Manhattan NY Condos FAQ: HOW TO MAKE AN OFFER in Manhattan New York Condominium Market?

By
Real Estate Agent with Douglas Elliman Real Estate

Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts when making an offer.

Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

To make an offer here in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
  • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have 'INSPECTION' period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
  • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
  • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

 

 

Posted by

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Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)

Our team specialize in Manhattan New York Condominiums, townhouses, and condops.

We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate goals.

Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent

 

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Condo Specialists
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Rainmaker
333,432
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Eileen, Manhattan market is sure different than most other areas when it comes to inspection and repairs.  The buyer can still do an inspection, right?  So, if they find something wrong, what is their option?

Feb 10, 2011 07:35 AM #1
Rainmaker
723,677
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Rita, there is a 'walk through' prior to the closing where they can look through all the appliances and make sure all is in working order. If there is something that is not in working order, this can be noted and either the owner will repair it or provide repair credits in escrow at closing. It is not an inspection where there is an inspector in place.

Feb 11, 2011 01:35 AM #2
Rainmaker
495,240
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Eileen - What do the attorneys typically charge?

Feb 11, 2011 11:14 AM #3
Rainmaker
723,677
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Hi Wendy - Attorney fee depends on the services each attorney perform for their clients. Typically an attorney fee for a standard sale transaction under $1,000,000 USD without any other services such as setting up LLC, Power of attorney paper work, or misc other services can be from $1,500-$3,000. Again, the fee really depends on case to case basis between the attorney and the client. There is no set fee for all service.

Feb 12, 2011 05:08 AM #4
Rainmaker
3,289,545
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen, great advice to buyers desiring to purchase in Manhattan.    Your purchase process is different than other parts of our Country, and best to use an experienced agent!

Oct 24, 2012 12:17 PM #5
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Rainmaker
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Eileen Hsu

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