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A BUYER GUIDE
Buyer Frequently Aks Questions
How long is it going to take to sell my house?
Once your home is placed on the market, there are many different factors that can determine the length of time it takes to sell. One factor includes how much you are willing to sell your home for and how the market is performing during that time. In a high-demand market, a well-priced home will sell much faster than an overpriced home.
What is my property actually worth?
In order for you to calculate the likely selling price of your home, you need to have access to data from recent sales in your area, as well as homes that are currently on the market or in contract. Armed with this information, you can draw comparisons between your home and other similar properties that have recently sold in the area. There are a number of factors that come into the equation in determining the value of a property – such as the size, location, views, age, condition, presentation, quality of fixtures and fittings, and how unique and desirable the property might be to the current buyers in the market.
For apartment purchases there is no approval process, besides normal financial inquiries. Buyers are entitled to have complete control over any renovations they wish to make. Maintenance costs are the sole responsibility an owner and with this the owner gets total control over maintenance and repairs. Transferring deeds or reselling an apartment do not require approval. The size of a property can vary according to a budget and location of the property.
How much renovation needs to be done to my home before putting it on the market?
A home's “must-do repairs” are those that will negatively impact your home's resale value if they're not done. Things like leaky faucets and cracked tiles will stick out to a buyer because it is right in front of them when they are inspecting your home. For example, kitchens and bathrooms leave a lasting impression on buyers. Ensuring that they look fresh and inviting is valuable. Other must-do home repairs prior to selling include and are not limited to; replacing damaged vinyl flooring, cleaning, repainting or renewing baseboards, and resealing toilets.
What should I do in order to prepare my home for showings
Preparing a home for showings can be a job in itself. A home that is well prepared for home showings will likely sell faster than it’s competition. Making sure a home is clean, de-cluttered, bright, generally in good condition, and that no foul odors are present are just a few things that sellers should do to prepare their home for showings.
Are there any standard contingency clauses that frequently occur in offers?
Yes, the two most basic contingencies in a purchase contract are financing and inspections. You should read and fully understand all the contingencies or clauses in a contract before you sign. Sometimes a contingency clause is attached to an offer to purchase real estate and included in the real estate contract. Essentially, a contingency clause gives parties the right to back out of the contract under certain circumstances that must be negotiated between the buyer and seller.
What are the dangers if I choose a price point that is too high?
When a property is overpriced, windows of opportunity are missed. Broker and buyer interest is at its highest when a property is initially placed on the market. But if the property is priced above realistic market value, the number of potential buyers is significantly reduced. Later, it may be necessary to adjust the price appropriately to compete with new, competitively priced listings.
Once an offer is accepted, about how long will it take to get the offer to closing?
It generally takes seven to 10 days from accepted offer to contract signing. From there, the average amount of time necessary to get to closing is 60 days for a condo and 90 days for a co-op.
How do you ensure that a buyer is not only qualified to obtain a mortgage, but also that he or she will pass the co-op board?
Before showing a potential buyer your apartment, we will provide him or her with a financial analysis form to fill out. This will give us a complete picture of his or her assets, liabilities, and income. We will then compare these numbers to the requirements of the co-op board to help “pre-qualify” the buyer.
How many different agents will actually be showing my property?
It is the policy of Ny Rent Own Sell that only the listing agent with whom you have entered into an agreement will show your apartment. That agent will never leave keys for another broker or allow other agents to show your apartment without being present unless you have given prior consent.
Why should I work with an exclusive broker?
Some of the reasons are:
- Post your property on a state-of-the-art website in 10 languages.
- Take advantage of our international exposure.
- Have a professional market the property with professional photography, floorplans, and marketing collateral to best appeal to potential buyers.
- Let a knowledgeable expert guide you, using market research, on appropriate pricing and marketing strategies.
- Be represented by an experienced negotiator to generate the best terms for you.
- Within a few minutes, by using key online platforms and advertising, the entire industry will know that your property is on the market.
- As a REBNY (Real Estate Board of New York) member, we will work with other brokers to increase your opportunities to sell.
What should I do in order to make my property more attractive?
The price has to be right, but your property also has to be staged properly. Prospective buyers need to be able to imagine themselves living in the apartment, so storing personal items (photos, knickknacks) can be an effective way to give the prospective purchase a “clean slate” on which to project their own future in the apartment. Clearing out closets and sometimes removing furniture will make your apartment seem larger and more inviting; items can be easily stored in a rented storage facility. Refresh your property if needed; a good paint job can make all the difference. And of course, your agent will be happy to advise you.
Will you provide me with feedback after showings?
Yes, your agent will always get back to you after a showing. Each week your agent will give you a report of all the new buyers interested in your property. You will be informed about the degrees of interest and all the comments (both positive and negative).
Do you have other professionals you can recommend such as attorneys, inspectors, lenders, etc.?
We will be glad to refer professionals to you.
What are examples of some of the other costs I might incur in order to sell my property?
Depending on your situation you might have to face some of the following costs:
- Broker's commission
- Seller's attorney
- Co-Op attorney/managing agent
- Flip tax
- Move-out deposit
- New York City transfer tax
- Transfer tax filing fee
- New York State transfer tax
- Payoff bank attorney
- UCC-3 filing fee
- Miscellaneous title and recording fees
- Mortgage satisfaction fee
When do I need to move?
Find a target date for moving. If looking to finance, expect to take about 3 months from purchase to close. Buyers, begin your search 4-6 months prior to an estimated moving date. Once the buyer has been approved by the board, a closing date will be scheduled. The seller needs to be completely moved out before the closing.
What are all the steps in the application process?
For mortgage applications and for co-op or condo boards, buyers need to gather relevant financial documentation. Required documentation includes two months’ of most recent bank statements, brokerage statements, and any other assets. In addition to current income verification, boards and banks require a minimum of two years’ of federal income tax returns. Self-employed buyers need to provide at least three years of federal tax returns and a letter from an accountant verifying income.
How do I make the deal happen?
After finding a property that you want, your real estate agent will run a comparative market analysis to help you determine an appropriate offer. Your agent will submit an offer on your behalf, both verbally and in writing. There are a lot of different reasons, other than money, that influence a seller in choosing the right buyer. If the verbal offer is accepted, have your broker get confirmation of the offer and acceptance via email. Once the written offer is accepted, your agent prepares a deal sheet (or transaction summary sheet), to be sent to the seller’s and buyer’s attorneys for review. Using the signed offer and acceptance, the seller's attorney then prepares a contract of sale. After the buyer’s attorney reviews the contract, negotiates terms, and evaluates the property’s financial statements, the buyer then signs the contract and presents the down-payment check. Generally, contract deposits are 10% of the contract sale. This money is held in the selling attorney's escrow account to be sent to the seller's attorney. The seller then executes the contract.