Every question
before you sign.

Start with a conversation — not a property search. A buyer readiness consultation establishes your financial position, timeline, and goals before you look at a single listing. The purpose is to determine whether you are ready to buy now, what you can realistically afford, and what steps remain before you make an offer.

From there, the sequence is: pre-approval → property search → offer → inspection → attorney review → appraisal → closing. Each step has a timeline, and your agent manages the coordination between all parties.

Yes. A pre-approval letter from a lender establishes your borrowing capacity and signals to sellers that you are a qualified buyer. In the New York market, most listing agents will not schedule a showing — and no seller will seriously consider an offer — without one.

Pre-approval is not the same as pre-qualification. Pre-qualification is a surface-level estimate. Pre-approval involves a credit pull, income verification, and document review. Home Path Realty can connect you with vetted lender options — without steering you toward any one institution.

From accepted offer to closing, the typical timeline is 45 to 75 days for a financed purchase, though co-op board approvals can extend that. The search itself depends on the buyer — some find the right property in a few weeks, others take several months.

What matters most is being ready to move when the right property appears. That means pre-approval in hand, an attorney identified, and a clear understanding of your financial boundaries.

In New York, yes. Unlike most states, New York real estate transactions require attorney involvement for contract review. Your attorney reviews the purchase contract, negotiates terms, conducts the title search, and represents you at closing. This is not optional — it is a structural part of the transaction.

Identify an attorney early, ideally during pre-approval. When an offer is accepted, the contract goes directly to your attorney for review, and delays in finding one stall the entire process.

After a seller accepts your offer, the process follows a structured sequence:

• Attorney review of the purchase contract (typically 3 to 5 business days)
• Home inspection (usually within the first week)
• Mortgage application and lender processing
• Appraisal ordered by the lender
• Title search and insurance
• Final lender underwriting and clear-to-close
• Final walkthrough and closing

Your agent coordinates each of these milestones and keeps you informed as each one clears.

The cash you need breaks down into three categories:

• Down payment — typically 5% to 20% of the purchase price, depending on loan type and property. Co-ops in New York commonly require 20% or more.
• Closing costs — in New York, buyer closing costs typically range from 2% to 5% of the purchase price. This covers your attorney, title insurance, lender origination fees, recording taxes, and prepaid escrow items such as property taxes and insurance.
• Reserves — many lenders require proof that you have 2 to 6 months of mortgage payments remaining in your accounts after closing. Co-op boards may require more.

Use the Buyer Financial Calculator to estimate your numbers based on a specific purchase price.

In many cases, yes. Conventional loans are available with as little as 3% to 5% down, and FHA loans at 3.5%. However, lower down payments typically mean:

• Private mortgage insurance (PMI), which adds to your monthly payment until you reach 20% equity
• Higher monthly payments overall
• Less competitive offers in a market where sellers prefer well-capitalized buyers

Co-ops are the exception. Most co-op boards in New York City require a minimum of 20% down, and some require 25% to 50%. This is not a lender requirement — it is a building requirement, and it is non-negotiable.

Buyer closing costs in New York typically include:

• Attorney fee
• Title search and title insurance premium
• Mortgage origination fee and lender charges
• Recording fees and mortgage recording tax
• Prepaid property taxes and homeowners insurance (escrow)
• Mansion tax (1% on purchases of $1 million or more)
• Co-op or condo application and move-in fees, where applicable

In total, expect to set aside 2% to 5% of the purchase price for these costs, in addition to your down payment. Your agent and attorney will provide a detailed breakdown specific to your transaction.

Reserves are the funds remaining in your accounts after closing. Lenders want to see that you can continue making payments even if something unexpected happens.

A typical requirement is 2 to 6 months of your total monthly housing payment (mortgage + taxes + insurance + HOA or maintenance). Co-op boards often require 12 months or more of post-closing liquidity, depending on the building.

Reserves can usually include checking, savings, investment, and retirement accounts — but each lender and board has its own rules about what qualifies.

