Meet our team, a collective of the most reputable professionals in the area, serving your friends, family, and acquaintances for the past 11 years. We’re motivated by the satisfaction you get when we deliver, so we strive to create experiences as effortless as they are memorable. What’s more, we lead with heart, a value core to the Keller Williams credo.
Make sure to hire a knowledgeable and licensed real estate professional who is considering and can easily guide your search Your agent will sit with you and spend a few minutes going over a buyer's consultation to learn about your wants and needs, filter down the right properties and neighborhoods maximizing your time and making the process seamless and efficient.
VISIT PROPERTIES
Let the fun begin! Looking for the right property can take a few weeks or in some cases a few months Attend viewings and open houses, spanning a range of areas and property types. This is the time to consider your ideal home's location and must have amenities
REVIEW ATTORNEY'S DUE DILIGENCE
When a property is being sold, both the buyer and the seller must be represented by a real estate attorney. The seller's attorney draws up the contract for the buyer's attorney's review Your attorney's job is vital to protecting your interests, they will review board minutes, building financials, and more to go over with you Therefore, you want to select an attorney who is familiar with these transactions
GET PREAPPROVED
The best next step before you start your search is to get preapproved for a mortgage to figure out your price range and understand overall requirements that vary from building to building.
NEGOTIATE
Once you have found a home you like, it is time to put in an offer We will discuss the seller's motivation and any previous offers they've declined to counter so we can come up with a strategy to get you the best price
SIGN CONTRACT AND PUT DOWN
DEPOSIT
Please note, in NYC the closing date in the contract is not set in stone and is very likely to change.
COMPLETE LOAN APPLICATION
You are close to the final steps It's time to organize an appraisal with your bank
PREPAPRE AND SUBMIT BOARD PACKAGE
All condominium and cooperative buildings require the purchaser to complete a purchase application. For condos, the application tends to be on the lighter side condo boards only have first right of refusal. For co-ops, the application is what the board will use to determine if they wish to interview you and, in conjunction with the interview, decide whether to grant you approval or not.
BOARD INTERVIEW & APPROVAL
The managing agent will generally alert the agents when a purchaser has been approved.
BANK ISSUES CLEAR TO CLOSE
CLOSING SCHEDULED BY ATTORNEYS
Buyer's and seller's attorneys will coordinate with the bank, title, managing agent, and other for available dates and times for closing (This can take a few days)
FINAL WALKTHROUGH WITH AGENT
TYPES OF PROPERTIES
What are you buying?
Difference in ownership
The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses. Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%.
Co-op Condo Townhouse
Purchasing shares of a cooperation
Indirect You get a stock and lease with a cooperation
Direct You get a deed and interest in real property
Financing
Can you rent it out?
Be prepared to put down at least 20% of the purchase price, plus closing costs
Maybe, in compliance with board rules
Be prepared to put down at least 10% of the purchase price, plus closing costs
Yes, in compliance with board rules
Approval process
Generally more detailed board package Personal interview required
Less rigorous, no interviews required. Approval is quicker.
Direct
Be prepared to put down at least 25% of the purchase price, plus closing costs
Yes
No condo or co-op board involved in the purchase or sale, creating a much faster transaction from contract signing to closing
CHOOSING A NEIGHBORHOOD
Finding your dream apartment is only half the battle In New York City, buying a home means buying a neighborhood. You have your heart set on Soho style or Williamsburg hip but you may need to compromise your dreams of the perfect apartment to get there To that end, here are a few points to consider when setting your heart on a NYC neighborhood.
Lifestyle
What is most important for you in your daily activities? There are certain lifestyle factors that are different for everyone, but are always important to consider Families may be concerned with having schools or children activities in the neighborhood Pet owners may want lots of green public space Young professionals may be looking for convenience stores nearby and an easy commute to work Assess what are the most important factors for you, what are your favorite activities and be sure to ask your broker the right questions.
Commotion
NYC may be the city that never sleeps, but that doesn't mean you don't have to. Be realistic about what level of noise you are willing to put up with Are you a light sleeper? Do you enjoy a quiet run in the morning? Or is the idea of an apartment without a neighborhood bar not acceptable to you? A neighborhood that can seem quiet during a Sunday open house, might not be so quiet on weekdays or Friday nights It is always smart to check out the area at different times of the day
Commute
New York City has one of the greatest public transportation systems in the world do you need it? Are there subway and bus lines close by? Will you be able to get to work or school, conveniently? Simulating your commute is always a good idea Proximity to public transportation will make your commute much easier and will encourage friends and family to come visit you in your new home
YOUR HOME WISHLIST
Living Room/Family Room
What are your general preferences for your living/family room?
