Purchase Process & Time Line

Buying a home is one of the most important financial and personal decisions many of us will make in our lives. Whether or not it’s our first time, we all begin the home-buying journey with a vision, a picture in our minds of a place that looks and feels like our idea of home. At Globetrotter Homes, we are committed to helping you turn that vision into reality.
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1. Determine your budget: Assess your financial situation, including your savings, income, and credit score. Consider pre-qualifying for a mortgage to determine how much you can afford. Keep in mind that real estate prices in New York City are generally higher than the national average.
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2. Research neighborhoods: New York City consists of five boroughs, each with its own distinct neighborhoods. Research various areas to find the one that aligns with your lifestyle, commute, and amenities preferences. Consider factors such as safety, school districts, proximity to public transportation, and access to parks or recreational spaces.
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3. Hire a real estate agent: Engaging a local real estate agent who specializes in the New York City market is highly recommended. They can provide valuable insights, guide you through the process, and negotiate on your behalf. Look for agents with extensive experience, good knowledge of the neighborhoods you're interested in, and positive client reviews.
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4. Get mortgage pre-approval: Approach multiple lenders to explore mortgage options and get pre-approved. Pre-approval strengthens your offer and gives you a clear understanding of your budget. In a competitive market like New York City, pre-approval can give you an advantage when making an offer.
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5. Attend open houses and viewings: Visit properties that meet your criteria. Take notes, ask questions, and document your impressions. Consider factors like the building's amenities, condition, maintenance costs, and any ongoing or planned assessments.
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6. Conduct due diligence: Before making an offer, conduct thorough due diligence on the property. This typically involves reviewing the property's financial statements, building rules and regulations, bylaws, and any pending or past litigation. Consider hiring a real estate attorney to guide you through this process.
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7. Make an offer and negotiate: Work with your real estate agent to prepare a competitive offer. In a seller's market like New York City, be prepared for multiple offers and potential bidding wars. Your agent's expertise will be invaluable in negotiating the best possible deal on your behalf.
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8. Complete the contract and inspections: Once your offer is accepted, you'll enter into a contract. Hire a qualified home inspector to assess the property's condition. Additionally, consider specialized inspections for issues like lead paint, asbestos, or termites, especially in older buildings.
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9. Secure financing and finalize the mortgage: Return to your chosen lender and finalize your mortgage application. Provide any requested documentation promptly to expedite the process. Work closely with your real estate attorney and lender to ensure a smooth closing.
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10. Closing: At the closing, all parties involved, including the buyer, seller, attorneys, and lenders, will gather to co
complete the transaction. Review all documents carefully and ask questions if needed. Pay the closing costs, which typically include fees for inspections, attorney fees, title insurance, and taxes.
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11. Move-in and enjoy your new home: After closing, you'll receive the keys to your new home. Plan your move, transfer utilities, and update your address with relevant organizations. Take time to settle into your new neighborhood and enjoy the unique experience of living in New York City.
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Remember, buying a home in New York City can be a complex process, and each transaction is unique. This guide provides a general outline, but it's essential to seek advice from professionals such as real estate agents, attorneys, and mortgage lenders to navigate the intricacies of the market and ensure.