Fernando Branco, Real Estate Broker
c: 212-321-0115 - e: email@example.com -
Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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The NYC Real Estate Purchase Process Explained: A Timeline Estimation of a Coop Purchase From Offer to Closing
Client's Email and Question:
Thank you very much for showing us the 2 apartments today.
Svitolina and I discussed our options this evening based on what we saw and decided that we'll wait until the end of April to bid on an apartment in the $1.4MM range in the hope that we can get something larger and in better condition.
We liked both apartments today but think we'd have trouble with the small kitchens and small bathrooms in both. And we could use a little more space overall.
If we're aiming to submit a board package at the end of April, when would it make sense for us to start spending more time on our search? Perhaps early next year?
"Good evening, Stephanos and Svitolina.
Thank you. It was a pleasure to meet the two of you and also your baby, Sasha.
Here's an estimate of a transaction timeline for you.
1) From making an offer to having an accepted offer: 1 week
2) Contract (due diligence / discovery phase / signing of contract) phase: 5 - 12 business days
3) Preparing the package and also securing a mortgage commitment (filling up docs / submitting supporting docs for mortgage & board package/assembling board package/waiting for mortgage commitment letter / submitting Board package): 4-8 Weeks
4) Review and partial approval of board package/invitation for interview: 4-6 weeks
5) Interview and board response to the application: Less than 1 week
6) Notice to closing till closing: 1-2 weeks.
So if everything were to go nice, straightforward, and fast I'd say 6 weeks from starting an offer, to be ready to submit a board package with a mortgage commitment, but that is in a very fast.
That being said there are a few things to keep in mind:
- You can't be sure you will find the right place immediately when you are ready to make your move.
- I would say that we should step up our efforts with the property search right after the Holidays.
- But, I would also like to mention the value of being aware and educated about how your market is behaving. I will start a search based on the criteria we discussed, and I will create an online listings portfolio for you. I believe it would be a great idea for us to keep an eye on the listings (and their prices) from now till then, and definitely go tour the ones you find potentially suitable.
What are your thoughts about this?
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February 18, 2016 Q: I am a licensed real estate salesperson and I am representing a purchaser who is considering a co-op apartment in a building that has a Ground Lease. Can you please clarify exactly what a Ground Lease is? Also, are there any particular considerations that should be made before purchasing a co-op apartment in a building that has a Ground Lease? A: If a co-op building has a Ground Lease (also known as a Land Lease) it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases the land from the owner of the land. About 100 buildings in Manhattan have Ground Leases, many of which are co-ops. Generally the terms of Ground Leases are quite long, varying from terms of 50 to 99 years. Several important considerations should be made before purchasing a co-op apartment in a building with a Ground Lease: Can the rent payable by the co-op corporation increase during the term of the Ground Lease? If the re