Real Estate Expert Brad Zacksons Breaks Down the Steps to Buying a Home in Queens, NY

Are you looking to buy a home in New York? Queens offers the best bang for your buck. Besides being one of the safest boroughs in New York, Queens has several affordable housing options, including condos, co-ops, townhouses, lofts, and fully detached homes.

Homebuyers in Queens can expect the following steps through the process:

Step 1: Know if You Can Afford to Buy

First, confirm you can afford a house in Queens. If you're considering getting a loan, talk to a mortgage lender for pre-approval. They will ask about your income, credit, financial statements, employment history, properties owned and other questions, to determine if you qualify.

Step 2: Decide Whether to Buy

After consultation with a lender, it's time to decide if you'd like to buy a house now. If you realize you are not ready yet, take some time to prepare.

Step 3: Find the Property of Your Choice

Once you can afford to buy a house in Queens or you have qualified for a loan, choose a reliable local real estate agent to help you find the right house. They assist with finding a place that fits your budget and wants.

Step 4: Schedule for Property Viewing

Once you've chosen some houses to consider, start viewing properties with your agent. A good agent will know the local market well and can identify potential issues with the property that you may not be aware of or notice.

Step 5: Make an Offer

Once you choose a potential property, make a verbal offer with your agent's guidance. You can make a counteroffer or consider a different property if your offer is rejected.

Step 6: Schedule Property Inspection

After your offer is accepted, conduct a home inspection and do some due diligence. This includes checking for open violations, non-permitted items, certificates of occupancy or other issues.

Step 7: Find a Real Estate Lawyer

Once your offer is accepted, hire a real estate lawyer to handle the legal paperwork and guide the process.

Step 8: Review, Sign the Contract, and Make a Down Payment

The seller's attorney prepares the sales contract and sends it to your attorney, who reviews the contract's terms and negotiates for you. When both attorneys are satisfied with the contract, your attorney will call you to discuss and sign the contract.

After signing a contract, you write a check for an initial downpayment.

Step 9: Half-Signed Contract is Sent to the Seller's Lawyer

After the contract is signed and the down payment is paid, your lawyer will send it to the seller's attorney for final signing, rendering the contract fully executed once completed.

Step 10: Mortgage Application Begins

After fully executing the contract, begin the mortgage application process. Ensure you select the right lender.

Step 11: Schedule a Contract Closing

The process might take two to four months to close, depending on numerous factors. Make sure your lender has given a clear to close, you've been approved by the condo or coop board, the seller has cleared any title issues, and all parties are ready for closing.

If you're buying a house in Queens, you'll encounter the above steps. Make sure you work with a reliable real estate team to avoid the many possible issues that could arise.