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.

Steps to Buying

Finding a property, 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:

1. Prepare your documentation
2. Select a New York City Attorney
3. If you plan to finance, search out a Mortgage company and pre-qualify for a loan
4. Decide on your desired neighborhood(s) and begin your search for a Condo or Co-op
5. Make an oral offer for purchase
6. Make a written offer which serves to formalize the intention to buy
7. Wait for the seller to respond with a counter offer
8. Negotiate with the seller until common ground has been reached
9. Pay the down payment (typically 10% or more of the purchase price) and sign the contract
10. Submit an application to the co-op or condominium representative
11. Upon approval coordinate and attend closing of legal contracts.
    

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.

1. Personal and Business reference letters (Original Copies)
2. Pre-approval letter from your Mortgage bank or broker.
3. Most recent checking and savings bank statements
4. Previous two years tax returns
5. List of other liquid or non-liquid assets
   
6. Most recent 401K or retirement fund statements (if applicable)
   
7. Most recent asset portfolio statements (if applicable)
   
8. Employment verification letter confirming your start date, annual salary including bonus
   
9. If self employed - letter from your CPA or attorney verifying your salary and net worth

Learn More: Mortgage Financing Requirements