This guide will educate you on the steps involved in purchasing a home and arm you with the knowledge you will need to make a well-informed decision and make the purchase of your New York City home a stress-free and rewarding event.
Determining your financing options before you start the search will save you time and streamline the buying process. I can arrange a meeting with a mortgage broker who will answer any of your questions about the loan process and determine a suitable price range for your search. There are two levels of endorsement during this early stage in the loan process.
**Most sellers require buyers provide a pre-approval letter with an offer letter.
Purchasing a home in New York City is a unique experience. It can take an average of 60 – 120 days to complete the closing process once you decide to make an offer on a home.
There are a few fundamental differences between owning a condo or a co-op. Owning a condo is similar to owning a house. You own a piece of real estate and receive a deed to the property. Co-op owners do not own real estate. They own shares of stock in a corporation that owns the building and they receive a proprietary lease for their apartment. Unit price and closing costs are typically more on condos vs. co-ops. See the closing cost estimates for more detail.