CLIENT GUIDE
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Renter Manual
Renting an apartment in New York is not an easy task. Going at it alone often means running into numerous dead ends and uninviting spaces you’d never realistically consider. The reality is that the market moves very quickly, and because so many of the city’s most desirable apartments are controlled by agents if you’re serious about finding something that you’ll be happy to call “home”, we suggest enlisting the help of a real estate agent on your search.
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Buyer Manual
The decision to become a homeowner will be one of the biggest you’ll ever make. That's why it is vital to have an investment strategy in place before jumping into the New York City real estate market. You'll need a buyer’s agent, a mortgage broker, and a real estate attorney. Follow our step-by-step process for a smooth, enjoyable, and successful purchase here in NYC.
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Seller Manual
Selling your home can be an emotional decision. That is why your agent can take the emotion out of it, and focus on the business part of it. Our job is to price the apartment just right so that you maximize your investment and close at an efficient pace. Having an exit strategy when selling your property is vital and executing it successfully the first time around is just as important. There are many moving parts to a sale in New York City that most owners overlook which is why 9 times out of 10 properties are sold by a real estate professional.
Renter manual
Renting an apartment in New York is not an easy task. Going at it alone often means running into numerous dead ends and uninviting spaces you’d never realistically consider. The reality is that the market moves very quickly, and because so many of the city’s most desirable apartments are controlled by agents if you’re serious about finding something that you’ll be happy to call “home”, we suggest enlisting the help of a real estate agent on your search.
Rental Requirements
Income: 40 - 45 x's the monthly rent (ie: a $3,000 apartment would require you to make an annual salary of $120,000 to $135,000
"Guarantors" aka "co-signers" will need to make 80 - 85 x's the monthly rent in annual salary
Credit: 700 + credit score is ideal, anything less landlords and management companies will require an additional security deposit
Proof of Income
2 most recent tax returns
3 most recent pay stubs
Offer or employment letter
Assets
3 most recent bank statements
Buyer Manual
The decision to become a homeowner will be one of the biggest you’ll ever make. That's why it is vital to have an investment strategy in place before jumping into the New York City real estate market. You'll need a buyer’s agent, a mortgage broker, and a real estate attorney. Follow our step-by-step process for a smooth, enjoyable, and successful purchase here in NYC.
Step 1: Get pre-approved for a mortgage
By getting a mortgage pre-approval letter before you begin searching for your new residence, you’ll have the ability to make an instant offer should you stumble upon “The One.” Mortgage brokers can quickly tell you based off your level of income and assets what your budget can be. At this point, the mortgage broker will draft a “Pre-approval" letter indicating how much the bank is willing to lend you. Without pre-approval, agents and sellers won’t take you seriously. Instead, they’ll move on to a buyer who has the necessary paperwork.
At Nestseeker, we have mortgage broker who works closely with me to smooth this process.
Step 2: Planning the future and understand what you what VS. what you need
Predicting the future also means buying only as many apartments or houses as you think you’ll need, but not much more. Nowadays, it is better off buying the apartment or home you think you’ll need for your family for the next seven to ten years. Once you know what you can spend, you will then need to find out what your money can and can’t buy you. Having realistic expectations is very important when searching for your next home, and working with a buyer’s agent can help you manage those expectations by educating you on the current inventory.
Step 3: Viewing Apartments
Working with a real estate agent who knows the market helps saving time and can show you the best options efficiently which will ultimately save you time in finding your “perfect home”.
At Nest seekers, We will conduct all searches for properties that work with your criteria and will suggest a number of options to satisfy your housing & lifestyle needs, including types of property, different neighborhoods, types of amenities, and layout configurations.
Step 4: Submitting an offer
If you find a home that you love, make a reasonable offer. Ask your buyer’s agent to prepare a comparative market analysis. You can leverage your agent’s expertise for this part. A CMA helps you better understand the fair value of a property. If you choose to go with a real estate agent, they will handle all the negotiation talks and make counteroffer suggestions.
