Fernando Branco, Real Estate Broker
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Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
Looking for the best deal in New York City? As an active member of New York Online Residential (OLR), I can help you.
I also help Brazilians relocate to Manhattan, New York!
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I will post interesting news, helpful information, comments, videos, and more about the current Real Estate markets of Manhattan, and Brooklyn, NY.
Common Client Question: Hey Fernando, now that we have an accepted offer what is the next step? My Banker wants the signed accepted offer!
Good morning, Eric.
In Manhattan, there’s no signed offer.
The deal-related docs (with the terms of the offer and Condo docs) were sent to both seller’s and your attorneys.
The seller’s attorney will prepare the first draft of the contract and send it to your attorney (Steve Ebbin & Diana Umansky).
Meanwhile, Steve & Diana will start the due diligence work, looking through the Condo’s offering plan, financials, etc., to make sure there are no major issues, pending litigation, and/or anything else that could be a potential risk for you as a new owner.
Steve & Diana will also negotiate clauses in the contract to protect your (buyer's) interests.
Once Steve & Diana finish their due diligence work and the contract negotiations, they will present you their findings and give you the negotiated contract for you to sign (likely Electronically) since you’re not in NYC.
At that point, you will make your deposit (likely via a wire) of 10% of the purchase price.
The signed contract (by you) with your deposit will be sent to the seller’s attorney.
The contract deposit money goes to the seller’s attorney’s escrow account and the contract goes to the sellers so they can countersign it.
The fully signed contract (fully executed) is then sent back to Steve & Diana and myself.
That is the only signed and legally binding document for the sale prior to the closing docs you will sign on the closing day.
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
Manhattan’s 2016 Narrative – 5 Main Themes to Know 2016, the year of normalization… After five straight years of progressive reflation in Manhattan residential real estate (2010-2015), buyers finally saw the leverage pendulum swing their way. Of course, just how much leverage a buyer gained still heavily depends on the price point. What’s happening at the high end is drastically different than what’s happening at the lower end. Lets discuss before the firms Q4 market reports are released. Here are the 5 themes you need to know about Manhattan’s 2016: Read more...
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