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Category Archives: Buying in NYC

Why Buying a Multi Family Home in NYC Is a B...

Jul 23, 2019
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What is a starter apartment? Should you buy a studio, 1 bed or junior 4? Rent vs buy analysis. Common mistakes when buying a starter home in NYC & more.

Tips for Buying a Starter Home in NYC

Jun 24, 2019
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How to get Schedule A pricing, allowed variances, outside dates, delays in construction when buying a pre-construction condo and more explained.

The Complete Guide to Buying a Pre-Construct...

Jun 24, 2019
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Buying an apartment in a mixed used building comes with many special risks such as unequal sharing of common charges, assessments, utilities and more.

Buying an Apartment in a Mixed Use Building

Jun 19, 2019
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Getting a buyer agent commission rebate in NYC is as simple as signing-up to work with a buyer’s agent who has agreed to credit you back a portion of the buyer broker commission paid by the seller.

How Do I Get a Buyer Agent Rebate in NYC?

Jun 14, 2019
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Gift letters necessary for both mortgage and co op. Co borrowing means reduced future borrowing capacity for both. Advice for co buying a house with parents.

Advice for Co Buying a House

Apr 30, 2019
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Coop boards might ask for 1-2 years of maintenance payments in escrow or a guarantor for conditional coop board approval in NYC. Buyers can renegotiate terms.

What is Conditional Coop Board Approval in N...

Apr 10, 2019
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What is the NYC Mansion Tax? How much is the Mansion Tax and who pays it in NYC? Learn how to offset the Mansion Tax when buying real estate in NYC.

What is the NYC Mansion Tax?

Apr 08, 2019
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Comprehensive guide on the J-51 tax abatement and what buyers should look out for. How to verify and calculate J51 benefits, expiration and more.

Buying an Apartment with a J-51 Tax Abatemen...

Mar 13, 2019
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Factors for deciding when to buy a home include interest rates, monthly housing supply, average days on market and numerous local factors.

The Complete Guide on When to Buy a Home

Mar 07, 2019
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Is buying a house worth it given the upfront costs, property taxes, maintenance and illiquidity that comes with home ownership? We’ll discuss all this and more.

Is Buying a House Worth It?

Mar 06, 2019
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The complete guide to real estate’s various titles and license types. We’ll explain the difference between broker vs Realtor vs agent and more.

Broker vs Realtor – What’s the Difference?

Mar 06, 2019
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A first time condo buyer in NYC faces many challenges. Square footage isn’t measured uniformly, nor are property taxes. You can get the buyer agent commission.

Tips for a First Time Condo Buyer in NYC

Feb 27, 2019
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Sample Co-op Tax Deduction Letter

Sample Co-op Tax Deduction Letter

Feb 22, 2019
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Authoritative guide on how to find an apartment in NYC. Where to start, should you work with a broker, where to look online, property types and more.

How to Find an Apartment in NYC

Feb 18, 2019
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A rent roll in NYC real estate is a summary of a property’s rental income streams. A rent roll also shows net operating income, the cap rate and maturity dates.

What Is a Rent Roll in NYC Real Estate?

Feb 18, 2019
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Buying a townhome in NYC means no board approval or interviews, no application and move-in fees. Lower monthly charges. Difficulties with property tax disputes.

The Complete Guide to Buying a Townhome in N...

Feb 11, 2019
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Co-op square footage in NYC is a controversial topic because co-ops do not have official square footage figures listed in the Offering Plan.

Co-op Square Footage in NYC

Feb 07, 2019
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The cost of gut renovating a typical bathroom in NYC is between $20,000 to $50,000. A bathroom gut renovation is a stressful and time-consuming project.

How to Renovate a Bathroom in NYC

Jan 31, 2019
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A Letter of No Objection in NYC is used to verify the legal use of a property built before January 1st, 1938 which does not have a DOB Certificate of Occupancy.

What Is a Letter of No Objection in NYC Real...

Jan 30, 2019
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Buyer closing costs in NYC are between 1.5% to 6%. Buyer closing costs are higher for condos vs. co-ops, and closing costs are the highest for new developments.

How Much Are Buyer Closing Costs in NYC?

