A CLIENT’S GUIDE TO
BUYING, SELLING & RENTING
These tools are available to help guide you in your journey in finding a new home.
Whether you're a buyer, seller or renter, this information will provide you with an understanding in all three spheres of home ownership and working with a broker or agent.
Buyer’s Guide:
Buying a home is a life changing decision and is one of the biggest financial commitments a person can make. It is extremely important to have a plan before the fun part - looking at places!
You'll need a buyer’s agent, a mortgage broker, and a real estate attorney. Here is a step by step guide:
Budget
What is your budget? It is important to determine what you are able to afford. This is where a mortgage broker enters the picture. They will help you find a number based on income and assets. The mortgage broker will provide you with a pre-approval letter that stipulates how much the bank is willing to lend you. You will need this when you start submitting offers to places.
Understanding the Market
You have your pre-approval in hand! Now, what are you looking for? This is where your broker comes in. They will educate you on the market and manage your expectations on what is available. This is also a great time to determine what you want and what you need. Make a list. Some things to ponder for these lists: location, transportation access, pets, children, amenities, investment vs primary, etc.
Viewing
This is the fun part! Set aside dedicated days and times to go look. You will see A LOT! Your agent will take you to the best ones that meet your criteria. Take notes, take videos and pictures. Take note of how you feel in the neighborhood, the building, the apartment itself. Take a stroll through the area. Where is the subway? Where is the nearest grocery store? Coffee shop? How long will it take you to get to work?
Submitting Offers
You’ve found the perfect place! Your agent will submit an offer on your behalf. They will advise you on the best offer to put in to get an accepted offer, along with other important things: contingencies, financing amount, closing dates, transfer taxes, closing date, etc. If you feel inclined, writing a personal letter on why you love the home could work in your favor!
In Contract
Congratulations, you have an accepted offer! Now, you have entered contract or escrow. Closing is imminent!
Closing
While waiting for approval from the step above, everyone will be preparing to close. Your mortgage broker will be getting the loan from the bank cleared, agent and attorneys will schedule a closing in which you’ll take proper title to your new home and scheduling a walk through. This allows you one last time to visit to make sure everything looks good before it is officially yours. Congrats, new home owner!
Seller’s Guide:
Selling a home is another big decision. Choosing the right agent to help you do so is critical in getting your home sold.
Find a Brokerage
Once you’ve decided to sell your home, finding the right company, team and person to assist you is important. They’ll guide you through the process, keeping you front of mind.
Pricing
Once you’ve entered into a relationship with a broker, they’ll need to view your unit so they can properly price it. The agent will pull up comparable’s in the area and make sure your home is priced appropriate for the market and in its current state.
Marketing & Advertising
This is key to getting your home sold quickly and to generate interest and traffic. The broker will put together a marketing plan with photos, floor plans and all the information on the home to ready it for public viewings. Once it is ready, the broker will funnel it to all trusted and popular sites to generate leads, traffic and schedule appointments.
Showings
Ideally, the broker has access to the unit at all times. You never know when you’ll get a last minute request for a showing. The more you can give access, the faster and higher it will sell. The broker will keep you updated on all feedback and progress.
Offers
Your broker will present all offers, help negotiate and get the right buyer for your place.
Approved Offer & Contracts
Once you’ve approved an offer, attorneys will jump into action to ensure everything is perfect. A deposit will be sent to your attorney.
Closing
After inspections and the walk through, a closing date will be set to hand over the title and keys to the new owner.
Renter’s Guide: NYC Edition
Renting an apartment can be anxiety inducing. The demand is high, inventory can be low, the market moves quickly and gathering all paperwork is no easy feat. Finding the right agent is key. You want someone who is going to be upfront and manage your expectations.
Budget
What’s the budget that you realistically want to spend every month? This informs what neighborhoods and what kinds of apartments you’ll be looking for. This city is unbelievably expensive, but sometimes you find that diamond in the rough. Are you able to live alone? Living with a partner or roommates? Make sure you all agree on price and that you have enough to cover 1st month’s rent & security deposits, agent fees, and other fees that may accrue.
Location
Try to lock down a few neighborhoods in which you see yourself happily living. It makes the search WAY easier for your broker, and it saves everyone’s times. How close is it to a train? A park? Work? School? Grocery store?
Need vs Want
We all want that perfect apartment in NYC that has it all. In unit washer/dryer, dishwasher, amazing views and quiet neighbors. If you have furry companions, make sure the buildings allow them!
Timing
Looking for an apartment is a science. How far in advance should you be looking? How fast can I get a place? I would generally say leave about 5-8 weeks to look at EVERYTHING on the market, but if you like it, grab it! Things fly on and off the shelves at an incredible rate. If you’re applying to rent a condo/co-op, factor in at least 30 (or more) days for board approval.
Requirements:
Income: 40 - 45 x's the monthly rent
Guarantors will need to make 80 - 85 x's the monthly rent in annual salary. They will also need to complete and submit the same paperwork you have submitted.
There are a few sites that will sign as your guarantor if you do not have someone to co-sign for you.
Credit: 700 + credit score is ideal, anything less landlords and management companies will require additional security deposit
Proof of Income
Tax returns
3 most recent pay stubs
Offer or employment letter w/ salary
Assets
3 most recent bank statements
Should we work together? Contact me!