In NY its's anybody's house until contracts are fully executed between buyer and seller. The only other way to protect yourself is to have a sales binder in place which actually acts as a contract when an offer is accepted. Not many people use these in NY.
Talk with the seller let them know that yes you will put a deposit of good faith in for 3% and in 15 days you will put up the balance as you transferring in the funds ask a local bank for a short term loan if needs be.
Good Luck... more
In NYC we co-broke 50/50 between the tenant's agent and the listing agent.The standard fee in NYC is 15% of the first year's rent, the agreement on that fee is between the tenant & their broker not the the tenant & listing agent (unless the agent is representing both parties - which is called 'dual agency' and must be disclosed and agreed to by both parties in writing within the agency disclosure), but some apartments are listed for other amounts than the standard, so the tenant's agent should let the potential lessee know if that is the case - before showing the apartment to them so there is no misunderstanding.... more
The first step you need to take is to meet with a mortgage professional and get prequalified. The loan officer, will need you last two pay stubs, last two years tax returns and two prior months of bank statements. They will then give you a preapproval letter that informs you of how much real estate you can afford to purchase. You can then meet with a local realtor and they can provide you with a list of properties that meets your criteria. You do not pay a fee to have a buyers agent represent you in your transaction unless otherwise agreed to.
If I can be of further assistance to you, do not hesitate to contact me.
Licensed Real Estate Agent
Email: email@example.com... more
This probably depends a lot on the area. If you are dealing with NYC, don't hold your breath.
Actually, you might call the title company that closed you and nudge them a bit; they are probably in the best position for good information and expectations.... more
Pre-forclosure is more than likely going to stay with you for 10 years. If you're credit is run, it'll show that you didn't pay your mortgage. This will be a red flag. But keep in mind, if you are caught up and pay everything you owe (i.e. credit cards, mortgage, taxes, etc) for the next 2 years you're credit score will be in good standing and it more than likely will not be an issue. I know this as a family member of mine with through the exact same thing. After two years of struggling to get everything back, they were able to get a car and begin again on a good path.
Good luck.... more
Most likely bet is a condo for immediate ownership and ability to rent out without living in the unit first. However, there are also a handful of midtown , tudor city and kips bay coops which allow investors only which fetch excellent rent.
Is there a particular area of the city which interests you & is this a cash purchase/ 1031 exchange?
LMK how I can help further !
Executive Director of Townhouses
M: 646-418-4150... more
That will depend on the level of service in the building and other factor suchs as view, floor level and square footage.
I am a working real estate broker and Manhattan appraiser so when values are affixed to units, these are the things that are considered when making a loan.... more
What you need to do is first find a Realtor you trust and then they can match you up with a lender who specializes in the type of loan that best meets your needs. Many lenders claim to be a one stop shop, but in reality, some have better programs for certain buyers and a Realtor has the flexibility and knowledge to refer you to the right specialist. Ask friends and family, read testimonials from previous clients and call references. This is the biggest purchase of your life, you want to do your homework on who you are dealing with!
Then as a team, your lender and Realtor will help you achieve your goals. Call me and I can find a good Realtor you can trust. Even though I live in Colorado, I have an awesome referral network and I will be your advocate to find the right team! Check out my testimonials :)
Owner / Broker
The prevalent form of property ownership in Manhattan is an apartment in a cooperative (co-op) corporation, commonly referred to as a co-op. A cooperative (co-op) is a type of corporate ownership of property, in which the stockholders (shareholders) are entitled, by reason of a proprietary lease, to the exclusive use of a certain dwelling unit of space. The value of the unit is based on the number of shares allocated to that space, along with location of the building and services offered. The larger the apartment, the more shares you own. The cooperative corporation is operated by a Board of Directors, elected by the shareholders at their annual meeting. The Board sets monthly maintenance fees, and makes other policy decisions for the property. All prospective purchasers and renters must be approved by the co-op Board of Directors. The co-op Board approval process is often time consuming and rigorous - requiring extensive information regarding finances, employment, and personal background. Many co-op boards limit the amount of the purchase price that can be financed and require higher down payments than are usually required for condominiums. It can be harder to sublet a co-op. Each co-op has its own rules, but many limit or forbid subletting.
Cooperative = the building is owned by a corporation and operated for the benefit of persons living in the building. Shares in the corporation are allocated per apartment and the owners of those shares, called proprietary lessees, may live in the apartment for which shares are allocated.
The next most common form of home ownership in Manhattan is a condominium (condo) unit. A condominium is real property just like a free standing house. It is ownership of an individual property in a multi-unit structure, along with joint ownership of common elements such as hallways, stairs, recreations areas, etc. Condominium owners elect a Board of Managers. The Board of Managers sets the by-laws of the condominium, determines the cost of operation the building and sets the monthly maintenance expense called common charges. Unlike a co-op, a condominium apartment is "real" property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill. Taxes for condominium units are paid directly to the city and state, twice a year by the individual unit owner.There is still a monthly common charge similar to the maintenance charges in a co-operative. These charges don't include your real estate taxes and are not tax-deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. The straightforward nature of buying a condo coupled with the fact, that in some cases, you can finance up to 90% of the purchase price and sublet them at will, makes condominiums the number one choice for flexibility.
Condominium= units are individually owned; common areas (lobby, elevators, hallways, facilities, etc) are owned jointly with the other condominium unit owners.
Krystyna Rachtan, CNE
Licensed Real Estate Broker
NEW YORK HOME RE
The "4" comes from the number of rooms in the apartment, specifically the bedroom, living room, kitchen, and dining area/small bedroom/office. The term is usually used in the New York City rental market.... more
If you're trying to post a For Sale By Owner, you can't. Trulia only posts properties listed for sale with a Realtor. So, if you are a seller and want your property on here, you will need to contact a Realtor and ask them to do it for you.
I'm in the mortgage business and never heard of this program. Where did you get this from?
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648... more
Dear NYC Browser,
There is no clear cut answer.
Currently there is so little inventory on the market that it may take you a little longer to find the home you love.
Once you have found the home you love and you have obtained financing and you get all the necessary information to your broker for the board package in a timely manner (you shoud definitely use an experienced buyer's broker), the contract is fully executed by both parties in a timely manner,
and there are no glitches ... generally you can close on an apartment within two months of signing your contract and being approved by the board.
That said, not every deal is the same. Some deals can take longer. Cash deals move faster.
I hope that helps. If I can be of any assistance to you, please don't hesitate to contact me.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
770 Lexington Avenue, 10th Floor New York, NY 10065
A typical studio on the Lower East Side will obviously vary in price, but the low end can be found starting at $1600. $900 is not near the price of the lowest , though if one seeks to find the absolute lowest price on an apartment it is conceivable that one for $1500 may hit the market, though it would be a frenzy and renters would quickly compete for it, so it would not last long. Some apartments that are de-stabilized may hit the market, but definitely not at the price of $900.... more