Buyer's Guide
Buying Real Estate is one of the greatest investments that an individual will ever make. Consequently, there are several important factors to take into consideration when buying a property. Purchasing a property in New York City is different from purchasing property elsewhere. There are various types of properties for purchase in New York such as Cooperatives (co-ops), Condominiums (condos), Townhomes, Brownstones, and Investment. properties.
At Skylight we will help you select the right type of property, in the best neighbourhoods, at the best price, provides one-on-one training and interaction as we guide you through the process of finalizing your purchase.
Please see below our buyer’s guide that will help you to make that important decision in buying Real Estate in New York City.
Financing Your Home
One of the most important factors in the buying process is finance. Therefore, it is important for you to sit with a mortgage banker who will be able to review your financial status and develop the best strategy to get you preapproved to purchase your home. We at Skylight will be happy to introduce you to a mortgage banker who will be able to evaluate your eligibility for a loan and the amount that you are qualified for. This will in effect be helpful when it is time to make an offer on a property.
Selecting the Right Type of Property
Selecting the right neighborhood and type of property to move your family in is very important. You have to do proper research which should take into consideration factors such as:
- Proximity to work and schools
- Trends in crime and violence in the neighborhood
- Type of property (i.e. townhouse, condo, 1 Family House, 2 Family house,)
- Size of House (i.e. # of bedrooms and bathrooms)
What Sellers Want
Depending on the type of house you are buying there are several important documentation that Sellers require from a buyer. In buying a house in New York City the most common type of information that sellers require are:
- For co-ops, applicant/s needs to meet the requirements for board approval and generally have a debt to income of less than 28% and 2 year worth of post-closing liquidity
- Meet the required down payment minimums or cash
- Qualified Real Estate Agent and Attorney
- At least 2 months of the most recent bank statements
- Personal Tax Returns for at least two (2) years
- Any bank statements or list of assets
Documentation Check List for Buyers
In purchasing a house in New York City all prospective home buyers need to have the following documentation.
- Most recent pay stubs for all borrowers for at least 30 days
- W-2/1099 forms for all employment income for all borrowers for the previous 2 years
- Personal Tax Returns for the last 2 years
- Copy of the most recent savings/checking/retirement statements covering at least 2 months
- Purchase agreement and copy of earnest money check
- Contact information for Homeowners Insurance
- Copy of photo ID and Social Security cards for all borrowers
- Written explanation of credit anomalies, including late payments credit inquires, charge-off, collections, judgments and/or liens
