Buyer Guide

Partnering with Blake and Anna

Buying a home can be a wonderfully rewarding experience, especially if you’re doing it for the first time.

It is also a complex process, with a sequence of steps that requires knowledge, patience and attention to detail. We provide the experience and steady guidance to manage the process and enable you to focus on the journey.  From navigating paperwork to negotiating offers, your best interest is always the priority.  We will guide you with data and provide you with the inside track on market trends and timely opportunities, including unlisted properties.

As your buyer’s agent, we will provide services at no cost to you.  The seller pays the full sales commission, which is split between the seller’s agent and buyer’s agent.

  • Build Your Equity: When you pay a monthly mortgage, you increase your equity, or ownership stake, in your property. The greater your equity, the more you can capitalize on your home’s value as it increases over time.

    Fix Your Costs: Unlike paying rent to a landlord or property manager, which can increase your rates year over year, securing a fixed-rate mortgage ensures you won’t have to worry about rising monthly housing costs.

    Create Your Space: Want to retile a bathroom or open up the kitchen by removing a wall? It’s your home. As long as you abide by your building’s guidelines and NYC codes, you have the freedom to personalize your space.

  • Clean Up Your Credit: Credit scores help banks evaluate the risk of lending to individuals. Use a reputable website to access your credit details without damaging your score and explore ways to improve it, if necessary.

    Calculate Your Savings: Expect to pay as much as 20% of the sale price for a down payment, along with associated closing costs. For a complete breakdown of costs, connect with your real estate attorney. We have some wonderful attorneys to refer to make sure you’re in great hands.

    Get Pre-Qualified: To help you estimate your price range, a loan officer will inquire about your employment status, income, assets, debts and projected down payment to determine if you qualify for a loan and at what amount.

    Get Pre-Approved: After getting pre-qualified, you can work with a lending institution to receive a pre-approved loan statement (typically valid for 60 days), which estimates the amount that you will be able to borrow. You will be asked to submit additional financial documents, including pay stubs, bank statements and tax returns. We love to reference this handy infographic with more information about different types of homes generally on the market in New York City.

  • Negotiating the Offer: We will help you determine an appropriate offer amount and terms, and will convey the offer to the seller (via the seller’s agent or directly) and prepare to negotiate the best possible price, terms and closing date.

    Reviewing the Terms: Your attorney will examine the contract of sale, by-laws and financial condition of the building to conclude that everything is satisfactory before you sign.

    Signing the Contract: Upon signing, the contract and deposit (typically 10% but up to 20% of the offer price) will be safeguarded in an escrow account until closing. Keep in mind that the seller can still entertain and accept other offers until the contract is fully executed.

  • Loan Application: Once your application is complete, your financial institution will schedule a third-party appraisal to verify the value of the property.

    Co-op Board Application (If Applicable): In addition to helping you assemble your bank statements, tax returns and letters of reference (personal, professional and financial), your agent will help you navigate the nuances of winning board approval.

    Scheduling the Closing: Once you’ve received approval (if applicable) and the bank provides clearance to close, and we will coordinate a final walk-through and closing date.

  • Kitchen: Turn oven and microwave on and off, Check vents and lighting, Check each gas burner on the stove for leaks and ensure igniters work, Check the hinges and slides on the cabinets and drawers, Run hot and cold water and test the garbage disposal

    Doors, Windows & Exterior: Check that all doors open and close without obstruction, Check all knobs and handles, Check that all windows open and close smoothly and seal properly, Test the doorbell, intercoms, concierge phone and alarm system

    Bathroom: Run hot and cold water and test water pressure, Flush all toilets, Check seals, caulking and grout for damage or mold

    Electrical Outlets: Bring an outlet tester, phone charger or night light, Test all light switches, Check that all outlet plates are straight and secure, Test all light bulbs

    HVAC: Check thermostat and test heating and air conditioning in various modes

    Walls & Floors: Check for stains, marks or damaged boards/tiles, Check walls and paint for dents, marks or discoloration

    Appliances: Begin cycling the appliances to run during the walk-through, Run dishwasher (15 minutes), Run washer/dryer (5 minutes to test belts)

  • Pop the champagne, it’s official! If you have any questions about the buying process, please don’t hesitate to reach out to our team.