Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
It is critical to have a seasoned professional on your side. Your agent should be knowledgeable about the neighborhoods you’re considering, guide your search, provide real-time data on past and current sales, and get you the best possible price for your new home.
If you are financing the purchase, your very first step is to be pre-approved for a mortgage. Based on your income, assets, credit history and co-op v. condo preference, we can determine a reasonable price for your search. I can connect you to multiple stellar mortgage bankers.
Now is the time to assess your ideal home’s location, amenities and overall feel. Attend live viewings and open houses. Sometimes, one you pass up online feel very different when you’re in the space
Once you decide on a home you like, we will prepare an “offer,” which is a non-binding agreement that includes a proposed purchase price, financing/mortgage terms, proposed closing date, your financial statement (and preapproval letter if financing). The seller will likely return with a “counteroffer” and then negotiations begin...and conclude with agreed upon terms.
Your attorney will review and analyze the contract of sale, building financials, board minutes and other due diligence documents. It’s best 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, so please select an attorney who is familiar with NYC transactions. I am happy to connect you to the right legal expert for your transaction.
Once you’ve signed the contract and your deposit is received, your purchase becomes binding on you and the seller.
If financing, your lender will schedule an appraisal while you work with your lender to provide necessary documentation.
For co-ops and condos only. A board package consists of financial documents including tax returns and bank statements, mortgage commitment letter from your bank, and letters of reference. After reviewing and preliminarily approving your application, the co-op board will set an interview date. No interviews required for condos. I will prepare your board package (as well as prepare you for your interview). While condos do not generally require interviews, you will need to present a purchase application that shows you are financially qualified to purchase the apartment.
Congratulations! You are now a homeowner.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Her experience, expertise, and engaging personality make Sonal the perfect combination of advisor, advocate, and strategist. She is the proud owner of several NYC properties and a skilled negotiator with a deep understanding of people and sharp instincts about market trends.
