3 Things Every NYC Home Buyer Should Know

1. Unless you're purchasing a townhouse, you'll have to submit an application. You've heard about co-op applications, but condos require applications as well. That's even though they really can't reject a buyer (otherwise the condo will have to buy the unit). These applications can be nearly as robust as what a co-op requires. One big difference: a condo won't require an interview.

2. It will take longer than you think. From accepted offer to closing will be at least 2-3 months, whether it's a co-op or a condo. Townhouses can close more quickly if the stars align.

3. You may need to be flexible. Sometimes you won't be able to move directly from one home into another. Your closing date could get pushed back until after your current lease ends or after you've closed on the home you're selling. You'll have to find a place to live and to store your stuff for that interim period. If you're financing the purchase, make sure your rate lock holds through the close date. If not, extend it.