I think that there are a couple important points. Condos are 30% of the overall market and about 50% of current inventory. They are also about 30% more expensive than co-ops. 2 bedrooms in that price range are generally uptown or in a borough like Queens (think Astoria, Forest Hills, Sunnyside etc) or in Brooklyn (Williamsburg, etc.). Note though that you have to be very careful as that range is hard to find a 2 bedroom condo, but what you will find is condos that size with high maintenance (prices to maintenance are inversely related). So, you will have to be flexible in location. Also as a note, foreclosures are VERY rare anywhere in or near Manhattan. Demand is so high, there is no reason to go into foreclosure as most people have 20% or more in their properties.
To answer the process question:
0) Acquire pre-approval, financial statement and proof of funds
1) Find the property
3) Accepted offer (2 days)
4) You sign contract (7 days - includes time for the attorney to read all building docs and negotiate the contract)
5) Seller signs contract (3 days) - note that the deal does not count under the law until the seller signs. And the seller's agent WILL keep showing to your competition until the seller signs.
6) Get a commitment letter (2-4 weeks)
7) Close (2-4 weeks)
Does that help?
Manhattan, Brooklyn and Queens (Member REBNY and LIBOR)
Bond New York
Yes, you could find a 2BR apt for less that $400k, please give me a call to discuss the buying process.
Warburg Realty Partnership
347 371-1220 cell
As a real estate agent who will be able to tell
you whatâ€™s really happening in your local market.
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
HAve you been pre-qualified by a broker
or pre-approved by Mortgage broker?
First you have to find out how much you are pre-qualified for?
Then you gatehr your requirements and go out to view in the area of your choice.
Once you like a few of these apts, then you find out if they are good enough fo you to buy.
Some buildings are qualified by the banks for you to get a loan .
Let me know if you have any other questions.
Vice President Asso broker
Regarding the process, depending on the building, you generally need to qualify for conventional financing, few condo's are FHA approved. Your first step would be to speak with a lender to see what you can qualify for then we might be able to give you more concrete advice or better still find a real estate agent that can provide you with the guidance you need
the process is pretty straight forward and can be stress less with the right agent.
Feel free to drop me a line or send me an email if you have any questions.
Best of luck!
Mark Tabiszewski | Licensed Real Estate Salesperson
250 Park Avenue South 11th Floor | New York, NY 10003
P +1(212)685.7777 x 273 | M +1(646)427.5577
Languages: English, French, German, Polish, Dutch, Italian and Spanish
As Manhattan's real estate leaders we will find more New Yorkers better homes then anyone else!
Yes, you can find a condo in New York City for less than $400,000--both true two bedrooms and one bedrooms that can be converted to a two bedroom.
The process for a condo is similar here to other areas of the country, but there are a few nuances to buying in New York City that make it worth it to work with a real estate agent to help you find a place. An agent provides you with local knowledge, market information, building information, price history, and can help you assemble a team (lawyer and mortgage broker) to make the process go as smoothly as possible.
The greatest part about working with an agent is that the seller of the apartment you buy pays for the agent's services to you! You get the agent's help for free!
If you have more questions or would like to take a look at some places in your price range, please give me a call (347.344.8307) or email me (firstname.lastname@example.org).
Good luck with your search!