Nuttia can provide property analysis for each unit to each client.
Step 5: Going into contract
Congratulations, you have an accepted offer! Not so fast. You don’t technically or legally ‘have’ anything yet. You still need to put down 10% for escrow and your trusted Real Estate Attorney needs to conduct his due diligence on the transaction. That may include looking at the building financials, the offering plan, and deal specifics. Usually this take about 5 days. Once everything is cleared by your attorney, you are ready to sign the contract and put down your deposit.
At Nest seekers, We will recommend an attorney, or work with yours to make sure an appropriate contract is prepared and signed promptly.
Step 6: Purchase application
At this point, you will be handed a condo or co-op purchase application. This serves as your application to live in the building and be approved by it’s board members. As you may have heard, the condominium application approval process is much easier and quicker than the cooperative approval process by which you have to literally be interviewed in person by it’s board members. But don’t worry, your agent will walk you through each step and make sure that your board package is organized and impressive so that there are no issues getting approved.
Step 7: Closing
You’ve made it through the process and now you’re almost done with everything. You’ll be signing a lot of documents that will make the property officially yours. You will always be granted a “walk-through” before the closing to check that the apartment is in the same condition as when you first decided to purchase it. The keys will be handed over to you at the closing and you are now the owner of your new dream home!
Congratulations on successfully completing your home buying process!
Seller Manual
Selling your home can be an emotional decision. That is why your agent can take the emotion out of it, and focus on the business part of it. Our job is to price the apartment just right so that you maximize your investment and close at an efficient pace. Having an exit strategy when selling your property is vital and executing it successfully the first time around is just as important. There are many moving parts to a sale in New York City that most owners overlook which is why 9 times out of 10 properties are sold by a real estate professional.
Step 1: Working with the right broker
It's critical to choose a broker you can trust to obtain the best price for your house while also completing the deal efficiently. Because you'll be working closely with this person throughout an emotional process, it's critical that your agent is composed, knowledgeable, and assured.
Step 2: Pricing your home
Your broker will be able to provide you with all information regarding recent comps in the neighborhood and in your building, current competing listings in the area, and market trends. The best New York listing agent knows exactly what local buyers want and how to reach them. With expert advice seller who works with a real estate agent net 33% more, on average, than those who list on their own.
It is also important to understand that in a market where nearly everything sells, only the market itself will determine what your property will actually sell for: that means above or below the asking price.
Step 3: Marketing and showing your home
All photographs, floor plans, and facts about the listing need to be put together by your broker before launching the listing to the public. Once the content is gathered, the listing will be sent out to as many potential buyers as possible through ways of major media outlets, real estate sites, and the local and international brokerage community.
Step 4: showings and open house
The more people see and know about your apartment, the better chance you have of selling it quicker and at a higher price. If you are demanding a premium price, then it should look and feel like a premium property.
Step 5: Negotiation, counteroffer and accept offers
The negotiating techniques and communication skills of your broker will affect the selling price. Also, understanding a potential buyer's financial situation is just as important as their offer number. In the situation of a co-op sale, your broker will also determine what a prospective buyer's chances are in receiving board approval.
Step 6: Executing the contract of sale
Once an offer has been accepted, the attorneys will work diligently to iron out all details of the transaction. A deposit usually in the amount of 10% of the purchase price will be put down in the seller's attorney's escrow account.
Step 7: Condo / Co-op approval
This is where your agent will work hard with the buyer or buyer's agent to make sure they are approved by the building condo or co-op board. This can take anywhere between 2 weeks to 2 months depending on the board - generally, co-ops take longer because of the extensive financial documents and references required, as well as the in-person interview that will take place.
Step 8: Closing
Once the buyer is approved by the board and cleared by the bank, the attorneys and managing agents of the building will coordinate a date and time for closing.
