Step by Step Guide to Purchase Apartments in New York City
Step by Step Guide to Purchase Apartments in New York City
Step 1:Finding the right agent
You've found me! I've been in the real estate business for over 15 years and have a broad range of knowledge in the real estate field. Negotiating skills are invaluable when it comes to real estate and that skill set is one that has brought years of satisfaction to my clients. I can direct you to the right financial representative, lawyer, home inspector, and any other contact you may need; even after closing.
Step 2:Buyer consultation
This is where we meet to discuss your real estate needs. Our initial meeting will help me determine what you are looking for by evaluating what you want and need in a home in the Manhattan real estate market.
Step 3:Mortgage pre-approval
The pre-approval process will let you know how much you can spend so that you don't go over your budget. You will be referred to a mortgage broker or direct lender for this part. If you have a banker you like doing business with, maybe ask them to refer a loan officer. Usually takes 1 to 2 days.
In this step you should start putting together all the documents you need to apply for a mortgage, i.e. bank statements, last 2 years of your taxes, last 2 paystubs.
Many agents think that this should be your first step. But I think even if you cannot purchase at the moment, maybe we can start evaluating your wants and needs and get you familiar with the real estate market and when you're ready, the process would already be familiar and not overwhelming.
Step 4:Viewing property
From the information collected in step 2, I start your search and give you access to my Manhattan listings search system in order for us to start looking at potential homes. This step will depend on your schedule.
Step 5: Making an offer
At the point when you have found a suitable property, I will then discuss the negotiation strategy that will take place. I will then convey your offer to the seller or seller's agent. They may "counter" thereby beginning the negotiation process, where we agree to price, terms and closing date. Usually 1 day or more, depending on buyer and seller.
Step 6:Signing the contract
In all New York City real estate transactions an attorney is needed. The sellers' attorney will write the contract with the specified terms and conditions and your attorney will review them, in addition, your attorney will also review the co-op or condo financial statements, by-laws, review board meeting minutes, offering plan, etc.
Once these things are reviewed and everyone is comfortable with the findings, you will then sign the contract and place a standard deposit of 10% of the purchase price. The deposit will be held with the sellers attorney escrow account until the day of closing. Usually 1 day or more, depending on buyer and seller
Step 7:Apply for the mortgage
You already have a pre-approval letter, now you have to apply for the mortgage. In step 3 you started putting your documentation together, now you deliver all the documents to the loan officer. Within several weeks you should receive a commitment letter from the bank. Usually takes a few weeks.
Step 8:Complete the board package
I will look into what is required for this step as co-op and condo boards may work differently. You may have to submit the same documentation that you provided for the loan process including the sales contract, letters of personal and business references and the commitment letter.
For co-ops in New York, once your application has been reviewed and it meets initial approval, you will then be asked to attend an interview.
For Manhattan Condos, once your application has been reviewed your approval is generally granted. Usually takes a few weeks.
Step 9:Board Meeting
For a board meeting, please make your schedule available as a meeting is usually held certain times and days of the month. Please treat this as an interview; some boards are strict as to who lives in their buildings. Usually takes less than an hour.
Step 10:Board Approval
Usually comes within days of the board meeting.
Step 11:Closing
I will confirm closing date, location and settlement with you, as well as the attorney's.
Step 12: Closed Transaction completed
You receive keys and schedule move in.
Congratulations! You now own a Manhattan apartment!
*This is a general list note thata few items will get done at once when you're in contract.These items depend on the terms of the contract (i.e.If a home inspection or appraisal are contingent to the contract.)If they are, they will be added as additional steps to be taken.Every contract is unique and provides a timeline with a step by step guide for you to keep track of.Most items are time sensitive, so strict guidelines will be followed throughout the process.
For more information or any questions, check out my website at www.FindNYCondos.com
Allman Brothers own New York Is Solar Power In The UK Possible? Ted Mcgrath's New Woodworking Plan Package- A Huge Collection of over 16,000 Woodworking Plans Change Gasoline and Electrical energy - Must You Swap Gas and Electricity Supplier? HP unifies a new set of software support services Injury Lawyers for you on new type of Legal Directory Is your gravel driveway going to be a good base for your new pavement ? Keatorbuilt paving will give you the answers Browser New Download Free Metal Tile Systems new generation of Roofing materials The Shrinking of Waste through Refuse Derived Fuel Process Media New Download Free Solar Panel Prices Are Better Than in the past Download New HD iPad Movies - Best Site For Downloading HD iPad Movies