![]() They really are worth it for the uninitiated. In short - seller's agents will love you and want to sell to you, but do make sure you know what you are doing. You have to know how to work the numbers to negotiate in your favor. The agent and seller will still make $9200 and $800 more, respectively (before all taxes, etc). If you and a represented buyer are bidding on the same apartment, and the represented buyer offers $1M, you can offer $980K, and the seller's agent might still prefer you and convince the seller to take your offer at 4% commission instead of 6%. If you and a represented buyer both offer $1M on an apartment, the sellers agent will surely present your offer more attractively to the seller. Find contact's direct phone number, email address, work history, and more. The reality is, that 2.5 -3%Ĭo-broke commission is wiggle room for a buyer to negotiate the price down, and it also puts you ahead of the pack in the eyes of the seller's agent as he can get more of the commission (or the whole commission). View Andy Teo's business profile as Broker at Marsh. Many of my friends bought without a buyer's agent, but with my advice (some ended up using me). If you need additional advice, market stats, broker lists, on-market lists, etc - feel free to reach out to me.Įdit - my last sale, the owners closed on their sold property, and closed on their new house the following day. Buyers have too many options and believe they have more negotiation power than they really do, and sellers are not ready to offer the concessions buyers are demanding. You're entering the slow season, and even in the summer, transactions fell as this disconnect between sellers and buyers remained since the beginning of the year. One thing you should keep in mind right now is that the current market heavily favors buyers. It's not that difficult - the challenge is making sure you find something you like the moment you find an able and willing buyer for your own unit. If you want to sell and buy seamlessly, you'll want to have that contingency on your buy-side contract so that if your sale falls through, you can reclaim your deposit. My advice - with your budget, and since you are new to the US, buy a nice condo in a popular area.įeel free to message me if you have more questions. Single and multi-family houses exist in the other boroughs (900K+ in Brooklyn/Queens, $400K+ in Staten Island/the Bronx). This is, of course, also fee simple ownership. All single/multi-family houses are over $2-4M. Condos are typically 20%-40% more expensive than a comparative coop. ![]() Rules are a bit more relaxed (as you own the actual property), however, condos are getting more and more restrictive. You have to pay common charges every month, along with real estate tax. The cheapest way to buy an apartment, with its caveats.Ĭondo - fee simple (true) ownership of real estate property (the apartment). You have to pay maintenance fees every month (real estate tax is already rolled in). You have to abide by the rules of the corporation (the Cooperative). In brief:Ĭoop - you are purchasing shares of a corporation, and those shares/stock/lease allow you to live in the apartment. ![]()
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