Tag Archives: Buyer

NYC Real Estate – How do you get Deposit Money Back when the deal falls apart?

For protect yourself when you purchase a property, contract is the rules of the game. In Manhattan, when a “meeting of the minds” occurs, the agreement fulfills, you will be asked to sign the contract and 10% of the purchase price of deposit will require for the buyer to show good faith. This money will be held in the seller’s attorney’s escrow account until closing. How does buyer Get Deposit Money back when The Deal Falls Apart? Many buyers easily get the money back with failed inspections or they cannot secure financing because they do their homework and finding the right brokers for them. Please be more cautious if you choose to deal the whole purchase process by yourself. Otherwise the real estate broker will work for you for FREE. Only the seller will be responsible for commission of both buyer’s broker and seller’s broker.

Other useful topical:
5 Tips for Purchasing Real Estate in Manhattan

• Manhattan Real Estate Glossary – the dish on Condos, Co-ops, Condops, Townhouse & Brownstone

What You Can Get For Your Money – The Neighborhoods of Manhattan

• Renting vs. Owning

 

New York, Manhattan Neighborhood – some mistakes the 1st time buyers will make

Purchase a home could be very confusing. Sometimes turn a happy time into a stressful, overwhelming experience. Especially, if you are the 1st time buyer, those warning below, could help you to receive a hassle-free real estate purchase process. I can also show you Tips for 1st Time Homebuyers.

1) Forgot to check your credit score
It is very important that you have to check your credit score before your house hunt. If there are any errors on your credit report and you can resolve them right away. Improve your credit or fix your credit in order to get loan interest rate as low as possible.

2) Didn’t talk to a mortgage lender to get pre-approval
Many 1st time home buyers spend a lot of time researching homes without knowing how much they can afford. One of the first things that 1st time buyers need to do is pre-approval loan from the lender. It’s important that you are pre-approval for a loan before you begin your home search. It is not only save your time when you start to search the property in New York City, but also let you understand what kind apartment that you can afford. When you find the home you love, you’ll be able to take action quickly. Sellers will be more likely to accept an offer from a pre-approval buyer.

3) Mistakenly believe short sale or foreclosure property is bargain deal
Some home buyers believe that any properties under short sale or foreclosure would be a great deal. But the truth is those properties are still have to sell under the market value. The lenders always send BPO or appraiser to appraise the properties. Only if the home has significantly damaged, it will sell at cheap price. However, you need put money to renovate the property. Also short sale or foreclosure need lender to approval the sale. Sometimes you won’t hear from the lender for a long time after you offer the property. Usually could take as long as more than 90 days. Today some bank will respond faster than other, but it still could be very frustrating experience for buyer. However, if you buy the home from a motivated seller, you will have good deal and fast closing.

4) Failing to hire the right real estate broker and right mortgage broker
Buyers should rely on knowledgeable Real Estate Broker to help you to find your next dream home. The right buyer’s broker would not only find the right house for the buyer, but also negotiate the bargain price for the buyer. The buyers’ broker will look out for buyers’ best interests. The right mortgage broker will search the best deal loan for the buyer.

5) Failing to consider additional expenses
Home depreciation and property tax should be added to home-buyer’s budget. You should find out what the real estate tax for your property is. And you should have extra money for the home repair.

6) Not realistic
One of the particular mistakes that first time home buyers have is not realistic. Most the 1st time buyer would have big wish list with very limit fund. They usually are very picky on the property. Some others are too emotional when they see the property that they like. They are willing to pay the highest price to get the property. However, after while you would have lived that property, you would gradually find out this property wouldn’t worth the price that you had paid. So don’t discourage if you lose out the home that you make an offer on No matter how much you’ve fallen in love with the home. Today is still a buyer’s market. To get the right price for your dream home.

7) Failing to include a mortgage contingency clause in the contract
Some buyers want to have the home as their own right away. They didn’t put mortgage contingency clause into the contract. They assume that they will get a loan because they have a pre-approval. But that not always a case. If you couldn’t get a loan, you will lose the deposit.

8) Skipping the inspection
In Manhattan, if you purchase co-op or condo, usually you don’t have to do inspection. However, you have do walk-through by yourself. You have to do it very careful before the closing. If you find something wrong before closing, you still can get some deal on the closing table. But if you find anything after the closing, you have to spend your own money to fix the problem. So please be more serious to do the walk-through.

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com.  

