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Buying Real Estate in NYC?

Mont Sky offers NYC home buyers the quality of representation which gives them an edge through all stages of the acquisition process.

Mont Sky Real Estate NYC

 Advocacy. Transparency. Accountability.

Scarce inventory in today’s New York City real estate market means that the competition amongst buyers is fierce.

Having the right advocate to represent you at the table could be the difference between securing the property or losing out to a competing buyer.

Mont Sky's buyer representation service consists of the following steps:

Buying an apartment in Manhattan doesn't have to be difficult if you work with the right firm.

1. Discuss your property search criteria and identify suitable homes for you to consider

As a member of REBNY with access to the city’s largest database of property inventory, Mont Sky is able to offer its clients full access to virtually every available listing in NYC.

You can rely on Mont Sky to give you full exposure to NYC’s home inventory without any of the traditional conflicts of interest that plague our competitors, such as discouraging you from looking at listings which don’t offer a high enough buyers’ agent commission.

During your initial complementary consultation with a Mont Sky agent, we will discuss your specific property goals, location and budget as well as any special instructions you may have surrounding the search. Thereafter, you can be promised a productive, ongoing dialogue with your agent as we identify and show you suitable properties in New York City.

At Mont Sky, we firmly believe that if we prioritize and ensure our own client’s success first and foremost, then surely ours will follow.

2. Conduct market research to prepare and submit a competitive offer and financing package

After we’ve identified your target property, your Mont Sky agent will conduct a thorough market analysis to determine a bidding strategy which is both competitive and in line with your expectations as a buyer. Your agent will also reach out to the listing agent to acquire intelligence on the seller’s expectations, previous offers received as well as any other relevant information which can be used to make your bid the most competitive.

Additional strategies used by your buyers’ agent will include a comparable transaction analysis. This research allows us to compare your target property against similar units which are either on the market, recently sold, or currently under contract in the same neighborhood.

Your buyers’ agent will also analyze the current macroeconomic environment, including current interest rate conditions, regional economic data and unemployment figures, mortgage applications and home starts data, as well as the current regional volume of home sales to refine your bidding strategy in the context of the actual ‘strength’ of the underlying economy and real estate market.

Mont Sky Real Estate NYC
Mont Sky Real Estate NYC

2. Conduct market research to prepare and submit a competitive offer and financing package

After we’ve identified your target property, your Mont Sky agent will conduct a thorough market analysis to determine a bidding strategy which is both competitive and in line with your expectations as a buyer. Your agent will also reach out to the listing agent to acquire intelligence on the seller’s expectations, previous offers received as well as any other relevant information which can be used to make your bid the most competitive.

Additional strategies used by your buyers’ agent will include a comparable transaction analysis. This research allows us to compare your target property against similar units which are either on the market, recently sold, or currently under contract in the same neighborhood.

Your buyers’ agent will also analyze the current macroeconomic environment, including current interest rate conditions, regional economic data and unemployment figures, mortgage applications and home starts data, as well as the current regional volume of home sales to refine your bidding strategy in the context of the actual ‘strength’ of the underlying economy and real estate market.

Mont Sky Real Estate NYC

3. Negotiate and secure the acceptance of your offer by the seller

Once your offer has been submitted to the listing agent, there will likely be period of negotiation where the buying and selling parties will engage in deliberations to discuss the specifics of the deal including purchase price and other considerations (financing package, deal fees, etc.). In all likelihood your offer won’t be the only one on the table. In the event that there are multiple competitive offer packages including your own, the listing agent may open up a second round bid process. Each party will be encouraged to submit a finalized offer package.

Throughout this process, Mont Sky will ensure that you remain vigorously in front of the seller and listing agent to maximize your chances of success and acceptance of your offer. Once you receive the news of an acceptance, the listing agent will usually begin coordination for the closing process by circulating a deal term sheet for both the buyer and seller and their attorneys. We will manage this process for you so that you may eliminate undue stress and anxiety during this somewhat arduous process.

4. Sign a purchase contract and have your attorney conduct due diligence

While your real estate lawyer continues to negotiate the specifics of the contract with the seller’s counsel, he or she will perform comprehensive due diligence on the legal and financial history of the building and particular unit you are purchasing.

As soon as the negotiation and diligence is complete, it will be time for you to sign the contract for your NYC home purchase. The standard market practice is for you also to deposit 10% of the purchase price into escrow (usually held by seller’s attorney) at the time of signing. If you are financing, this will be the time for you to submit the contract to you mortgage banker in order to finalize the process of securing your home loan. Mont Sky will assist you throughout all stages of this process.

Mont Sky Real Estate NYC
Mont Sky Real Estate NYC

4. Sign a purchase contract and have your attorney conduct due diligence

While your real estate lawyer continues to negotiate the specifics of the contract with the seller’s counsel, he or she will perform comprehensive due diligence on the legal and financial history of the building and particular unit you are purchasing.

As soon as the negotiation and diligence is complete, it will be time for you to sign the contract for your NYC home purchase. The standard market practice is for you also to deposit 10% of the purchase price into escrow (usually held by seller’s attorney) at the time of signing. If you are financing, this will be the time for you to submit the contract to you mortgage banker in order to finalize the process of securing your home loan. Mont Sky will assist you throughout all stages of this process.

Mont Sky Real Estate NYC offers its agents the ability to keep up to 100% of commissions earned.

5. Finalize board application/approval and hold your closing inspection

Once your contract is signed, your Mont Sky buyer’s agent will help you to prepare your application and materials to be submitted to the board of the co-op or condo building you are purchasing a unit in. While the process is much more challenging for co-ops, it’s important that you treat either application as professionally as possible when buying a house in NYC. We will ensure that your application represents your candidacy in the best possible light.

Once you’ve been approved by the board and a closing date has been scheduled by your lawyer, you and your Mont Sky buyers’ agent will perform a final walk-through / inspection of the unit. This is an opportunity for you to identify any issues which have arisen since the contract was signed and an important step when buying a house in NYC. We will help you inspect things such as the fixtures and utilities to make sure that they are all in working order.

6. Close your NYC property purchase

At closing, your attorney will present you with the requisite list of documents for you to review and sign. After signing the documents and receiving confirmation from your bank that the loan has been funded (if you are financing the purchase), your home purchase will officially be ‘closed’.

At this time, you will receive the keys to your new home along with a friendly housewarming present from your Mont Sky agent!

Mont Sky Real Estate NYC
Mont Sky Real Estate NYC

6. Close your NYC property purchase

At closing, your attorney will present you with the requisite list of documents for you to review and sign. After signing the documents and receiving confirmation from your bank that the loan has been funded (if you are financing the purchase), your home purchase will officially be ‘closed’. At this time, you will receive the keys to your new property!

Start the conversation today.

Contact us today to begin your search and gain the professional representation you need to succeed. Our services are always complementary for NYC home buyers.

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