Andrea Levine Lic. Ass. Real Estate Broker - null

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Andrea Levine Lic. Ass. R vine Lic. Ass. Real Estate Broker

Table Of Contents

The Perks Of Homeownership

Homeownership Offers Stability And Security 13

Is It Necessary To Use A Real Estate Agent? 15

Countdown To The Closing Table

The Home Preview Process

Buyer's Checklist

The 12 Steps To Buying A CO-OP

5 Tips For Making Your Best Offer

The Andi Levine Team Advantage

CHAPTER 1 The Perks of Homeo s of Homeownership

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Homeownership is the American dream – not just because it has tangible financial benefits, but because it also has the power to change lives. The security, stability, and success homeowners feel have far- reaching impacts, especially in a time like this. Over the past two years, the health crisis has made having a safe space to call home more important than ever before. If the pandemic has changed what you’re looking for, homeownership may be able to deliver the perks you want, financially and emotionally. Today, those emotions are stronger than ever. We’ve lived through a time that has truly changed our needs and who we are, and as a result, homeownership has a whole new meaning for many of us. According to The State of the American Homeowner report from Unison: • 91% of homeowners say they feel secure, stable, or successful owning a home • 64% of American homeowners say living through a pandemic has made their home more important to them than ever • 83% of homeowners say their home has kept them safe during the COVID-19 pandemic As we’ve learned throughout this pandemic, homeownership can provide the safety and security we crave in a time of uncertainty. That sense of connection and emotional stability genuinely reaches beyond just the financial aspect of owning a

home. Moreover, The State of the American Homeowner report from Unison also stated: “While there are many financial benefits of homeownership, what’s often overlooked are the feelings of gratitude, security, pride, and comfort we get from owning a home.” Owning a Home Is a Building Block for Financial Success The benefits of homeownership extend beyond the emotional too. Purchasing your home is a cornerstone of achieving financial success. Homeownership is a cornerstone of achieving financial stability. But many people may not realize just how much owning a home contributes to their net worth. A recent NAR report details several homeownership trends and statistics, including the difference in net worth between homeowners and renters. It finds: “. . . the net worth of a homeowner was about $300,000 w t $300,000 while that of a renter’s was $8,000 in 2021. s $8,000 in 2021.”

To put that into perspective, the average homeowner’s net worth is roughly 40X that of a renter. The gap in net worth exists because as a homeowner, you gain equity as your home appreciates in value and as you pay your mortgage each month. As a renter, you’ll never see a return on the money you pay out in rent every month. Experts agree it’s a great time to explore the benefits of homeownership, even in a competitive market. Here's what several industry leaders have to say about why homeownership is a wise long-term investment. Homeownership is the largest source of wealth among families. . . . Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage. - Scholastica Gay Cororaton, Research Economist, NAR As Natalie Campisi states "Homeowners are shielded from mounting rental prices because their cost is fixed, regardless of what’s happening in the market. . . . Tangible assets like real estate get more valuable over time, which makes buying a home a good way to spend your money during inflationary times." What Does This Mean for You? As the data shows, rents are skyrocketing. The big difference between renting and owning a home is, that when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you. In contrast, when you buy a home, your monthly mortgage payment works like a forced savings account. Over time, as you pay down your loan and as home values rise, you build equity (and by extension, your own net worth). According to the latest data from CoreLogic, the average homeowner gained $56,700 in equity over the past year, a number that continues to grow as home values appreciate.

While it’s still a sellers’ market, buyers have a great opportunity to find a home before mortgage rates and prices rise further. Doing so is not only a smart move today, but it’s also a great way to secure a stable monthly housing payment that will grow your wealth as home values appreciate over time. This should give you peace of mind that your investment is worthwhile. Not to mention, when you buy, you lock in your monthly mortgage for the duration of your loan, creating a stable and predictable monthly payment, even in today’s inflationary times. The bottom line is if you’re considering buying a home, it’s not just about the dollars and cents. Don’t forget to weigh the non- financial benefits that may truly change your life just when you need it most.

