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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 every-thing you stated is an accurate, 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, 60 days,  afer which it expires.

​Highly individual attention to help you sell, rent or purchase  your condo, coop,  townhouse or house.     

            avery new yorkWe're all about you.         917.528.2020          917.733.3457

Steps to finding 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; 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 depend 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

     attorney.