Ready to Buy?

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Consultation With a Real Estate Professional

You discuss the type of home you are looking for:

  • Size
  • Style
  • Price
  • Location
  • Type of building [coop/condo/townhouse, etc.]

Time to Fill Out Your Rebny Financial Statement
This will allow you and your broker to choose listings that will work for your financial situation.

Talk about any other details that can be important to you:

  • Ability to sublet (rent out) the apartment
  • Pet friendly
  • Specific questions regarding renovation
  • Washer dryer allowed
  • Co-purchasing
  • Gifting
  • Parents buying for children
  • Purchasing as an investment

Pro-Tip
As a home buyer, your agents' commission is paid by the seller. Your representation does not cost you anything.

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If You Are Going to Require Financing, It's Time to Get Pre-Approved With a Lender

You will need:

  • Paystubs
  • W-2s
  • Bank statements
  • Employment verification

...and more!

Pro-Tip
Knowing what you can afford is critical to a successful home buying experience. We can refer you to many different qualified financial professionals depending on your situation.

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Looking for Your New Home

We will see a wide variety of apartments in different neighborhoods.

Pro-Tip
Not all real estate websites are created equal. A good real estate agent has all the tools needed to make sure you see every available apartment that meets your needs.

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Submitting an Offer(s)

Together, you and your agent will discuss all things pertinent to crafting your offer (i.e. current market, comparable properties, past sales, etc.)

You will need to fill out your REBNY financial statement and provide your pre-approval letter from your bank if you are financing. When you offer is submitted, you should start to interview real estate attorneys.

It is always good to ask your broker for a few people that they have worked with before, and of course if you already know someone qualified, you should speak to them as well.

We can refer you to several experts who have helped many of our clients over the years.

Negotiations
This can take a few days to a few weeks until both parties reach a point that works for them both.

Pro-Tip
Have a candid discussion with your broker about your goals; these can be emotional and tense discussions at times and it is important to respond and not react! You want to take time to digest it is often totally acceptable to respond the next day to a counter.

For more information, don't hesitate to contact us today!

Schedule A Consultation
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Accepted Offer

You will now retain a real estate attorney and they will begin due diligence. We, as your brokers, will also give you an easy-to-digest analysis of the building's financials, and if you plan on getting a home inspection, we will help you set that up as well.

Pro-Tip
Do not use your "Uncle Joe" who is a divorce lawyer in Las Vegas because he will do it for free. You need a NYC specific expert who has worked with condos and co-ops before to represent you.

It is always good to ask your broker for a few people they have worked with before, and of course if you know someone qualified, you should speak to them as well. We can refer you to several experts who have helped many of our clients over the years.

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The Due Diligence Period and Contract Review

This is usually 5-10 business days in NYC. During this period, your attorney will review the building's financials. They will go through the offering plan and review the last few years of minutes taken at board meetings. They will look through city and court records to see what past litigations have happened in the building and more importantly if there are any pending. They will also make sure there are no open permits or liens on the property.

Simultaneously they will review the proposed contract sent over from the seller's attorney and make edits they see fit.

We, as your representation, will also give you a more detailed review of the building's financials. At the ned of due diligence, we will do a call with the attorneys and review what they have found and make sure you understand the contract. 

We may also revisit the unit again at this time to look around again with a finer eye and also see what, if anything is going to stay (i.e chandeliers, etc.).

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In Contract

If all goes well, you will sign the contract and wire 10% of the purchase price of the unit to the seller's attorney's escrow account.

At this point, you are locked in with few exceptions.

It is time to let your bank know you have an accepted offer and start the loan application process.

They will also order an appraisal of the unit to determine what the bank feels the property is worth and what they will lend on.

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The Purchase Application and Board Package

Over the next 2 to 3 weeks or so you will go crazy to locate and provide lots of financial statements, employment verification, reference letters, building fees and more!

Don't worry though, we will make this as easy as possible for you. By the time we are finishing the board package, we should be getting our commitment letter from the bank which essentially states they are committing to lend you money.

We will then have you in our office to do a final review and signing of the board package and submit it.

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Time to Submit Your Board Package

We will submit your package to the managing agent, who will run your credit and inspect the package. If all looks well, they'll send it to the board.

From here, the board members of the building will review the package and within 3 to 6 weeks, reach out to reschedule an interview (coop).

Pro-Tip
Condos and coops are a bit different at this stage.

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Board Interview

Depending on the type of unit you are buying, it is time for the board interview.

The day before your meeting with the board we will do a preparation phone call where we do our best to prepare you for anything the board may throw at you.

Pro-Tip
Beware of the crazy board member. We will prepare you for everything!

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Board Decision, Walkthrough, & Closing Day

After that, it's just a matter of time. We should hear back from the board with their decision within a few days.

Once you receive board approval, we will go ahead and schedule a closing day that works for everyone shortly after.

The day before or day of, we will do a final walkthrough of the unit to make sure all is as we saw earlier.

At closing you sign a ton of paperwork, the bank will send a representative to cut the checks, the title company will be there, the attorneys will be there, and I will be there!

Congratulations!

You're a Homeowner! Once closing is done you will leave with the keys to your new home and this is where the real fun starts.

Find Your Dream Home

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Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth. Contact us today to find out how we can be of assistance to you!

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