Details on how to buy a condo/co-op real estate: The Dummies Version

I bought a place that more or less fits your parameters a couple years back, though in Brooklyn not Manhattan. I first viewed the apartment in March and closed in August, so about 5 months end to end, though I was probably a little slow to make an offer. I think the time can vary a lot, since there are so many steps involved (and co-op boards in particular can be slow-moving). One problem I had when looking at inexpensive places is that sometimes I was up against buyers who could pay all cash, whereas I needed a mortgage (which, obviously, I did qualify for). That sucked but became clear pretty early on. Boards may also require more of a down payment than the bank would. I myself put down 25% which seemed to placate them; I think they wanted 20% though who knows if they would have negotiated. I haven't lived in Inwood/Washington Heights/Astoria but I have spent some time in each of those places. I would recommend taking some time to get to know the areas. In particular, although they are all places with a bunch of young professionals these days, I would say Astoria strikes me as a bit different from Inwood/Washington Heights, so maybe try to narrow down which you prefer. (You may also want to check out Jackson Heights if you're amenable to Queens; my friend bought a nice apartment in a building with a courtyard within your price range, pretty near to the 74th Street subway stop). Maybe you could schedule some time around going to view apartments. It's also a good idea to check out the neighborhood at night, just to make sure you feel safe. (My walking-around self says, those neighborhoods all feel totally safe! but my day-job law-enforcement self would urge you to get a sense for yourself, since some areas, particularly within Washington Heights/Inwood are more high-crime than others.) A good idea, which I unfortunately didn't really follow myself, is to attend lots of open houses/schedule lots of viewings so you can get a sense of what different apartments are like in your price range. You will definitely want to hire an attorney for the process, as well as an engineer to inspect an apartment where your offer is accepted. I have some names, including my own, which were great, if you want suggestions. As dfriedman says, you can also ask a real estate broker many of your questions. I personally did not have my own real estate broker; while the seller's realtor was helpful to me and our interests more or less aligned, I did always bear in mind that I wasn't her client--i.e. I would ask her about the co-op's requirements and other specific logistical questions, but not much more than that. Feel free to memail me if you have any other questions you think I could help with; I love talking about this stuff (to the likely despair of friends and family).

-I did read that after a potential buyer expresses interest in the property, it proceeds onward to contracts and reviews by a lawyer, etc., review by a coop board/condo board, etc. My main concern is: How long does this generally take? The time between having a bid accepted and closing is typically 90 days, assuming a reasonably laid-back co-op board. My process took about 2 months to close, and this was considered essentially unheard of among my friends and relatives who bought real estate in the city.

I've gone through the buying process twice and the selling process once in NYC. To answer your questions: 1. Timing. It depends. Coop boards are generally slower than condos. The process will take longer if you need to get a mortgage. I once bought a condo in 21 days; that was considered absurd. My coop sale to an all-cash buyer in a reasonable coop building took 2.5 months from accepted offer to close. Keep in mind that things sometimes go slower in the summer as board members go on vacation, etc. If speed is important to you, a condo is the way to go. 2. Location. I would never buy an apartment in NYC in a neighborhood I hadn't lived in for at least 3 months. This is the biggest financial decision you'll ever make. In your shoes, I would recommend the following: 1. Find a temporary sublet in the neighborhood of interest. Barring this, talk to friends who live in the neighborhood. If you don't have friends there already, I would strongly rethink buying without living there first. I know it sounds like it'd be cheaper, but if you're spending all your money or time on cab rides and/or hour-long commutes every single day, that's not a good deal. 2. Get all your ducks in a row (save for at least a 20% downpayment, as well as a year of maintenance + mortgage). Get your reference letters written. Your realtor will help you with your board package, but if there's anything hinky going on with your credit history or tax returns, figure it out now and try to fix it. 3. Go to every open house you can. Get a feel for the inevitable tradeoffs and figure out what's important to you. It is true that the housing market is tight and things move fast. The best thing to do to prepare is do your homework so that you can act quickly when the right thing comes along.

I just closed on selling my co-op in Brooklyn on Friday. I would advise against counting on a certain date to move in (that is, telling your currently place you'll be out). At basically any point, the seller can decide not to close and then you're SOL if you told your landlord you'd be out on the 31st. As far as putting an offer down on a place, you need to be ready to do that the day you see the place. Every open house I had, there were multiple offers. Most fell through, but our selling agent got them on the way out of the apartment. Not sure if you've been reviewing property prices but $150 to $250K is really, really on the low end: it's roughly how much my place sold for and I live just a bit up from Coney Island. Perhaps things are cheaper where you're looking, but I seriously doubt it unless you're willing to live where I am trying to leave. I would absolutely never move to a neighborhood I didn't know well, but that's me. There's enough variables with the apartment and immediate neighbors themselves that I wouldn't want to risk the neighborhood being shitty as well. Also mlle valentine is hella helpful.

Also, just as a point of reference: we sold the co-op and are now looking for a place to rent for a year while we look for a different co-op to buy. My original plan was the use the 90 days of stay past close on our contract to close on a place but I was way, way off on the timeline there.

Sorry, last thing: from the offer to the closing, it was about five months. There were a couple of minor hiccups, so if it had gone flawlessly it would've been around 3-4.

1. Like others said, usually 3-4 months between making an offer and closing. 2. We're looking in a different and possibly more competitive neighborhood, but the competitive market absolutely changes the approach to making an offer. Most properties I've looked at only have one or two open houses, and have a couple of offers on the table the same day. They will expect a "best and final" offer the same week. That means that there's no back-and-forth or negotiating, every offer is basically a blind auction between you and a handful (or more) other buyers. We generally offered the most we could afford on any property that we liked (usually around 5% over ask) . And we made 12 offers before one was accepted. There are just an absurd number of people out there willing to make all-cash offers, or forgo the financing contingency. Feel free to memail if you want to chat - we're currently at the stage where we've had an offer accepted but have not yet signed contracts.

One of the things I didn't realize when buying a condo in a Chicago suburb was how much the condo board really mattered. I'd recommend finding out as much as you can about the board (are they in good fiscal shape? Are they stickler for ticky tacky rules? do have a long term plan for replacing items, or do they special assess as each thing happens)?

I just wanted to say thank you to everyone for replying to my questions. Every single person gave an answer that was helpful and gave more insight to me (3 to 5 months as am average from bid to close? 12 offers before one was accepted? All cash?). I will say that I have read articles, but still did not make the connect as to what reality was. I will likely be following up with a few of the people that said I could memail them for more info. Thanks again, everyone!