Benefits of working with a buyers agent
​​​​​New York City is known for having one of the world's most diverse and competitive real estate markets. We understand that deciding to buy a home here can be overwhelming. There are many moving parts, things to learn, and nuisances to handle, from understanding the differences between condos and co-ops to planning for closing costs, navigating the board approval process, and dealing with townhome permits and violations.
​​​​​​​ That's why I've created this buyer's guide – to help you own a home in New York City.
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If you plan to finance(mortgage) your potential purchase—meaning not an all-cash purchase—it's important to get pre-approved by a mortgage lender or banker. This will help you determine what you can afford. I can assist you in connecting with reputable lenders. The mortgage broker will determine how much the bank will lend you based on your income and credit history. Your pre-approval letter will last 90 days before a new one has to be issued.
Like myself, who has been licensed as an Associate Broker for over a decade, you want to ensure your personalities mesh, in addition to the broker's expertise.
Before you view homes, please ensure your broker meets with you for a complete buyer consultation and reviews the buyer-broker agreement.
You and your broker will attend viewings and open houses spanning a range of areas and property types.
As your broker, I will thoroughly walk you through the offer process and terms.
Once you have seen a home you like, you can submit an offer, a non-binding agreement to pay a certain price. If your offer is lower than the list price, the seller will likely return with a counteroffer price, which you can choose to accept, reject, or make another offer for. Darrell will provide advice on pricing throughout.
Once an offer is accepted, please schedule a home inspection immediately. Although not mandatory, it is highly recommended.
With your attorney and broker, analyze the contract of sale, building financials(condo, co-op only), and board minutes. Working with an attorney specializing in New York City residential sales is pivotal for time and $.
Your atty and broker jobs are vital to protecting your interests, and they have an incredible amount of paperwork to review on your behalf.
Contract deposit in NYC is typically 10% of the agreed-upon purchase price.
After a contract is signed, your lender will order the home appraisal. Regardless of the contract price, the bank will determine the property's value, which determines what % the bank will lend based on the appraised value.
After receiving the appraisal report, the bank will begin the underwriting process.
(If purchasing a townhouse or new-development condo, skip to step #10.) Co-ops are run by a board of directors, who will require a board package for you to purchase an apartment. A board package generally consists of financial documents, including tax returns, bank statements, a mortgage commitment from your bank, and a reference letter. After reviewing your package, the board will set an interview date.
Darrell will help prepare your board package and prepare you for your interview. While condos do not generally require board interviews, you must present a purchase application showing you are financially qualified to purchase the home.
One step closer to your dream home!
Your attorney will provide the exact checks needed for the closing.
24-48 hours before closing, we will conduct a walkthrough of the property to ensure that everything is functional and the same as agreed to in the contract.
For new developments, buyers will have a punch list walkthrough.
Congratulations! You are now a homeowner!
It was a pleasure guiding you through this journey.
Darrell works in Manhattan, Brooklyn, Queens, and the Bronx. His expertise includes new development sales/leasing projects, investment sales, and 1st time home buyers.
