How to make a strong offer in NYC Real Estate market?

By
Real Estate Agent with Douglas Elliman Real Estate

We are full time and active Manhattan New York condo specialists, in today's market place, we are seeing many desirable condos in prime location of Manhattan receive multiple offers within one week on the market. It is our job when we work with buyers to educate and prepare them when it comes to multiple offers scenario so their expectation is set prior to getting into the bidding war frenzy.

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 or purchase agreement when making an offer.

We as agents 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, many closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each side respectively. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

Here are some items and tips to make an strong offer in NYC:

  • Proof of funds: if it is all cash, buyer should provide 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.
  • Specific terms/contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) 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.

Usually the offer will be agreed 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.

We represent many motivated and serious buyers in Manhattan New York market, we prepare our buyers so they know what to expect to minimize their stress. If you know someone that is motivated and ready to find their own NYC condo, call us today at (917)837-8869 so we can help them find their NYC home.

Posted by

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Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers,  parents buying for children and investors buyers. Contact him today by calling (917)837-8869.

https://www.eileenandmorgan.com/
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Rainmaker
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Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes
Morgan....that is interesting...it works more like a commercial deal. Obviously a buyer needs a quality Realtor!!!
Oct 13, 2012 12:49 AM #1
Rainmaker
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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
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Morgan I think that works in any market not just NY. 

Oct 13, 2012 12:57 AM #2
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
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If you know someone that is motivated and ready to find their own NYC condo, contact Morgan Evans today at (917)837-8869 so he can help them find their NYC home.  Put Morgan's real estate knowledge to work for you today.

Oct 13, 2012 04:04 AM #3
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Another great post, Morgan! Down here offers are not taken seriously without proof of funds.

Oct 13, 2012 05:00 AM #4
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Many relocating to NY are surprise at the real estate process here.   Your post will providing information on what to expect. 

In Dutchess the process is similar, we write the offer which is not the contracts, do inspection and try to resolve issues before the contracts comes into play.

Oct 13, 2012 07:31 AM #5
Rainmaker
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Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

It's interesting how different parts of the country handle their closings and we too have had surpised out of state buyers when they hear they need an attorney on Long Island to send out the contracts. This proves that buyers and sellers in NYC need an experience Agent like you Morgan to start their plan of action and be with them throughout the process...

Oct 14, 2012 12:21 AM #6
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Morgan, great information for buyers to understand the process of purchasing in The Big Apple, since it is different than other parts of the Country!

Oct 14, 2012 12:54 AM #7
Rainmaker
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Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Morgan, You definitely have a tough job as you have to deal with attorney's who in my mind only add a big cost ticket and very little to the whole process. It is more difficult to get any deal closed i my opinion in your environment. Good explanation of the process and how to make a strong offer.

Oct 15, 2012 02:37 AM #8
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Your posts are always so well done and have some of the best photos. Who wouldn't want to live there?

Oct 15, 2012 08:34 AM #9
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Morgan, very interesting! And you have explained some of the obstacles we have when a New York city person comes here to buy a second home. They don't want to sign anything at all, and often are told by their New York real estate attorneys not to sign. It can be a battle. But other than that, we are very similar. I never understood agents who will tell me they will not ask their clients for proof of funds. If its good enough for NYC, it's good enough for CT.

Great post!

Oct 15, 2012 08:53 AM #10
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living
Hi Morgan, thank you for this thorough explanation of the purchasing process in New York, it is indeed quite different from what we are used to in our State. Something to remember and take into consideration when we deal with New Yorkers who want to buy here.
Oct 15, 2012 10:03 PM #11
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Morgan -- excellent and succinct post about the New York City buying process for condos and co-ops -- as others have commented having the proper real estate representation like you and your team is of the utmost importance.   Nicely presented.   

Oct 16, 2012 01:23 PM #12
Rainmaker
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Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Hi Morgan,

I just stopped by to say hello and I hope you are havoing a good week. Take care..

Oct 17, 2012 01:51 AM #13
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