Where to Begin Your Search

The best place to start when purchasing an apartment is to get pre-approved for your mortgage by a bank or mortgage broker. If you would like me to refer you a list of mortgage brokers and/or banks to speak with, feel free to contact me.

After you have been pre-approved and the lender is confident you will get a mortgage, your next step should be to choose a real estate agent, who you trust to help you find your new home. In Manhattan, sales listing are shared by almost every real estate firm in the city. This means that agents, like myself, who belong to the Real Estate Board of New York will have access to every apartment for sale in the city.


Why Use a Broker When Buying an Apartment?

Buying a new home can be a very emotional and stressful process. Using a real estate agent can make this process much easier. In Manhattan, there is no cost to the buyer when using a real estate agent to purchase an apartment. The broker fee is paid by the seller, not the buyer.

Many buyers think they can save money by not using a real estate agent, but this is not the case. The seller is going to pay the commission regardless of whether the buyer has an agent. If a buyer does have a real estate agent, the commission is split between the seller's agent and the buyer's agent. If the buyer does not have a real estate agent, then the entire commission goes to the seller's agent. There is usually zero savings passed on to the buyer.

The important thing to remember when using a real estate agent to purchase your home, is to make sure the agent is honest and has your best interest in mind (not a paycheck)! Unfortunately, there are many unprofessional and unethical agents out there who give the industry a bad name, so it is important you work with someone who is trustworthy.

The best way to find an honest and ethical real estate agent is to ask your friends and family if they have worked with someone in the past who has done a good job for them. The best and most successful real estate agents work primarily from referrals because their customers/clients are very satisfied with their service and recommend them to others.

It would be a privilege to assist you in finding the right home. If you are considering buying an apartment, please feel free contact me and I will send you a detailed list of available apartments in your price range with pictures and floor plans of each unit. I will personally spend the time to arrange all of the veiwings, show you every apartment that suits your needs and budget, negotiate the best possible price, prepare the board package, and see the transaction through until the end. I can assist you with the purchase of a condo, co-op or townhouse anywhere in the city, at any price range.


What is the Typical Buying Process

When you are ready to purchase an apartment in Manhattan, here are the major steps you can expect to take place:


1) Get pre-approved for a mortgage.
(Approximately 1-3 days)

2) Find the right home. On average, most people will view anywhere from 10 to 25 properties before finding the right home.
(Approximately 1 week - 3 months)

3) Consult with your real estate agent and decide on an offer that you feel comfortable submitting. Your real estate agent will help you determine the best offer and will submit the offer to the seller's agent. Most likely, you will need to negotiate with the seller and agree upon a sales price.
(Approximately 1-10 days)

4) Once you have an accepted offer, your attorney will need to review the contract and the building's financials, amendments, board minutes, etc., in order to make sure this is a wise purchase/investment. Your attorney will most likely request changes to the contract, and go back and forth with the seller's attorney until they both agree upon the language of the contract. Once everything looks good, you will sign contracts and write a check for the deposit, which is usually 10% of the sales price. Your attorney will then send the contract and deposit to the seller's attorney, who will review the documents and advise the seller to countersign the contract.
(Approximately 1-3 weeks)

5) Once both parties have signed the contract, you will need to work with your real estate agent to complete a board package, which is an extensive presentation of your financial information for the buildings board of directors. A board package will be required for all co-op purchases (and many condos as well). This can be a daunting task, but your real estate agent will guide you through the process and put the board package together for you. The board package will need to be perfect, otherwise there could be delays or even a board rejection. During this phase of the purchase, you will also need to speak to your bank or mortgage broker to get a commitment letter for your mortgage, which will need to be included in the board package.
(Approximately 2 weeks)

6) Once the board package is complete, your real estate agent will submit it to the management company, along with the necessary fees. The management company will process the board package, check your credit and background, and send the information to the board. The board will review your information and decide whether to invite you to have a board interview. This process can vary greatly in time depending on the promptness of the management company and the board. Some boards will only meet once a month to review board packages, so you may need to wait until their next meeting.
(Approximately 1-5 weeks)

7) Your board interview usually takes place at the building or at the office of the management company. The interview could be in front of the entire board or just a few members. It is usually a brief meeting.
(Approximately 10 minutes - 1 hour)

8) After your interview the board will decide whether or not to approve you. Sometimes the board will let you know their decision at the interview, other times they may wait a few days to notify you.
(Approximately 1-3 days)

9) Once you are officially approved, the last step is to close. Before a closing takes place, you need to contact your bank or mortgage broker to make sure your mortgage is set and the bank is ready to close. Your attorney will contact the seller's attorney and they will set up a closing date and time.
(Approximately 1-3 weeks)

10) Close and get the keys to your new home!
(Approximately 1-2 hours)


Sound complicated? Buying an apartment in Manhattan can be a difficult process (especially buying a co-op), but it doesn't have to be! I would be happy to guide you through the entire process - saving you time, money, and a lot of headaches.








     Michael Arnold
     Vice President
     Corcoran Group
     Sale, Rental & Investments
     888 Seventh Avenue, 39th Fl.
     New York, NY 10106
     917.405.8497 mobile
     212.875.2825 direct
     Email