Buyer's Guide

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as many sellers won’t entertain offers from those who aren’t already prequalified for a loan.

We will arrange showings of homes you’re interested in that are within your price range and help you to be clear about your priorities. We'll also help you see homes through the eyes of a real estate agent, and encourage you to consider factors that might not immediately come to mind, whether it's about the home, the apartment building, or the location of the home in the neighborhood. We'll also consider not only "what" you want, but also "why" you want it, which can be important when it might seem like what you want isn't so easy to find.

Once you have a deal in place, it will be time for your real estate attorney to negotiate the official contract of sale, and -- in the case of an apartment purchase -- analyze building documents, financials, and board minutes. If you’re doing a home inspection, it should be done in parallel with the written due diligence, since contracts in New York City typically don't include inspection contingencies.

It’s important to work with an attorney who specializes in New York City co-op and condo sales. Your attorney’s job is vital to protecting your interests, and they have an incredible amount of paperwork to review on your behalf. Therefore, you want to select an attorney who is familiar with these transactions, and your agent can be a great resource for recommendations.

(If you are purchasing a townhouse, skip ahead to Step 10.)

Co-ops are run by a board of directors, who will require an application package in order for you to purchase an apartment. Board packages generally comprise financial documents including tax returns, bank statements, the mortgage commitment from your bank, and letter(s) of reference. After reviewing your package, the co-op board will set an interview date. Your agent will help prepare your board package and prepare you for your interview.

Condos also have boards that may require you to submit an application package, mostly for them to introduce you into the building and be aware of building policies. Condo applications don't involve interviews, but most buildings have something called a "right of first refusal" that they will need to waive for you to close your deal.