What size room do you have in mind?
Do you prefer your living and family room(s) to be separate and intended for different purposes?
Do you need a fireplace?
What other living areas arc you looking for? [e.g., playroom for children, studio, mud room
What else do you see for living areas?
Kitchen
What are your general preferences for the kitchen?
What features must your kitchen have (e.g., breakfast nook, types of appliances, etc )?
Any preferences on countertops, cabinet finishes, applicances?
Interior
What style do you envision for the Interior of your home (e g , formal, casual, cozy, traditional, minimalist, modern. etc.)?
What kind of floor plan do you prefer (e.g., open vs. walls or divided living spaces)?
In general, what are your preferences for the interior?
Dining Room
Would you like the dining room to be part of the kitchen configuration?
What about the living room- how should it be situated with regard to the dining room?
What size dining room table do you have?
Is there other dining room furniture I should take into account?
How many bedrooms do you need?
How will each of those rooms be used?
What are your preferences for the master bedroom? Bedrooms
How many bathrooms do you need?
What are your needs for each of the bathrooms? (eg., shower, tub, double vanity) Bathrooms
THE OFFER
By now, you have already noticed that New York City's real estate market is one of the most competitive markets in the world and there is also a limited inventory of properties available. Due to the high competition amongst buyers, a buyer must be prepared to submit an offer when they find a 7 out of 10 property. You should make an offer on a home immediately to give yourself a head start compared to other potential bidders.
Here's a list of documents you should have ready to go:
REBNY Financial Statement
Mortgage Pre-Approval Letter
Personal Letter to the Seller
The contact information of your real estate attorney (options included on vendors page)
Types of Offers
In the home buying process in NYC, you will most definitely hear about "contingencies" from your agent, friends or your attorney. But what is a contingent offer? A contingent offer means that an offer has been made and the seller has accepted it, but that the final sale is dependent upon certain criteria that have to be met
All Cash
This is often the most seller-friendly because sellers don't have to think about banks, contingencies, or delays in general. A cash offer can usuallv close in 30 days
Non-Contingent Contingent
This is the next best thing in terms of offer confidence when financing In this case, buyers taking out a mortgage have the confidence to proceed whether or not their loan amount is approved by the bank. A non-contingent offer along with a pre approval letter assures the sellers there are no foreseeable roadblocks.
Some buyers want a financing contingency in case it doesn't appraise, the purchaser loses their income, or any unforeseen circumstance that would cause the bank to deny funding. In this case, an offer will be "Contingent upon financing which protects the buyer There are also Inspections, "Need to Sell First," among other contingencies.
REBNY FINANCIAL
ALL ABOUT CLOSING & CLOSING COSTS
What are closing costs?
Expenses not included in the price of your property. Typical closing costs include attorney fees, taxes, and insurance payments that are due when you sign a mortgage and take possession of the apartment These vary based on purchase price, type of property and the mortgage itself
**All estimates are approximate
Condo Co-op
Attorney $2,500-$3,500
Bank Fees $750-$1,000
Application Fee $350-$650
Processing Fee $330-$500
Appraisal Fee $500-$2,000
Credit Report Fee $45-$100+
Bank Attorney $650-$1,000
Recording Fees: $250-$750
Title Insurance: Varies
Mortgage tax
Condo Unit up to $499,999 99
2.05% (0.25% paid by lender; 1 8% by mortgagor)
Condo Unit $500,000 and up
2 175% (0 25% paid by lender; 1.925% by mortgagor)
Attorney $2,500-$3,500
Bank Fees $550-$1,000
Application Fee $350-$650
Processing Fee $330-$500
Appraisal Fee $500-$2,000
Credit Report Fee $45-$100+
Bank Attorney $650-$750
Lien Search $350-$450
UCC-1 Filing Fee $20-$40 in all counties except Nassau
UCC-1 Filing Fee (Nassau)
$340 ($40 to file + $300 per block)
Townhouse
Attorney $2,500-$3,500
Bank Fees $750+
Processing Fee $330+
Appraisal Fee $500-$2,000
Credit Report Fee $45-$100+
Bank Attorney $750-$1,000
Recording Fees: $250-$750
Mortgage tax
Single Family Residence
$499,999.99 and below 2.05% (0 25% paid by lender; 1 8% by mortgagor)
Single Family Residence
$500,000 and up 2.175%
(0 25% paid by lender; 1 925% by mortgagor)
Property Price Mansion Tax
PREFERRED VENDORS
Peter Zinkovetsky, Esq.
