How to Buy a Home
01
Find an Agent
You’re ahead of the game! Barbara and the Ivy & Jenna Team is knowledgeable about the neighborhoods you’re considering and can help guide your search.
02
Get Pre-Qualified
Before beginning your search, your first step is to get pre- approved for a mortgage loan (unless you will be paying in cash for the full price of your home). Our team will connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you, which will help you determine the price range for your search.
03
Visit Properties
We will help you attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s accessibility and amenities.
04
Negotiate
Reach an agreement with the seller on price and terms. Once you have seen a home
you like, the Ivy & Jenna Team will submit an offer on your behalf, which is a non-binding agreement to pay a certain price for the home. If your
offer is lower than the list price, the seller will likely return with a “counter offer” price, which you can choose to accept, reject, or make another offer. Our team will provide advice on pricing throughout.
05
Attorney/Review
Your attorney will help you analyze the contract of sale, building financials, and board minutes with your attorney. It’s best to work with an attorney who specializes in your location and your property type, eg. New York City co-op sales. Your attorney’s job is vital to protecting your interests and they have an incredible amount of paperwork to review on your behalf. Therefore, you want
to select an attorney who is familiar with these transactions. Our team has an extensive rolodex of the top real estate attorneys who specialize in NYC residential real estate.
06
Sign Contract and Put Down Deposit
Deposit is normally 10% of the purchase price.
07
Complete Loan Application
Bank organizes an appraisal with the agents who will provide comps to show the property’s value.
08
Prepare Your Board Package
(If you are purchasing a townhouse, skip ahead to Step 10.) Co-ops are run by a board of directors, who will require a board package in order for you to purchase an apartment. A board package generallyconsists of financial
documents including tax returns, bank statements, mortgage commitment from your bank, and letters of reference. After reviewing your package, the board will set an interview date.
Our team will help prepare your board package as well as prepare you for your interview. While condos do not generally require board packages or interviews, you will need to present a purchase application that shows you are financially qualified to purchase the apartment.
09
Board Approves the Purchase
10
Bank Issues Clearance to Close
11
Closing Scheduled by Attorneys
13
Closing
Congratulations, You are now a home owner!