01
Partner With a Professional
Compass has established a long-standing reputation as New York City’s leading brokerage. As a Compass agent team, The Zweben Team is not just a full-service partner on the way to closing a deal—they are also ongoing resources for professional referrals, personal recommendations and knowledge of the city. We will always act on your behalf, guide you with the data and provide services at no cost to you - the seller pays the full sales commission, which is split between the seller’s agent and buyer’s agent.
02
Becoming a Buyer
03
The Buyer’s Journey
The process of buying a home in New York City involves a series of steps in three phases: 1. The Finances 2. The Search 3. The Close.
04
Preparing Your Financial Journey
05
Conducting Your Search
As you begin your search, your agent will help bring your vision of home into clearer focus by surveying the market landscape, setting parameters based on price, location and inventory, and establishing an initial timeline. The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses. Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%. We can offer more information on the different approval processes, financing options, monthly fees, subletting and selling.
06
From Offer To Contract
Making an offer and signing a contract are pivotal moments when leveraging your agent’s skills and knowledge is especially critical. Negotiating the Offer: Your agent will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date. Reviewing the Terms: Your attorney will examine the contract of sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign. Signing the Contract: Upon signing, the contract and deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed.
07
From Contract to Close
At this stage of the buying journey, your agent will help you assemble the remaining documents and finalize the necessary approvals. Loan Application: Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property. Co-op Board Application (If Applicable): In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), your agent will help you navigate the nuances of winning board approval. Scheduling the Close: Once you’ve received approval (if applicable) and the bank provides clearance to close, your agent will coordinate a final walk-through and closing date.
08
The Home Stretch
In this penultimate phase of the process, your agent will join you on a final visit to assess the property and compile a punch list of outstanding items to be resolved prior to the close. Your Vision, Your Home: The deal is closed. The keys are in hand. You are now a homeowner. Time to settle in, make your home your own and begin to love where you live.
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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.