CHAPTER 2 Homeownership Off wnership Offers Stability And Security

Home prices have been increasing for quite some time, but now with rising interest rates and inflation, the market is shifting. So, as a buyer, how can you protect yourself from rising costs for things like food, shelter, entertainment, and other goods and services? The answer is in housing. Buying a home allows you to lock in your monthly mortgage payment for the foreseeable future. That means as other prices rise around you, your monthly housing payment (which is likely your largest recurring expense) will be consistent thanks to your fixed-rate mortgage. This gives you the peace of mind that the bulk of your housing costs is shielded from inflation. The two most common loans are Fixed Rate Loans and Adjustable-Rate Mortgages (ARM), Here's the difference between the two. FIXED-RATE LOAN A fixed-rate loan comes with fixed payments that you make until the end of the loan term, and you don’t have to worry about any surprises along the way. ADJUSTABLE-RATE MORTGAGE An ARM comes with an interest rate that varies according to market conditions and terms. However, most ARM products come with low fixed introductory rates that can vary.

THINGS TO AVOID AFTER AP ID AFTER APPLYING FOR A MORTGAGE Consistency is the name of the game after applying for a mortgage. Be sure to discuss any changes in income, assets, or credit with your lender, so you don’t jeopardize your application.

THINGS TO AVOID WHEN AP ID WHEN APPLYING FOR A MORTGAGE

CHAPTER 3 Is It Necessary To Use A Real Estate Agent? e Agent?

Technology has changed the way homes are sought and bought today. In this “Information Era,” most buyers are first introduced to the home they eventually purchase via the internet, through Zillow, Trulia, Yahoo! Homes, Realtor.com, or one of the hundreds of other real estate websites. So that means there’s no real need for a buyer’s real estate agent, right? If a buyer can find and visit a home on the web all on their own, why involve another party? The reasons to use a real estate agent today are as valid as yesterday, and failure to do so could cost more to a buyer in the long run! As a real estate agent, I have better access to the market and special knowledge of local conditions. Buyers’ and sellers’ agents know how to put a real estate deal together. As a seasoned real estate agent, I am familiar with and deal with local building departments, conditions, and unexpected situations in order to get out in front of any possible issues. I will track down homes that meet your criteria and review what I have found to be compatible with your requirements. As an expert, I have my team research the current market trends to stay on top of things. Here’s a short list of the advantages that using a real estate agent can bring to your buying experience:

• Education and experience • Neighborhood knowledge

• Price guidance • Market conditions information

• Negotiation skills and confidentiality • The ability to handle the paperwork • The ability to handle closing questions • Relationships for Future Business

YOU WON’T NECESSARIL T NECESSARILY SAVE MONEY The point of not using a real estate agent would be to save money, right? Otherwise, why would someone turn down professional assistance in finding a home? My job is to keep the transaction “at arm’s length,” such that personalities and emotions do not become involved. Price negotiations take special skill and understanding of the psychology of offering and counter-offering. As a skilled negotiator, I keep the transaction dispassionate and rational. Remember, a man’s home is his castle, and there are subtle ways of making offers not to insult the homeowner. I use specific and professional analytical apps to compare different features of a home to arrive at a fair offer and show the homeowner why this offer should be considered seriously.

CHAPTER 4 Countdown to the Closing T o the Closing Table 10. Buyer Consultation: First, we will meet to go over your needs and wants for a new home. It’s a better approach to have a concrete vision in mind of what type, features, and amenities you want, rather than a “shotgun look” at every listing that’s out there in your price range. Next, we will discuss your desires, if they are affordable, and if they are possible. I will explain the recent updates in the market and how that will affect you. Since a seller will not entertain any offer without proof of funds or a mortgage pre- approval, I will explain your options for financing so you can get a pre-approval letter. See below for We will then set you up on our search for a home and as soon as a home hits the market you will be notified. 9. Preview Properties and Adjust Criteria: With our exclusive KW app, you will have direct access to the MLS which means that we will set you up on a search of your home requirements, and the moment a home hits the market, you will be notified! Then, the hunt begins. Refer below to the home Preview Process. You may see one home before you fall in love or 20 homes…there is no limit! As you preview properties, it might be necessary to adjust your criteria to find the perfect home. If that doesn’t exist, then we will have to discuss where you want to make your trade-off. 8. Write an Offer: The day will come when you have found your new home! Write an offer pros and cons Once that occurs, I will complete a CMA (competitive market analysis) for you to determine the value in today’s market. ( Read below on 5 tips for making your best offer 17

