The Home Buying Process

Buying an apartment can be an overwhelming process. Fortunately, an excellent Broker can guide you through the process and help get your foot in the door (literally!). Buying an apartment is actually a simple process, and when you work together with real estate professionals, you will have fabulous results! The following is an overview of the home-buying process. Each step provides a basic overview with a link to additional info. Or at any time, you can contact us to review the process and guide you step by step.

Step 1 – Get Pre-Qualified
One of the First steps in finding a home is to speak to a reliable mortgage representative and determine what type of mortgage you may be eligible for. You may also take this step after speaking to a Realtor.

Step 2 – Speak with a Real Estate Broker
You should choose a Broker that you feel comfortable working with. Don’t be afraid to interview the Broker. Discuss your situation with a professional and ask what he/she can offer you. For some sample questions please review How to Interview a Broker.

Step 3 – The Home Search Process
Your Broker will create a “search profile” for you. This is a fabulous feature that will save you much time. Most apartments listed on the internet are outdated and a professional Real Estate Broker can help you filter through to target the most suitable apartments that are currently available. From this list, we will make arrangements for an in person showing.

Step 4 – Negotiating the Price and Terms & Conditions
Once you have found an apartment you would like to buy, your Broker can help provide you with great information to help make the deal possible. A few important steps include determining what similar homes have sold for, structuring the deal with earnest money, terms and conditions, buying with a mortgage, etc. Your Broker will facilitate negotiating “your” price utilizing many tools available, i.e., seller price, motivation, condition etc…

Step 5 – Getting your Dream Home “Under Contract”
After your offer is accepted, your Broker will work in tandem with your attorney to prepare the contracts, discuss building financial information and walk you through the contract execution process.

Step 6 – The Contract Process
Once we have a signed contract (Congratulations by the way), we will have to begin completing the buildings board package.
Please review the Process & Contract Milestone Chart

Step 7 – Getting to the Closing Table!
Needless to say, getting to the closing table is the primary goal! Like a well-orchestrated symphony, your team should all work together to have a smooth and successful closing. Your Broker, mortgage company, attorney/title agency, and you are all working together! There are many tasks to accomplish, and working with a great team will ensure your success.

CONTINUE READING… How Much Can I Afford

Contact Joseph R DeLorenzo – jdelorenzo@townrealestate.com or 646-244-8555

Origin of April Fools Day and the $125k Penthouse

Expensive Homes

There are several theories about the origins of April Fools day.  One of the most notable is in the year 1564.  During that year, Europeans started using the Gregorian Calendar and the New Year moved from April 1st to January 1st.  ‘April fools’ were those who still celebrated the new year’s holiday in the spring!

If you are celebrating the new year today, perhaps this new penthouse listing at the Pierre is right for you!  Only for $125,000… Call me.

{if this is simply just another day for you and you are still reading, please note that this new listing is actually asking $125 Million and just came on the market as the highest price residential listing in Manhattan}

Pastel Colored Townhomes – Spring Edition

SullivanstreethousesI love this recent blog post about from Ephemeral New York about the colorful townhome row on Sullivan Street.  The private park situated behind this lovely row is one of the few private parks.  Recently, I assisted in renting #176 Sullivan Street.

Thanks to Ephemeral for providing some insight into how this enclave has remained untouched through the generations.

Read the full story here…

Brodsky’s latest Chelsea project 50% sold in one day

Awesome new project!

While sales officially launched only yesterday at the Brodsky Organization’s 455 West 20th Street development in Chelsea, half of the 22 units are already in contract, including the $12.6 million penthouse, a representative for Brodsky confirmed to The Real Deal today.

After a soft launch in December, the units were snapped up quickly despite scant advertising: the building had a “teaser website” and a sign out front, but no other marketing, the representative said. Sales are now being handled by Corcoran Sunshine Marketing Group, the building’s sales office confirmed.

The building was previously part of the General Theological Seminary of the Episcopal Church, which occupies most of the block between Ninth and Tenth avenues between 20th and 21st streets.

Brodsky bought 455 West 20th, 422 West 20th, three nearby townhouses More

November 2012 Monthly Snapshot

Marketwide Summary Condominium Market Snapshot

Strong demand and a seasonal dip in new listings continue to drive inventory down. Condo and co-op inventory are decreasing at similar rates, down 7% from last month and 24% from last year. Despite the dearth of available listings, contract activity is up from last year for both condos and co-ops. Tight market conditions are limiting negotiability More

3rd Quarter 2012 Corcoran Market Report