I have the privilege and pleasure to work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. Our team’s hard working will help your real estate goal extremely successful. To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at diana.wu@elliman.com

Other useful topical:
• What You Can Get For Your Money – The Neighborhoods of Manhattan
• 5 Tips for Purchasing Real Estate in Manhattan
• Manhattan Real Estate Glossary – Types of Rooms
• Renting vs. Owning
• Manhattan Real Estate – Now is the Best Time to Buy
• New York Homeowners: Sale your home at TOP Dollar
– Tips for Staged the home Appeal to the Buyer

• BUY Manhattan Apartment – perfect wedding gift

 

New York Homeowners: Sale your home at TOP Dollar – Tips for Staged the home Appeal to the Buyer

Eclectic Living Rooms - Erinn Valencich

Eclectic Living Rooms - Erinn Valencich

– Tips for Staged the home Appeal to the Buyer

Southwestern Living Rooms - Amy Bubier

Southwestern Living Rooms - Amy Bubier

In Manhattan, even a multimillion home may sell for a price devastatingly below its true value if not staged correctly. What is staging? Staging is the process of de-cluttering and de-personalizing your home. Most apartments in Manhattan have a small living space. If you want buyers to see the home’s potential. You have to let the Buyers to fall in love with the space and to imagine themselves in that space. So you have to de-cluttering to make room bigger in order to let buyers image their own furniture and stuff fit in your home. There are so many apartments for sale in New York City neighborhood. Therefore staging your home right is very important. The goal of staging is to enhance the value of your property and make a fast sale with top dollar.

Normally, in New York City, staging can add 10% to 15% to the selling price. Follow these simple steps, and you are sure to get a higher return!
1. Consider changing the color in your homes to a warm, neutral color. Paint is cheap and can immediately enhance a room (whether by making the space seem larger, draw attention to some of the home’s unique architecture details, or otherwise). Remember, if your apartment is small, please use cool neural color instead the warm. Because the warm color will make a room looks smaller.
2. Take care of minor repairs. Nothing turns a buyer off more than a tear in the wallpaper or cabinets missing handles as this may lead the buyer to think that the house has been left to neglect. Remember today most buyers don’t wants to deal the wallpaper. It is out of fashion and very difficult to change. It will turn the some buyers off instantly. So please fix the wallpaper problem before sale if you want to sale at very short time. ,

Modern Living Rooms - Andreas Charalambous

Modern Living Rooms - Andreas Charalambous

3. Put personal belongings away. This includes putting away personal photos, trophies, awards, and memoirs. While your nieces and nephews may be the cutest little things, buyers may not care as much. Sometimes personal items can only serve to distract a buyer from the house’s features and you do not want that. You want the buyer to remember the house, not your personal touches.
4. Clean! This is related to #3. Cleaning is VERY important and the simplest thing you can do to quickly enhance a room’s features. No buyer likes to see dusty table tops.
5. Rearrange furniture. Try to move 50% off your furniture away (storage or into your new home) to make the room open, less crowded, and seem bigger. Again, most of apartments in Manhattan area are small. Be careful not to let a big TV or sofa block the outside view or the entrance. You want the room to feel airy and welcoming with plenty of space to move around. In the bedroom, it is a good idea to have only 2 nightstands and bed if the space is not exceptionally large. If you have a fireplace in prewar building, consider placing a sofa in front of it, surrounded by 1 or 2 chairs and maybe 1 coffee table for a clean and contemporary look.

Asian Living Rooms - Elizabeth P. Clarke

Asian Living Rooms - Elizabeth P. Clarke

6. If you have a house or townhouse in NYC, don’t forget the outside. It is crucial that you have street appeal. This is what draws buyers into the home in the first place. Make sure shrubs are trimmed and that the porch is freshly painted. Some fresh flowers won’t hurt either.
7. Details, details, details. Final touches can put a room, or even house, together for a cohesive, warm feel. Make sure to show off all the living spaces. Consider placing some fresh flowers on the tables. Open curtains to let natural light stream in past the window and brighten up a room. Remember, smells are very important too, especially if you have a pet. Taking the pet out and using some lemon or other fragrance before buyers visit the home can make the difference between a “must-have” home and a turn-off. If the house is dated, new floor or new countertops will help to make a high-end sale.

Contemporary Living Rooms - Andreas Charalambous

Contemporary Living Rooms - Andreas Charalambous

One last thing to remember: design the home for buyers, not for you. You must always think in the buyers’ shoes. With this approach, your house will sell at top dollar in half the time.
If you don’t want to hire a professional stager, visit a model room, designers portfolio or watch HGTV for ideas. Simple things can easily add top dollar to your home’s price. Another option is to discuss staging with your listing agent. He or she may be able find professionals in the area to work for you. As always, please feel free to contact me at 516-320-0231 (Diana). As graduate from FIT (Fashion Institute of Technology), I know-how, combined with my keen eye for design and effective staging tips, optimize appeal, my sharp negotiating for any property I market and lists. With my success, I have obtained the trust and satisfaction of many customers, prompting them to become loyal repeat customers and reward me with referrals. I will do the same with you. View my profile and other properties and contract signed listings at: http://www.elliman.com/real-estate-agent/diana-wu/4623. We pride ourselves as specialists in condominium and co-op sales inManhattan. To receive a  free analysis of your property, and discuss our marketing strategy, so please contact me at your convenience at (516) 320-0231 or email me at diana.wu@elliman.com. I have the privilege and pleasure to work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. Our team’s hard working will help your real estate goal extremely successful.

Other useful topical:
What You Can Get For Your Money – The Neighborhoods of Manhattan
5 Tips for Purchasing Real Estate in Manhattan
Manhattan Real Estate Glossary – Types of Rooms
Renting vs. Owning
Manhattan Real Estate – New is the Best Time to BUY