In a condo, you own your unit outright and receive a deed. You pay property taxes directly. Condo common charges cover building maintenance, staff, and amenities. Financing is straightforward — most lenders treat condos like any other property.

In a co-op, you do not own real property. You own shares in a corporation that owns the building, and you receive a proprietary lease for your unit. Property taxes are included in your monthly maintenance, which also covers building expenses. Financing requires lender and board approval, and most co-op boards conduct financial interviews and impose minimum down payment and reserve requirements that exceed lender standards.

The practical difference: co-ops are typically less expensive per square foot, but harder to buy, harder to rent, and harder to sell. Condos offer more flexibility with fewer restrictions.

A single-family home is the simplest ownership structure: you own the building and the land, you pay property taxes directly, and there is no board or common-charge obligation. The monthly cost is mortgage, taxes, insurance, and whatever you budget for maintenance.

The trade-off is responsibility. All structural maintenance — roof, foundation, heating, plumbing — is yours. A common planning benchmark is 1% of the purchase price annually for upkeep, though older homes may require more.

A two-family (or small multi-family) property lets you live in one unit and rent the other. The rental income can offset your mortgage — and lenders may count a portion of projected rent toward your qualifying income.

What changes financially:

• Higher purchase price, but potentially lower net monthly cost
• Rental income helps with qualification but also adds landlord responsibilities
• Property taxes are typically higher than a comparable single-family
• Insurance requirements change — you need a landlord or multi-dwelling policy
• FHA and conventional loans are available for owner-occupied two- to four-unit properties with relatively low down payments

The monthly number is structured differently depending on what you buy:

• Co-op: Mortgage + maintenance (which includes property taxes, building expenses, and sometimes heat and water)
• Condo: Mortgage + property taxes + common charges + insurance
• Single-family: Mortgage + property taxes + insurance + self-funded maintenance
• Two-family: Same as single-family, offset by rental income

When comparing properties across types, always compare the total monthly cost, not just the asking price. A co-op at $400,000 with $1,800 in monthly maintenance may cost more each month than a condo at $500,000 with $500 in common charges.

Affordability is not just about whether you can get approved — it is about whether the monthly payment, taxes, insurance, maintenance, and reserve requirements leave you with a financial position you are comfortable with. The lender determines what you qualify for. You determine what you are comfortable spending.

Use the Buyer Financial Calculator to see the full picture. Then have an honest conversation with your agent about what makes sense for your situation — not just what the math allows.

You can, but it is harder. A sale contingency means your offer depends on successfully closing on your current home. In a competitive market, sellers will usually prefer a non-contingent buyer.

Strategies that improve your position:

• Get your current home under contract before making an offer on the next one
• Secure bridge financing so you can close without the sale contingency
• Offer a larger earnest money deposit to demonstrate commitment
• Work with an agent who can clearly communicate the strength of your position to the listing side

This is exactly the kind of scenario where having one agent or team handle both transactions — buying and selling — reduces risk. See the Selling and Buying at the Same Time section below.

There is no single answer because each property is different. But you can get a reliable estimate:

• Mortgage payment depends on loan amount, rate, and term — use the calculator for this
• Property taxes are public record. Your agent will pull the exact figure for any specific property.
• Maintenance or common charges are listed in the offering plan for condos and co-ops. For houses, budget 1% of purchase price annually.
• Closing costs in New York typically run 2% to 5% of the purchase price for buyers

The important thing is to run these numbers before you make an offer — not after. Your agent will prepare a cost breakdown for any property you are seriously considering.

Market value is determined by comparable sales, current inventory, and buyer demand in your specific micro-market — not by online estimates, not by what you paid, and not by what you need.

Home Path Realty prepares a comparative market analysis (CMA) supported by a pricing strategy narrative that explains why each comparable was selected and what adjustments were made. This is not a number on a page — it is a defensible position backed by data.

You should never accept a price recommendation you do not understand. A reliable pricing recommendation shows you the data — comparable sales, days on market, current competition — and explains why the recommended price will generate the best outcome.

