Buyer Tips
Looking Into Due Diligence, Coop Boards, and the Financing Process
I was recently featured in an article by Murray Hill’s real estate brokerage, The Bamberger Group. We discussed the mortgage pre-approval process, the value of an attorney, and how to talk to your new co-op board. You can find the full article on their blog, Bamberger Answers, and excerpts of our discussion below: [The …
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5 Rules to Make the Walkthrough Much Smoother
The final inspection — or walk through — should simply be one more pleasant meeting with the buyer to welcome them to their new home, before heading over to the closing to finish the deal and convey title. But too often, the walk through can be the source of dispute, and fodder for the buyer …
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Success in 2015: Build on What We Learned In 2014
Santayana famously said “[t]hose who do not learn history are doomed to repeat it.” With that admonition, let’s take a look at what we learned from real estate in 2014 and use it to build an even more successful 2015. It’s All About The Team: Buyers spend months searching for the perfect apartment. They miss …
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Opening Your Mail To A Bill For A Million Dollars
I hate opening my mail, as it rarely brings anything that I look forward to dealing with. Bills, invitations to destination weddings in Buffalo, laminated flyers that make me feel guilty when I put them in the trash (what exactly is the recycling protocol on laminated postcards?). But a recent article about a shareholder at …
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The Fine Art of Buying Apartments in Smaller Buildings: a Lawyer’s Guide
I was recently representing a buyer in a 6 unit coop in Park Slope. The building was self-managed, so I contacted a resident in the building who had been provided to us as a ‘due diligence’ contact. “Are there board minutes for us to review,” my paralegal naively asked. “Board minutes?” replied our contact curiously. …
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Navigating the Financing Contingency in a Competitive Market
Although financing contingencies are becoming less common in this competitive market, they are still an important term that often is part of the final contract. But it’s important to avoid some common mistakes when negotiating these provisions or your client could end up inadvertently putting themselves in a compromised position. Loan To Value It Too …
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Three NYC Real Estate Myths
Ask two economists the same question, and you’ll get three different answers. Real estate can be the same way. It’s easy for clients to get sidetracked in a fast moving market like ours. Buyers and sellers are inundated with experts offering their advice loudly from any forum that will take them. It’s important that real …
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Before the Renovation Begins
With the epic shortage of inventory in the NYC market comes the inevitable resurgence of one of the most traumatic of housing endeavors: the renovation. In the post-Lehman buyer’s market renovations fell out of favor, with home buyers opting instead for finished products. But with the rapid turnaround of the recent year, once again buyers …
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Success in 2013: Build on What We Learned in 2012
The name of the first month of the year comes from the Roman God Janus, who is depicted with a head of two faces, one looking forward, the other backward. That’s appropriate as we enter the new year. Let’s learn from the past to build success in the new year. Here are a few lessons …
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Evaluating the Coop Before You Buy – Part 2/2
Before you sign, be sure you’ve properly evaluated the building. Here is the second in a two part series of things to look for when conducting due diligence on your dream apartment. Policy changes: It’s easy to assume that things in a building will remain status quo when you buy. But be careful, boards change …
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