Our Reach
As Compass expands, we aim to bring smarter real estate experiences to renters, buyers, and sellers in major markets across the nation.
A Step-by-Step Guide to Buying a Home
As Compass expands, we aim to bring smarter real estate experiences to renters, buyers, and sellers in major markets across the nation.
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New York City is one of the most diverse and competitive real estate markets in the world, and we understand that making the decision to buy a home here can be a particularly overwhelming experience. From mastering the difference between condos and co-ops, to planning for closing costs, to approaching the board approval process, there’s a lot to learn.
That’s why we’ve created this buyer’s guide— to set you on the right course to owning a New York City home of your own.
Look for a licensed real estate agent who is knowledgeable about the neighborhoods you’re considering and can help guide your search.
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). Your Compass agent can 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.
Attend viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home’s location and amenities.
Reach an agreement with the seller on price and terms. Once you have seen a home you like, you can put in an “offer,” 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. Your Compass agent will provide advice on pricing throughout.
Analyze the contract of sale, building financials, and board minutes with your attorney. It’s best to work with an attorney who specializes in New York City co-op and condo 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.
Organize an appraisal with your bank.
(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 generally consists of financial documents including tax returns, bank statements, mortgage commitment from your bank, and letter of reference. After reviewing your package, the board will set an interview date. Your Compass agent 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.
Congratulations, you are now a home owner!
Attorney
Bank
Government
Attorney
Bank
Building
*NYC & NYS Transfer Taxes are paid by the purchaser in case of a new development
Government & Title
Attorney
Bank
Building
Government
Home Lending Officer
Citibank, N.A.
(C) (347) 423-1622
(E) [email protected]
(W) www.citi.com/KiraGuzman
NMLS: 71081
Industry Specialist
Preferred Banking Offices
First Republic Bank
1230 Avenue of the Americas
New York, NY 10020
(D) (212) 506-7776
(O) (212) 259-3626
(E) [email protected]
Hice President of Lending
CrossCounty Mortgage, LLC
37 N 15th Street, Suite 108
Brooklyn, NY 10019
(O) (973) 769-8180
(F) (347) 352-1706
(E) [email protected]
NMLS: 385124
Private Mortgage Officer
Wells Fargo Home Mortgage
150 East 42nd Street, 31st Floor
New York, NY 10017
(O) (212) 214-7743
(O) (347) 866-9983
(F) (877) 401-6135
(E) [email protected]
NMLS: 64766
Matatof Murphy LLP
106 West 32nd Street, 2nd Floor
New York, NY 1001
(O) (929) 999-7725
(C) (917) 538-3158
(E) [email protected]
(W) www.matatofmurphy.com
Attorney at Law
308 16th Street
Brooklyn, NY 11215
(D) (347) 244-5259
(F) (718) 499-4898
(E) [email protected]
Partner | Konner Gershburg Melnick
462 Seventh Avenue, 12th Floor
New York, NY 10018
(O) (212) 390-8866
(E) [email protected]
Our team has a passion for the city that truly defines our work as an agent. The team's innate interest in different properties and developments helps us stay abreast of market changes and makes every aspect of our profession very fulfilling. Contact us today to find out how we can be of assistance to you!