). We will write an offer and I will present it to the seller’s agent, who will either accept it or present you with a counter. Negotiations will go back and forth until we settle and reach an agreement Congratulations! Your Offer is accepted! Now What? 7. Inspection: Your home inspection must be completed by the date outlined on your contract. You may work with whatever inspection company you choose; however, I have used Inspecticore for the last 10 years for my clients and personal purchases. They can be reached at 516-614-5155. The home inspector will walk you through the home and review each item from foundation to roof. He/she will then outline for you anything that may be a safety concern or that you should budget for replacement in future years. The inspection's intent is to make you aware of any issues and not necessarily your time to renegotiate a price unless there are issues that were not evident when looking at the property. For example, if you were told the house was heated by oil and not gas, you cannot make an offer and then request the seller converts to gas. The inspection time period is also a great time to show any family members the property or take room measurements for furniture. 6. Contract: Signing at this juncture, the seller's attorney will e-mail your attorney a copy of the contract with all the terms and conditions that have been discussed. Your attorney will make comments and changes, and it will go back and forth until everything has been agreed upon. Then you will sign the contract, give a deposit check for the home, and it will go back to the seller's attorney for signature by the seller. Once signed, you are fully in contract. 5. Mortgage Application and Approval: For the next 20-30 days during the pending process, you will be working closely with your mortgage lender to secure your loan

approval. They will ask for proof of income, and tax returns, among other documents to complete the approval process. It is important that you respond quickly with these items to ensure your property closes on time. 4. Home Appraisal: During the mortgage process, your mortgage broker will order a home appraisal. The appraisal is essentially the bank's opinion of the home's value. They will select a random third party to complete this appraisal and the results will typically be available within 5-10 business days. 3. Title Report: Your mortgage broker will request a title report and your attorney will order that through a title company. Title refers to legal rights of ownership and whoever has this controls the property. The report contains important information including the legal description of the property, possible defects, liens, restrictions, and other unexpected problems. 2. Survey: A survey is a map of real property that shows where the property is located on the earth, the boundary lines of the property, the improvements on the land, and access to the property. It shows undisclosed rights and easements, encroachments, boundary lines, and if the home is built on the wrong lot. 1. Closing Table: Yay! Once we receive the clear to close for your home, your lender will provide you with the closing documents with the amount of money you will need to bring to the closing. We have negotiated past the inspection, have signed contracts, our appraisal has been completed, you have your mortgage commitment, the title report came in and the survey is up to date. We do a final “walk-through” prior to the closing, usually

the morning of or the day before to confirm that everything is working and the house is in the same condition as when contracts were signed. At the closing table, if occupancy is provided immediately, you will receive keys. Otherwise, once the occupancy date has been reached, we will meet with the seller to receive the keys and the final walkthrough will be completed at that time. Once you are scheduled to take occupancy, you should contact the utility company to transfer utilities in your name. Congrats! You are officially a homeowner! Welcome to the Neighborhood!

CHAPTER 5 The Home Preview Pr view Process

1. Check Out the Photos and Description Online Browsing the interior an exterior of the home is crucial when deciding if the home appeals to your taste and if you can instantly see it becoming your own. If a floorplan exists, always review that as well. Typically you will see the room dimensions, doorways, closets, etc. to help determine if the home fits your needs. 2. Drive Through the Neighborhood: Getting a first impression of the neighborhood and surrounding homes is going to be a huge deciding factor when it comes to buying a home. If you don't have time to visit, be sure to check

out Google street view!

3. Do Your Research! When you move to a new home, you’re not just moving to a new floor plan. You’re also moving to a brand-new neighborhood with new people and new surroundings. Because of this, it’s important to research the area where you’ll be moving. (Examples: Commutes, Schools, Shops, etc.)

