|
|
|
|
"A conflict of interest is more likely when a real estate firm that
represents sellers assigns you one of its brokers as a buyer agent. That's
why many people believe an 'exclusive' buyer broker is preferable."
- Business Week |
|
|
Buying New York City Real Estate
Buying a home or investment property in New York City doesn't
have to be complicated and stressful. We at Elika Associates will
guide you through the process by using our experience, vast resources
and connections. In such a large and volatile marketplace as New York,
buyers who don't have representation often find themselves at the bottom
of the contact list.
Our buyers representatives work directly with all of the city's real
estate companies to provide our clients access to the best co-ops,
condos and new developments in the area. To schedule an appointment
with a buyer's agent, or to find out more information, please Contact
us or Learn
more. |
First Time
Home Buyers Guide
|
|
|
|
|
Steps to Buying
Finding a property, attorney and determining how you're going to pay for it are only the
preliminary steps in what can be a long process. In general, terms, buying
a home in New York City involves the following steps:
- Prepare your documentation
- Select a New York City Attorney
- If you plan to finance, search out a Mortgage company
and pre-qualify for a loan
- Decide on your desired neighborhood(s) and begin your search for a Condo or Co-op
- Make an oral offer for purchase
- Make a written offer which serves to formalize the intention
to buy
- Wait for the seller to respond with a counter offer
- Negotiate with the seller until common ground has been
reached
- Pay the down payment (typically 10% or more of the purchase
price) and sign the contract
- Submit an application to the co-op or condominium representative
- Upon approval coordinate and attend closing
of legal contracts.
|
| Quick Links |
More Buying Information |
|
A real estate attorney is often a requirement in the negotiations to ensure
that the process is followed completely and to your best benefit. He or
She can help relay your offers to the seller's attorney; they will
then work to formulate a contract that both you and the seller agree to.
If you plan to finance your purchase, you might want to meet with a few
mortgage brokers while still negotiating a price. By going through the application
and approval process before signing the contract, you'll know that you have
the financing you need.
Once you have signed the contract, you enter the next process of owning
a co-op or condo. That is, applying to their Board of Directors. They don't
accept everyone, which serves to increase the safety and value of the building
and its occupants, but the application process can seem somewhat daunting.
First, you will have to fill out an extensive application that includes requests
for personal/professional information; detailed financial records, including
up to three years of tax returns; the signed contract; and bank documents
that show you were accepted for mortgage loan.
Submitting the application is the final step. Elika will
present the application "package" to the building's managing
agent, who will submit it to the Board of Directors. If you are applying
for a co-cp, you will have to have an interview as well. From the time
the application is submitted, it can take up to ninety days to reach the
final closing. But owning a home in one of the most culturally diverse
cities in the world should make the process much more acceptable.
Be Prepared:
Be prepared with the following documentation:
- Personal and Business reference letters (Original Copies)
- Pre-approval letter from your Mortgage bank or broker.
- Most recent checking and savings bank statements
- Previous t wo years tax returns
- List of other liquid or non-liquid assets
- Most recent 401K or retirement fund statements (if
applicable)
- Most recent asset portfolio statements (if applicable)
- Employment verification letter confirming your start date, annual
salary including bonus
- If self employed - letter from your CPA or attorney
verifying your salary and net worth
Learn More: Mortgage
Financing Requirements
|
More: Frequently
Asked Questions - Property
Search Request
|
