How should you prepare to purchase a home in the city?
SUBMITTED BY Highline Residential on November 16, 2021
1. Get your finances in order.
You will need to present your financial qualifications not only to a lender in order to get a mortgage loan, but also to a coop or condo board, and to the seller of the property that you want. You don't want to find your dream home and then not be able to proceed because your finances aren't organized. The information that is important is: your current salary or income, credit score, assets, liquid assets, and also your financial obligations or debt. You should also ask yourself if you plan to make any other major life changes soon or are planning any other big purchases.
2. Get Pre-Approved for a Mortgage
Your Highline agent will be able to recommend a mortgage lender or mortgage broker who can help you. No seller will accept your offer for a property if you can't prove that you can get the mortgage loan that you need to purchase their property.
3. Make your Wish List
This is the fun part! What is important to you? Where do you want to live? How many bedrooms do you need? Are you willing to make alterations to a new home to "make it your own?"
4. Find a Real Estate Agent
If you haven't already, now's the time to find your real estate agent. Maybe a friend can make a recommendation. As a buyer, your real estate agent will be your "fiduciary" and work in your best interests. Call me - I can refer you to a great Highline agent. Having your own real estate agent will help by: navigating listings to find the right ones to consider, making appointments for you to see properties, presenting offers and negotiating on your behalf, recommending attorneys and other service-providers, and managing your purchase transaction so that it successfully reaches a closing.
5. When you find the right place, listen to your agent and make an offer!
Most of the time in New York City, the market moves very quickly; and when you find the right place, other buyers are also finding that same place. Nobody can decide for you how much you may want any particular property, but if there is a property that you want, make your move. Your Highline agent will be able to advise you.
Posted by Highline Residential's Sales Manager, Stacey Max. Find Stacey on