Step #1

Are you planning to finance? If yes, get your pre-approval letter before you start your search. This way you know what you can afford. Provide your broker with the letter so they can address any concerns in advance. If you plan to pay cash the money needs to be liquid. Proof of funds will be required for ALL CASH offers.

Step #2

Find a real estate attorney. You will want to provide your attorney’s name and contact information to your broker so they can include this when presenting your offer. A well compiled offer shows the seller you are serious and able to move quickly.

Step #3

Complete your REBNY (Real Estate Board of New York) financial statement. Many buyers delay completing this form. It should be done before you start your search and you should go over it with your real estate broker. This way your broker understands your full financial profile and can have confidence when presenting you. Your broker also needs to make sure that not only do you have the funds for the down payment and closing costs, but you also have adequate post-closing liquidity. If you are receiving a gift this should also be noted on the REBNY statement or better yet – Deposit that money ahead of starting your search!

(Download the REBNY statement worksheet here: http://bit.ly/celeste-REBNYworksheet)

Step #4

Write a brief bio on your professional and school experience to share with your broker. You can also include a line about hobbies. It is especially important for coops to paint a picture of the potential buyer. You may even want to draft a generic ‘Dear Seller’ letter that you can tweak at the time of making an offer. This letter will tell the seller how much you love the apartment, building and area and how you want to make their property your new home. If the bidding gets competitive setting yourself apartment can become very important.

A few more things to think about….

Who is the purchaser?

When it’s time to make an offer you need to know if you are buying the home alone, with your significant other or a parent.

Comparable Reports/ Market Advice

Your broker will share comparable active and past listings with you to help you decide on the offer price.
Closing Timing

45-60 days is standard for closing timing. There is a 30 day grace period that is available to both the buyer and seller. (Ask your attorney to explain.) Your broker will discuss the suggested closing timing based on the nature of the building and insight they have on the seller.
Financing Contingency

You will also need to decide if your offer is contingent upon financing. When offers get competitive the seller may request a financing contingency be removed. Discuss with your attorney what the risks are and consult your mortgage broker to see if they are willing to take your pre-approval letter one step further and start the underwriting process so you can have more confidence in your ability to get a mortgage if you decide to remove the contingency. Your broker can guide you as to banks that might be willing to do this.

Celeste la Perla Pandhi is a Certified Buyer Representative.

The CBR® was trademarked and patented in 1993 and is the first nationally recognized buyer agency designation.