The New York real estate market is very competitive and the properties on sale quickly get sold. You must be able to make an offer if you see an apartment that you want. You can find an apartment that meets your criteria within a few months if you patiently look for it in the market. Cash offers are common but most people will take out a loan to buy a new apartment.
If you plan to by a new NYC apartment, you must first decide whether you prefer to live in an old or new apartment building. Old fashioned apartment buildings may be equipped with attended elevators that are manually operated. There is a uniformed attendant that will operate the elevator. Postwar buildings are apartment buildings that are built up to the year 2000. They are more affordable because they do not have as many architectural details like the new buildings. They have amenities such as fitness center and laundry room.
New apartment buildings are those built after the year 2000. They tend to look more luxurious and have features such as gym, playrooms, pet spa, and open kitchens. Newer apartments are tall buildings with more than ten stories and they usually have elevators.
You can attend open houses to become familiar with the apartment that you are interested. You can attend the open house with a broker or on your own.The NYC apartments for sale usually allow open house during the Sunday afternoon. When you are at the open house, make sure you walk through the entire apartment to see if you could live the way it is without taking into any consideration of a possible renovation.
If you are interested in an apartment, you can make an offer. If the offer you make is below the asking price, make sure the offer is reasonable. You should share with the seller the reason on why you are giving a low offer such as issues you find in the building. Your agent will be responsible of writing the offer letter in a well formatted Word document to present your offer along with other supportive information. You should avoid talking too much in front of the seller’s agent as it is going to make him think that you can afford much more than you can afford.
Your purchase of a co-op or condo resale must first be approved by the board of the building. To get approved by the building, you must submit a long application that includes features such as tax returns and financial statements. Once your offer is accepted, you will be required to put down at least a 10% deposit. At this stage, you must go to the bank and get your loan approved. This will be a fast process if you are already pre-approved for the loan. After that, you and the seller must go to the lawyers office to sign some documents. Once you have put down the signature, you will get the key to your newly bought apartment.