Buying A Home

For Buyers

LEARN MORE ABOUT BUYING A HOME

Explore The
Home Buying Process

Buying a home in New York City is one of the most significant decisions you will ever make — financially, emotionally, and practically. The process is unlike anywhere else in the country: the vocabulary is different, the transaction structure is different, and the stakes are high. Having the right team in your corner makes all the difference.

We are grateful to be working with you. Our commitment is not simply to find you a home, but to find you the right home — and to guide you through every step of the process with honesty, expertise, and genuine care. We don’t view this as a one-time transaction. It’s the beginning of a relationship we hope will last for years.

Get The Guide

01—

Pre-Purchase -
Setting the Foundation

Before we begin searching, we take time to understand you: your lifestyle, your priorities, your timeline, and your financial picture. This isn’t a formality — it’s the foundation for everything that follows.

We start with a meeting or call to understand your needs, wants, and goals in detail.
We review your financial profile and walk you through a financial statement so we can guide you toward the right property type — co-op, condo, condop, or townhome. All information you share is kept strictly confidential.
We help you establish the right price range and walk you through closing costs and fees upfront, so there are no surprises later.
We review commission structures and get all necessary disclosure forms and agreements in place.
If you’re financing, we connect you with our trusted mortgage professionals and help you get pre-approved before the search begins. Pre-approval is essential in a competitive market.

02—

The Search

Once we know what you’re looking for, we build a customized search and share curated property collections through Compass’s platform — complete with floor plans, photos, and all the details you need to evaluate each listing.

Your feedback matters. The more you tell us about what resonates and what doesn’t, the sharper our search becomes.
We schedule appointments and show properties together. Seeing apartments alongside us gives you access to our expertise in real time — on the quality of renovations, the building’s reputation, the board process, pricing, maintenance, and what can or can’t be changed about the space.
We monitor all major listing platforms, including StreetEasy. If you come across something we haven’t flagged, send it our way — we’ll vet it and arrange a showing.
On Sundays, we often host open houses for our own listings. We’ll send you properties to visit independently on those days — just sign our name on the sign-in sheet so the listing broker knows we represent you.

03—

Making An Offer

When you find the right apartment, we move quickly and strategically.

We pull comparable sales in the building and neighborhood to recommend an offer price grounded in data.
Price is only part of the picture. We walk you through every negotiable element: financing amount, mortgage contingency, closing timeline, and more.
All offers are presented in writing, accompanied by your completed financial profile. In a competitive market, a well-presented offer tells a story — and we make sure yours is compelling.
We negotiate on your behalf throughout the process.

04—

Accepted Offer

An accepted offer in New York City is not legally binding — either party can walk away until contracts are signed. This is one of the most important things first-time buyers need to understand. We move quickly to help you select an attorney who is both thorough and efficient in their due diligence. We will continue to monitor the market and send you listings until contracts are fully executed.

05—

Due Diligence

Your attorney leads the due diligence process, which typically takes five to seven business days and includes:

Reviewing the building’s financial statements and offering plan
Reading the minutes of recent board meetings
Corresponding with the managing agent on any open questions
Negotiating the contract of sale with the seller’s attorney

Once due diligence is complete, you will sign the contract of sale and provide a 10% deposit, held in attorney escrow until closing.

06—

In Contract

After contracts are signed, we shift into execution mode.

If the building requires a board package, we guide you through it step by step — providing sample letters, formatting guidance, and a review of the full submission to make sure you’re presented in the best possible light.
If you’re financing, we coordinate with your lender to keep the loan process on track.
For co-op purchases, we prepare you for your board interview — what to expect, how to present yourselves, and how to answer common questions.
We conduct the pre-closing walkthrough to confirm that everything is in working order before you take ownership.
We get you to the closing table and hand you the keys to your new home.

07—

After the Close

Our relationship doesn’t end at closing. Long after you’ve moved in, we remain a resource for anything you need — a painter, a contractor, a handyman, a local doctor, a restaurant recommendation, a babysitter referral. You name it, we’re here.

Our business is built almost entirely on referrals, which means our reputation rests on every client experience. If you feel well taken care of — and we hope you will — we’d be honored to work with the people you care about.

A Note on Fiduciary Duty

As your buyer’s agent, The Stacey Froelich Team represents your interests exclusively — not the seller’s. Our fiduciary duties to you include reasonable care, undivided loyalty, confidentiality, full disclosure, and obedience to your lawful instructions. You have our full and undivided attention throughout this process.

We believe in more than transactions.

Our Core Values

Ethical

Our team focuses on relationships over commissions. Our clients’ needs are the top priority. We do the right thing even when it is not in our best interest. Our team supports one another regardless of if you profit from it.

