Buying a home in New York City is one of the most important life decisions you will make. Whether you’re a first-time buyer or not, it’s important to be armed with the right information to help you find the right home for you and your family, for the best price.
The Wilkinson LeFevre Team is expert at organizing, explaining, and getting through the labyrinth that can often be NYC real estate. Identifying listings–whether a condo, co-op, or townhouse – is just the beginning.
We start with an insanely deep knowledge of the NYC real estate market. We’ve worked, lived, bought, sold, and renovated here. Believe us when we tell you, we know this market inside and out.
Make sure you bookmark this page or download the New York City Buyers Guide, you’ll want to refer to it often as you embark on your home buying journey!
New York City Buyers Guide
To start, whether you’re working with us or another real estate advisor, these are the areas of expertise your team should be ready to cover with you.
Decision Making
Not all properties will be right for you. We take time to understand your needs, motivations, lifestyle, and financial situation. Buying a property isn’t to be taken lightly — and we advise you to make the right choice.
Pricing
We help you hit the mark, and provide a comparative market analysis for properties you have your eye on. Most agents don’t do this for buyers, but we do!
Negotiating
Our prior careers in the financial markets made us pros in financial negotiations. We are extraordinarily skilled in presenting offers and counteroffers.
Board Packages
The board process can be invasive and stressful. We have a high success rate for getting board approvals. We know what boards are looking for and how to present you in the best light, even for buyers with complex backgrounds.
Mortgage Qualification
Few teams have as strong a background in finance as Wilkinson LeFevre team. Getting you pre-approved and qualified is where our skills really shine.
How to Buy a Home in New York City
Here is your step-by-step guide for how to buy a home in New York City.
1. Find an Agent
Look for a licensed real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.
2. Create Your Team
It’s important in today’s market to have your team ready to go before you start your search. You’ll need to find a Mortgage Broker, Lawyer, etc.
3. Get Pre-qualified
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying in cash for the full price of your home). We can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
4. Virtual Property Visits
Attend viewings and open houses virtually, spanning a range of areas and property types, at the time to consider your ideal home’ s location and amenities.
5. Make an Offer
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can put in an “offer,” which is a non-binding agreement to pay a certain price for the home. If your offer is lower than the list price, the seller will likely return with a “counter offer” price, which you can choose to accept, reject, or make another offer. We will provide advice on pricing throughout.
6. Review
Analyze the contract of sale, building financials, and board minutes with your attorney. It’s best to work with an attorney who specializes in New York City co-op and condo sales. Your attorney’s job is vital to protecting your interests, and they have an incredible amount of paperwork to review on your behalf. Therefore, you want to select an attorney who is familiar with these transactions.
7. Sign the Contract and Put Down a Deposit
8. Complete Your Board Package
(If you are purchasing a townhouse, skip ahead to Step 9.)
Co-ops are run by a board of directors, who will require a board package in order for you to purchase an apartment. A board package generally consists of financial documents including tax returns, bank statements, mortgage commitment from your bank, and letter of reference. After reviewing your package, the board will set an interview date. We will help prepare your board package as well as prepare you for your interview.
While condos do not generally require board packages or interviews, you will need to present a purchase application that shows you are financially qualified to purchase the apartment.
9. Board Approves Your Purchase
10. Your Bank Will Issue Clearance to Close
11. Closing Scheduled by Attorneys
12. Do a Final Walk Through With Your Agent
13. Closing!
Congratulations you’re a new homeowner!
We know it can feel like a lot. You will have questions. We are here to answer them for you!
Recent Comments