NYC Buyer's Guide

Book a consultation with me to learn more about my system for buyers. We will discuss your goals and search parameters.

Phone: +1 (718) 687-9822

Email: amy.yuan@compass.com

Once we identify a home you like, we can put in an offer, which is an agreement to pay a certain price for the home.

My team and I will do the heavy lifting and present the offer under the best light on your behalf. Typically an offer entails a buyer letter along with a Proof of Funds (POF) and Pre-Approval Letter.

Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller can return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter offer.

I am a trained Negotiation Expert and will guide you throughout. We will not overpay.

Once the contract is fully executed, it is time to complete and submit your mortgage application with all supporting documentation.

The bank will order an appraisal (typically paid by borrower).

Upon satisfactory appraisal, the bank issues loan approval/mortgage commitment. Consequently, you will wire the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.

Congratulations!

You are now a homeowner.

Before we see any properties, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash).

I can recommend mortgage brokers and lenders (I have relationships and connections with most of them).

Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help determine the price range for your search.

Our attorney's job is vital to protecting your interests, and to review paperwork on your behalf. We will select an attorney who is familiar with these transactions. I will provide you a list of trusted real estate attorneys we have extensive relationships with. Contract due diligence typically spans 5-10 business days.

Once our attorney completes contract review, we will sign and submit earnest deposit (10% of sales price typically; varies).

Seller will countersign before contract is valid.

A final walkthrough of the property is scheduled and conducted just before closing. The walkthrough confirms that no damage has been done to the home since the time of inspection and that the major systems and appliances are in working order. (And repairs are completed - if negotiated and applicable).

Now is the fun part! We will attend viewings and open houses spanning a range of areas and property types.

I will activate notifications for Compass Coming Soon, Private Exclusives and Off-Market properties as they hit the market. (So we will not miss anything.)

It is time to conduct all desired inspections and determine the overall condition of the property. We typically conduct them alongside attorney contract due diligence. You will have the opportunity to review disclosures and the preliminary title report. We may approve or negotiate for credits/repairs. Prior to closing, we will schedule a final walk-thru of the property to verify that the property is still in the same condition as initially offered or agreed upon.

Once all the conditions of the contract have been satisfied, the closing is held. The closing documents are signed, payment is exchanged, and you receive the keys to your new home!