Buying a home in New York City – or anywhere, for that matter – is not as simple as choosing one you like, buying it, and moving in. If only it were! Several steps are involved, and many of them are unique to the NYC real estate market. One of your most powerful value-adds as an Expert is knowing these steps in and out, and explaining them to clients in an approachable, easy-to-understand manner.
From creating your team to closing the deal, this client-facing handout explains the 10 basic steps for buying a home in NYC:
- Assemble your team
- Determine your wants, needs, and affordability
- Visit properties!
- Make an offer
- Prepare to sign the contract
- Sign the contract and pay the contract deposit
- Finalize your loan
- Prepare for the board
- Do a final walkthrough
- Closing
PREVIEW:
1. Assemble your team
Find a buyer’s agent you like and trust to help guide you through the process, from start to finish. You’ll also want to find a real estate attorney and a mortgage lender, if you’re financing. Ask your agent if there’s anyone they recommend and can refer you to.
2. Determine your wants, needs, and affordability
Narrow down what you’re looking for in a home: neighborhood, size, number of bedrooms, amenities, condo or co-op, etc. Your agent can help you with this. See a mortgage lender to determine how much financing you qualify for, and obtain pre-approval.
3. Visit properties
It’s time for the fun part! Your agent will take you to see properties that meet your crietia and budget. Be open to visiting multiple properties, even if you think you’ve already found your dream home.
4. Make an offer
Work with your agent to come up with a good offer (or “bid”) on your favorite property. The seller will review your offer and provide a response. Your agent can assist with negotiations, if necessary, until an agreement is reached and the offer is accepted.
