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Do I have to be all cash to be competitive?

Nov 8, 2019

Do I have to be all cash to be competitive?

Many buyers are intimidated at the prospect of competing against an all-cash buyer for a hot property -- but does cash always win? First, to address a common misconception: most buyers, and especially those vying for co-ops below $3M, are relying on financing to some extent, which means a majority of active buyers are submitting offers contingent on obtaining that financing. So as long as you have enough funds to cover the minimum down payment amount (typically 20%) along wi

What does it cost to buy a home in NYC?

Aug 30, 2018

What does it cost to buy a home in NYC?

As a first time buyer in NYC, it is important to know the real price tag on your purchase and create a realistic budget that will help narrow your search to properties you can afford and ensure you are able to make a competitive offer when you find "the one." 1. Downpayment Most coops will require that buyers put down at least 20% of the purchase price as a downpayment (some may have higher requirements of 25%, 40%, or 50%). Condos have a lower threshold -- usually 10% -- but

The Basics of Making an Offer

Jul 23, 2018

The Basics of Making an Offer

How much should I put down? One of the questions we are asked about most often is about the size of the downpayment. In most of the country, this answer is determined by credit and income factors. Lenders offer pre-loans that require anywhere from 5-20% downpayment - so in theory many first time home buyers would be financially qualified to buy a home with as little as 5% down. However, the New York housing market it unique, and a number of factors drive us to advise almost a

Everything you need to know about mortgages

Jul 21, 2018

Everything you need to know about mortgages

What will banks consider in reviewing my file? Banks will review your Credit, Income, and Assets. No one factor is determinative, rather the entire financial profile, as well as the condition of the building, is taken into account in determining whether a buyer qualifies for a mortgage and/or what type of loan program is available to him or her. Credit: It goes without saying that bankruptcy or foreclosures will make it very difficult to obtain financing. Other credit snafus

What professionals will I need to buy a home?

Jul 15, 2018

What professionals will I need to buy a home?

No man is an island, and no real estate agent can single-handedly get you to the closing table. What we can do, however, is assemble and coordinate the "dream team" of professionals you will need. One of the most daunting challenges for any home buyer is making sure they have top-notch professionals to make sure the transaction goes smoothly. A critical function for real estate agents is to develop relationships with stellar partners to do the heavy lifting for you. Here

What does it mean to have an accepted offer?

Jul 13, 2018

What does it mean to have an accepted offer?

You've seen the perfect apartment, made an offer, and, eek, it's accepted! Break out the balloons and start plotting where to put your couch... or rather, not yet. Almost everywhere outside of NYC, an offer to purchase is accompanied by a "binder" -- good faith money which practically speaking binds the parties to each other if the seller accepts the offer. But NYC has no binder system, which means an accepted offer is not binding on either party. In fact, the period from acc

What do I do if I'm in a bidding war?

Jul 12, 2018

What do I do if I'm in a bidding war?

"Highest and best," also known as a bidding war often strikes fear into the hearts of buyers who feel like they are unprepared for a battle royale. In reality, highest and best is a fair solution to the lopsided supply and demand realities of a competitive market. Rather than pitting buyers against each other by negotiating with multiple parties simultaneously leading to prices rising out of sheer frenzy, highest and best is a way for buyers to make an offer they feel comfort

What condition should your new home be at closing?

Jul 10, 2018

What condition should your new home be at closing?

You’ve signed the contract, gotten the mortgage, passed the board interview, and now it’s time to close on your new home. The last step before it’s officially yours is the final walk through. In what condition can you expect to find your new home? For most folks, the short answer is the same condition as when you signed the contract. Buyers of a resale apartment -- meaning one that is not a new development -- are presumed to purchase the apartment “as is” with possibly some

Why do I need reserves and which assets count?

Jul 9, 2018

Why do I need reserves and which assets count?

When buying a home, a major part of your financial profile is determined by your assets – and more specifically which of these assets can be considered “liquid.” Both lenders and coop boards will have different liquid assets requirements, and what they consider liquid may vary... What Is Asset Liquidity? Assets are items that you own that have value. Among other things, assets can include cash in your pocket, savings accounts, stocks, jewelry, real estate, even things like pr

What to consider if you’re thinking about buying a second home, first?

Jun 15, 2018

What to consider if you’re thinking about buying a second home, first?

My husband Bill and I rented in Cobble Hill for about 5 years before we seriously considered purchasing. Our wishlist was long and there were many different neighborhoods we could see ourselves living in, but nothing really seemed to work, and buying did not seem financially feasible at that moment. We were casually exploring the idea of a second home outside the city, and then I heard about this magical lake that seemed to fit our whole wishlist. Without giving it too much t

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