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.