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.
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.