Jan 25, 2019
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What is the Mortgage Recording Tax in NYC? How much is the Mortgage Recording Tax and how is it calculated? Who pays the Mortgage Recording Tax and is it negotiable? How can you reduce your tax liability with a purchase CEMA loan? Where do you file MT-15 (Mortgage Recording Tax Return)?

The Mortgage Recording Tax in NYC

Jan 23, 2019
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Typical co-op buyer financial requirements in NYC include 20% down, a debt-to-income ratio between 25% to 35% and 1 to 2 years of post-closing liquidity.

NYC Co-op Financial Requirements

Jan 17, 2019
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No purchase applications, condo boards or petty neighbors with a townhome. No dealing with building maintenance with a condo. Townhome vs condo explained.

Townhome vs Condo – Which Is Better in NYC?

Jan 16, 2019
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3-6 reference letters per applicant. Ask for references as soon as you have a signed contract. NYC co-op board package reference letter samples & tips.

NYC Coop Board Package Reference Letter Samp...

Jan 10, 2019
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Stick to business casual. Be on time. Don't mention renovation plans. Don't ask questions. Tips on how to ace a co-op board interview in NYC and more.

How to Ace a Co-op Board Interview in NYC

Jan 09, 2019
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Minimum dimensions of 8 feet on either side. 2 forms of egress. Window of minimum 12 square feet. Learn what qualifies as a legal bedroom in NYC.

What Qualifies as a Legal Bedroom in NYC?

Jan 08, 2019
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Co op rules and regulation in NYC are generally more onerous than condo bylaws. Restrictions on subletting, selling your apartment and pet policies.

Co op Rules and Regulation in NYC

Jan 07, 2019
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Buying a coop in NYC can be a daunting process. What are the pros and cons of buying a coop apartment? When should you start working on the board package? What's the board interview really like? We take you step by step through the co-op buying process, from finding the perfect apartment to guidance for closing day.

The Complete Guide to Buying a Coop in NYC

Jan 04, 2019
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Land lease buildings are known to trade at a discount because of the uncertainty associated with lease renewals. But what happens when a land lease expires?

What Happens When a Land Lease Expires?

Jan 04, 2019
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Why are commission rebates not more common in NYC? What are some common reasons why most real estate agents refuse to give buyer rebates?

Why Do Real Estate Agents Not Give Commissio...

Jan 03, 2019
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What is the purpose of an Aztech Recognition Agreement and why do you need one in order to get a loan for your co-op apartment purchase in NYC?

What is an Aztech Recognition Agreement?

Jan 03, 2019
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Is seeing a home without an agent possible? Read our tips for seeing a home without an agent.

Tips for Seeing a Home Without an Agent

Nov 28, 2018
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The advantages of investing in NYC real estate vs. stocks include tax benefits, appreciation, diversification, inexpensive leverage and the fact that you have control.

NYC Real Estate vs. Investing in the Stock M...

Nov 22, 2018
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How should buyers navigate a seller’s market? Should buyers waive contingencies and increase their down payments? Tips for buying in a seller’s market and more.

Buying in a Seller’s Market

Nov 20, 2018
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How should buyers act in a real estate buyer’s market? What do sellers have to do in a buyer’s market? Tips on how to navigate a buyer’s market in NYC and more.

How to Navigate a Buyer’s Market in NYC?

Nov 19, 2018
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When do sellers customarily respond to an offer? How long does a seller have to accept an offer without being rude? What if a seller doesn’t respond at all?

How Long Does a Seller Have to Accept an Off...

Nov 16, 2018
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A real estate deal sheet in NYC is prepared once there's an accepted offer. It contains the proposed deal terms and contact details of buyer, seller, brokers and lawyers.

How to Prepare a Real Estate Deal Sheet in N...

Nov 14, 2018
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Should I rely on referrals from friends and family when I need to find a Realtor to sell my house? How important is local knowledge? What about reputation?

How to Find a Realtor to Sell My House?

Nov 14, 2018
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What are the most common home buying contingencies? Which ones matter? What is a home close contingency? Contingency contract example and more.

Which Home Buying Contingencies Actually Mat...

Nov 13, 2018
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An escalation clause is an offer strategy in NYC real estate which automatically increases your offer when a competing bid is received, up to a maximum offer amount.

What Is an Offer Escalation Clause in NYC?

