Planning to buy a New York City Apartment? Here are 12 quick steps to get you there:
- Contact a Bank and get pre-qualified for a mortgage, if financing;
- Team up with a Buyer’s Agent and a real estate attorney to represent your interests;
- Determine what you are looking for and build a wish list, choose neighborhoods and apartment types. Your buyer’s agent will shortlist the best available properties.
- Once you find the ideal apartment, ask your buyer’s agent to perform a comparable market analysis to estimate its fair market value;
- Ask your buyer’s agent to submit a written offer to formalize your intention to buy;
- Upon receipt of a counteroffer, your buyer’s agent will negotiate for you until an agreement is reached and offer accepted.
- Next, Your Buyers agent and attorney will receive a deal sheet from the seller’s agent,
- After that, your attorney will negotiate the contract of sale, perform due diligence on the property, review building’s financials and board minutes as well as outstanding liens, if any. This process generally takes 5/7 business days.
- It is now time to sign the contract and pay the deposit which is usually 10%-20% of the sale price. Once the seller has countersigned, you are now officially in a contract.
- Next, your buyer’s agent will prepare and submit the purchase application to the co-op or condominium Board.
- Following that, you will be scheduled to attend an interview in the case of a co-op. Or Schedule and prepare for closing in case of a condo.
- Finally, take a final walk-through with your buyer’s agent on the day of closing, proceed to closing to finalize and get the keys to your dream home.
Remember to buy the right home for the right price.