Be cautious of agents who give you a high number to win the listing and then ask for price reductions weeks later. Ask to see the comparables. Ask what happens if the property does not sell in the first 30 days. A well-supported price should not need defending — it should be obvious from the evidence.

Your net proceeds are what you walk away with after deducting:

• Remaining mortgage payoff balance
• Brokerage commissions
• Transfer taxes (in NYC: 1% for sales under $500,000, 1.425% above)
• Attorney fees
• Any repair credits or concessions
• Outstanding liens, assessments, or unpaid charges
• Flip tax, if applicable (co-ops)

Home Path Realty provides a net-proceeds estimate with all assumptions clearly labeled so you can see exactly where the money goes. This is prepared during the listing consultation, updated when an offer arrives, and finalized before closing.

Not every dollar spent on preparation comes back at closing. The right preparation is targeted at the specific issues that will either reduce your sale price or extend your time on market.

Home Path Realty conducts a property walkthrough and develops a pre-listing preparation plan that distinguishes between repairs that affect value, cosmetic improvements that affect perception, and items that are not worth the investment. The goal is maximum return for the effort — not a renovation.

Showings are part of the process, and they will require some flexibility. But a structured approach minimizes disruption:

• Showings are scheduled during defined windows whenever possible
• Open houses reduce the number of individual appointments
• Buyer qualification ensures that the people touring your home are serious and vetted
• After each showing or open house, you receive feedback and reporting on buyer interest

The first two weeks on market are the most active. After that, showing frequency typically normalizes. Your agent will work with your schedule throughout.

Deals fall through for several reasons: financing denial, low appraisal, inspection issues, buyer cold feet, or co-op board rejection. A failed first buyer is frustrating but manageable.

The key is preparation. Strong buyer qualification at the offer stage reduces the risk of financing or commitment failures. If a deal does fall through, the property is typically re-listed or back-up offers are activated. Your agent’s job is to ensure that a single buyer’s failure does not derail the entire sale.

It depends on your financial position and risk tolerance. Selling first puts you in the strongest buying position — you will know your exact proceeds, you can make a non-contingent offer, and sellers prefer you. The trade-off is that you may need temporary housing between transactions.

Buying first means you face the risk of carrying two mortgages and the pressure of selling under a deadline. Bridge financing can help, but it adds cost.

Most sellers who must buy next benefit from an integrated move plan that maps out multiple scenarios: sell first, buy first, or close simultaneously. Each has different financial and logistical implications, and your agent should walk you through all three.

Selling too early without a purchase lined up means you may need temporary housing — a short-term rental, staying with family, or negotiating a post-closing occupancy agreement (rent-back) with your buyer. These are manageable but should be planned for, not discovered at the last moment.

Buying too quickly — before your sale is far enough along — creates the risk of carrying two properties. If your sale falls through or is delayed, you may face financial strain.

The solution is not to avoid the situation but to plan for it explicitly. That includes backup housing research, rent-back negotiation where appropriate, and clear financial guardrails on when to proceed and when to pause.

This is the anxiety at the center of every sell-and-buy scenario, and the honest answer is: sometimes no. Markets do not guarantee that the right property will be available when your sale closes.

What you can control is preparation. Know your purchase criteria before you list. Get pre-approved for the next purchase. Understand your budget based on realistic net-proceeds scenarios, not best-case assumptions. And have a backup plan if the right property does not appear on schedule.

Weekly dual-transaction milestone updates from your agent keep both sides of the move visible and coordinated, so you are never guessing where things stand.

When your sale funds your purchase, the net-proceeds estimate is the most important number in the transaction — because it determines your purchase budget. The estimate must account for mortgage payoff, commissions, transfer taxes, attorney fees, repair credits, and any outstanding obligations.

Home Path Realty provides sale-price and net-proceeds scenarios — typically at three price points (expected, high, and conservative) — so you can see how your purchase budget changes under each scenario. This is not a single number. It is a range, with assumptions clearly stated.