Tag Archives: NYC property search

Checklist for Manhattan New York Condo Buyers

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 (http://manhattannycondosforsale.com/contact/) call (646)644-6929 or (917)837-8869.

Manhattan New York condo buyers frequent asked questions:

NYC Property Search-NYC Realty

Every Real Estate market is different, when it comes to NYC Property Search, Manhattan New York are especially unique in the world of Real Estate. The Manhattan Real Estate Market does not have MLS (Multiple Listing Service).

To Search NYC properties is not an easy task. If you are moving from other parts of United States to Manhattan New York, it is hard to grasp the concept that we do not have MLS and as a buyer, it is sometimes tough to see or find all the listings at once, you may have to look through various websites to compare listings, there are many ‘unreal’ listings or out of date listings floating around different websites, it may be frustrating starting out as a relocating buyer.

NYC Property Search can be easy if you are team up with the right Real Estate professional like us: Yes, we know the Manhattan Condo market, we know where to look to find a good condo base on your needs. It is important to know that with the historic low interest rate, many of our savviest buyers and investors are on the market right now looking with us buying a very well priced Manhattan Condo. If you are on the market to buy, we encourage you to contact us today by calling (917)837-8869. Email us at : EileenHsuNYC(@)Gmail.com or call (917)837-8869 for immediate respond.

Manhattan New York Short Sales Buyer Must Read

Manhattan New York Short Sales is becoming a common phrase in Manhattan Real Estate market. Buyers should know the Short Sales Process and manage the expectation to what is required of them.

Feels like yesterday, Manhattan New York Real Estate was selling record prices in buildings such as 15 Central Park West and The Plaza Hotel.  Today, we are reminiscing those days where Foreigners are in town and buying High-end Manhattan Real Estate with not much of thoughts or aggressive negotiation.

Manhattan Short Sales is coming to New York.  As Manhattan New York Real Estate agents, we have been hearing a lot of short sales and bank owned properties surfacing all over rest of United States real Estate  market. Not only until recent 6 months, those short sales are starting to creep into the North part of Manhattan neighborhoods, such as Harlem, Riverdale and Inwood. Now you can find a short sale or two in newly construction buildings that were built in the last 5 years.

As experienced short sale agents, we handling Manhattan short sales for several distress sellers, all in new construction buildings, new construction buildings that were built and sold in the last 5 years. These sellers bought in a market where new construction were guaranteed to appreciate in value as long as you get into the sales office the first phase of the marketing process. The buyers were required to put down only 10 percent of the price, and they were granted a mortgage with almost any lender. So with a $1M property, the buyers were only required to have $100,000 + the closing cost to the closing table. Not too bad for a million dollar condo.

I am faced daily with questions by the buyers and buyers’ agents on the short sale process. It is important for me as listing agents to explain the process and different challenges we may encounter as we move forward. Managing expectation is a must.

Manhattan Short Sales Buyers:

  • Be Patient. If you need to move in immediately, this is not the one for you. The lender will take their time to review the short sale package and it is similar to a Co-Op board package, it can take anywhere from 90 days to 180 days from offer + short sale package submission to close.
  • MAYBE Deals but not Steals. If you plan to make an offer, please present your best and highest offer. Lender is absorbing the loss of this property, therefore the lender will want to minimize as much loss as possible. The BPO (Broker Price Opinion) or appraisal will show the lenders the most recent market comparables, the lender will not sell lower the fair market price. 
  • Best and Highest offer.  Short Sales processors at the bank that have a lot of cases to work on and documents to look and work through, our case is only one of a million, so make their work easy is the key to successful Short sale transaction. As a Short Sale listing agent, I will not put the seller in a position where the sale price is the reason that we do not receive an approval. Therefore short sales buyers, please do not expect the lender counter your offer. If you can not present your best and highest offer, we will be happy to keep your offer as a back up offer. The lender will rather say YES or NO, lender likes certainty, not maybes.
  • Cash MAYBE be the king. If you are an all cash offer, which most of our short sales buyers are. That is a plus. However, the lender are looking to absorb as little loss as possible, so just because the offer is all cash with no mortgage contingency, it does not mean that you will be approved compare to other higher offers that needs financing. Price is the most important concern for the lender.

We are Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we have the confidence and success rate in completing Manhattan short sales transaction. 

If you are an owner that is unsure if you are qualified for a short sale or already behind your mortgage payment, call us today at (917)837-8869 or email us  for a confidential conversation.