The 4 Things You Need to Start Your NYC Home Buying Search
Sponsored by Nikki Thomas
Are you finally ready to start your NYC home search? Then you need to make sure you have these 4 things lined up before you start going out to see properties!
1 – Pre-Approval
Your first instinct when you’re ready to buy may be to go online to see what’s currently out there. But you’re actually skipping over a very important first step.
Pre-approval is an absolute must. You need to get a clear picture of how much you can actually afford.
It would be heartbreaking to find an amazing place only to be told by your lender that you’re not qualified financially to buy it. Or to miss out on the perfect spot because you didn’t have a pre-approval in hand so you could make an offer. And that can easily happen in a hot market where you may have only a few days (or less!) to make a decision.
You don’t want to lose precious time getting one once you’ve decided you’re ready to start your search. Take my advice and don’t drag your feet on this - get it done ASAP!
2 – Statement of Finances
If you’re looking to buy a co-op, then having a statement of finances (a/k/a “financial statement”) is another must.
What is it exactly?
It’s a document that lays out key information about your financial status, including (but not limited to):
Total assets
Total liabilities
Income
Monthly housing related costs
It’s the key to making sure that listing agents know you meet the building’s financial requirements. Without it, any offer you put forward won’t even be considered.
And don’t think you won’t need this if you’re only looking for condos. While condos don’t have the ability to say yes or no to you like a co-op does, the listing agent can still ask for this kind of information to see how you stack up against other potential buyers.
Where can you find such a statement to fill out? Your real estate agent has you covered (more on that in a bit).
3 – Real Estate Attorney
Your real estate attorney is a critical part of your real estate team. And too often, people wait too long to hire one. Once you’re serious about your search, you need to start speaking with legal advisors so that you have a good sense of who you want to work with once you put in your first offer.
In a competitive market, you might only have a few days to sign a contract and have your attorney conduct due diligence. You do NOT want to waste the little amount of time you have trying to decide who you want to work with.
4 – Real Estate Agent
And of course, there’s your real estate agent.
Some of you might be saying, “Okay, this one’s pretty easy – the real estate agent helps you find your home.” This is indeed true. During your search, your agent will send you listings that have been screened based on your personal preferences and your financial qualifications.
But their job goes beyond that. When you finally find a home that you love, it’s the real estate agent’s job to do whatever they can to make that home yours. Among other things, your real estate agent will do the following:
Provide referrals to mortgage brokers and attorneys, if you don’t have your own already
Conduct a market analysis and provide sales comparables for properties that are of interest to you
Negotiate the contract price and other critical terms of the deal on your behalf
Prepare your purchase application for a condo or a co-op
Provide post-closing assistance as needed (referrals to movers, architects, contractors, etc) months (and sometimes in the years) afterwards
Above all, your real estate agent is the primary “deal coordinator.” They are in constant communication behind the scenes with both your mortgage broker and your attorney to prevent or resolve any issues and ensure that the transaction runs as smoothly as possible.
Since this person will be the hub of the transaction and someone you’ll be interacting with a lot, you need to make sure it’s someone you really feel comfortable with and trust.
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Ready to take the next step towards starting your home search?
Join me and New York City real estate attorney Michael Zadjelovich of Weidenbaum & Harari LLP on March 11th at 7pm EST as we break down the ins and outs of the home search process, contract negotiations and other critical things you need to know about buying your first home.
We’ll discuss topics such as:
The key differences between co-ops and condos (and which one might make more sense for you)
What the heck is due diligence and why it’s so important before signing the contract
Common issues that can prevent you from closing the deal so that you’re less likely to get tripped up
And best of all, we’ll deliver this info in an easy to understand, approachable way.
Thank you to Nikki Thomas!
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