1.

Find your home.

Varies Drastically

I’ve worked with clients who knew exactly what they wanted and where they wanted it, and I’ve worked with clients who had absolutely no idea. Once we have narrowed the options, we will find a time to begin previewing in-person to find the spot that feels like home. This step has been as quick as a single weekend or as long as a year. The more you come prepared about what you can afford, what you are looking for, and what is most important to you, the faster this step of the process moves.

2.

Submit an offer.

7 - 14 days

Now that you’ve found your next home, it’s time to crunch the numbers. My team and I will gather data and generate reports for you to review. These will reflect a number of important factors such as the current state of the market and recent sales of similar properties. We will discuss the ideal contract price and then work backwards to create a tailored negotiation strategy to get you there. (This part looks absolutely nothing like it does on TV, and having an experienced agent that knows how to negotiate is vital for this step.) We will present an offer letter that specifies the terms of the deal presented, the seller will counter, we will respond, rinse, repeat. The goal here is to reach an “accepted offer.”

3.

Review and sign.

7 - 14 days

After we’ve reached an accepted offer, we need to lock it down legally. I work with your attorney to get a contract written that pleases both you and the seller. While this is happening your attorney will enter into a phase of due diligence which really just means making sure there’s nothing wrong with the building (financially, legally, or otherwise.) Your attorney will discuss their findings with us and educate you about the potential risks associated with owning the property. Once you’re ready to move forward, you will sign the contract. The seller will countersign. You will wire your contract deposit (10% of the contract price) to the seller’s attorney. Once received, the seller’s attorney will send your attorney the fully executed contract. This is the point when the property officially is taken off market.

The next 2 steps happen simultaneously.

4.a

Purchase application.

30-60 days

Now that you’re in contract, it’s time to fill out the purchase application. I’ll gather a number of documents from you including tax returns, bank statements, letters of reference, etc. This depends on the specific building, an If you’re buying a co-op, this step can be a bit more invasive. The last piece of this step is attaching the commitment from your bank which you’ll get from the….

4.b

Mortgage application.

30-60 days

Much like the attorney’s team, the bank will want to make sure the building is in good standing before committing. They will schedule the appraisal and go through their review process before underwriting the loan. Once they do, we will submit the commitment letter with the purchase application for review.

5.

Get some approvals.

10 - 25 days

If you’re purchasing in a co-op, you’ll need to meet with the co-op board for an interview. I personally think this is incredibly antiquated and should be removed from the process entirely, but unfortunately my opinion isn’t of much consequence to their operations. That said, I play the cards I’m dealt, so my team and I will coach you on the do’s and don’ts of the interview process until we are confident you’ll pass. If you’re purchasing in a condo, you’ll skip the interview and wait for management to give you the go-ahead. Once you’ve gotten your approval from the building and your clear-to-close from the bank, it’s time to sign some more papers.

6.

Save the date.

7 - 21 days

Now that everyone has given the green light, the attorneys will set a closing date. I will arrange a time within 24 hours prior to the closing to visit the apartment and make sure the state it is in reflects the contract agreements. This means making sure everything is in working order and that you aren’t walking into a flooded, messy apartment that’s going to cost you a fortune. Once we are satisfied, we will move on to the most exciting bit.

7.

Close the deal.

1 - 2 days

After we complete your final walk through, it’s time for the closing table. Your attorney will guide you through what to sign and where while I gather information from your new management company on move-in procedures and get your keys to you. Now there’s just one thing left to do. Celebrate!

Check out my First Time Buyer’s Guide for more information on the purchase process.