Avenue Law Firm
https://www.avenuelawfirm.com
peter@avenuelawfirm.com
Tel: 212 729 4090
99 Park Avenue, 10th Floor, New York, NY 10016
Sharon Yehoshua Darouvar, Esq.
Konner Gershburg Melnick
Darouvar
462 Seventh Avenue, 12th Floor
New York, New York 10018
E. syd@kgm.law
O. 212.390.8866, Ext 412
D 929 499 9672 (Landline)
Lynn Markel, Esq.
Markel-law com
lynn@markel-law.com
Tel: 516.205.2343
Steven Esses www.fmm.com/sesses sesses@fmm.com
Direct: 212 231 7324
Mobile: 732.859.7055
Licensed in NY-NJ-FL-PA
Elise D. Leve
Citizens Bank, N.A.
Cell Phone: 917-861-5600
Direct Dial: 212-699-2846
elise.leve@citizensbank.com
Keara Mooney Mortgage Loan Officer, RCG Mortgage kmooney@rcgmortgage com
Tel 516-967-8540
490 Wheeler Rd, Ste 252 Hauppauge, NY 11788
John Lundholm www QMGLLC com
jlundholm@qmgllc.com
399 Knollwood Rd. Suite 320, White Plains, NY 10603
Cell: 917-727-2504 | Office: 914.368.7122
NMLS # 481248
Company NMLS # 979266
THE TERMS
Appraisal
Process of determining a property’s market value.
Closing Costs
Expenses over and above the price of the property, paid at the closing.
Common Charges
Monthly charges paid by condo owners that cover the costs of shared building amenities
Contract of Sale
A legal agreement between a buyer and seller that outlines the terms of purchase or transfer for a property
Co-op Board
A group of residents elected to represent all shareholders within a co-op building. The board determines the rules of the building, addresses building issues and reviews new buyer applications.
Final Walk-Through
Buyer's walkthrough of the property to make that takes place a few days before closing so that the buyer can ensure the space’s condition is true to what is specified in the contract.
In-Contract
An offer has been made and accepted on a property. The buyer has paid a deposit, and both seller and buyer have signed the contract. The listing is no longer available on the market unless the deal falls through.
Maintenance Fee
Monthly charges paid by co-op owners to cover operating expenses of the building, including taxes, insurance, etc.
Mortgage
Loan that a bank or lender gives you to buy a house. A mortgage payment is made up of principal, interest, taxes and insurance
Pre-Qualified
An estimate of the loan amount you will likely be pre-approved for.
Pre-Approved
Confirmation from your bank or lender that you are approved for a specific loan amount.
As-is condition
The property will be sold in its existing condition, without repairs.
BUYERS' FEEDBACK
The Wheelock team helped us find our first condo and we had a top notch team from the beginning You will want Daisy on your team to find your dream home, and support from Mandy and Jen along the way is all you need! The team is so professional, buttoned up and lovely to work with - we cannot wait to work with them again in the future.
The Wheelock team made our purchase painless, efficient and personal. It was a delight to work with them and would recommend them to anyone looking for purchase or sale help Plus the thoughtful gifts were a very night touch.
We recently bought a condominium in Manhattan. Though we live in California and almost all meetings and transactions were done remotely, whole process went very smooth We could not do it without Erin and her team's outstanding support. They are very efficient, professional and very nice to work with.
We purchased our coop in Manhattan with the assistance of Erin and her team Navigating the co-op purchase process in Manhattan is not easy, but the Wheelock team provided practical guidance that made the process much easier. Jen S. and Mandy M. are very detailed-oriented and they are there every step of the way including but not limited to reviewing the co-op application, communicating with the seller's team and the co-op managing company The Wheelock team is resourceful and provided us with a list of trusted advisors (e g mortgage originators and attorneys) to consider When we encountered a roadblock during the closing, Erin was there to reach out to other parties with a sense of urgency. Overall, we are happy with the Wheelock Team and highly recommend their service.
THE BOTTOM LINE
That's where we come in
At the closing table, our goal is for you to feel that the experience of purchasing your home exceeded all your expectations, so throughout all of our interactions - from search to close - we will work hard to achieve that goal
When you choose us as your partners, you are not just getting a trusted, respected team - you are getting local experts who are passionate about serving our community and those who call it home
