The New York City buying process explained

A good general timeframe to expect when selling your home is about six months, but can take less or be longer depending on market conditions. The interaction of strategic pricing, marketing and who represents you all factor into the timeline.

  •  - Consultation

    • Discuss your wish list with us.
    • We will research the best properties digitally.
    • No fee paid by buyers when representing them.
    • It varies, but it’s often a 4 to 6 month process to close.
    • Recommend lawyers, lenders, and home inspectors.

  •  - Search and See

    • We are your concierge; identifying homes and setting up property tours.
    • We escort you to properties, we see what you see.
    • Virtual tours are available on many properties too.
    • If you prefer, we can set up self-guided open house visits.
    • Follow-up on your questions and narrow the field.

  •  - Finance

    • Work with your bank, or ask us for recommendations.
    • Get a pre-approval letter for a mortgage
    • When ready, we will work with your lender to prepare documents for closing.
    • Your lender will appraise the home, and will lend 80% of appraised value.
    • Might you benefit from a purchase CEMA?

  •  - Offers

    • Found it? We will advise, crunch data, and advise on bidding strategies.
    • Is your offer all cash or contingent upon obtaining financing?
    • Are you pre-approved or just pre-qualified for your mortgage?
    • Are there conditions which need correction before taking possession.
    • Offers are not binding on the parties, only an executed contract of sale is.
    • We will negotiate an accepted offer on the home you really want.

  •  - Contract

    • We will write a transaction memo to the attorneys outlining the deal’s terms.
    • A deposit of 10% of purchase price is typically escrowed at contract signing.
    • Your attorney will perform due diligence and execute all transaction documents.
      • Review the offering plan, financials, and Board minutes.
      • Obtain a property survey and Title insurance on real property.
      • Deliver a fully executed Purchase and Sale Agreement or contract.

  •  - Application

    • Coops and Condos both have Boards and applications to be competed.
    • We professionally coordinate, assemble, and submit your application.
    • You have a fixed period of time after signing a contract to obtain a mortgage.
    • We coordinate licensed inspectors and surveyors to assure conditions on townhouses.
    • We coach you for success on your Co-op Board interview.

  •  - Closing

    • A Co-op Board must approve the purchase before a closing is scheduled.
    • Condos issue a “waiver of the first right of refusal” before a closing is scheduled.
    • Within 24 hours before closing, we will have walk-through of the home.
    • We are at the closing table to assist with any issues that could arise.
    • Completely virtual closings may be possible.
    • We hand you the keys and toast to your new home!