Nov 12, 2018
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What is a non-contingent offer? What is a contingent offer on a home? Do contingent offers fall through? Tips for getting a contingent offer accepted and more.

What Is a Contingent Offer on a Home?

Nov 09, 2018
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Does your real estate agent deliver your offer to the seller? Should you submit an offer directly? Who delivers your offer to the seller normally?

Who Delivers Your Offer to the Seller?

Nov 08, 2018
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What’s the difference between a coop foreclosure and a foreclosure on a house or condo? What is the co op foreclosure process? Do you need coop board approval?

A Coop Foreclosure Explained

Nov 07, 2018
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Knowing how to make a winning lowball offer will maximize your chances of scoring a low sale price on a NYC apartment. Learn how to make a successful lowball offer.

How to Make a Winning Lowball Offer on a NYC...

Nov 07, 2018
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A REBNY Financial Statement is typically required when submitting an offer on a co-op apartment in NYC. Download a sample REBNY Financial Statement and instructions.

Sample REBNY Financial Statement

Nov 06, 2018
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A typical co-op building in NYC will allow you to sublet your apartment for one or two years every few years. Coop subletting policies, rules and fees vary by building.

NYC Coop (Co-op) Sublet Policy Rules Fees

Nov 05, 2018
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When does an offer become binding? Can you withdraw an offer on a house at any time? What if you signed the offer? When is a contract considered fully executed

Can You Withdraw an Offer on a House?

Nov 05, 2018
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Whether or not you will regret buying an apartment in NYC depends on whether you've considered the costs and benefits of buying vs. renting and other realities of home ownership.

Will You Regret Buying an Apartment in NYC?

Nov 05, 2018
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A short sale is the sale of a home for net proceeds less than the balance of the outstanding mortgage. A short sale must be approved by the mortgage lender because the lender will lose money, and be “short” the difference between the net proceeds of the sale and the mortgage loan amount.

What’s a Short Sale?

Nov 02, 2018
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When do you do a home inspection? Should you get a home inspection before making an offer? Should my offer be contingent on inspection? Who pays for inspection?

Should You Get a Home Inspection Before Maki...

Nov 01, 2018
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Submitting an all cash offer on a property in NYC offers a number of benefits including the possibility of a lower sale price, a discount and a quicker closing.

All Cash Offer NYC

Oct 31, 2018
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What are the best home sale sites for NYC? Don’t real estate sites all have the same listings? Which websites allow you to contact the listing agent directly?

The Best Home Sale Sites for NYC

Oct 31, 2018
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Can you buy a house without a Realtor? Step by step guide on how to buy a house For Sale By Owner, from searching for FSBO listings to closing.

How to Buy a House For Sale By Owner

Oct 30, 2018
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Co-op Renovation Rules

Oct 29, 2018
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Is closing without a Realtor possible if you already have an attorney? What do Realtors do after an accepted offer? What if I don't have an attorney?

Closing Without a Realtor

Oct 29, 2018
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Download a fillable REBNY Financial Statement Template in Excel or PDF. The REBNY Financial Statement is required when submitting an offer on a co-op (coop) in NYC.

REBNY Financial Statement Template

Oct 29, 2018
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Buying a house without a Realtor is easy. There’s no requirement for the buyer to have a Realtor; however, most sellers will have a listing agent representing them.

How to Buy a House Without a Realtor

Oct 26, 2018
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It’s easy to fail a co-op board interview in NYC if you haven’t taken the time to prepare. Learn the top reasons for failing a coop board interview in New York City.

How to Fail a Co-op Board Interview in NYC

Oct 25, 2018
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Is it worth buying a co-op in NYC depends on the purchase price, how long you plan on owning the apartment and what your future lifestyle plans entail.

Is it Worth Buying a Coop in NYC?

Oct 25, 2018
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Houses come on the market all year round in NYC although you’ll see more activity in the spring and fall selling seasons.

When Do Houses Come on the Market in NYC?

Oct 25, 2018
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The 421g tax abatement and exemption in NYC explained. History of the 421-g tax incentive and how to calculate and verify the incentive. Projection model.

What Is the 421g Tax Abatement in NYC?

Oct 24, 2018
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How long a NYC apartment has been on the market shouldn’t affect your decision whether to buy a home. There are a number of possible causes for a high day count.

