The board approval process is one of the key stages in the purchase/sale of a cooperative, occurring shortly after execution of the contract of sale. The sellers of a cooperative unit generally have some experience with the board approval process, having gone through the process themselves at some point. Buyers may not have a similar […]
Sellers and Buyers alike often inquire as to the meaning of the “mortgage contingency clause,” one of the more significant clauses in New York real estate contracts. Simply put, a mortgage contingency clause ensures that if a buyer promptly applies for a loan from a qualified lender, but fails to obtain a firm commitment for […]
The PKF O’Connor Davies article “Updated Fannie Mae and Freddie Mac Guidelines for Co-operative and Condominium Housing” discusses changes to lending practices in the wake of the Surfside, Florida condominium collapse. Authors Samuel E. Botta and Paul B. Kruger mention that in response to the collapse, lenders are reconsidering their emphasis on structural integrity requirements […]
Freddy Mac has reported that, as of the week ending November 17th, the interest rate for a 30-year fixed-rate mortgage has dropped from 7.08 percent to 6.61 percent, the largest decrease to occur within a week since 1981. This announcement comes amid predictions that the rate of inflation is beginning to slow, and offers some […]
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call. Property Value Transaction 215 East 79th Street, NY, NY $1,260,000.00 Coop Purchase 100 West 93rd Street, NY, NY $1,050,000.00 Condo Sale 5-03 50th Avenue, LIC, NY $1,995,000.00 […]
Congratulations! You are almost to the finish line of your Co-op purchase. Please take a moment to review the information below so that you may better understand what to expect as we approach your closing day. Some of the specifics described below may change based on the particular circumstances of your transaction. Please let us […]
Taking a break from the office, our staff recently visited Yankee Stadium to unwind and catch a game!
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call. Property Value Transaction 18 West 70th Street, NY, NY $1,350,000.00 Coop Purchase 373 Hoyt Street, BK, NY $2,574,500.00 House Purchase 17 East 89th Street, NY, NY $1,385,000.00 […]
According to the Federal Reserve Bank of New York, median home price expectations have declined by 1.4 percentage points, now below pre-pandemic levels. This may be great news for first-time homebuyers, as noted by Fannie Mae. According to their Home Purchase Sentiment Index, decreasing home prices, in combination with the sentiment that mortgage rates will […]
Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call. Property Value Transaction 44 West 62nd Street, NY, NY $3,750,000.00 Coop Purchase 527 Vanderbilt Avenue, BK, NY $955,000.00 Condo Purchase 132 East 35th Street, NY, NY $660,000.00 […]