How to Make Offers in Manhattan New York Condo?

By
Real Estate Agent with Douglas Elliman Real Estate

Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement when making an offer.

Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

To make an offer here in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
  • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have ‘INSPECTION’ period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
  • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
  • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

Posted by

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Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers,  parents buying for children and investors buyers. Contact him today by calling (917)837-8869.

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Doug Rogers
Bayou Properties Realty - Pineville, LA
Your Pineville Louisiana Agent

Wow! I'm always amazed at how different real estate is practiced from market to market. Just out of curiosity...How accurate is the show Selling Manhattan?

Sep 25, 2011 08:52 PM #1
Rainmaker
853,092
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Excellent, comprehensive and informative list Morgan. We have a similar procedure up here in the 914. 

Sep 25, 2011 08:58 PM #2
Rainmaker
659,720
Realty Works Temecula
Realty Works Temecula - Temecula, CA
Real Estate, Temecula, Murrieta, Menifee

Hi Morgan:  Excellent information that you provide, especially to first time buyers!

Sep 25, 2011 09:06 PM #3
Rainmaker
364,621
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Morgan: I like your video---eight buyers, huh? I bet they are clamouring to get in the circle! I think it is wise for you to take that stance and I hope you have good luck with it....Are you in the 575 Madison office? I used to be there in the 90's and Steven James was my manager--what a manager! He has not been matched in all my years of working in real estate! You broke it down quite clearly. I have been here on AR since '07 and the other parts of the country are nothing like Mahattan or The Hamptons! ..Hope to meet you at some point when I come into the city; maybe do some business..meanwhile--good luck to you!

Sep 25, 2011 09:07 PM #4
Rainmaker
535,504
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Doug-I don't follow every episode of Selling New York, but I can relate to the variety of personalities that the agents and both sellers and buyers that the show displays.  I'm looking forward to the Million Dollar Listing New York version, I hope they show some properties actually being sold.

Paula-I am down in the 17th St office between 5th and 6th Avenue.  We have found that there is only so many buyers that we can really take on as a full time basis.  Doing searches, scheduling appointments, and negotiating deals can take up a whole lot of time.  If you are ever in the city, let us know!

Phil-Always a pleasure, looking forward to reading your next featured post!

Jane-Thanks for stopping by!

Sep 25, 2011 09:19 PM #5
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Loreena Yeo
3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co. - Frisco, TX
Realtor® | Frisco TX Community Ambassador

You, of all people could certainly explain it well how real estate is in Manhattan versus the rest of the country. It sure is different in the neck of your woods.

Sep 25, 2011 10:34 PM #6
Rainmaker
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Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Morgan, you definitely have a market none of us experience.    Thank you for explaing your process of purchasing a property in Manhattan.

May 24, 2013 05:37 AM #7
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Morgan Evans

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