Those who have never purchased a New York City apartment tend to underestimate how long it may take to buy a condo or co-op. From finding a buyer’s agent, attorney, mortgage pre-approval and financing, viewing properties, the board application to closing day. Unless you are buying in a new development or townhouse with all cash, you will need to cultivate the virtue of patience. With a knowledgeable buyer’s agent, planning, and foresight, you can streamline the buying process below.
Steps to Buying
Estimating Your Budget
(Estimated timeframe: 1 – 3 days) Before you start searching for the perfect home, you need to calculate how much your weekly or monthly salary can spend on a mortgage payment. Once you have a figure in mind, you also need to consider how much it will cost to maintain..Read More
Mortgage Pre-Approval
(Estimated timeframe: 3 – 7 days) The next step in the purchasing process is to contact a mortgage broker or banker to help you get pre-approved for a mortgage. To prove that you are a serious buyer, get a pre-qualification letter to show your good financial standing, which will enable..Read More
Wish-List, Needs and Wants
(Estimated timeframe: 1 – 2 days) After receiving your mortgage pre-approval, you will need to decide how much you can afford your monthly expenses and down payment. Your wish-list is next required. Make a list of your priorities, preferences, and needs. Your wish list will help you determine how much..Read More
Choosing Between a Condo and Co-op
(Estimated timeframe: 1 – 3 days) Condo or. Co-op: What is the difference? To help decide, it is essential to understand the differences between them. In New York, there are two primary apartment options to choose between condo and co-op. Before buying a New York City apartment, you’ll want to..Read More
Hiring an Attorney
(Estimated timeframe: 1 – 3 days) Attorneys in New York City represent buyers and sellers. The seller’s attorney will put together a sales contract. Your attorney is needed to perform due diligence, review the building’s financials, by-laws, and legal structure to ensure that you can accept the contract terms. An..Read More
Finding an Apartment to Buy
(Estimated timeframe: 3 weeks to 3 months on average) If you want things to move fast, you have to know what you want while also being realistic. Your budget will be a significant factor. The more cash you have for a down payment, the more options you’ll have. The length..Read More
Offer, Negotiation to Acceptance
(Estimated timeframe: 2 days to 1 week) In New York City, submit an offer in writing. When you find an apartment that hits 80% of your wish list, we recommend proceeding with an offer. Your agent will send your offer to the seller’s agent or directly to the seller. If..Read More
Home Inspection
When you find your ideal New York City apartment, it can be hard to see beyond the superb interior design or spacious rooms. Potential homebuyers must dig deeper to discover possible hidden issues such as structural damage (water damage, bad construction, etc.) A certified home inspector can help find those..Read More
Due Diligence, Contract, and Signing
(Estimated timeframe: 5 to 7 days) Once an offer is accepted, a deal sheet is then distributed between the brokers and attorneys. After this, the seller’s attorney will prepare and send a sale contract. Along with the building financials, house rules, and by-laws, to your attorney to review. This due..Read More
Mortgage Application and Commitment Letter
(Estimated timeframe: 45 – 60 days) Mortgage applications cannot be processed before the contract is finalized. Once the mortgage application is complete, your lender will release a commitment letter. This letter is required to complete your board package/condo application if you are financing an apartment. If you’re financing, now is..Read More
Submit the Board Application Package
(Estimated Timeframe: 30-45 Days) Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step. Once your purchase contract is; countersigned, your condo board will give you a complete board application. This application requires to be completed and approved before closing takes place. If there is..Read More
Board Interview – (Co-op Only)
(Estimated Timeframe: 30 – 60 minutes) Most co-op boards meet once a month, and many do not respond in August. Frequently, meetings are in the evening on a weeknight. Keep in mind that an interview does not guarantee approval. The board will decide up to a few days after the..Read More
Schedule the Closing
(Estimated Timeframe: 1 – 2 weeks after approval by the board) The closing date all depends on the parties involved. Assuming that everything is in order and everyone is eager to close, it can take about one to two weeks to schedule a closing. Your attorney needs to coordinate with..Read More
Final Walk-Through
(Estimated Timeframe: 30 – 60 minutes) Best to be done the day before or the day of closing. It is essential to inspect the property before the closing date. Verify that the appliances, faucets, light fixtures, plumbing, and outlets are all working. Make sure the seller has left or is preparing to..Read More
Closing Day
(Estimated Timeframe: 2 – 3 hours) It will finally be time to hand over the remaining closing cost payment and receive the keys to your new home on closing day. The average timeframe in New York City from an accepted offer to closing day is 60-90 days. But with so..Read More