The Ideal Buying Experience
You decide you’d like to take the plunge into purchasing a new home for yourself or your family so you log into Streeteasy. You love Uptown Manhattan so the neighborhood doesn’t matter so much however you do need a 3-bedroom coop in an elevator building with Southern exposures, at least 1,000 sq. ft., an open kitchen, and washer/dryer in unit, all for under $900K. Also you make too much money so you do not qualify for HDFC (income restricted) properties…quite a tall order
You click search and get about 15 hits. Not too much to get decision fatigue, and not too few to get discouraged. You notice a property was listed today for $899K with all your needs being met, AND it has a second bathroom…you think, “this is too good to be true.”
Nonetheless you click on the ‘Contact Agent’ button and a buyer’s agent calls you within 5 mins to provide the necessary insight and representation to help you purchase your dream home. You are very impressed with the information you’re receiving from your Bizzarro agent and they walk you through the pre-approval process. They also have a great relationship with the listing agent so they can get you into the property when you get off of work this evening.
Upon entering, you see it’s better than the listing indicated. Your agent correctly tells you that the sooner you submit an offer, the more likely you’ll win.
You submit the offer at asking price with your pre-approval and REBNY financial form to which you are putting 20% down, and have a debt to income ratio around 15% (they include monthly maintenance and mortgage as a debt)…strong offer!
The seller has strong motivations so they accept your offer before they host their first open house. You’re a fine blend of stunned and elated; a feeling you get on the rare occasions in life such as the birth of your first child or landing your dream job.
Your Bizzarro agent gives you a professional and affordable attorney to work with. Your attorney presents the contract after a few days and nothing further needs to be negotiated. What you see is what you get.
You sign the contract and provide a 10% earnest money deposit to where the seller signs the same day. Now you have a fully executed contract.
Now it’s time for board packages. Our board package specialist sets up a Google doc so everyone can be on the same page and deposit documents where necessary. It takes a few days to complete but it’s straightforward. We then submit the package and the coop board schedules your interview for 1 week from now…they are efficient and mean business.
At your interview they know everything about your life so there’s no reason to be nervous or lie. You answer all their questions, crack a few tasteful jokes, and come across as a professional, affable candidate. They approve you the next day with excitement for their new neighbor.
Next the bank clears your loan and your attorneys set up a closing date for a couple weeks from now to allow the seller to plan their departure.
The day before the closing, we do a walkthrough to make sure it will be delivered to the specifications of the contract. The seller did a deep cleaning so it looks even better than you remembered.
The next day at the closing table, everyone signs accordingly, you get your keys and a lovely closing gift from your Bizzarro agent, and begin the next chapter of your life.
For every one of these perfect transactions, there are 50 deals from the pits of hell. We should not expect a purchase like this to occur; however we should use this scenario as a template and strive for this ideal as much as possible.