The 4 Things You Need to Start Your NYC Home Search
Are you finally ready to start your NYC home search? Then you need to make sure you have these 4 things lined up before you start going out to see properties!
1 – Pre-Approval
As discussed in a previous post, and also here (and here), pre-approval is an absolute must. Especially in a hot market where you may have only a few days (or less!) to make a decision. You don’t want to lose precious time getting one once you’ve decided you’re ready to start your search. Take my advice and don’t drag your feet on this!
2 – Statement of Finances
If you’re looking to buy a co-op, then having a statement of finances (a/k/a “financial statement”) is another must.
What is it exactly?
It’s a document that lays out key information about your financial status, including (but not limited to):
It’s the key to making sure that listing agents know you meet the building’s financial requirements. Without it, any offer you put forward won’t even be considered.
And don’t think you won’t need this if you’re only looking for condos. While condos don’t have the ability to say yes or no to you like a co-op does, the listing agent can still ask for this kind of information to see how you stack up against other potential buyers.
3 – Real Estate Attorney
As discussed in this previous post, your real estate attorney is a critical part of your team. And too often, people wait too long to hire one!
In a hot market, you might only have a few days to sign a contract and have your attorney conduct due diligence. You do NOT want to waste the little amount of time you have trying to decide who you want to work with!
4 – Real Estate Agent
And of course, there’s your real estate agent 🙂 You can learn more about what they do for you here in this post.
Since this person will be the hub of the transaction and someone you’ll be interacting with a lot, you need to make sure it’s someone you really feel comfortable with and trust.
Obviously, I recommend myself for the job! 😉 You can learn more about me here. And if you’d like to hop on a call to discuss getting your search started, you can schedule one here!