Buyer Side Representation for Manhattan NY condos
Buying a Manhattan Condominium is entering a process that is unlike
most traditional real estate transactions. From the way that
apartments are viewed, how offers are made, how contracts are
executed, to finally closing on the apartment. Buying a Manhattan
condominium for the first time or the 10th time will be a memorable
When working with a new buyer looking to purchase a Manhattan
condominium, one of the first things we do is lay the ground work of
how the process of buying a condominium works here and what to expect
throughout their buying experience. We start off that
Manhattan isn't a traditional market in how you view properties, we
don't have lock boxes here. The listing agent will be present at each
showing, that's just the way it's done.
One of the most important valuable assets we bring to any buyer is our
in depth experience with the market and our ability to communicate
with our buyer. When we have a buyer that is looking at a segment of
the market where we are seeing multiple offer scenarios within the
first week of the apartment coming on the market and those offers are
all cash and over asking price, and this buyer needs financing and is
saying that they don't believe in getting in a bidding war, well then
we are probably going to experience some problems here. It's better
to set the proper expectations upfront, then have the buyer think
they have a chance and they continually experience loss after loss of
properties going into contract.
Another aspect of buyer side representation for a Manhattan
Condominium is that once you have an offer accepted, nothing is
contractually binding until both sides have signed contracts.
After an offer is accepted, contracts are sent to the buyer side attorney and they begin their due diligence. The due diligence can take anywhere from 24 hours up to 5 business days depending on attorney's workload and if the attorneys are able to negotiate contract terms and read offering plans and
any additional information. At any point in time during this due
diligence period, the seller is not contractually obligated to take
the buyer's offer, so if they receive another offer from a different
buyer they find more attractive they can accept that offer and the first position buyer can do nothing to stop them. Obviously this is avery unfortunate and disappointing experience to go through, but it happens, especially in a very desirable neighborhood and/or hot buyer's market.
What is especially unfortunate is if the buyer didn't know this could happen to them to begin with because in most states, contracts are signed when an offer is accepted and then the contingency periods begin. For a Manhattan condominium purchase, no contract is executed until the buyer has signed the contracts, the seller has signed the contracts and the deposit has been deposited and cleared into an escrow account.
These two scenario's of educating the buyer on how the purchase of a
Manhattan condominium apartment is very unique and we have these
conversations so the buyer knows what to expect during their process
and what can possibly happen while they are trying to purchase a
Our education of the buyer and discussion of the unique nature of the
buying process here in Manhattan is something we do for every one of our buyer customer's looking to purchase a Manhattan condominium.
Call us today at (917)837-8869 to experience a different buyer's agents service.
Read about what we do for our international foreign buyers buying NYC condos below: