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Your home is probably the largest purchase your family will make and it involves many decisions that go beyond simply choosing one you like.
As a top Manhattan Realtor, River 2 River will guide you through the entire process. From viewing homes and financing, to making sure the final contract is in your best interest. While ensuring you find your dream home and have a superb service experience.
Why buy with River 2 River?
- We offer our premier buyers a unique one of a kind service called door 2 door luxury. We will drive you around in a luxury car to all destinations. This enables us to see multiple apartments or townhouses in one day. This gives our buyers a very good education in a short time, by getting around Manhattan very quickly and luxuriously. Our cars are comfortable and superb, as we have a brand new Range Rover and Lexus cars available.
- After you have purchased your new dream home, River 2 River’s job doesn’t stop there. We will at any point rent out your apartment free of charge. We will also give you a discount on the selling of your home , our rates for previous purchasing clients start as low as 4% , well below our competitors.
- We are currently offering an incentive to all buyers, a credit up to $2,500 towards your closing costs. Just for enjoying River 2 River's, classic service and personalized attention.
- As a member of National Association of Realtors and the Manhattan Multiple Listing Service we have access to an extensive, state-of-the-art computerized database which is updated daily. Our database is one of the best in the city and provides information on thousands of apartments and homes, including building information and sales history. You will have full access to all properties available in the Manhattan market, all new condo pre-construction and even listings that have not been made public yet.
- Our expert local knowledge of the area should be invaluable to you, not just in terms of real estate, but also schools, neighborhoods, the local economy, and more
- Negotiating with sellers can be extremely stressful. We will assist you in the negotiating process, so that the final contract includes your best possible terms and conditions. We will give you all the information you need to make an offer with full confidence
Please feel free to search our extensive property database online and if you do not see what you are looking for, just simply contact us. We have thousands of apartments in our internal database and will find your dream home.
Buyers Checklist
Helpful hints for completing your board package
In order to review a potential purchaser, the Board of Directors reviews extensive information from the buyer in what is called a Board Package. Most coop boards typically request financial disclosure with supporting documentation, employment history, current salary, personal and business references, tax returns and credit history. The following tips will be helpful in preparing your board package.
- Review the application and its requirements with your broker. Your broker will assist you in the collecting and assembling of your board package.
- Complete the application in its entirety
- Clearly and concisely answer all the questions
- Submit only the materials that have been requested
- Be sure to have reference letters written on either business or personal letterhead
Helpful hints for your board interview
The interview provides the board with the opportunity to meet you and discuss your application in further detail. Board interviews can range from an informal meeting to a formal interview. The following tips will help you prepare.
- Review your application prior to the interview
- Prepare yourself for a wide range of questions from personal to financial
- Couples should decide in advance who will answer which types of questions
- Arrive promptly and dressed appropriately
- Clearly and concisely answer all questions. Avoid providing information that is not directly asked of you.
The River 2 River’s Buyer Checklist
- Evaluate your budget - know what you want to spend for a down payment as well as monthly expenditures (ie: maintenance or common charges and real estate taxes, monthly mortgage payment, utilities, parking, etc)
- Obtain mortgage pre-approval
- Prioritize your needs - space, light, views, building amenities, etc.
- Identify your timeline for moving
- Select an attorney who specializes in New York City Real Estate
- Explore different neighborhoods to identify your preferred needs
- Research school in the selected neighborhood(s)
- Evaluate access to transportation in the selected neighborhood(s)
- Evaluate building amenities and house rules in terms of your needs (ie; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
- Once apartment has been selected, review building financials with your broker/attorney
- Work closely with your broker to gather support materials for you mortgage application and Board Package
Timeline Guide for Purchasing
The River 2 River Time Line Guide for Purchasing:
Here are the steps you'll take to find and close the apartment of your dreams:
Seek pre-approval for a mortgage:
Typical time frame: 1 - 2 days
You must know how much you can spend before you spend it. Condominium apartments require at least 10% down; cooperative apartments generally require at least 25% down. However, every building is different. 15% of Manhattan's buildings are condominium buildings and the other 85% are cooperatives.
Find an apartment:
Typical time frame: 2-3 months
Depending on what you are looking for, the length of your search will vary. On average our client sees 8-12 apartments before deciding on one. Our Internet-savvy buyers save time by doing their 'homework' before their search. The average number of apartments viewed before buying by our internet buyers is 3-5.
Negotiate on the Apartment:
Typical time frame: 3 days to 2 weeks
Everything is negotiable so inquire about assessments, fixtures, window replacements, air conditioners, rugs, floors, curtains, appliances, working fireplaces, washer dryers, etc. Apartments are delivered 'swept clean'.
