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

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

1.Be Ready with a professional Offer Package! Fill out Financial Statement. Get a conditional mortgage commitment as opposed to a pre-approval letter.  

The difference between a pre-approval letter and conditional approval is that a pre-approval means absolutely nothing.  The bank is not required to offer financing based on a pre-approval letter.  The seller knows this.  A conditional commitment letter means you are Approved, pending 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.

An experienced buyer’s broker will also help you fill out a Financial Statement, prepare a professional offer letter and a short bio for the seller.  In the highly competitive NYC real estate market, every single detail can make the difference between your getting your dream home and being left out in the cold so be ready.

2. Blow the competition out of the water by offering over “ask price” – for a limited 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 other bidders will offer and may end up paying a lot more than necessary for your dream home.  An experienced 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 as bait for 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, Before the open house, and make an offer before there is 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 started to quietly relax their rules in recent years so don’t summarily reject all co-ops.  An experienced buyer’s broker will weed out the tough co-op boards and show you buildings compatible with your goals and situation.  A professionally prepared Board Package and expert advise on how to tackle certain inevitable issues can make all the difference.  The best buyer’s brokers will draft reference and bio letters for you, present your financial situation in the best possible light and coach you for the Board interview.  Work with a pro. 

 

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