Should You Buy a NYC Apartment That Has Been...

Oct 19, 2018
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A buyer agent commission rebate can cover your closing costs and more; however, there are significant drawbacks to be aware of.

Getting a Buyer Agent Commission Rebate Expl...

Oct 18, 2018
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A post-closing REBNY coop financial statement is a common requirement for co-op board applications in NYC. It shows your assets and liabilities upon closing.

What Is a Post-Closing REBNY Coop Financial ...

Oct 18, 2018
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A co-op post-closing cash flow statement may be requested by a coop board as part of your board application. Download a template post-closing cash flow statement.

What Is a Co-op Post-Closing Cash Flow State...

Oct 16, 2018
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Guide to getting a reverse mortgage in New York. What is a reverse mortgage? Do I qualify? What are benefits and downsides to getting a reverse mortgage?

Getting a Reverse Mortgage in New York

Oct 16, 2018
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It’s customary for sellers to continue showing their property and even hosting open houses after they’ve accepted an offer.

Offer Accepted on House but Still on Market

Oct 16, 2018
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Are there any rules preventing a real estate listing agent from lying about how many interested buyers there are for a property? Can a Realtor lie about multiple offers? Practically speaking, yes.

Can a Realtor Lie About Multiple Offers in N...

Oct 15, 2018
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): Learn the most common reasons for a co-op board rejection in NYC and how you can avoid a board turndown when buying or selling a co-op apartment in New York City.

How to Get Rejected by a Co-op Board in NYC

Oct 15, 2018
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The fees and buyer closing costs associated with buying a co-op in NYC are approximately 1% to 2% of the purchase price. Co-ops have lower closing costs than condos in NYC.

What Are the Fees When Buying a Co-op in NYC...

Oct 12, 2018
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Many co-ops in NYC prohibit adjustable rate mortgages. Other co-ops require a higher down payment if you are using an adjustable rate mortgage (ARM).

Can I Use an Adjustable Rate Mortgage When B...

Oct 11, 2018
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It’s not customary to get a home inspection before signing a contract on a co-op apartment in NYC. There are some instances where an inspection is a good idea.

Should You Get an Inspection Before Buying a...

Oct 10, 2018
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A backup offer is an offer that the seller hasn’t accepted, but is strong enough and close enough to the accepted offer that the seller would like to revisit it should the accepted offer fall through.

The Backup Offer in Real Estate in NYC Expla...

Oct 10, 2018
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Buying a house as is means purchasing a house in its current condition, without the seller making any repairs or upgrades before closing.

Buying a House As Is in NYC

Oct 09, 2018
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The new construction home buying process in NYC takes longer, is more expensive and is generally more complex than your typical re-sale process.

The New Construction Home Buying Process in ...

Oct 08, 2018
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The specific co-op pet policy varies by building in NYC, however most coops have house rules which establish a code of conduct for pet owners.

What Is the Typical Co-op Pet Policy in NYC?

Oct 05, 2018
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So you made an offer on a house and all you’ve received in return is silence. Made an offer on a house no response is one of the most common search terms on the internet for home buyers. We’ll explain all the scenarios and what you can do about it in the following article.

Made an Offer on a House No Response

Oct 03, 2018
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Buying a house with cash is faster and simpler than purchasing a home with a mortgage. All cash buyers won’t have to deal with the loan approval process and can often close in under 30 days vs 60 to 90 days if financing.

How to Buy a House with Cash in NYC

Oct 02, 2018
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Whether you can afford to buy an apartment in NYC depends on your annual income, how much you’ve saved and the estimated carrying costs of your condo or co-op apartment.

Can I Afford to Buy an Apartment in NYC?

Oct 01, 2018
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What is the earnest money check for a NYC home purchase? The earnest money check is a personal check worth 10% of the purchase price, made out by the buyer and delivered to the seller’s attorney along with a signed contract.

The Earnest Money Check for a NYC Home Purch...

Sep 28, 2018
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Generally speaking, offers should not be less than 10% of the asking price for a reasonably priced listing. The answer will vary based on how reasonable the listing price is.

What Is a Reasonable Offer on a House in NYC...

Sep 26, 2018
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There is little advantage to not having a buyer’s agent in NYC. Sellers in NYC typically do not pay any less in total commission if a buyer is unrepresented.

