BUYERS GUIDE
JILL SMOLEN
JILL SMOLEN
Licensed Real Estate Salesperson
Certified Buyer Representative
Member of the National Association of Realtors
I am a dedicated real estate professional with over 15 years of experience, specializing in the vibrant and dynamic NYC market. My passion is the Upper East Side and Sutton Place neighborhoods. I bring unmatched expertise and a deep love for this incredible city. Born and raised here, I thrive on the energy, culture and diversity that make New York City the very best place to live. Ask me about the hidden gems and iconic spots, I know them all.
My success is largely driven by my referral network. I work tirelessly meeting my clients’ needs, as a knowledgeable guide through an often complex and challenging real estate market. The foundation of my business is communication, dedication and integrity. I pride myself on providing exceptional customer service, ensuring every client feels valued and understood throughout the buying and selling process.
I am a member of the Real Estate Board of N.Y, the National Association of Realtors and am a Certified Buyer Representative.
Jill Smolen
Licensed Real Estate Salesperon
Licensed as Jill Feinberg Smolen
main: 215.962.7353 | Office: 646.677.1008
jillsmolen@bhhsnyp.com
PRAISE FOR JILL
“Preparing and selling our home was a long and complex and difficult project. Your advice, support and determination made all the difference.”-
DAVID
“My apartment was on the market for nine months without a single offer. It went under contract five days after Jill took control of the property. Thank you.” - OLIVER
“Thank you for helping us find our home. We will recommend you to our colleagues.”
- VERONICA & MIKE
WHAT IS A BUYERS AGENT
A buyer’s agent is engaged by the buyer to exclusively represent their interests. The agent will negotiate the purchase price and terms of a transaction with terms acceptable to their buyer. They have a fiduciary responsibility to the Buyer to be loyal, act confidentially and provide full disclosure. A buyer’s agent does NOT represent the interest of the seller.
LEGALLY A BUYER’S AGENT HAS A SINGULAR FIDUCIARY DUTY TO THE BUYER.
You need a buyer’s agent in NYC to help navigate the process and your interests as an expert and an advocate,
BUYERS THAT RELY ON THE SELLER’S AGENT TO HANDLE BOTH SIDES OF THE TRANSACTION DO NOT HAVE A PROFESSIONAL, DEDICATED AND UNCONFLICTED ADVOCATE. PLAIN AND SIMPLE....
A BUYER’S AGENT
Can help...
- Educate you about the current market and provide insight into current trends.
- Choose a lender and draft a REBNY (financial statement). Both are needed to make an offer in NYC.
- Select an attorney who specializes in cooperative and condominium transactions.
- With the search and scheduling showing appointments in NYC as it can often be a challenge.
- Create a market analysis for the apartment you choose.
- Construct the offer and handle negotiations.
- Guide the transaction once an offer is accepted.
WHY CHOOSE ME?
As a dedicated professional I know how to get your deal done.
Not only do i understand the rules of agency and what a committed broker must do to transact real estate, but i will communicate with you, educate you and advocate for you at every step.
I will provide you with personalized service and unwavering loyalty and perseverance. My expertise and proven track record in negotiating transactions will get the deal done, and that is what you want.
PREPARING TO PURCHASE YOUR NEW HOME
To purchase a home in Manhattan you will need to take these first steps:
- Obtain a pre-approval from a lender
- Complete a REBNY (financial statement)
- Contact an attorney (and discuss fees)
- Prepare for your initial deposit or escrow (generally 10% of negotiated price)
Then your home search begins....
DIFFERENCE BETWEEN A CONDO AND A CO-OP
CONDOMINIUM
- Most new construction
- Real Property – Just like buying a home
- Monthly maintenance charge
- Monthly tax bill
- Greater flexibility in:
Financing
Subletting
- Generally, more expensive
- Easier access to ownership
CO-OP
- A form of home ownership unique to NYC where shares (like the stock market) are issued as a form of ownership to each buyer.
- Over 75% of apartments in NYC are cooperatives
- Monthly maintenance fees include property taxes
- The corporation determines percent of financing permitted in the building
- The co-op board sets the rules in the building
- Strict subleasing policies
- Rigorous selection process; includes financial disclosures and personal information
- Interview process
STEP 1:
STEP 5:
STEP 7:
Complete Purchase Application & Board Package
STEP 6:
Loan Application
STEP 8:
Board-Approval
STEP 9:
Bank Supplies Clearance to close
STEP 11:
Final Walk-through & Closing
STEP 10: Closing Scheduled
STEP 12: Celebrate!!!
THE SEARCH
Let’s start with the fun part
Finding your new home is a process. As your agent I listen to what’s important to you and help identify your options. As the process for your purchase solidifies, we begin to walk down the path together. I know that sounds a bit hoaky but that’s how it works. Once we identify a property to purchhase, I will look at comparable apartments in the building and neighborhood to help you come to the appropriate offer price. A written offer is submitted along with your REBNY (financial statement) and mortgage preapproval if needed. As an expert in negotiation, I will counsel and guide you through the process. Often, it’s a process with multiple rounds of negotiation. With my guidance we will agree to a deal that works for everyone.
THE OFFER & ACCEPTANCE
Now you have found your dream home, the next steps begin.
