter into a high-stakes negotiation or buying process unrepresented?
My job is to be your fiduciary. I'll represent your best interests throughout the entire process.
I only work with clients who are exclusively looking with me so that I may provide my professional attention and expertise to their search. I’ll ask you to sign a Buyer’s Representation Agreement so I can help you secure the apartment while aiming to achieve the best possible outcome.
My job is to be your fiduciary. I'll represent your best interests throughout the entire process.
I only work with clients who are exclusively looking with me so that I may provide my professional attention and expertise to their search. I’ll ask you to sign a Buyer’s Representation Agreement so I can help you secure the apartment while aiming to achieve the best possible outcome.
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Step 3
Get Pre-Approved
It’s beneficial to know what you can afford! This sets the groundwork for the appropriate budget we can work in. Getting pre-approved will help you secure financing, and keep things moving smoothly whenever you do decide to put an offer in.
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Step 4
Apartment Search
The Compass One platform is a powerful tool you’ll have at your disposal. I’ll input your location, size, and pricing specifications to ensure you have an understanding of the market, and so we’ll be notified if any new opportunities come up.
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Step 5
Offer and Negotiations
Once we find your dream apartment, we’ll need to submit an offer. One of the biggest fears buyers have is that they’ll over-pay.
I’ll run a Comparative Market Analysis so you’ll know if we should offer over-ask if we’re in a bidding war, or if we should make a competitive offer in order to get it for less.
I’ll run a Comparative Market Analysis so you’ll know if we should offer over-ask if we’re in a bidding war, or if we should make a competitive offer in order to get it for less.
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Step 6
Sign Contract
Your attorney of choice will help review and craft a contract is agreeable to both you and the seller. Expect to provide 10% of the purchase price at contract signing.
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Step 7
Loan Application and Appraisal
If you are obtaining financing, your lender will let you know the list of financial documents necessary to provide to the lender, including a couple months of bank statements, tax records, pay stubs etc.
Typically, you will have a mortgage contingency of the agreed upon length to obtain a mortgage commitment. Once your lender has all of your documents, they will review them and issue a Clear-to-Close, which means your loan is complete and the file will be sent to the title company for closing.
Your lender will have an appraisal done on the property.
Typically, you will have a mortgage contingency of the agreed upon length to obtain a mortgage commitment. Once your lender has all of your documents, they will review them and issue a Clear-to-Close, which means your loan is complete and the file will be sent to the title company for closing.
Your lender will have an appraisal done on the property.
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Step 8
Board Package
If you are buying a Co-Op or Condo, you’ll need to pass the board!
This often-times requires an in-depth look into years of your financial assets and liabilities, as well as a board interview. It can be an extensive process, so be sure to have all of your financial documents in order.
This often-times requires an in-depth look into years of your financial assets and liabilities, as well as a board interview. It can be an extensive process, so be sure to have all of your financial documents in order.
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Step 9
Closing
This can occur anywhere from 60-120 days after we submit our initial offer.
Be prepared to put 10% of the purchase price down, as well as any additional closing costs.
