Buying a property can be challenging, but with an A|M agent who has market expertise, the process can be made easier. Together, we'll explore your motivations for buying, review your goals, time frame, and areas of interest, and address any questions you may have about the home-buying process. You'll also learn about the responsibilities of your closing attorney and lender.

Understand your comfortable spending limit, the down payment requirements, the differences in financing requirements between co-op and condo, FHA and VA loan options, and estimate closing costs. If you're financing, obtain a pre-approval letter from your bank.

Location is the top priority. Determine your preferred areas to live based on your most important factors, such as schooling, commute, leisure and nightlife, or proximity to parks and green spaces. Then, start your in-person search.

With the assistance of your A|M agent, we'll arrange private tours and attend open houses. During this stage, we'll help highlight key elements to consider. Understanding the fixtures, amenities, board notes, assessments, financing requirements, and more is essential to making an informed offer.

Along with your agent, we'll draft a compelling offer to present to the seller. Your agent will consider various factors, such as the length of time the property has been on the market, the sales history of comparable properties in the area, your closing terms, and any contingencies, when creating the best offer. Once accepted, a purchase contract will be signed and a deposit, typically 10% of the purchase price, will be delivered to the seller's attorney. Then, the due diligence process will commence.

Once your offer is accepted and a deal sheet is signed, the due diligence process begins. The type of property you're buying will determine the specifics of the due diligence, but it may include submitting a board package and preparing for a board interview if you're buying a co-op, or clearing title and inspections if you're purchasing a single-family home.

Your attorney will review the purchase contract from the seller's attorney and provide you with a checklist of necessary items for the closing day.

Unless you're paying in full with cash, you'll need to secure a mortgage commitment from your lender. Your lender will request updated documentation of your finances to ensure you can make monthly mortgage payments. The lender will also perform an appraisal to determine if the sales price of the property is reasonable for the current market.

In summary, a loan commitment letter demonstrates your lender's intention to provide the necessary funding for closing based on your financial stability and the appropriateness of the sales price.

In a nutshell, a loan commitment letter shows your lender’s intention to provide the funding required to close on the property based on your financial strength and the merits of the sales price.

With all approvals in place, the seller's and your attorney will coordinate a date and time for the official closing. During the closing, transfer documents are signed, and you'll pay the remaining balance of the purchase price. Upon completion, unless otherwise agreed, you'll receive the keys to your new home!