Buying real estate in New York City is a big decision. As local experts, we are here to guide you through this exciting period, so you are feeling comfortable and confident every step of the way. Below is a quick summary. We would love to help you during this exciting time!
Getting started: Have a sit-down Buyer Consultation with us.
Whether in the comfort of your home, our office or online, this will give us a chance to get to know you and your priorities better. We’ll also explain the purchase process to you in detail and answer all our questions. We will refer you to consummate lenders so you can establish a budget and get pre-approved. The former will help us guide your search, while the latter will help you be taken seriously by any seller.
Make a List of Must-Have,
Must-Avoid and Nice-to-Have
Amenities as well as Areas of
Interest. With Our Guidance, Start Your Home Search
Once we work through this list, we will curate a Collection of homes using the Compass platform. We will give you access to off market properties, called “private exclusives.” We will visit properties and help you hone your search until you find the one!
Retain an Attorney and Make an Offer
An offer is more than just a price. We’ll discuss strategy and terms that best suit your needs and can help you be successful in getting your offer accepted. Once you have an accepted offer, your attorney will be representing you in contract negotiations and due diligence.
Our goal is to help you find your dream home and have fun along the way!
Sign a Contract and Put Down Deposit
Once the contract is negotiated and findings of the due diligence are satisfactory, you’ll sign the contract and pay a 10% deposit to the seller’s attorney. Once the seller counter-signs, you are officially in contract!
Work on Your Board Package
Co-ops, and even condos, have a comprehensive purchase process. We will help you put together a detailed and accurate board package to ensure board approval. If financing your purchase, you will simultaneously be working with your lender in securing your commitment letter.
Get Board Approval
If you’re purchasing in a co-op, you will meet the board for an interview before your application is formally approved. We will prepare you for this meeting so you know how to show up, what to say and what to keep to yourself. With condos, there is no interview process.
Final Walk Through
Once you’re approved and your attorney sets a closing date with the seller’s attorney, we will visit the home a day or two before the closing to ensure it is in the same condition as when you signed the contract. Any deviations will be dealt with at this time.
Closing day. Congratulations! You’re now a homeowner!
The closing will take place at either the managing agent’s office or one of the attorneys’. At the end of this 1-2 hour period, you’ll get the keys to your dream home! Congratulations!
What’s Next?
Once you’re ready to start the process, reach out to us at arcresidentialteam@compass.com and let’s chat!
We can’t wait to meet you!