So you’re buying in NYC for the first-time?  Congrats! It’s a big step. You’ve likely done some soul-searching, saved up and finally made the decision to take the plunge. Some of your friends will be jealous that you have the financial means to handle a mortgage and associated costs, including maintenance fees or common charges. Others will wonder why you are choosing to lock yourself down. After all, homeownership is not for everyone.

Either way, if you’re interested in buying, here is a brief timeline to homeownership:

Step 1: Get Your Financials in Order

□ Gather your tax and financials records (e.g., recent pay stubs, last two years of tax returns, bank and investment statements).
□ Review your credit report at annualcreditreport.com.

Step 2: Assemble Your Team

□ Almost equally as important as getting your financials in order is assembling your team. Some would even say this is the first step in preparing to buy.

Step 3: Find a Real Estate Agent You Like and Trust

Hire a buyer’s agent who will represent you and advocate for your needs. If you go direct to the listing agent, you are entering into a dual agency agreement.

□ Give your agent a list of must-haves (i.e., neighborhood, type and size of building, in-unit washer and dryer, elevator, etc.).

Step 4: Determine Affordability

Find a lender you like and trust. Ask friends or colleagues, or your lawyer or accountant for a referral.
Get preapproved for your mortgage.

Step 5: Interview Real Estate Attorneys

Ask friends and family for referrals.  (Note: You do not need to actually hire the attorney until you have an “accepted offer.”)

□ Discuss timing. Ask about the differences between a co-op and condo and how this impacts closing costs. Know how much money you’ll need to get the deal done.

Step 6: Hone In on Your Preferred Neighborhood

This is where the fun begins!

Go explore some neighborhoods! You’ll find each is rich with history, color, local lore and above all else strong community.

□ Ultimately, your neighborhood choice will be personal — dependent both on your lifestyle and budget.

Step 7: Find a Property!

□ Create a saved search on StreetEasy to get instant or daily updates on listings.
□ Go to open houses.

Step 8: Check in With Your Mortgage Person

Provide them promptly with requested information and documentation.

□ Assess rates for fixed-rate loan and fluctuation scenarios for ARMs.
□ Decide on a type of loan.
□ Estimate the size of your down payment and closing costs.

Step 9: Bid on a Property

Don’t shop at the top of your price range. As price wars occur, you may get outbid.

□ Work with your agent to place a competitive bid and negotiate terms.
□ Ask your lender if there are any known issues with the building.  (If you can get a mortgage, but the building has financial issues, the deal may not proceed.)

Step 10: Prepare to Sign the Contract

□ Have your attorney do a “pre-contract due diligence,” including a review of the building’s financials, co-op or condo questionnaire, offering plan, house rules and other documents. Review board minutes, if permitted.
□ Have your attorney review the contract and negotiate any changes needed for your protection.

Step 11: Sign the Contract

When you sign, you must pay a contract deposit, generally equal to 10 percent of the purchase price. Once the seller signs, the fully executed contract is returned to your lawyer. It is then a binding legal agreement.

□ Pay the contract deposit.
□ Get the loan estimate from your lender. When you are sure you are proceeding, sign an “intent to proceed.”
□ Submit all requested information and documentation. Stay on top of your lender to make sure the loan gets to a “clear to close” status.
□ Have your lender ready to lock a rate – but not prematurely.

Step 12: Prepare for the Board

Work with your real estate agent to present a thorough purchase application to the co-op or condo managing agent, which will be sent to the board.

□ Gather all information for the board package, including tax returns, personal and business references and copies of financial records.
Prepare to meet with the co-op board, which usually insists on a face-to-face interview. (Yes, even with your dog!)
□ Condo boards do not generally interview applicants. It will either permit the deal to proceed by issuing a “waiver of first refusal,” or deny the deal and buy the apartment for the board.
□ Practice your board presentation with your agent. Be professional. “Business casual” attire is recommended. Often, the interview is a pro forma “welcome to the building.”

Step 13: Days Before Closing

□ Your attorney will advise of the certified or bank checks needed to pay the balance of the purchase price and other costs.
□ Do a final walk-through of the apartment with your agent. Notify your attorney immediately of any issues.

Step 13: Closing!

Get ready to sign many documents and write some checks. Bring a current photo identification. Bring extra blank checks.

□ Get the keys and start your life as a new homeowner!

[This post has been updated and republished.]

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