Buyer Side Representation for Manhattan NY condos

By
Real Estate Agent with Douglas Elliman Real Estate

Buyer Side Representation for Manhattan NY condos

Buying a Manhattan Condominium is entering a process that is unlike

most traditional real estate transactions.  From the way that
apartments are viewed, how offers are made, how contracts are
executed, to finally closing on the apartment.  Buying a Manhattan
condominium for the first time or the 10th time will be a memorable
experience.

When working with a new buyer looking to purchase a Manhattan

condominium, one of the first things we do is lay the ground work of
how the process of buying a condominium works here and what to expect
throughout their buying experience.
 We start off that
Manhattan isn't a traditional market in how you view properties, we
don't have lock boxes here.  The listing agent will be present at each
showing, that's just the way it's done.

One of the most important valuable assets we bring to any buyer is our

in depth experience with the market and our ability to communicate
with our buyer.
 When we have a buyer that is looking at a segment of
the market where we are seeing multiple offer scenarios within the
first week of the apartment coming on the market and those offers are
all cash and over asking price, and this buyer needs financing and is
saying that they don't believe in getting in a bidding war, well then
we are probably going to experience some problems here.  It's better
to set the proper expectations upfront,  then have the buyer think
they have a chance and they continually experience loss after loss of
properties going into contract.


Another aspect of buyer side representation for a Manhattan

Condominium is that once you have an offer accepted, nothing is
contractually binding until both sides have signed contracts.
 

After an offer is accepted, contracts are sent to the buyer side attorney and they begin their due diligence.  The due diligence can take anywhere from 24 hours up to 5 business days depending on attorney's workload and if the attorneys are able to negotiate contract terms and read offering plans and
any additional information.  At any point in time during this due
diligence period, the seller is not contractually obligated to take
the buyer's offer, so if they receive another offer from a different
buyer they find more attractive they can accept that offer and the first position buyer can do nothing to stop them.  Obviously this is avery unfortunate and disappointing experience to go through, but it happens, especially in a very desirable neighborhood and/or hot buyer's market.

What is especially unfortunate is if the buyer didn't know this could
  happen to them to begin with because in most states, contracts are signed when an offer is accepted and then the contingency periods begin.  For a Manhattan condominium purchase, no contract is executed until the buyer has signed the contracts, the seller has signed the contracts and the deposit has been deposited and cleared into an escrow account.

These two scenario's of educating the buyer on how the purchase of a

Manhattan condominium apartment is very unique and we have these

conversations so the buyer knows what to expect during their process
and what can possibly happen while they are trying to purchase a
Manhattan condominium.


Our education of the buyer and discussion of the unique nature of the

buying process here in Manhattan is something we do for every one of our buyer customer's looking to purchase a Manhattan condominium.

Call us today at (917)837-8869 to experience a different buyer's agents service.


Read about what we do for our international foreign buyers buying NYC condos below:

What we do for our INTERNATIONAL FOREIGN buyers buy NYC condos

Posted by

______________________________________________________________


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.

Manhattan NY condos for sale
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Manhattan New York Condo Market Overview 2012/2013 

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Topic:
Home Buying
Location:
New York New York County Manhattan
Groups:
Advice for Buyers
I Love NY
Advice for Sellers
Local Expert
Tags:
manhattan ny condos
buyer service

Comments 5 New Comment

Rainmaker
1,280,222
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Morgan, you do a great job with your buyers foreign or domestic in representing their needs.    Great list of duties of what you do as a buyer's agent!

August 12, 2012 05:24 PM
Ambassador
779,081
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Good morning Morgan -

You have provided an impressive list of facts of buyer side representation for Manhattan NY condos.  Anyone looking to purchase a Manhattan NY condo would be wise to contact you to represent them.

John

August 13, 2012 05:51 AM
Rainmaker
305,070
William True
Sarasota Real Estate
True Sarasota Real Estate

Good morning, Morgan --- very nice detail about Buyer Side Representation for Manhattan NY condos. I hit the suggest button, my friend, and I'm wishing you a great day in real estate and more.

August 13, 2012 08:15 AM
Ambassador
1,655,832
Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Nothing can replace having a great buyer's agent representing you when purchasing a home or condo!

August 13, 2012 11:00 AM
Rainmaker
890,161
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Hello Morgan -- you have shown again why it is so important to work with local and knowledgeable real estate representation.   You consistently let us know of the nuances of the New York City market and this information is truly invaluable to both sellers and buyers.    Nicely done(as usual).   

August 14, 2012 04:24 PM
Rainmaker
526,117

Morgan Evans

LICENSED REAL ESTATE SALESPERSON
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Additional Information

Licensed Real Estate Salesperson specialize in Manhattan Condominium market such as Resale Condominiums, New Construction condos and condops. We work with first time home buyers, foreign buyers, investors. We Specialize in neighborhoods: Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Greenwich Village, Soho, Union Square, Financial District in Manhattan.

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