Steps to owning your new home:

   1. Establish your price range.

    2. Investigate neighborhoods to decide

        where you'd like to live.

    3. Speak with your broker or sales agent,

        letting them know your criteria; i.e. large,

        medium, or small building plus the "must

        have's" and "wish list" amenities.  

     4. Once you find a property you want to

         call home, be prepared for the

         negotiating process.  You will be guided

         by your broker's knowledge of the

         market place and evaluation of the

         property itself.  Trained negotiating skills

         on the part of your broker are

         exceedingly important during this

         process.  Getting the apartment and at

         the right price depends upon those

         negotiating skills.

     5. After you have an accepted offer, your

         attorney will go over the financials of the

         building as well as reviewing the board 

         meeting notes.  These notes reveal the

         inner tickings of what is taking place with

         the building, ie change in staff, building

         improvements, and so forth. The         

         attorney will also go over the contract of

         sale with you and the seller's attorney. 

         It is in your best interest to use a NYC 

         real estate  attorney.  Buyers have lost 

         apartments because attorneys

         unfamiliar with the unique ways of

         maneuvering through the New York co-

         ops and condos have not been able to

         do the work in an expedited fashion.

         A contract is not valid until it is

         signed by both buyer and seller and

         returned to the office of the buyer's




Buyer's Guide  p.3

               What does pre-approval entail?

Getting your finances in place before you begin your search for your new home will definitely save time and help ensure a smoother transaction.  It also eliminates being turned down by a seller who has offers from other more buttoned-up buyers.  

There are three distinct levels in the loan process.

First is the pre-qualification process, then the pre-approval process, and finally the mortgage approval

process.  Pre-qualification means you are likely to

qualify for the asked loan amount assuming everything you stated is an accurate: a full disclosure of your situation.   The pre-approval is a step above

pre-qualification, as the mortgage broker will vet

your qualifications more thoroughly.  You'll be asked for more detailed information with background and financial checks (including tax returns, credit check & income history).  When all shows that everything is in good order you will receive a letter from the loan officer relaying the amount of your loan.  This letter is normally a commitment for an established length of time, usually 60 days,  after which it expires.

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