CHAPTER 6 Buyer's Checklist

You may have an idea of what you want in your new home…and putting that to paper and having a complete checklist will be very useful. For most people, the prospect of going to view homes they like is a thrilling experience. It’s tempting to think that this is the first step to buying a home, but it’s not. Assuming you have your down payment, mortgage preapproval, and other financial issues handled, the first thing you need to do before viewing any home is to determine what you’re looking for. • What is your criteria? • Do you need a certain number of bedrooms and bathrooms? • Do you want a house that is all renovated or a fixer- upper? If you can’t find your dream home in your price range, what tradeoffs are you willing to make? • Do you want a yard? Is a separate garden area necessary for your lifestyle? • Do you want property only in particular neighborhoods, near a house of worship, or possible public transportation? • Do you want essential structure and systems in good working order and what are the costs as well as your budget? • How much are you willing or able to spend?

Here’s how to Guarantee yourself a better chance at your dream home. • #1 No Mortgage Contingency! • Offer Free Occupancy Post Closing • Offer Extended Occupancy (45-90 Days) • Pay Over Appraised Value (5%-10% Minimum) • Waive The Appraisal • No Contingencies on Sale or Close • Provide a Full Lender Approval Letter • Provide More Money Down on Your Loan • Put More Cash Down (Ex: 50%) • Provide Proof of Funds • Shorten Your Timelines (Quick Inspection/Close) • Closing at Seller’s Convenience • Offer Over Asking Price • Pay Cash • Waive the Home Inspection (Not Recommended) • Pay Seller’s Transfer Taxes

CHAPTER 7 The 12 Steps to Buying A CO-OP

Cooperative vs. Condominium

What is a Co-op? When a purchaser buys a co-op, the purchaser don’t actually own the apartment. Instead, he or she own shares of a co-op corporation that owns the building. Those buyers then have the right to occupy the apartment by holding a proprietary lease to

that apartment. The larger the apartment, the more shares within the corporation they own. Monthly maintenance fees cover building expenses including heat, hot water, insurance, staff salaries, and real estate taxes. In a co-op, the building and its tenants are subject to rules and regulations set forth in the bylaws of the corporation. If an owner would like to sublease his or her apartment or perform any alterations or renovations to it, he or she must get permission from the board of directors elected by the tenants in the building. Advantages of Buying a Co-op Co-ops are generally less expensive than comparable condominium apartments and larger square footage. Some of your monthly maintenance fees are tax deductible. Disadvantages of Buying a Co-op All prospective purchasers must be approved by the Board of Directors. The Board approval process is often time-consuming and rigorous -- requiring extensive information regarding finances, employment, and personal background. Monthly maintenance fees for co-ops are much higher than for condos. This is because the monthly fee includes part of the underlying mortgage and real estate taxes for the building. Many co-op boards limit the amount of the purchase price that can be financed and require higher down payments than are usually required for condominiums. It is harder to sub-lease a co-op and a potential tenant must go through the entire board meeting as if the tenant is purchasing the unit. Each co-op building has its own rules, but many limit or forbid subletting. In addition, many co-ops do not allow you to purchase shares unless you are the primary tenant.

What is a Condominium? Unlike co-ops, condo apartments are "real" properties. Buying a condo is much like buying a house. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments. Real estate tax is charged separately from common charges that represent monthly maintenance fees. Advantages of Buying a Condo In most cases, buyers can finance a larger portion of the purchase price (up to 90%) and put less money down. With a condominium, buyers don’t have to deal with board approval. Condo apartments can be freely sublet, giving buyers more flexibility. Monthly common charge fees for condos are much lower than for co-ops. Disadvantages of Buying a Condo Condos are generally more expensive than comparable co-op apartments. Monthly common charge payments are not tax- deductible.

Purchasing Process 1. Seek pre-approval, pre-qual or pre-commitment for a mortgage: Typical time frame: 1 - 4 days As with all buyers, you must obtain a pre-approval letter from your lender. Refer to section on Necessary Mortgage Documents below. It is very important to know how much you can spend before you schedule any appointments. Co-op apartments generally have stricter down payment requirements and debt-to- income (DTI) ratios. 2. How to Calculate your Debt-to-Income Ratios (DTI) Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it's the percentage of your gross monthly income (before taxes) that goes towards payments. Step 1: Add up your monthly bills, ex. monthly rent or house payment, monthly alimony or child support payment, monthly credit card payment or other debts. Step 2: Divide the total by your gross monthly income, which is your income before taxes. Step 3: The result is your DTI, in percentage. The lower the DTI, the less risky you are to lenders. Many co-ops are looking for 30% or less.