Relationships

Our team offers honesty, transparency, and comfort without the fear of being judged. Our clients’ needs are the top priority. We provide excellent service and honest advice throughout the real estate process. We are truthful with our clients, act in their best interest even if it costs us a deal.

Gratitude

We appreciate the daily opportunity to work with great people and build a career of our choice and the opportunity to serve our clients through the largest transition of a person’s life.

Let our journey begin…

Buyer FAQs

We are grateful to be working with you and are committed to finding you, not just any new home, but the right new home. We are a dedicated team that share the same core values of providing excellent service and honest advice throughout the real estate process. We do not view your purchase as a one off transaction but the beginning of what we hope will be a relationship for years to come.

What is the difference between a co-op and a condo?: When you purchase a condominium you are buying real property, which means your apartment, as well as a percentage of the common areas, belong to you. When you purchase a co-op you are buying shares in a corporation that is your building.
What is the typical time frame to close on the property?: If you are obtaining financing, the typical time frame from contract signing to closing is 90 days. A cash deal can be 60 days; however, if there is a co-op board, 90 days is more realistic.
Do I need to get pre-approved for a loan?: Yes, we suggest you obtain a mortgage pre-approval at the beginning of the purchase process. We can recommend one of our top mortgage professionals.
What do we need to present to make an offer?: All buyers must complete our offer form which details your assets, liabilities, income, and employment history, which we will present with your offer along with your mortgage pre-approval. We may also add a letter of introduction to your offer depending on the property.
What assets are considered liquid?: Co-op boards typically consider cash, money markets, CDs, and stocks/bonds that are not retirement funds as liquid assets. If you are above 59½ years old, retirement funds are also considered liquid.
What is DTI?: Debt to Income ratio is computed by taking your total annual debt (mortgages, loans, credit card debt, etc.) and dividing it by your annual gross income.
What is a mortgage contingency?: A mortgage contingency — also known as a financing contingency or a loan contingency — is a clause that allows buyers to cancel the contract of the home purchase without penalty and receive a refund of their earnest money deposit if they’re unable to secure a mortgage.
Will I need a bank appraisal?: Yes, if financing, the bank will do an appraisal.
Are there any other contingencies in a contract of sale?: A mortgage contingency is standard in a boilerplate contract of sale, as is board approval if you are purchasing a cooperative.
Do I need an attorney?: Yes, you need a New York City-based real estate attorney. We are happy to recommend one.
What is included in standard due diligence?: Your attorney will review the building’s financial statements and the offering plan, read the minutes of the board meetings, and send a questionnaire to the managing agent with specific questions about the unit and the building.
Is an accepted offer binding?: No, which is why we continue to look at property until contracts are signed.
What is the highest and best round?: A highest and best round means that the seller sets a timetable for all interested buyers to provide their strongest offers. We submit our offer with the highest price you are comfortable paying for the property and the most favorable conditions for the seller.
How much do I put down upon contract signing?: 10%
Where is my contract deposit held?: In the seller’s attorney’s escrow account until closing.
Do I need an inspection?: Inspections for resale co-ops and condos are not commonplace in Manhattan; however, buyers have the right to have an inspection. An inspection must take place before contracts are signed, as there are no contingencies for inspection in Manhattan.
What are the typical requirements in a board package?: Board packages can differ from building to building but they generally all require bank statements to back up all assets and liabilities, personal, business, landlord, and employer reference letters, tax returns, credit reports, several disclosure forms, and a purchase application.
What does an “on or about” closing date mean?: The “on or about” language is generally interpreted to mean that both parties are afforded a “reasonable adjournment” of the closing date, which in Manhattan is typically 30 days.
When do I get my keys?: You will receive the keys to your new home at closing.
If I want to do renovations, what is the process?: All renovations require board approval. Most buildings have an alterations agreement that must be completed by your contractor or architect. Depending on the scope of your project, DOB (Department of Buildings) approval may also be required.
After closing, can I always rely on The Stacey Froelich Team as a resource?: Yes, we hope that your purchase was just the beginning of what we hope will be a relationship for years to come. Have more questions? Contact The Stacey Froelich Team — we’re always here to help.
What are standard closing costs for a buyer?: Buyer closing costs include a mansion tax if your purchase is above $1,000,000, any applicable flip tax imposed by the building, any applicable managing agent fees imposed by the building, applicable mortgage fees if financing, and your attorney fee.

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Stacey Froelich Team

our team is passionate about guiding our clients through the process to achieve the best possible outcome. Meet our team and learn why we're uniquely positioned to assist with your real estate goals.

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