<p>One of the most challenging aspects of buying a home in NYC is managing the timeline. There are strict deadlines to meet, yet the whole process of purchasing can take much longer than elsewhere. Purchasing a co-op with a mortgage could take 90 days or more, a condo with cash will be much faster. Here’s what to expect at each stage.</p><p>&nbsp;</p><h4 id="2c2b4e83-16ed-44f0-a505-387fd238fb53" data-toc-id="2c2b4e83-16ed-44f0-a505-387fd238fb53"><strong>GET A MORTGAGE PREAPPROVAL. (1-3 DAYS)</strong></h4><p>Gather your financial documents (last 2 tax returns, bank and investment statements, recent pay stubs.) Find a lender you like and trust. Ask your agent, friends, lawyer, or accountant for a referral. Make sure they are experienced in the NYC real estate market Get a preapproval for a mortgage, not a prequalification – they are not the same.</p><h4 id="6f3578b5-862c-4a13-aee6-34509aec6ccd" data-toc-id="6f3578b5-862c-4a13-aee6-34509aec6ccd"><strong>INTERVIEW REAL ESTATE ATTORNEYS (2 DAYS – 1 WEEK) .</strong></h4><p>Make sure they are familiar and experienced with condo and coop sales in NYC. An attorney inexperienced in NYC real estate can kill a purchase. You do not need to actually hire them until after you have an accepted offer, but you should know who you will use before you make that offer.</p><h4 id="1f8ead2e-c805-405a-8a2b-4358f72147fc" data-toc-id="1f8ead2e-c805-405a-8a2b-4358f72147fc"><strong>WORK WITH YOUR AGENT TO FIND THE RIGHT PROPERTY. (1-3 MONTHS)</strong></h4><p>It’s tempting to do it all yourself, but there are <a target="_blank" href="https://purplerealestatenyc.com/2021/01/09/4-reasons-you-need-a-buyers-agent/">4 Reasons You Need a Buyer’s Agent</a> Discuss your wish list with your agent (neighborhood, type of building, etc.) View homes on line and in person. . You will also need to complete a REBNY Financial Disclosure, which details all of your income, assets, and liabilities to present with an offer.</p><h4 id="268a3d5c-5c90-4c80-a843-e8e761a99ede" data-toc-id="268a3d5c-5c90-4c80-a843-e8e761a99ede"><strong>MAKE AN OFFER AND NEGOTIATE TERMS. (1-2 WEEKS)</strong></h4><p>Work with your agent to make sure your bid is competitive, but you don’t overpay. Confirm with your lender that they will lend for the desired building. Even if you qualify for a mortgage, if the building has financial issues, the lender may not agree to loan.</p><h4 id="70fa03ef-41cb-497c-9c22-d30670c668a0" data-toc-id="70fa03ef-41cb-497c-9c22-d30670c668a0"><strong>PREPARE AND SIGN THE CONTRACT. (1-2 WEEKS)</strong></h4><p>Your attorney will conduct pre-contract due diligence, including reviewing the building’s financials, offering plan, house rules, etc and review contracts and negotiate any changes needed. Then you sign the contract and pay the contract deposit, usually 10% of the purchase price. Once the seller signs, it is returned to your attorney and is a legally binding agreement. Get a loan estimate from your lender. When you are sure you are moving ahead with the purchase, sign an “intent to proceed” with your bank.</p><h4 id="243a343f-8a82-4abe-b3ac-c1b5030341b7" data-toc-id="243a343f-8a82-4abe-b3ac-c1b5030341b7"><strong>PREPARE THE BOARD PACKAGE AND INTERVIEW. (2-6 WEEKS)</strong></h4><p>This is the most important part of the process. Your board package can make or break a purchase. Work with your agent to submit a thorough purchase application to the co-op or condo board. This includes financial documents and personal and business references.Condos don’t usually have in person interviews, but if you are purchasing a co-op, you (and possibly even your pet) will need to meet the board. This has traditionally been in person, but during Covid19 many boards are conducting interviews virtually. Practice your board interview with your agent. The more prepared you are, the better.</p><h4 id="ecda014b-dc6d-4dbe-98bb-1dc28bb76206" data-toc-id="ecda014b-dc6d-4dbe-98bb-1dc28bb76206"><strong>PREPARE FOR CLOSING. (1 WEEK)</strong></h4><p>Ensure you have received a “clear to close” from your lender. Your attorney will advise you of the certified checks needed to pay the balance of the purchase price and other costs. Do a final walk through of the home with your agent. Inform your attorney immediately of any issues.</p><h4 id="b9489e46-8480-4956-a66a-7221c9af84d0" data-toc-id="b9489e46-8480-4956-a66a-7221c9af84d0"><strong>CLOSING! (1 DAY)</strong></h4><p>Bring your ID, certified checks, and plan on signing a lot of documents.</p><p></p>

One of the most challenging aspects of buying a home in NYC is managing the timeline. There are strict deadlines to

A NYC Home Buyer’s Timeline: 8 Steps To Closing

INTERVIEW REAL ESTATE ATTORNEYS (2 DAYS – 1 WEEK) .

WORK WITH YOUR AGENT TO FIND THE RIGHT PROPERTY. (1-3 MONTHS)

MAKE AN OFFER AND NEGOTIATE TERMS. (1-2 WEEKS)

PREPARE AND SIGN THE CONTRACT. (1-2 WEEKS)

PREPARE THE BOARD PACKAGE AND INTERVIEW. (2-6 WEEKS)

Learn how to grow and scale your online course business using our online course platform. EzyCourse blog is designed to teach you how to create and sell online courses.

A NYC Home Buyer’s Timeline: 8 Steps To Closing

A NYC Home Buyer’s Timeline: 8 Steps To Closing

Related Posts

4 Reasons You Need A Buyer’s Agent

Co-ops vs condos: what’s the difference and which is better?

Closing Costs For Buyers in NYC

3 Things you need to do RIGHT NOW if you want to buy a home in NYC…Someday.