3. Find the Apartment: Typical time frame: 1 week - 3 months

Depending on what you are looking for, the length of your search will vary. Internet-savvy buyers save time by doing your 'homework' before their search.

4. Negotiate on the Apartment: Typical time frame: 1 day to 1 week

The documents that are required for the board will be the same that will be required by the mortgage application. If you cannot or do not want to supply this information,you should not buy a

co-op. Everything is negotiable so inquire about assessments, parking transfer fees, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc.

5. Contract Signing: Typical time frame: 2 days - 1 week

Before your attorney reviews the contract and has you execute, they must first do their 'due diligence'. This includes reading the offering plan, amendments, financial statements and sometimes board meeting minutes. A co-op contract has more contingencies than that of a condo or house sale. They not only have a mortgage contingency but include time lines concerning application submission (usually10 days after written mortgage commitment) & board acceptance. 6. Apply for & Receive a Mortgage Commitment Letter: Time frame: 1 - 4 weeks If an apartment is being financed, the board will require not only the written commitment but the actual loan application that was submitted by the lender. These documents are generally the last items to complete a board package/condo application. 7. Necessary Mortgage Documents What will you need when applying for a mortgage? • Copies of your last years’ W-2 and tax returns. • If self-employed, copies of your last 2 years’ business return. • Most recent paycheck stub for a 30 day period. • Copies of your checking and savings account statements for the past 2 months. • List of all/any credit card accounts; including car loan/ lease and/or student loans. • Further documentation may be requested if needed.

8. Complete Board Package or Condominium Application: Time frame: 1-2 weeks Cooperative apartment buildings require board approval before a closing can take place. In order to review a potential purchaser, the board of directors for a co-op demand extensive information in a board package. Most boards request a full financial disclosure (net worth) with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 2 years, credit history, etc. Condominiums require an information packet to be completed before a closing can take place. You will need the help of your agent or attorney in completing the package. After its complete the agent will review it prior to submitting it to the managing agent of the building. The managing agent will inspect the package to ensure it is complete. The package will then be forwarded to the board of director's of the co-op. After the board reviews the package, they will decide if they would like to meet the potential purchaser. Co-op boards typically meet once a month and some boards do not meet in August. Every board is different, but generally a board meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval. The interview provides the board with the opportunity to meet the buyer and discuss their 9. Submit Board Package or Condo Application: Typical time frame: 1 - 5 weeks 10. Meet the Coop Board for an Interview: Typical time frame: 30 minutes - 1 hour application in further detail. Board interviews can range from an informal meeting to a formal interview, either in person or by zoom. Buyers should review their application prior to the interview and be prepared to answer a wide range of questions from personal to financial. Couples should decide in advance

who will answer which types of questions. Buyers should arrive promptly and dress appropriately. Buyers should answer all questions in a clearly and concise manner. Buyers should avoid providing information that is not directly asked of them.

11. Receive Approval from Board: Typical time frame: 1 day - 1 week

After the board interview, the managing agent will generally alert the seller's broker whether a potential purchaser has passed the board.

12. Schedule a Closing: Typical time frame: 1-2 weeks

After board approval the co-op’s attorney will set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times. You must be able to create a fail-safe board package! Even before meeting the co-op buyer, your agent should be familiar with all the possible ways their application might be rejected. That familiarity will enable you to focus on the appropriate buildings as well as to make the necessary adjustments so that rejection will not occur. Since boards are not obligated by law to reveal the reasons for rejecting a buyer, the buyer and seller must rely upon an experienced broker who understands the delicate nature of purchase applications and the variety of unpublicized reasons why rejections occur. The NYC Legislature had introduced a bill in 2007, Intro 119, known as the “Fair and Prompt Co-op Disclosure Law.” Under Intro 119, the law would require Boards to send a written rejection letter to the purchaser outlining the reasons for the rejection. This proposal set strict time limits for the Board to act and if violated imposes steep penalties on the Board. There were mixed reviews on this bill and it was never passed. To this end, I have attached strong arguments for and against.

