I just closed on a FORECLOSURE in the Washington Hts (aka Hudson Hts) area in Manhattan. By the time a property has gone into foreclosure you (the buyer) are not responsible for "what was" with this property. It is considered FREE AND CLEAR. First, make an intelligent offer. Banks are not bargaining on foreclosures in Manhattan as they might around the rest of the country. So, I suggest you give them the full ask, however, ask them to pay your closing costs. Your attorney will do a title search.
Nick Rafello, V.P.
THE CORCORAN GROUP
The answer to your question must be delineated in your purchase contract. Check with your attorney.
If not spelled out in the contract, ask your attorney to request a copy from the Coop's managing agent. They should have a copy from the seller's purchase file.
The managing agent generally has the ability to prepare a new lease for your puchase which may eliminate the need for the sellers lease. Your attorney can quickly review and approve before your grace period expires.
Of course. You had also asked about the quality of construction in HPD Housing so I'll try to answer both for you......
In NYC, all buildings must be built to NY City Code, unless that requirement is waived because the building is required to be built to NY State Code. Before you sign a contract of sale, your attorney will conduct significant due dilligence to determine whether there may be existing violations, problems, or if such have existed in the past. (S)he will also review the financials of the building to determine whether it is being properly managed.
The building you are asking about has income restrictions which, upon resale, could limit your market. However, the restriction is a realistic one.
The Corcoran Group
VP, Associate Broker... more
If this is in Manhattan, and I see from the zip cond you are using it is, according to the Real Estate Board of New York, you can bring a buyer's agent in at any point before there is a signed contract. The seller's agent should have had you sign an agency agreement form which says he is the seller's agent. You are entitled to a buyer's agent. The seller's agent will not like this, but it is your right. Do not let them tell you that it is dual agency if they represent you too; it is not. The seller's agent always represents the seller. Dual agency is when you are working with a buyer's agent who brings you to their own listing.
Make sure you use a skilled, experienced agent, as some finesse will be needed to deal with the other agent in this delicate situation. You also need someone who clearly understands the nuances of the agency disclosure laws, as this will come into play, and many agents are confused by it.
Halstead Property, LLC
212 381-4268... more
Volume is down but prices are actually up this year vs last year. It continues to be a buyers market with more inventory. Although many listings are still at higher prices, the actual offers and deals are getting m,ade at lower prices. Tthe gap between the asking and sales price is widening. In modern condos with amenitiues, like the Corinthian where I live and work, prices are appproximately $1100/SF for a 1 BR and $1200/SF for a 2 BR. Slightly lower on low floors and slightly higher for high floors.
Vipler Realty LLC
The Corinthian Condominiums
Your best source of information is your attorney, contact him/her and ask your question--generally all parties have to agree on a closing date or closing will not happen--notice does have to be given to all parties involved if a delay is percieved. All parties have to be mindful of the others--delays on either side can and do happen--as the buyer, you can still close if you wish and your attorney can handle liability issues, escrow money, etc., with the sellers' attorney and of course your approval and sellers approaval is needed, if this type of situation occurs--and only if the complex allows--again, ask your attorney the question, he/she can best advise.... more
It is VERY unusual for a condominium to be built on a land lease, and requires special legislative act. For example Battery Park City Authority was granted permission to construct condominium units on a land lease with BPCA. 415 East 37th Street is not a land lease building, it is a condominium erected on land that was owned in fee simple by the sponsor.... more