Buying real estate in New York City is notoriously complex. TEAM VIA will help you navigate these complexities by leading the search, application, contract, finance, and closing processes. TEAM VIA will put the right team together to make your transaction seamless.
Work with TEAM VIA to complete an asset and liability form, find a mortgage professional and real estate attorney, and get a loan pre-approval if you are obtaining financing.
Tip: Your offer will appear stronger if your loan is from a reputable lending institution with a local presence in New York City.
TEAM VIA will start by gaining an understanding of your needs and criteria, then curate a search including every relevant property on and off the market.
Tip: Create a list of must-haves versus nice-to-haves.
TEAM VIA will help you craft the most powerful offer by analyzing market conditions, assessing buyer demand, and uncovering the seller’s motivations. An offer, if accepted by the seller, creates a non-binding agreement for the purchase of the home. The seller will likely return with a counteroffer, which you can accept, reject, or further counter.
After your offer has been accepted, TEAM VIA and the seller’s agent prepare a deal sheet for the attorneys to develop a contract.
Tip: Multiple offers can be accepted, but only one wins. Building a solid foundation in step one can help you beat the competition.
Your attorney will review the history of the building to ensure that it is in sound condition, both physically and financially.
Tip: The attorney typically spends five to ten business days conducting due diligence.
Your deposit (usually 10%) is submitted to the seller’s attorney and will be held in escrow until closing.
The bank will confirm your income, assets, and credit.They will also collect information about the financial status of the building and arrange for a property appraisal. Once approved for a mortgage (which takes approximately three weeks), you will be issued a mortgage commitment.
Tip: The board will not review your application without the mortgage commitment letter.
Buyers are beyond thankful that they have an agent in this step. TEAM VIA’s board application specialist will compile your board package, which comprises hundreds of pages and is often one of the most labor-intensive parts of purchasing a NYC apartment.
Tip: Most co-ops will invite prospective buyers to a board interview after reviewing their board package. TEAM VIA can coach you beforehand to ensure you put your best foot forward.
On (or right before) closing day, you, TEAM VIA, and the listing agent will complete a final inspection to ensure everything is in working order.
Tip: Take pictures of any discrepancies and send them to your attorney. Don’t forget to check the outlets.
It is time to sign on the dotted line! Your attorney will send you a copy of everything you have signed at closing.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
As Co-Founders of TEAM VIA, Ben Toth and Chris Farber relentlessly advocate on behalf of their buyers and sellers. TEAM VIA is a solution-oriented group focused on sourcing, evaluating, and negotiating the best real estate opportunities — both on and off-market.