Top Ten Reasons for Co-op Board Rejections 1. Financials

A prospective buyer needs sufficient assets following a closing. Boards focus on the amount of liquid assets one has, and many of the premier buildings require one to have two to four times the value of the purchased apartment after closing. Other building boards may insist that one have two to three years of maintenance and mortgage payments in the bank after all closing costs have been paid. A knowledgeable broker will not only be aware of each building's requirements but will also keep abreast of those changing variables. If a buyer's income is too low, that buyer may be rejected. The rule of thumb is that co-op boards generally want a buyer to be able to devote 25 percent of one's earnings to the payment of mortgage and maintenance. If those payments for one or more properties exceed more than 25 percent of one's gross annual income, one may very well be turned down. 2. Job History Most co-op boards will ask to view not only a prospective buyer's earnings from employment, but all of one's job history. The boards will want a buyer who has demonstrated job stability, rather than someone who hops from job to job. It is not uncommon for prospective buyers who had sufficient assets to be turned down by boards simply because the buyer changed jobs every few years. 3. Bad Credit Although a prospective buyer may have a good income and plentiful assets, if that buyer has a poor credit history, including a negative track record of paying current maintenance fees or rent, then that prospective buyer will likely be a candidate for the board's rejection. A good broker will examine the buyer’s credit report prior to showing them available apartments.

4. Guarantor If a buyer requires a guarantor or non-residing co-owner that broker should make sure that all prospective buildings are amenable by checking with the respective managing agents. Boards will treat this guarantor or non-residing co-owner the same as the purchaser with regards to the resale application and interview. 5. Life Style While many co-ops accept those who have high public profiles, there are others who do not want any undue attention brought to their buildings. There are still other buildings that do not want those who will disturb the peace, quiet and security of its shareholders. The board may, for example, not sell to a paparazzi prone rock star that is known for a flamboyant lifestyle and hosting large, highly publicized parties into the wee hours. 6. Home Work Most boards will not object to tenants working in their homes, as long as their occupations do not involve a revolving door of client traffic. A writer, for example, is acceptable, but a psychotherapist or social worker will most likely be rejected. 7. Failure to Fulfill Additional Requirements Even after receiving a comprehensive board package from a purchaser, a board may require additional documentation for clarification or a preconditioned escrow deposit, or a change in one's mortgage product, prior to even granting an interview. If the buyer is unable or unwilling to accede to the supplementary demands, then the board will likely reject that buyer. An example includes a purchaser who is unable to provide additional verification of projected income, which sometimes occurs when the buyer is self-employed. It may also occur when a buyer is simply unwilling to provide the requisite documentation for every asset. In both cases, a board may reject a buyer's application.

8. Low Purchase Prices If a shareholder attempts to sell a co-op apartment at a below market price in order to facilitate a rapidly executed deal, the board has the right to object. The board may reject the buyer since a greatly reduced price per share would negatively impact the share values of all the owners. 9. Pets As in so many of the previous cases, this one also requires the agent to perform the necessary due diligence to learn which buildings are pet friendly. Even if a building permits dogs, the agent must inquire about any limitations on the number of dogs, its breeds and its weight limits. 10. A Poor Interview A savvy broker will prepare you for the inevitable board interview. Not only should the buyer be on time for the interview and dress appropriately, but the buyer should not ask questions that might arouse concerns or suspicions on the part of even one board member.

Common Co-op Glossary Terms

What is an Offering Plan? A document issued by a sponsor in the process of converting a building or developing a new building. It provides full disclosure of all relevant information regarding the property. What are House Rules? Rules developed by a co-op's members for the operation of a cooperative. House rules covers such issues as parking, garbage, maintenance, noise and resolving conflicts.

Annual Meeting A meeting legally required of all cooperatives for the members of the cooperative. At the meeting, members may elect representatives to the co-op's Board, hear financial reports; amend the co-op's rules, or attend to other business. Board of Directors Elected by a co-op's membership, the co-op Board of Directors oversees the co-op's operations and finances. Bylaws The rules of the cooperative. Bylaws cover such topics as voting, responsibilities of the co-op's officers, and other usually "governance" issues. Financial Statement A report on all the income and expenses for a corporation. Management Company (Managing Agent) A company which works for the cooperative to handle financial or property management for the cooperative. Proprietary Lease The lease a corporation provides to the stockholders that allows them to use a certain apartment unit under the conditions specified.

