Buying in NYC Archives

Yes, a seller can credit a buyer for repairs, which is much easier than actually completing repairs before or after closing with escrow.

Can a Seller Credit a Buyer for Repairs?

By Sonja Gosine, Spokesperson at Hauseit® / June 2, 2023

Yes, a seller can credit a buyer for repairs. In fact, receiving a monetary credit in lieu of actual repairs is the most expedient and common outcome during real estate transactions. Often times, a buyer will discover broken items in …

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Why Is NYC So Expensive?

By Sonja Gosine, Spokesperson at Hauseit® / May 30, 2023

New York City, renowned as the largest city in the United States, captivates millions with its vibrant energy and limitless possibilities. However, this dynamic metropolis comes with a price tag that matches its grandeur. From its massive population and high …

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The typical NYC co-op purchase contract includes an unconditional board approval contingency which protects the buyer's deposit in the event of a rejection or an approval subject to conditions.

Board Approval Contingency When Buying a NYC Co-op

By Sonja Gosine, Spokesperson at Hauseit® / May 24, 2023

Standard co-op purchase contracts used in NYC typically include an unconditional board approval contingency. This means that your deposit is protected in the event of an outright board rejection or if the board approves you subject to conditions. In either …

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It depends on the terms of your mortgage note. Typically, you'll need to move in within 60 days of closing and reside for at least a year.

Can You Rent Out a House With a Mortgage?

By Sonja Gosine, Spokesperson at Hauseit® / April 27, 2023

Yes, assuming you've closed with a mortgage for a primary residence, you can typically rent it out after one year of primary residency. Additionally, most mortgage notes will have language requiring you to move-in and begin using the home as …

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Investing in Multifamily Real Estate

By Sonja Gosine, Spokesperson at Hauseit® / April 20, 2023

Investing in multifamily real estate has been a popular way to create passive income, tax write-offs and equity value over the past several decades. However, without the tailwind of 40 years of declining interest rates, does it make sense to …

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Buying a home? There is no guarantee that your contract deposit being held in escrow on a real estate transaction is FDIC insured. Learn why.

Is Your Real Estate Contract Deposit FDIC Insured?

By Sonja Gosine, Spokesperson at Hauseit® / April 7, 2023

There is no guarantee that your contract deposit being held in escrow during a home purchase is FDIC insured. Whether your deposit is fully insured, partially insured or uninsured depends on the size of your escrow deposit and whether you …

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What does cap rate mean for rental properties? Cap rate definition, examples, calculator, exact formula and more in plain English.

Cap Rate Real Estate

By Sonja Gosine, Spokesperson at Hauseit® / March 22, 2023

Cap rate is an important metric used by real estate investors to compare investment returns between different rental properties, before income taxes and any potential financing. Essentially, cap rate can be calculated by dividing the net operating income of a …

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Verbal offers in NYC are rarely taken seriously, and they can actually harm your negotiating position and reduce your odds of doing a deal.

The Truth About Verbal Offers in NYC Real Estate

By Sonja Gosine, Spokesperson at Hauseit® / March 20, 2023

You may be tempted to submit a verbal offer if you’re buying a property in NYC. As tempting as it may be, please don’t take the bait. Verbal offers in NYC are rarely taken seriously, and they can actually harm …

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Cash on Cash Return

By Sonja Gosine, Spokesperson at Hauseit® / March 15, 2023

Cash on cash return, cash on cash yield and cash on cash ROI (return on investment) all mean the same thing: what percent of your actual cash investment do you get back every year. More specifically for cash on cash …

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Submitting a lowball offer in NYC is a high risk, low reward strategy. Think twice before submitting a lowball offer on your dream home.

Think Twice Before Submitting a Lowball Offer In NYC

By Sonja Gosine, Spokesperson at Hauseit® / March 14, 2023

Many home buyers in NYC are enamored by the idea of submitting a lowball offer and buying a property below market value. While this makes for a compelling fantasy, it’s largely detached from reality. A NYC homeowner is unlikely to …

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