Buyers guide

The Fast International Edge

• With professionals in prime neighborhood locations Fast International provides full service brokerage for buyers, renters, and corporate relocations, commercial, financial, and investment consultants.
• Our service is beyond brokerage; we are a financial consultant, educator, and partner to the end user.
• Provide you with a survey commonly known as comparative market analysis, which consists of intimate knowledge and an intense study of property value considering appreciation, supply and demand, presentation, price-per-square foot comparison, and image.

 

• We manage the preparation of your board package. We will guide you through the process and ensure that you appear before the board at your best. Our senior management team reviews and fine-tunes all board packages.
• We will recommend an attorney, or work with yours to make sure an appropriate contract is prepared and signed promptly.
• If you haven’t pre qualified for a loan, we will recommend and coordinate all activities regarding your financing of the prospect property.

Buyer Checklist

• Evaluate your budget – know what you want to spend for a down payment as well as monthly expenditures (i.e.; maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, parking, etc).
• Prioritize your needs – space, light, views, building amenities, etc.
• Identify your timeline for moving.
• Explore different neighborhoods to identify your preferred needs.
• Research schools in the selected neighborhood(s).
• Evaluate access to transportation in the selected neighborhood(s).
• Evaluate building amenities and house rules in terms of your needs (i.e.; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.).
• Work closely with your broker to gather support materials for you mortgage application and board package.
• Once apartment has been selected, review building financials with your broker/ attorney.

Purchasing Process

• Seek pre-approval for a mortgage: Typical time frame: 1 – 2 days .
  
  You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperative apartments generally require at least 25% down. However, every building is different. 15% of Manhattan’s buildings are condominium buildings and the other 85% are cooperatives.
• Find an apartment: Typical time frame: 1 week – 2 months .
  
  Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 apartments before deciding on one. Internet-savvy buyers save time by doing their ‘homework’ before their search. The average number of apartments viewed before buying by our internet buyers is 4-5.
• Negotiate on the Apartment: Typical time frame: 1 day to 1 week .
  
  Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc. Apartments are delivered ‘swept clean’.

 

• Complete a Board Package or Condominium Application: Typical time frame: 1 – 2 weeks .
  
  Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information packet to be completed before a closing can take place. In order to review a potential purchaser, the board of directors for a co-op demand extensive information in a board package.
  
  Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information packet to be completed before a closing can take place. In order to review a potential purchaser, the board of directors for a co-op demand extensive information in a board package.