How does Peter add value?

Buying a home in New York City can be an intense, complex, but manageable process with Peter’s help. For most people it is a 3 to 6 month timeframe to close, and can be longer. We help clients understand what to expect. It’s a complex transaction that you’ll engage in once every few years at best. Peter’s team brings insights gained from doing it every day for two decades. There isn’t much that we haven’t seen before. Here is an idea of what it looks like step-by-step.

  •  - Buyer’s Consultation

    • Let’s discuss your wish list.
    • How much can you really afford to spend?
    • What’s your required time-frame?
    • Coop, condo, or townhouse?
    • Neighborhood(s)?
    • Renting? When does your lease terminate?
    • Do you have a home that you need to sell first?
    • Refer lawyers, lenders, and inspectors.
    • It’s often a 4 to 6 month process to close.
    • No fee is paid directly by buyers we represent.

  •  - See homes

    • We are your partners on this journey in the field; learning your preferences and gaining focus.
    • Identify homes and set-up property tours.
    • Escort you to visit properties. We see what you see.
    • We can set up self-guided open house visits too.
    • Virtual tours are available on many properties too.
    • Follow-up on your questions and narrow the field.
    • Dig even deeper on homes you’re considering.
    • Help you to compare and evaluate your short list.

  •  - Find a lender & attorney

    • Work with your professionals, or ask us for recommendations.
    • Get a pre-approval letter for a mortgage.
    • WWe will work with your lender to prepare closing documents.
    • Your lender will appraise the home, and lend 80% of appraised value.
    • Line-up your attorney now; you’ll need one soon.
    • Might you benefit from a purchase CEMA?

  •  - Make an offer

    • Found it? We will advise, crunch data, and advise on bidding.
    • How long has the home been on-market at this price?
    • Is your offer all cash or contingent upon obtaining a mortgage?
    • Are you pre-approved or just pre-qualified for your mortgage?
    • Do you have a pre-approval letter from your lender?
    • Have you filled out a REBNY Financial Disclosure?
    • Do you have ‘proof of funds’ for your all cash offer?
    • Are there property conditions which need correction/repair?
    • We will negotiate an accepted offer on your next home.
    • An executed contract of sale is binding. Offers are not.

  •  - Get into contract

    • We write a transaction memo to the attorneys outlining the deal.
    • A deposit of 10% of purchase price is escrowed at contract signing.
    • Your attorney will perform due diligence and execute all documents.
    • Review the prospectus, financials, and Board minutes for apartments.
    • Obtain a property survey and Title insurance on real property.
    • Deliver a fully executed Purchase and Sale Agreement or contract.
    • For townhouses, an engineering report is essential before signing.

  •  - Application

    • Coops and Condos both have applications processes and Boards.
    • Coop applications are “full-disclosure”. You will be asked to provide complete financial backups.
    • Condo applications are typically less intrusive, but also required.
    • We professionally advise, assemble, and submit your application.
    • We coach you for success on your Co-op Board interview.
    • Condos issue a waiver of the First Right of Refusal after review.
    • A Condo can either approve a purchase, or buy the unit themselves by exercising their ‘First Right of Refusal’. It permits a condo association to step-in and purchase the property at the contract price instead. Rarely invoked, this discourages abuses like fraudulent contract prices.
    • A Coop Board can approve or deny a candidate’s application.
    • As a corporate Board of Directors, a Coop’s decision is private, They are not required to disclose a reason for the denial of an application. All Fair Housing rules must be respected.
    • If the seller has agreed to a financing contingency, you’ll have a period of time after signing a contract to obtain a mortgage.
    • Condos cannot deny a transaction.

  •  - Closing

    • Within 24 hours of closing we will have a final walk-through.
    • Note any punch list items.
    • Closing is scheduled by the attorneys.
    • We are at the closing table with you.
    • Completely virtual closings may be possible too.
    • A Co-op Board must “approve” the purchase.
    • Condos must issue the “waiver” before closing.
    • We hand you the keys and toast to your new home!

What are you searching for?We want to buy in a new buildingI need a townhouse expertI want to buy my first apartmentWe’re downsizing into a condoHow do I buy and sell at the same time?What’s my home worth?What’s your dream home?Ask PeterYour dreams have an addressSo where’s next?

So where’s next?