Step Three: The Buyer’s Journey

Mapping Out Your Home-Buying Journey

The process of buying a home in New York City involves a series of steps in three phases:

1. The Finances

2. The Search

3. The Close

The Elliman Advantage

After sitting with you to outline the home-buying process from start to finish, your Elliman agent will guide you through every step with trusted referrals to mortgage brokers, lawyers and inspectors, as well as vital experience in getting all the documents in order.

Preparing Your Financial Profile

Clean Up Your Credit

Credit scores help banks evaluate the risk of lending to individuals. Use a reputable website to access your credit details without damaging your score and explore ways to improve it, if necessary.

Calculate Your Savings

Expect to pay as much as 20% of the sale price for a down payment, along with associated closing costs. For a complete breakdown of costs, refer to pages 33-36 and connect with your real estate attorney.

Get Pre-Qualified

To help you estimate your price range, a loan officer will inquire about your employment status, income, assets, debts and projected down payment to determine if you qualify for a loan and at what amount.

Get Pre-Approved

After getting pre-qualified, you can work with a lending institution to receive a pre-approved loan statement (typically valid for 60 days), which estimates the amount that you will be able to borrow. You will be asked to submit additional financial documents, including pay stubs, bank statements and tax returns.

Conducting Your Search

As you begin your search, your agent will help bring your vision of home into clearer focus by surveying the market landscape, setting parameters based on price, location and inventory, and establishing an initial timeline.

Co-ops, Condos and Townhouses

The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses.

Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%.

From Offer to Contract

Making an offer and signing a contract are pivotal moments when leveraging your agent’s skills and knowledge is especially critical.

Negotiating the Offer

Your agent will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date.

Reviewing the Terms

Your attorney will examine the contract of sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign.

Signing the Contract

Upon signing, the contract and deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed.

From Contract to Close

At this stage of the buying journey, your agent will help you assemble the remaining documents and finalize the necessary approvals.

Loan Application

Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property.

Co-op Board Application (If Applicable)

In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), your agent will help you navigate the nuances of winning board approval.

Scheduling the Close

Once you’ve received approval (if applicable) and the bank provides clearance to close, your agent will coordinate a final walk-through and closing date.

The Home Stretch

In this penultimate phase of the process, your agent will join you on a final visit to assess the property and compile a punch list of outstanding items to be resolved prior to the close.

Final Walk-Through Checklist

Kitchen

Turn oven and microwave on and off
Check vents and lighting
Check each gas burner on the stove for leaks and ensure igniters work
Check the hinges and slides on the cabinets and drawers
Run hot and cold water and test the garbage disposal

Doors, Windows & Exterior

Check that all doors open and close without obstruction
Check all knobs and handles
Check that all windows open and close smoothly and seal properly
Test the doorbell, intercoms, concierge phone and alarm system

Bathroom

Run hot and cold water and test water pressure
Flush all toilets
Check seals, caulking and grout for damage or mold

Electrical Outlets

Bring an outlet tester, phone charger or night light
Test all light switches
Check that all outlet plates are straight and secure
Test all light bulbs

HVAC

Check thermostat and test heating and air conditioning in various modes

Walls & Floors

Check for stains, marks or damaged boards/tiles
Check walls and paint for dents, marks or discoloration

Appliances

Begin cycling the appliances to run during the walk-through
Run dishwasher (15 minutes)
Run washer/dryer (5 minutes to test belts)

The Elliman Advantage

With a personal approach that puts you first, our agents are here to help you find your way home. The next move is yours

Your Vision, Your Home

The deal is closed. The keys are in hand. You are now a homeowner. Time to settle in, make your home your own and begin to love where you live.

New York city

New York City Seller's Guide