Your offer has been accepted and a term sheet or deal sheet has been distributed to the parties involved in the transaction.
The transaction is then reviewed by the attorneys. Your attorney will advise you on acceptable contract terms and begin a due diligence process on the building and your apartment. This may involve another round of negotiations. It’s in both the seller and buyers’ interests to complete this process quickly and efficiently. Until the contract is executed the deal is not finalized. Execution requires signatures by buyer and seller and a deposit.
Upon execution of the contract the application and board package process begin. If financing is involved the bank’s loan process begins. Often the same financial documents are required by the bank and the building’s board. The management agent acts as the board’s secretary collecting data and making sure the information is complete. Once the package is complete it is passed on to the board for approval. If it is approved an interview is scheduled.
Once the buyer is approved by the board, a closing is scheduled by the management agent and if a loan is involved, the lender. Loans require additional documentation and a loan commitment to close. All must be completed to close.
The broker’s role is to guide the process and to move it along. A thorough understanding of the process is needed for a successful closing.
LOAN APPLICATION PROCESS
The following information is typically needed when applying for a mortgage:
PURCHASE CONTRACT AND PROPERTY INFORMATION
• Copy of sales contract
• Mailing address and property description
• Contact information for access to the property
• Plans and specifications (new construction only)
PERSONAL INFORMATION
• Social Security number
• Age
• Years of schooling
• Marital status
• Number and ages of dependents
• Current address and telephone numbers
• Addresses for the past seven years
• Current housing expenses (rent, mortgage, insurance, taxes)
• Name and address of landlord or mortgage holder for past two years
EMPLOYMENT HISTORY AND INCOME
• Two years of employment history, with complete details of each job
• Recent pay stubs and two years of W-2 forms
• Complete tax returns and financial statements (if self-employed)
• Written explanation of employment gaps
• Records of dividends and interest received
• Proof of other income
ASSETS
• Complete information on all bank and money market accounts
• Two months of bank statements
• Current values of stocks, bonds, mutual funds and other investments
• Vested interest in retirement funds
• Value of life insurance
• Information on vehicles you own
• Information on any other real estate you own
• Value of significant personal property you own
LIABILITIES
• Itemized list of all current debts (loans, credit cards, and other bills) Written explanation of past credit problems
• Full details of bankruptcy during the last seven years
FEES
• Credit report and appraisal fees (usually $500 or less)
TIPS TO FOLLOW PRIOR TO PURCHASING YOUR HOME:
• Refrain from changing jobs
• Hold off on buying or leasing a car
• Be sure to maintain bank accounts at the same bank
• Hold onto your savings
• Avoid large credit card purchases
• Decline cosigning on loans
• Hold off on applying for new credit cards
OUR FAMILY OF SERVICES
A partnership with one world-class organization opens the door to a seamless partnership with our family of services companies. Berkshire Hathaway HomeServices New England, New York and Hudson Valley Properties and our partner companies are with you every step of the way.
Prosperity Home Mortgage (PHM) is a licensed mortgage banker offering free pre-approval. Mortgage & Financing Services
Marc Kunen 347.992.6846 | Marc.kunen@phmloans.com
HomeServices Insurance provides personal insurance coverage for home, auto, umbrella, and more written with top-rated local and national insurance companies.
Shawn Goode 917.743.1341 | Sean.goode@homeservices-ins.com
Providing a full suite of corporate mobility services associated with relocating a new hire candidate or transferring an employee. No opportunity too big or too small, from a single move to complex multi-state, group move programs
Jim LaBanca, Senior Vice President of Operations (800) 579-4432 | jimlabanca@bhhsne.com
The Berkshire Hathaway HomeServices Forever Concierge will help you manage your move and home management needs, all in one place. Your online dashboard includes access not only to vendor recommendations, but also a week by week task checklist that keeps track and suggests your next steps in the process.
MANHATTAN FLAGSHIP OFFICE LEADERSHIP
Berkshire Hathaway HomeServices New York Properties opened its flagship office at 590 Madison Avenue in 2017. Led by industry icons Steven James, Diane Ramirez and Brad Loe, the 75 sales associates work closely with the New England and Hudson Valley Properties offices and agents.
FINEST LOCALLY, DEFINED GLOBALLY
GLOBAL RELATIONSHIPS
Built for a new era in residential real estate, the Berkshire Hathaway HomeServices brand has grown to over 50,000 agents worldwide and has presence across the U.S. and the globe. Berkshire Hathaway HomeServices New England, New York, and Hudson Valley Properties’ global reach can help you find properties anywhere in the world.
50,000+ AGENTS | 1,500+ OFFICES | 50 STATES 12 COUNTRIES & 3 CONTINENTS
United States, Canada, Mexico, Europe, Middle East, India & Bahamas
LOCAL EXPERTISE
Locally, Berkshire Hathaway HomeServices New England, New York and Hudson Valley Properties has nearly 2,200+ agents in 63 offices in Connecticut, New York, and Rhode Island. From Woodstock Connecticut to Woodstock New York and Narragansett Rhode Island to Manhattan, we share in our heritage and esteemed reputation as one of the most respected and admired companies in the world.
2,200+ AGENTS | 63 OFFICES | 3 STATES
