The NYC Real Estate Purchase Process Explained: OFFER TO PURCHASE - Client question about moving forward with an offer

Client question about moving forward with an offer:

Good morning, Mr Hong.

In order to proceed, you have to prepare and present your financial statement to the sellers, for your offer to be accepted. 

Then, after the offer is accepted, the terms of the offer are sent to the Sellers attorney who prepares the contract of sale, so it can be sent out to your attorney. 

In NYC, you must have legal representation by an attorney, who will review the contract for you to make sure there are no issues or legal traps for you, the buyer, and also to review the building financials and legal docs to make sure the building ( coop) and the unit itself are sound and safe for your purchase. 

I have names of fantastic and reasonable attorneys for you. 

We can certainly ask for a closing date that works for you and your father, and the contract would reflect that. 

After the contract is fully signed ( by you, the buyer, and then, by the sellers) we have to prepare a purchase application ( the board package) to be submitted to coop Board members. 

Your application will be reviewed by them, and if they like what they see in it, they (the coop hoard members) will schedule and invite you for a personal interview, so they can meet you in person and get to know you a bit. 

After that interview, the coop board members will let us know if they approve your application to buy the coop unit. 

This process usually takes about 2-3 months. 

I would have preferred to have told you this during a personal meeting or at least through a phone call but since you seemed to be too busy, I figured I tell you this now, so you can understand a bit more about the purchase process. 

Let me know if you have any questions.

Thank you. Warm regards, Fernando





DO YOU HAVE A REAL ESTATE QUESTION? NEED HELP BUYING OR SELLING YOUR REAL ESTATE ASSET?

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C: 212-321-0115

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Fernando Branco, GRI, ABR, CNE
Lic. Assoc. Real Estate Broker
Residential Real Estate
Commercial Sales & Leasing 
Graduate Realtor Institute (GRI) 
Accredited Buyer Representative (ABR) 
Certified Negotiator Expert (CNE)
R New York
641 Lexington Ave, NY NY  10022

c: (212) 321-0115

e: fbranco@weRnewyork.com

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