The Buying Process: Part 1

Part 1 of our Two-Part Series on The Buying Process

The Pre-Buying Process
Buying an apartment in Manhattan can look daunting at first. However, with the right knowledgeable and personable real estate agent it can be transformed into a fun, enlightening and rewarding experience. We’ve put together a series of steps for you to expect and help you stay prepared for the process.

The first step is to choose an agent. Here’s a list of tips we compiled in conjunction with The Brick Underground to help you pick the right agent.

Speaking with mortgage professional is the next and perhaps the most vital step before you look at properties. A mortgage professional can quickly assess your financial profile before you start perusing properties. It is a no-cost, no-obligation process and will give you a sense of what you can afford and offer some peace of mind.

Since brokers in New York City do not prepare contracts, you must hire a real estate attorney. Your attorney will review the contract, the property financial condition, the board minutes and the building by-laws.

Starting the Process

After you’ve chosen an agent, spoken with a mortgage professional and hired an attorney, now it’s time to look at properties. Most buyers look at an average of 15-25 properties prior to making their purchase. Your agent will show you as many places as possible, but in order to look at this many apartments, try to be as flexible with your schedule as possible.

Once you have found an apartment that fits your price range and lifestyle it’s time to make an offer. This is where the process becomes thrilling. In New York City offers are made verbally and through your real estate agent. There may be a “counter offer” from the seller until the negotiation process reaches an agreement. Your agent will serve as a trusted advisor and consultant at every stage.

Next Up:Signing a contract