What Is the Home Buying Process in New York City?

1. Budget Assessment & Mortgage Pre-Approval

   Buyers first need to understand their  budget and communicate with a bank or mortgage broker to complete the necessary review and obtain a pre-approval letter.

   
   

2. Property Search & Scheduling Showings

   After receiving pre-approval, ACRE’s professional agents will connect with you by phone to understand your needs in detail, recommend suitable properties, and arrange property tours. If you have any questions throughout the home-buying process, our agents are always available to assist you.

3. Submitting an Offer

   Once you find a property you like, you may submit an offer or purchase proposal to the seller. When submitting an offer, you will need to provide a pre-approval letter or proof of funds for an all-cash purchase. You may submit multiple offers at the same time, and each offer can go through multiple rounds of negotiation

4. Home Inspection

   Before the purchase contract is signed and becomes effective, the buyer must hire a licensed home inspector to conduct a property inspection. The inspection fee is paid by the buyer.

5. Contract Signing

   After the contract is signed, the buyer typically pays 10%–20% of the purchase price as a contract deposit, which is held in escrow by the seller’s attorney or a third party. If the buyer withdraws without a valid reason (such as title issues or mortgage denial), the deposit may be forfeited

6. Mortgage Application

   Once the contract is signed, the buyer formally submits a mortgage application to a bank or mortgage broker and locks in the interest rate. The lender will conduct a review of the buyer’s income, assets, credit history, and contract details, arrange for a property appraisal, and provide a detailed breakdown of loan terms and closing costs.

7. Title Search

   The buyer’s attorney conducts a title search to review ownership history, existing liens, and legal risks. For single-family homes, potential violations are also checked. Buyers typically purchase title insurance for protection.

8. Closing

   Once all steps are completed, the attorneys will schedule the closing. A final walkthrough is conducted within 24 hours prior to closing. Closings typically take place at the seller’s attorney’s office or a lender-designated location. Buyers should bring valid ID and funds for the remaining balance and closing costs.

Acre’s agents provide one-stop home buying services, guiding you from budget planning and mortgage options to matching the right property, developing an offer strategy, and assisting with contract signing. We continue to support you through inspections, loan approval, and closing—making the entire buying process clear, organized, and stress-free.