THE HOME BUYING PROCESS
Buyers
Buying a home is an exciting and emotional experience. As a local expertlocal experts, you can rely on meus to guide you through the process so you can feel confident each step of the way.
LEARN MORE ABOUT BUYING A HOME
Explore the Home Buying Process
Start your journey to homeownership with myour step-by-step guide. I willWe will advise you through each step, from assessing your buying power to the final walkthrough. MyOur strategic approach will ensure you're equipped to make informed decisions for a successful and rewarding home purchase.
Comprehensive Buyer Consultation
Our journey together will commence with a comprehensive buyer consultation, where the Heather Domi Team will delve into your goals and objectives for your property search. Through this process, we will identify your wants, needs, and desires, and align them with your financial goals. Additionally, we will engage in a detailed discussion about the market trends and dynamics, ensuring that you are well-informed about the current marketplace. This will empower us to help you determine the right type of property, whether it be a condo, co-op or townhouse, that perfectly suits your needs and aspirations.
Get Pre-Approved
If you have not yet obtained pre-approval from a lender, the next step in this process will involve securing a pre-approval for a mortgage, unless you plan to pay in cash for the full price of your home. We have preferred lenders and mortgage brokers who can assist you in this regard. By evaluating your income and credit history, the lender or mortgage broker will ascertain the amount the bank is willing to lend you. This crucial information will then help you determine the price range for your property search. Typically, this process takes three to seven days.
Join Your Compass Collection
Using Compass Collections, we will curate a selection of homes for sale based on your personal preferences in a visual workspace, similar to a ‘Pinterest’ board. There, you can compare multiple properties, monitor market activity in real time, stay in constant contact with us, and invite collaborators to join in on the discussion – all in one central place.
Find a Home
Explore potential homes alongside our team by attending viewings and open houses to evaluate the size, fit, finish, as well as the location and amenities of the properties. In NYC, the real estate inventory is often as eclectic as it is diverse, and it's important to keep in mind that finding the perfect home may involve some compromises. The Heather Domi Team will guide you through this process, joining you at viewings and handling all appointment scheduling to ensure a seamless experience. Typically, this process spans anywhere from a few days to an average of three months.
Submitting an Offer
In New York City real estate, the offer process for buying a home reflects the city's unique character. Before proceeding, it's advisable to enlist the support of a real estate attorney, as New York is an attorney state.
Once you've found a property, the Heather Domi Team will craft an offer that's both competitive and savvy. We'll carefully review market comparables to ensure your offer is well-calibrated. The proposed purchase price, contingencies, and desired closing date will all be part of the plan. When it comes to negotiations, we'll navigate through counteroffers and strategic moves with finesse to work towards an accepted offer. Negotiations typically take from three days to two weeks.
Attorney Review & Due Diligence
Upon acceptance, the seller's attorney takes the lead in drafting the contract, marking the beginning of a 7-day due diligence period. Your attorney plays a crucial role in safeguarding your interests by diligently reviewing various documents, including the contract of sale, offering plan, building financials, and board minutes, among others, on your behalf. During this due diligence period, you will schedule an inspection of the property to identify any material issues, as properties are typically sold "as is."
Sign Contract and Put Down Deposit
After ensuring that all aspects align with your best interests, you'll sign the contract and place a 10% deposit into the attorney's escrow account. Upon receiving the deposit, the seller executes the contract, marking the transition into what is known as a "hard contract." It's important to note that a contract is binding only after both parties have signed it.
Apply for a Mortgage
Upon obtaining a fully executed contract, you will commence the formal mortgage application process. The lender will assist you with all banking requirements and arrange for an appraisal. If you are seeking financing, the board will require a commitment letter from the lender, which is typically one of the final items to complete the co-op or condo application. The typical duration from initiating the application process to receiving the commitment letter is usually three to six weeks.
Prepare Your Board Package
Co-ops and condos are overseen by a board of directors, who require a board package for your purchase. This package typically includes financial documents such as tax returns, bank statements, mortgage commitment from your bank, employment history, and letters of reference. The Heather Domi Team will collaborate with you to assemble this package in the most effective manner. If you are not seeking financing, you generally have ten days to complete the board package. Otherwise, your board package will be submitted within three days upon receiving your mortgage commitment.
Submit Board Package for the Managing Agent’s Review
Once the Heather Domi Team completes the board package with you, we will submit it to the building’s managing agent for review. The managing agent will ensure that your package is complete before forwarding it to the Board of Directors. Subsequently, the Board will review your package and determine if they would like to schedule an interview with you. It's important to note that an interview is only required when purchasing in a co-op. When purchasing a condominium, an interview is not required. The managing agent typically completes its review within one week.
Your Interview
(for co-ops only)
If invited for an interview, you will typically meet with several co-op board members at the building, following a timeline set forth by the board. Post-COVID, many boards are still conducting interviews virtually. The Heather Domi Team will ensure you are well-prepared for your interview. The typical timeframe for the interview itself usually ranges from 30 minutes to one hour.
Board Approves the Purchase
Within one day or possibly up to one week, the managing agent for the co-op will notify us of the board's decision regarding your approval. If you are purchasing a condo, the board will typically have 20 to 30 days, as per the offering plan, to issue the First Right of Refusal (FROR).
Finalize Financing
(if applicable)
Upon board approval, ensure effective communication with your lender regarding the clearance to close. You will want to take proactive measures to secure any remaining documents required for a smooth and timely closing process.
Schedule a Closing
The attorneys will coordinate a closing date that aligns with the managing agent’s availability. Closings may occur as quickly as one to two weeks following board approval, but are often predetermined in the purchase agreement.
Final Walk-Through with Your Agent
We recommend scheduling the walk-through as close to your closing date as possible, ideally on the day of or the evening before the closing.
Closing
Before COVID, closings were always conducted in person. However, due to new state regulations allowing virtual notary services, many closings are now happening electronically.
Congratulations, you are now a homeowner!
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