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New York Insider Tips – August 2017

Home shopping is evolving as consumers are empowered with the internet. There is ongoing decentralization of listing data and listing portal advertising policies evolve as power shifts. As a result, some NYC firms have suspended listing certain properties on platforms like StreetEasy. When considering a firm to list your home, learn exactly where your agent plans to market your property to ensure it gets proper exposure.

Do not consider your contract closing date to be set in stone in New York. Nearly all resale agreements are worded with “on or about” closing language, allowing either side the ability to adjourn for up to 30 days without defaulting on their obligations. Keep this in mind when scheduling moves and rate locks.

Buying a condo does not rescue you from an application process entirely – it only leaves out the interview and the board’s right to turn you down. This doesn’t preclude a condo board from asking you for a similar set of documents and references, delaying your application for a number of reasons, or causing friction and delays. As condo boards have become more concerned with who owns in their buildings, the application process has become “co-op lite”, and buyers should prepare for it.

When listing a vacant apartment for sale, it is important to capture the property in a way that makes it easier for prospective buyers to envision their life there, especially if the home needs renovations. Ensure you employ virtual staging, walk-through videography, alternate floor-plans, and more when devising a listing strategy with your broker.

Offering on multiple properties at once in our market is acceptable, particularly with heavy interest in your target homes limiting the odds you win a particular property. That said, reviewing multiple accepted offer contracts can be unethical, as it may leave the seller in the deal you turndown at the last minute out of options a week or two after their other buyers have moved on. Operating in good faith is key.