Category Archives: parents-buying-for-children-nyc-condos

We are Manhattan Condo Specialists, Buying a Manhattan New York Condo as parents buying for children, you should understand the unique Manhattan housing market (condominium versus cooperatives), have a realistic budget and flexible time frame to start.

Checklist for Manhattan New York Condo Buyers

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We are Manhattan New York Condo specialists, we work with many out of town first time investors and buyers that would like to acquire a Manhattan New York condo as part of their investment portfolio.

We often have a check list of basic steps to educate the buyers as to how to get started. Here is a good check list:

  • Consult with a reputable lender or mortgage consultant to see how much can you finance in today’s market. In today’s market, lending guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
  • Do speak to your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as downpayment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
  • Do your homework on finding an Real Estate agent to work with. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. We are very well versed in Manhattan New York market, we have sold many Manhattan New York condos to first time home buyer, first time investors, foreign internationals, parents buying for children and many serious and motivated buyers. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
  • Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot, so unless you are looking for a 500 SF one bedroom, you will need more than $500K to buy a one bedroom condo. (the price will also depend on the building amenities, such as fitness center, residents lounge, roof deck, basketball court, swimming pools and etc.)
  • Do speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
  • Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headachs, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.

If you would like to find out more information or learn about more Manhattan New York investment opportunities, please contact me today.  Email us today (https://manhattannycondosforsale.com/contact/) call (646)644-6929 or (917)837-8869.

Manhattan New York condo buyers frequent asked questions:

Manhattan NY Condos FAQ: HOW TO MAKE OFFERS in Manhattan New York Condo?

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Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

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.

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

To make an offer here in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, 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.
  • Any 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.

Once the offer is verbally accepted 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.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.