Sign a Contract:
Typical time frame: 1-2 weeks
Generally, in a sales transaction, a New York City real estate attorney represents each buyer and seller. The seller's attorney draws up the contract for the buyer's attorney; the buyer's attorney does 'due diligence'-reading minutes, financial statements of buildings etc. The buyers sign the contract and forward the contract with a 10% deposit; the sellers execute the contract. Possible contingencies: Financing, Board Approval, closing dates. (See our list of closing costs associated with buying and selling condominiums and cooperatives.) The quicker the contract can be signed, the better. A contract is binding only after both parties sign it.
Apply for a mortgage:
Receive Commitment Letter from Lender.
Typical time frame: 6 - 8 weeks
Mortgage applications cannot be processed without an executed contract. If an apartment is being financed, the board requires a commitment letter from a lender. These letters are generally the last items to complete a board package/condo application.
Complete a Board Package or Condominium Application:
Typical time frame: 3 - 4 weeks
Cooperative apartment buildings require board approval before a closing can take place. Condominiums require an information packet to be completed before a closing can take place. In order to review a potential purchaser, the Board of Directors for a Coop demand extensive information in a Board Package. Most Boards request the following information: full financial disclosure (net worth) with supporting documentation, employment history, current salary, personal and business references, tax returns for the previous 3 years, credit history, etc. If a purchaser cannot or does not want to supply this information, he/she should buy a condominium. Board packages/Condo applications are given to potential purchasers to fill out after a contract has been executed. If there is no financing, it usually takes about 2-4 weeks to gather the information for the board condominium application.
Submit Board Package or Condo Application for the managing agent's review:
Typical time frame: 1-4 weeks
After the buyer's real estate agent completes the Board package, he/she will forward the package to the managing agent of the building. The managing agent will inspect the package to ensure it is complete. The package will then be forwarded to the Board of Director's of the Coop. After the Board reviews the package, they will decide if they would like to meet the potential purchaser.
Meet the Co-op Board for an Interview:
Typical time frame: 30 minutes - 1 hour
Coop Boards typically meet once a month, and some Boards do not meet in August. Every Board is different, but generally a Board Meeting will be held in the evening on a weeknight. Although a board interview may be granted, this does not guarantee board approval.
Receive Approval from Board:
Typical time frame: 1 day - 1 week after board interview
The managing agent will generally alert the seller's broker whether a potential purchaser has passed the board.
Schedule a Closing:
Typical time frame: 1-2 weeks after board approval
Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.
Typical Time Frame from the time an apartment is found, to the time an apartment closes: 3-5 mos.
Buyer Articles
The Differences Between a Co-op and a Condo
Even when two apartments are similar in size and in
the same neighborhood, they can be very different.
Co-ops
A phenomenon that's limited almost entirely to Manhattan, cooperative apartments have been the traditional form of owning an upscale apartment for close to a hundred years. In fact, in New York City, 85% of all apartments available for purchase - and almost 100% of the grand pre-war apartments on Fifth, Park and Central Park West - are in co-operative buildings. Co-ops are owned by an apartment corporation. When you purchase within a co-op building, you're purchasing shares of the corporation that entitle you, as a shareholder, to a "proprietary lease." Generally, the larger your apartment, the more shares of the corporation you own. Co-op shareholders contribute a monthly maintenance fee to cover the building expenses. The fee covers such items as heat, hot water, insurance, staff salaries, real estate taxes and the mortgage indebtedness of the building. Portions of the monthly maintenance fees are tax deductible due to the building's underlying mortgage interest. Also, shareholders can deduct their portion of the building's real estate taxes.
A co-op Board of Directors has the ability to determine how much of the purchase price may be financed and minimum cash requirements.
Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to application to purchase.
All prospective purchasers must interview with the Board of Directors. Prior to the interview, prospective purchasers prepare a detailed "Board Package" which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets. The experience of a Corcoran broker is invaluable. Your Corcoran broker can help you find an apartment in a building that suits the needs of you and your family. In addition, your agent will help you prepare a package that you can confidently present to the Board of Directors once you've found the home that is right for you.
Condominiums
As more and more new buildings are constructed in New York, condominiums are fast gaining in number and popularity. It's not surprising. As opposed to a co-op, a condominium apartment is "real" property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill. There is still a monthly common charge similar to the maintenance charges in a co-operative. These charges don't include your real estate taxes and are not tax-deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. The straightforward nature of buying a condo coupled with the fact, that in some cases, you can finance up to 90% of the purchase price and sublet them at will, makes condominiums the number one choice for flexibility.
Which is the best for you?
Whether you find you prefer a condo or a co-op, your River 2 River broker's knowledge of individual buildings and insights into your needs can help you find a residence you'll be happy with for years to come.
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