Buying a property can be overwhelming, but with the right agent at your side, the process can be easier than ever!
Here’s a breakdown of the steps involved in buying a property in New York City, and what you can expect from your Platinum Properties agent:
This will be your first conversation with your agent to determine what area(s) you’d like to search for a property in, as well as determining other criteria like budget, how many bedrooms and bathrooms you’d like, plus any building amenities you’re looking for.
Your agent will ask you things like where you work, and ideally how long you’d like your commute to be (if you’re working in an office again).
Then, he or she will advise on the best places to start your search!
If you’re choosing to finance your purchase, it’s important to get pre-approved by a trusted lender. If you don’t have a preferred lender, your agent can definitely introduce you to some industry experts.
Your pre-approval will be included in any offer you make, so it’s important to get pre-approved at the start of your home search, so you can quickly offer and beat the competition if you find a property you love.
Once your search criteria are set and you’ve been pre-approved, your agent will take you on property tours to physically see each unit that could be your new home!
If you are a buyer searching for properties in New York from out of the state, or country, Platinum Properties has virtual tour options so you can still tour homes no matter where you are!
Offer & Negotiate
Once you find the property you want to offer on, your agent will draft an offer for you to sign, and then he or she will present your offer to the listing agent.
Your offer will be accepted, countered, or declined by the sellers. Many deals go into negotiations which is why it’s important to have an agent on your side who can expertly negotiate on your behalf.
Go Under Contract
Once pricing and terms are agreed upon by all parties, the offer is signed and ratified and the property is officially under contract! You and the sellers will have set a date to officially close or settle on the property.
While under contract, until settlement happens, your agent will help you coordinate inspections, prepare your board package, and coordinate appraisals, as needed.
Behind the scenes, your lender and title company will work on your behalf to do their due diligence on your financials and property history. Once the lender and title companies have completed their work, you will get a “clear to close.”
Your agent will schedule closing for you. On closing day, you will wet sign (sign in person) lots of documents that you’ve seen digitally over the past few weeks. You’ll also get the keys to your new home!
Before closing day, you’ll do a final walkthrough of the property to make sure everything is in the same condition, or better, from when you last saw it!
Congratulations! You’ve made it to the end of the home buying process. After completing all of the steps above, the last step is to attend settlement on closing day where the property you offered on officially becomes your new home or investment!
To get your home search started, message Platinum Properties to be connected with one of our agents who can expertly guide you through the process.