CHAPTER 8 5 Tips for Making Your Best Off our Best Offer As a buyer in a seller's market, you may feel like you’re stuck between a rock and a hard place, especially when inventory is as low as it is today. Mortgage interest rates are already climbing this year, and experts agree they’ll continue rising as we move through 2022. Here are some tips to keep in mind that will help you make the best offer possible. 1. Know Your Budget: Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre- approved for a loan. There are several ways to get a competitive edge. If your entire loan is underwritten prior to finding a home, you will be in a much better position as you can compete with “all cash” offers. 2. Be Ready To Move Quickly: Speed and the pace of sales are contributing factors to today’s competitive housing market. Rising mortgage rates are a large factor in motivating today’s buyers to move quickly and lock in lower rates. According to the Existing Home Sales Report from the National Association of Realtors (NAR): “Seventy-nine percent of homes sold in January 2022 were on the market for less than a month.” When homes are selling fast, it’s important to stay on top of the market and be ready to present an offer. As your agent, I will help you put together and submit your best bid as soon as you find the home you want to buy. 37

3. Lean on a Real Estate Professional: No matter what the housing market looks like, rely on a trusted real estate broker with an excellent track record. As Freddie Mac says: “The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.” Agents are experts in the local real estate market. We have insight into what’s worked for other buyers in the area and what sellers may be looking for in an offer. I will help you understand how to cater to what a seller needs, so your offer stands out. 4. Make a Strong, NO REGRET OFFER According to the Realtors Confidence Index from NAR, 46% of offers today are above the list price. This means that you must give a “no regret” offer. Don’t be the buyer that doesn’t put in their best offer because you are trying to save $10,000, and lose your dream home. In today’s market, offering below or even at a home’s asking price may not be enough. That means when you’ve found your dream home, offering below or even at a home’s asking price may not be enough right now. My job is to help you understand the market value of the home and recent sales trends in the area so you can give your best offer. 5. Be a Flexible Negotiator When putting together an offer, it’s critical to understand which terms of the deal could be a deal-breaker for you or the seller. If you are flexible with timing, have gotten a pre-commitment so your offer is comparable to an “all cash” offer which levers you can pull, including contract contingencies (conditions you set

that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up, like the home inspection. Freddie Mac explains: “A home inspection contingency gives you the opportunity to have the entire home you'd like to purchase examined by a professional before you close on your contract. Without this contingency, you could be contracted on a house you can't afford to fix. o fix.”

CHAPTER 9 The Andi Levine Team Advantage We hear, too often, of buyers with other agencies losing an opportunity to preview a home due to their agent's schedule. Here, at the Andi Levine Team, we want to ensure that you always have the opportunity to preview a new listing, which is why we created the Andi Levine Team Advantage! Our talented “Sales Partners” are trained specifically in showing homes. This means they are going to have availability to accommodate your request to preview a property, point out things that wouldn’t necessarily be on your radar, and provide their suggestions to ensure you find the best home of your dreams. When working with a “Sales Partner”, they will be your main point of contact for setting up showings and previewing homes. Once you find a property you are interested in, I personally will provide my market opinion of the home and begin to work with you to formulate an offer to present to the sellers. My team will always work hard to be with you through every step of the process.

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. DISCLAIMER AND/OR LEGAL NOTICES: While all attempts have been made to verify information provided in this publication, neither the Author nor the Publisher assumes any responsibility for errors, inaccuracies, or omissions. Any slights of people or organizations are unintentional. This publication is not intended for use as a source of legal or accounting advice. The Publisher wants to stress that the information contained herein may be subject to varying state and/ or local laws or regulations. The reader of this publication assumes responsibility for the use of these materials and information. Adherence to all applicable laws and regulations, including advertising and all other aspects of doing business in the United States or any other jurisdiction is the sole responsibility of the reader. The Author and publisher assume no responsibility or liability whatsoever on behalf of any reader of these materials. If your property is currently listed with a Realtor, please disregard this notice. It is not our intention to solicit the offerings of other brokers. Printed in the United States of America

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