4 years ago

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
Co-op Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

How does one submit an offer on a co-op apartment in New York City? We will demystify this topic in the following video. I'm Nick at Hauseit. We are the largest Buyer Agent Commission Rebate company and For Sale By Owner company here in the city of New York established in 2014. Visit our website https://www.hauseit.com to learn about ways to save up to 2% as a buyer in the city and ways to save up to 6% if you happen to be selling an apartment as part of your purchase as well.

Submitting an offer on a co-op apartment in New York City is fairly straight forward. The offer itself is submitted via email usually by your buyers agent and it consist of the following items: Your deal terms, namely your purchase price, contingencies, the % down, anticipated closing date as well as your REBNY financial statement which tells the listing agent and the seller a bit about your finances, your income, you assets and your liabilities. You'll need pre-approval letter if your financing. You'll need attorney contact information highly recommended but not required. You'll also need to include proof of funds. If you're buying a property all cash, you'll probably want to show enough money to cover the whole purchase.

If you're financing, you may just want to show 10% of the offer price as liquid assets. The purpose of the proof of funds and the attorney contact information is to convey a large degree of seriousness and credibility when it comes to your offer in the eyes of the seller. More specifically your offer being compared to another offer that might not have proof of funds or attorney contact information will give the listing agent the reason to think that you are much more prepared, ready to mobilize expeditiously towards a signed contract. Your buyers agent can walk you through all of these documentation but if you do need a copy of we say a REBNY financial statement, we do have those here: https://www.hauseit.com/rebny-financial-statement-template/

We suggest that you actually start preparing your offer documentation at the beginning of your search, and the reason being is that even in a turbulent market properties that are highly desirable in price to sell tend to sell quickly. So you'll want to be one of the first movers, there's always an advantage to being somebody whose more prepared than other buyers in the room. The offer submission process for a condo and a co-op are substantially similar. The only main differences is usually when a condominium you don't necessarily need to include the REBNY financial statement.

Many listing agents for a condominium simply ask you to fill and submit a offer form which memorializes the deal terms of your offer and also has an abbreviated financial statement contained therein, so you usually only need that REBNY financial statement with the co-op but if your search does encompass condos as well there's no harm in including your REBNY financial statement along with your offer.

Arguably, it would make you appear even more so as a credible and legitimate buyer, and that could in theory result in the seller being more favorable as it relates to the way they approach you and perhaps they'll just simply allow you to pay less money than the other person who doesn't feel as prepared in terms of the offer docs and all of the things we've touch upon this video. From the time you submitted your offer, it usually takes a day or so to hear back from the seller with an update. In some cases it can take many days if it's holiday or the seller is traveling it could be a week or more, and the typical negotiation usually takes anywhere from a few days to a week.

Now if you're submitting an offer on a very desirable property and there's a bidding war, usually in that case the listing agent will call for best and final offer submission process during which all of the bidders will submit their best and final offer terms. It's a lot more a straightforward process in the sense that you submit and that's pretty much it and then you wait to hear back.

Not only the seller and the buyer's nature but also the personality of the listing agent for example. Final note if you're buying a co-op, it's important to remember that buildings have very financial requirements for applicants but as a general rule of them, your debt to income ratio for a co-op in the city will need to be anywhere between 25% and low 30's and you'll also need roughly 1 to 2 years of post closing liquidity.

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
Co-op Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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