Licensed New York City real estate broker

Bond New York in the press

For all press inquiries please contact Kelly Kreth, Kreth Communications, 201 417 8691,

Tips for NYC Home Buyers

12/27/2013, By

Tips for NYC Home Buyers

Not sure how to begin the purchase process? Here’s a step by step guide for home buyers in New York City:


Wish List: Make a list of all of your criteria by order of importance. This will help your Bond agent find properties that fit your budget and match as many of your requests as possible.

Viewing Properties: Your agent will research our extensive listings database and will arrange viewings of properties that fit your criteria and budget.

Mortgage Pre-Qualification: New York City may be the fastest moving real estate market in the world. Therefore, offers from mortgage pre-qualified buyers are often taken more seriously than those awaiting mortgage qualification. Obtaining a pre-qualification letter is an easy, cost-free service provided by banks or reputable mortgage brokers that give the seller comfort in your ability to purchase their apartment.

Making an Offer: Once you have found your perfect property, your agent will submit a written offer on your behalf. This letter will include offer price, the name and contact information of your New York attorney, and your personal information such as income, financial qualifications and any other information that will make you a stronger candidate.

Deal Sheet: After negotiations are complete and the seller accepts your offer, your Bond agent and the seller’s agent will prepare and distribute a “deal sheet” that provides the required information to both parties’ attorneys and brokers and conveys the agreed-upon terms for the preparation of the sales contracts.

Contract of Sale: The seller’s attorney will draft a contract of sale and forward it to your attorney for review. Once you sign it, it will be sent with a deposit check (typically 10% of the purchase price – please note this is only a guideline and a seller may require a different amount) to the seller’s attorney who will hold the deposit in escrow until the closing of sale. Once the seller signs the contract, it is deemed “fully executed” and binding. This process may take one to three weeks, depending on terms and review of the offering plan and board minutes by your attorney, called “due diligence.”

Mortgage Application: This process may take 45 or more days to complete, therefore it is important to contact your bank or mortgage broker immediately after having a signed contract. Lenders will require a “fully executed” contract with the application.

Preparation of the Board Package: Your Bond agent will assist you in the preparation of your Co-op or Condo Board Package, craft the board application, provide copies to the management company and help you with any other requirements.

Board Interview: (This applies to Co-op sales only) You will be contacted for a scheduled interview with the Board of Directors. Notification of their decision will be given in 48 to 72 hours. Your attorney will coordinate the closing once the board has given purchase approval.

The Walk-Through: Your Bond agent will accompany you to inspect the property prior to the closing of sale. This inspection is important to verify all is working properly in the apartment and the seller has or is moving out as agreed. Important things to inspect are appliances, faucets, plumbing, light fixtures, outlets, etc.

The Closing of Sale: Closings are normally held at the office of the managing agent with your attorney, the seller and seller’s attorney, the lender’s attorney, a representative of the management company’s transfer department and both real estate agents in attendance.

This article was contributed by BOND New York, the fifth largest residential real estate agency in Manhattan with seven offices and over 500 agents. To read more about NYC living go to:

Union Square
853 Broadway, 15th Floor
New York, NY 10003
Columbus Circle
1776 Broadway, 2nd Floor
New York, NY 10019
Upper East Side
1500 Second Avenue
New York, NY 10075
64 West 21st Street
New York, NY 10010
Corporate HQ
1776 Broadway, 19th Floor
New York, NY 10019
Like BOND New York on Facebook Follow BOND New York on Twitter Read BOND New York's Blog Plus One BOND New York on Google Join BOND New York on LinkedIn View BOND New York's photos on Instagram View BOND New York's photos on Pinterest
- Equal Housing Oppurtunity -
Real Estate Website by RealtyMX™

Know your New York City neighborhoods.

Part of choosing a new NYC apartment, condo, coop, or house is to choose the right location that suits you best. Every NYC neighborhood is like its own world with each having its own particular features and peculiarities. In New York City, you have a tremendously broad choice of these individually unique areas to live in, so we suggest that you pay attention to the details of each NYC neighborhood. Use our New York neighborhood guide for location information, area descriptions, and more.

Bond New York is the bond between you and your next home.

Get to know us -- and we'll get you to know the best deals for Manhattan & NYC apartments, the New York City real estate market, and most importantly, your new home. Read about us, our agent and management profiles, and press articles to understand how professionally committed and dedicated we are to the industry and to our clients and customers.

All information presented on this site regarding real property, for sale, purchase, rental and/or financing is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rentals or other conditions, prior sale, lease or financing or withdrawal without notice. Note: All dimensions and square footage are approximate for the most exact dimensions and square footage please hire your own architect or engineer.