How to Make an Offer on a Condo in NYC: https://www.hauseit.com/how-to-make-an-offer-on-a-condo-nyc/
List with a Full Service Agent for 1%: https://www.hauseit.com/agent-managed-listing/
Knowing how to make an offer on a condo in NYC is something you should learn well in advance of finding your dream apartment. Preparing your condo offer documents at the beginning of the search can put you in an advantageous position when it comes time to submit an offer.
You can estimate your buyer closing costs in NYC using Hauseit’s interactive closing cost for buyers available at www.hauseit.com. You can also save money on your purchase by requesting a Hauseit Buyer Closing Credit.
A typical offer for a condo apartment in NYC consists of the following elements: offer terms, pre-approval letter (if financing), a submit offer form, real estate attorney contact information and proof of funds. In rare cases, the listing agent may also ask you to complete a REBNY Financial Statement.
Your condo offer terms will consist of the following elements: offer price, percentage down, contingencies as well as your desired closing date.
As a general rule of thumb, sellers typically expect buyers to negotiate up to the midpoint between the initial offer and asking price. If this midpoint is too low for the seller, then the seller will usually not offer any improvement and simply repeat the original asking price as the counter.
A contingency is a term in the contract which gives a buyer the right to cancel the deal and recoup his or her contract deposit under certain conditions. The most common NYC real estate contingency is a mortgage contingency.
If you have a mortgage contingency and the bank is unable to offer you the loan size you anticipated, you would have the ability to walk away from the deal and recoup your contract deposit.
Contingencies make an offer less attractive to a seller, so sellers will usually prefer ‘all cash’ and ‘non-contingent’ offers, all else equal.
The standard procedure for condo offer submission in NYC is for your buyer’s agent to email your offer documents to the listing agent along with your offer terms.
Once an offer is submitted, it usually takes a day or two to hear back from the listing agent. The post offer submission process can vary greatly based on the personality/approach of the listing agent, how long the listing has been on the market, and how much competition you are facing from other buyers.
Calculate Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/
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