Step by Step Timeline and Guide for Buying in New York City!

Seek pre-approval for a mortgage:
Typical time frame: 1 - 2 days
You must know how much you can spend before you spend it. Condominium apartments require at least 10% down (but in this market, most banks will only finance 80%); cooperative apartments generally require at least 25% down. However, every building is different. 15% of Manhattan's buildings are condominium buildings and the other 80/85% are cooperatives.

Seek Manhattan Real Estate Attorney:
Typical time frame: 1 - 2 days
You must find and work with a Manhattan real estate attorney.  They need to specialize in Residential Sales in Manhattan. ( tAg @ Corcoran has referrals upon request).

Find a Broker to work with:
Typical time frame: 3 days-1 week
It is very important that you work with one single broker and are loyal to them.  Get referrals from colleagues and friends.  Ask for a preliminary consultation to discuss your particular needs and situation.  Look for honesty, integrity and professionalism.  Be 100% forthcoming with your broker.  Avail yourself of all of the expertise and services your broker can provide for you.  Look for a right fit. NOTE: The seller’s broker must co-broke (“share”) the commission with the buyer’s broker, so there is no fee to be paid by you, and it only behooves you to have an advocate/expert working with you.

Find an apartment:
Typical time frame: 3-6 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 apartments before deciding on one to purchase. Internet-savvy buyers save time by doing their 'homework' before their search. The average number of apartments viewed before buying by our internet buyers is 4-5.

Negotiate on the Apartment:
Typical time frame: 3 days
Everything is negotiable so have your buyer’s broker and/or real estate attorney to inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc. Apartments are delivered 'swept clean'.

Sign a Contract:
Typical time frame: 3 days to 1 week (5 business days)
Generally, in a sales transaction, a New York City real estate attorney represents each buyer and seller. The seller's attorney draws up the contract for the buyer's attorney; the buyer's attorney does 'due diligence'-reading minutes, financial statements of buildings etc. The buyers sign the contract and forward the contract with a 10% deposit; the sellers execute the contract. Possible contingencies: Financing, Board Approval, closing dates. The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.

Apply for a mortgage: (Put the Address to the mortgage basically)
Receive Commitment Letter from Lender.
Typical time frame: 6 - 9 weeks
Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender. These letters are generally the last items to complete a board package/condo application.

Complete a Board Package or Condominium Application:                                                                              Typical time frame: 3 weeks (you have 10 business days once contracts are fully executed and 3 business days once commitment letter is issued)
Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information packet to be completed before a closing can take place. In order to review a potential purchaser, the Board of Directors for a Coop demand extensive information in a Board Package. Most Boards request the following information: full financial disclosure (net worth) with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 3 years, credit history, etc. If a purchaser cannot or does not want to supply this information, he/she should buy a condominium. Board packages/Condo applications are given to potential purchasers to fill out after a contract has been executed. If there is no financing, it usually takes about 1 week to gather the information for the board or condominium application.

Submit Board Package or Condo Application for the managing agent's review:
Typical time frame: 1-4 weeks (*We have no control over the timeframe on from here until closing)
After your real estate agent completes the Board package, he/she will forward the package to the managing agent of the building. The managing agent will inspect the package to ensure it is complete. The package will then be forwarded to the Board of Director's of the Coop. After the Board reviews the package, they will decide if they would like to meet the potential purchaser.

Meet the Co-op Board for an Interview:
Typical time frame: 30 minutes - 1 hour
Coop Boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval. (Buyer’s real estate agent will have tips and guidelines to follow for the interview)

Receive Approval from Board:
Typical time frame: 1 day - 1 week after board interview
The managing agent will generally alert the seller's broker and/or buyer’s broker whether a potential purchaser has passed the board.

Schedule a Closing and Walk through:
Typical time frame: 1-2 weeks after board approval
Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times. You will also be doing a walk-through a day or two before the closing with your Broker.  (Buyer’s broker will have a Walk through Check List)

Typical Time Frame from the time an apartment is found, to the time an apartment closes: 3-5 mos. (Condos, on average, more like 2 months and Co-ops, on average, more like 4 months)