What Happens After Your Offer Is Accepted in NYC? Step-by-Step Guide

So your offer was accepted. Congratulations! But here in New York City, that's just the beginning of the process. That's right. Unlike many other markets, an accepted offer doesn't necessarily mean you're officially guaranteed the home.

So what's the first step after the seller says yes to your offer? Once we've compiled your deal summary that outlines all the terms of your sale, your attorney reviews the contract and performs due diligence on the property.

And once all the due diligence is reviewed with the attorney, the buyer is going to sign the contract. The buyer typically submits the contract deposit, which is usually 10% of the purchase price, varying slightly in new developments.

And now that the buyer is officially in contract, there are several things that go into motion. If you're getting a mortgage, you complete your loan application, submit remaining documents, and work toward your final loan commitment letter.

And if you're moving forward in a condo or a co-op, you're going to tackle a board application. Now, you may have heard some horror stories about these, but organization is key, and that's where we shine. And once complete and submitted, you may even have a board interview before final approval. And if an interview is up next, don't worry. We're going to give you some pointers to make sure that you nail it.

The attorneys schedule the closing, where you'll sign lots of documents, receive the keys, and officially become a homeowner.

So there are a few extra steps when you're making a home purchase here in our market, but you don't have to navigate those steps alone. Please don't feel daunted, because this is what we do every single day. We are here to help you through the entire process. Give us a call.