Unique Lofts, Vacant Single and Multi Family Townhouses, Luxury New Construction Condo Lofts for Sale, Rent and International Real Estate Investment in Manhattan and Brooklyn.  Discrete Exclusive Buyer’s Brokers NYC.

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How to Beat the NYC Real Estate Market – 3 Easy Tricks

1.Get a conditional mortgage commitment as opposed to a pre-approval letter.

The difference is that pre-approval letter means absolutely nothing and the bank is not required to offer financing for your unique loft or townhouse based on a pre-approval letter.  A conditional commitment letter means you Approved, pending your compliance with specific conditions.  Once you know you will definitely get mortgage, you can make a mortgage non-contingent Offer.  This gives you an edge against international all-cash real estate investors.  A a mortgage non-contingent offer is as good as an all-cash offer for most sellers, many of which prefer to deal with domestic buyers all things being equal.  While NYC artist’s and industrial lofts present unique challenges for financing, a good NYC buyer’s broker will help you get a conditional mortgage approval in a short period of time.

2. Blow the competition out of the water by offering over “ask price” – for a short period of time.

Many unique lofts, townhouses and new construction condos in NYC sell in bitter bidding wars.  A biding war is nothing else than negotiating against yourself – you have no idea how much the other bidders will offer and may end up paying a lot more than necessary for your dream home.  A good buyer’s broker will advise you how much the property is worth and how much it may sell for.  By offering a little over the asking price at the outset, and only for a limited period of time – say 48 hours, you control the situation in that the seller has no time for more Open Houses or showings and cannot use your offer to bait other buyers.   It’s a take it or leave it situation except you can always come back with a larger offer if necessary.  The name of the game is see the listing as soon as it comes on the market and make your offer before you even have any competition.  

3. Pass the co-op interview even if you are an international buyer

Co-op Boards have a pretty tough reputation in NYC but many co-ops have quietly started to relax their rules in recent years so don’t summarily reject all co-ops.  A good buyer’s broker will weed out the tough co-op boards and show you the ones compatible with your goals and situation.  

 

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