Advantage to Not Having a Buyer’s Agent in N...

Sep 26, 2018
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To make an offer on a house in NYC you'll need to email the seller or listing agent and include a REBNY Financial Statement, a loan pre-approval letter if you will be financing your purchase, proof of funds if you are making an all cash offer, any contingencies, any closing date preferences, your down payment amount as well as your offer price.

How to Make an Offer on a House in NYC

Sep 24, 2018
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You are permitted to attend an open house without an agent in NYC. Sign-in with your buyer agent’s information and have him or her register you for the open house.

Can I Attend an Open House Without an Agent ...

Sep 24, 2018
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You should make an offer on a house immediately and as early as possible to give yourself a maximum head start vs other potential bidders. The only exceptions are if there is an imminent open house or a best and final offer deadline which we’ll discuss in the following article.

When to Make an Offer on a House in NYC

Sep 21, 2018
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FAQ on the condo board package and application process in NYC, timing for condo board approval, and the difference between co-op boards and condo boards in NYC.

What Is a Condo Board Package in NYC Real Es...

Sep 19, 2018
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Buying a townhouse in NYC can be as rewarding as it is challenging. All the unique benefits and risks of buying a townhouse in NYC discussed on this Article, whether it’s a single family home or a multi-family brownstone.

Buying a Townhouse in NYC

Sep 19, 2018
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Buying a duplex in NYC can be difficult because it can be hard to find comparable properties and to ascertain value. Duplexes are generally unique, one-of-a-kind residences vs more generic single floor apartments.

Guide to Buying a Duplex in NYC

Sep 18, 2018
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A Pied-à-Terre in NYC is a secondary residence or a vacation home. A Pied a Terre can describe any property type, including a condo, co-op apartment or a townhouse.

What is a Pied-à-Terre in NYC Real Estate

Sep 18, 2018
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Is buying real estate in NYC a good idea? What are the steps from A to Z for buying a home in New York City? A complete guide to buying property in NYC.

The Complete Guide to Buying Real Estate in ...

Sep 17, 2018
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How much cash you need to buy a co-op apartment in NYC depends on your coop apartment building’s down payment and post-closing liquidity requirements. Co-ops in NYC typically require 20% down and one to two years of post closing liquidity.

How Much Cash Do I Need to Buy a Co-op Apart...

Sep 17, 2018
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How much money you need to buy an apartment in NYC depends on whether you’re buying a condo or co-op, the amount of your down payment and whether you’re financing the purchase.

How Much Money Do I Need to Buy an Apartment...

Sep 14, 2018
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The average down payment for an apartment in NYC is 20% of the purchase price. Most co-ops and some condo buildings in New York City have minimum down payment requirements for buyers.

What Is the Average Down Payment for an Apar...

Sep 13, 2018
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Three months is a good estimate for how much time there is between offer and closing in NYC real estate. It takes longer to close on a co-op apartment and for deals where the buyer is financing.

How Much Time Is There Between Offer and Clo...

Sep 12, 2018
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It typically takes two to three months to close on a condo in NYC. How long it takes to close on a condo apartment in New York City depends on a number of factors.

How Long Does It Take to Close on a Condo in...

Sep 11, 2018
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What is the debt-to-income ratio and how is it calculated for co-op apartments in NYC? Learn how to calculate the debt to income ratio (DTI) for a coop in New York City.

Co-op Debt to Income Ratio Requirement for N...

Sep 10, 2018
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Knowing how to make an offer on a condo in NYC will give you an advantage over other buyers. Learn the steps for making an offer on a condo apartment in NYC.

How to Make an Offer on a Condo in NYC

Sep 09, 2018
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The answer to how much mortgage can I qualify for in NYC depends on the amount of gross income you make, your anticipated housing expenses, your other credit payments, prevailing mortgage interest rates and the maximum Debt-to-Income ratio allowed.

How Much Mortgage Can I Qualify for in NYC?

Sep 06, 2018
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Is buying an apartment in NYC a good investment? Learn the pros and cons of buying an apartment in New York City. Buying a condo in NYC isn’t always a good investment.

Is Buying an Apartment in NYC a Good Investm...

Sep 06, 2018
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