How to make a STRONG OFFER to buy NYC Condos?

By
Real Estate Agent with Douglas Elliman Real Estate

 

As Manhattan New York condo specialists and very active in this market, we are seeing many desirable condos in prime location of Manhattan receive multiple offers within days 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.

New York city is a very unique market place, when a buyer makes an offer on a property here in New York, the offer is made through the agents, however, the Real Estate agents and the buyers do not sign any contracts or purchase agreement nor any earnest money when making an offer.

Manhattan New York is an Real Estate attorney state, many closing arrangements are done through Manhattan New York certified Real Estate attorneys.

New York city use Real Estate attorneys to draft contract of sales, not Real Estate agents. Title companies DO NOT schedule the closings here either.  All 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 is a short list of how to make your offer stand out compare to other offers:

  • Show them the Money! if it is ALL CASH, buyers is recommended to show 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. (Many multiple bidding scenarios in today's market place, it is possible all other competing bids are all cash so keep this in mind)
  • Terms or contingencies in New York city, the usual contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; 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. Manhattan New York condominiums are purchased AS IS. Inspection is often for Townhouses or single houses only.
  • Preferred 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 90-120 days or more.
  • Detail 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.

Typically the offer will be agreed by the sellers communicated by sellers' agent, 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.

Many motivated and serious buyers work with us because we ensure they secure the condos they want, the market move fast in New York city, working with top and experienced agents like ourselves is to ensure no mistakes are made during your home searching process and no time is waste. We prepare our buyers so they know what to expect to minimize the anxiety and 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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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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Rainmaker
1,311,924
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Really apprectiated you sharing the different aspect of selling in NYC...totally unlike my region.   Good advice, no matter where we are, though, when it becomes a sellers market...show them the money!

May 11, 2013 01:48 AM #1
Rainmaker
660,692
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Eileen, this is a must read for those wanting to buy in New York City, but it also applies to most of the US as well.

May 11, 2013 01:53 AM #2
Rainmaker
974,748
Beth and Richard Witt
Long Island Cash Home Buyer - Huntington, NY
Long Island Cash Home Buyer 516-330-6940

Very informative post Eileen... I often wish we did not have the attorney issues that we have, especially when I read the posts of those that don't use attorneys to process their transactions...  I also love you tips on how to make your offer stand out..

Happy Day..

May 11, 2013 03:30 AM #3
Rainmaker
4,064,462
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Eileen, your condo purchase process is different than other areas of the Country, and buyers would be wise to call you before purchasing in your market!   Great advice!

May 11, 2013 03:40 AM #4
Ambassador
1,652,405
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

Eileen good explanation of how to make a strong offer in NYC.  Since many of your buyers come from outside NYC they need to know the procedures such as the fact that attorneys draw up the contract.

May 11, 2013 02:51 PM #5
Rainmaker
4,796,914
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Anyone wanting to make a strong offer on a NYC property should consider calling you first.

May 11, 2013 09:51 PM #6
Rainmaker
1,387,037
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Great report on what to do in NYC to get the best offer together. You are obviously the area expert for the NYC Condo/Coop market.

May 12, 2013 09:24 AM #7
Rainmaker
558,018
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Eileen,

Real estate practices are certainly done differently in New York versus Colorado. You are definitely the one to contact about NYC condos.  Can't wait to see you someday on television as one of the millionaire agents...g

 

May 21, 2013 07:51 AM #8
Ambassador
2,674,388
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Well written article that focuses on how to make a strong offer when buying an NYC condo. Thank you Eileen, this will definitely come in handy as future reference. All the best.
May 26, 2013 03:42 PM #9
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Eileen Hsu

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