So, your team is assembled, you’ve been pre-approved by the bank, have a decent understanding of the current housing market, and have gone to a number of open houses. What happens when you stumble upon your dream apartment (or at least one that you would be pretty happy to live in for a long time)? You probably want to make an offer quickly, considering this is New York City, the rent is too damn high, and housing is always in demand.
But before you throw all of your money on the table and bare your soul to the sellers, you need to make sure you’ve hammered out the numbers.
One thing I learned during the home buying process was that every single step involves at least two other parties. Because of this, you need to assemble a team that you can trust and like to work with. Think of this part as your Ocean’s Eleven (but not eleven, more like three). You should probably have your team assembled before you go to open houses, but if you’re like J and I and have no idea what you’re doing, then you’re probably doing everything at once — researching, submitting items for pre-approval, going to open houses, asking realtors at open houses if they would recommend getting a realtor (their answers will probably leave you more unsure), and trying to figure out how the hell you’re supposed to find a real estate attorney. Regardless, here are the folks you need to look out for:
There are a number of hoops that you must jump through before you can even begin looking seriously at a home. For J and I, the first obvious one was checking in with my parents and getting their thumbs up. The second and slightly less daunting one was to apply for mortgage pre-approval from a bank.