Home Buying in New York>Question Details

Elgee, Home Buyer in Catonsville, MD

What is is the process for buying a condo in NYC with cash?

Asked by Elgee, Catonsville, MD Wed Jan 8, 2014

I have a trust that I am able to use and I want to purchase my first condo in NYC. Before receiving the trust, I was laid off for three years and accumulated some debts (which I've paid off since receiving the trust). I was wondering if anyone could give me some idea on NYC's process of purchasing a condo for a full payout??? Is it still a long process even though I will be paying the sale price in full??? Thank you.

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7
Please call me for assistance. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes Thank Flag Link Thu Jan 23, 2014
No problem! Just find a place first: that is the tricky part. So, that is where a buyer's broker comes in! I am one who shepherds buyers through the somewhat daunting process of finding a perfect property and then negotiating the price,etc. and then this is a fairly straightforward process after that. Also, a good real estate lawyer will vet the property as well to make sure the title is clear and the contract correct! I have more that 30 years selling property in Manhattan and can listen to your wants, needs and desires with regard to purchasing an apartment. Best regards, Maggie Hopp, President and
Principal Broker, Hopp Property LLC, Member REBNY, NARA, MANAR, NYSAR 212 9470578
0 votes Thank Flag Link Thu Jan 9, 2014
It is a pretty straight forward process compared to purchasing a coop. Work with a buyers agent you trust and respect, they will guide you accordingly. Once you locate a property,there will be a resale package to fill out unless it is a new construct. They may have what is called a "right of first refusal" which I can explain in more detail if you like, along with some other factors.

Sincerely,

Christoopher Pagli
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914 406 9023
0 votes Thank Flag Link Thu Jan 9, 2014
The process is not a long one. Time is lost when applying for financing. As that would not be the case here, you'll bypass loan officers and underwriters and save yourself about 4-6 weeks of the process. There is an application package if the unit is a resale apartment. If the unit is in a new development, there is a purchase agreement which contains the Contract of Sale. There are things to be aware of before you pull the trigger though.

I would be glad to discuss at length. We can set up a search engine to send possible option to your e-mail. Please feel free to contact me through Trulia. Just pass your cursor over my photo and click on "contact me."

Joseph Hastings
Douglas Elliman Real Estate
0 votes Thank Flag Link Wed Jan 8, 2014
Hi Elgee,
As Nick said there is a difference in buying a co-op vs a condo. In a co-op you are buying shares in a corporation and occupying (living in) a specific area. Everyone is responsible for any major issues that are not specifically the fault of the tenant. Taxes and building maintenance are combined in one payment if applicable. In a condo you own the area you live in and maintenance covers the common areas you share with fellow building tenants. Any issues or problems with the apartment are the responsibility of the owner and not the building at large. Maintenance and Taxes are considered separate in Condo's but can be combined when financing, which you are not.
So, while most of the time there is an application process in condo buildings, it is much easier to process and gain approval when you are buying all cash. The time frame for an all cash purchase can be anywhere from 30-60 days depending on the circumstances surrounding the sale.
If you have any further questions please feel free to ask, I am available anytime via email or phone.
Have a Happy New Year and I hope to hear from you soon.
Best regards,
Peter Forsman
Licensed Real Estate Salesperson
Douglas Elliman
peter.forsman@elliman.com
908-510-5642
0 votes Thank Flag Link Wed Jan 8, 2014
Purchasing a property with cash makes the process much faster and provided all parties are in agreement one could expect to close within two weeks or so; for any other specifics/clarifications, dicuss with your agent and or attorney...
0 votes Thank Flag Link Wed Jan 8, 2014
IN A NUTSHELL: To purchase a condo is a much faster transaction than a coop. With a condo you are buying REAL property. There is a board application to fill out, which is like a coop application. The condo board will take the package and go through it. They could have questions but they really can't turn you down as I said, it's REAL property. They have to sign off on the RIGHT OF FIRST REFUSAL and once that's done you can set up a closing date. If you were to get a mortgage it would take around 2 months to close but with cash a bit sooner. However, if there's a tenant or owner in the unit they will need time to leave. This of course would be negotiated with your offer or through the real estate attorneys.

Best,
Nick Rafello
Licensed Associate RE Broker
R-TEAM at The Corcoran Group
212-444-7852
nrafello@corcoran.com
0 votes Thank Flag Link Wed Jan 8, 2014
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