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Selling Today in New York City - Rubin Team

Selling Today in New York City

By April 3, 2020Newsletter

Can you sell in today’s market? The answer may surprise you.

Many sellers have paused their plans given uncertainty as a result of Covid-19 and Governor Cuomo’s mandate that non-essential businesses cease operation as of Sunday, March 22. While this is absolutely the best course of action, are transactions still able to be completed? Yes! Read on for the challenges and solutions to how we can continue to the finish line.

There are three steps to selling in New York City once you have an offer. These are as follow:

  1. Contract Signing
  2. Board Approval
  3. Closing

If you’re lucky enough to have an offer in today’s market, congratulations! Selling a cooperative or condominium? Your buyer’s attorney will need to review the offering plan and last two year’s financials for the building. The attorney will also need to review building meeting minutes and have a building questionnaire completed by the managing agent.

Many property management offices are closed resulting in delays in completing these steps. How do we overcome the delays? Similar to selling a house in the suburbs, where buyers and sellers can be under agreement with a certain number of days providing for home inspection, and addressing related issues, the same can be done for due diligence review in New York City. What could appear in a questionnaire or meeting minute review? Building-wide projects being considered or budget shortfalls that result in maintenance or common charge increases or assessments aren’t uncommon.

If you’re selling a townhouse, your buyers will likely need a home inspection done. Can an inspector come during these times of non-essential business? Not legally, but what people do in the dark of night is up to them. We have seen a handful of townhouses in the city successfully go to contract in the last couple of weeks.

For qualified buyers, applying for a loan is as simple as providing a completed application and supporting paperwork. So where’s the challenge? Banks need to confirm the value of the property that’s serving as collateral to the loan. Many appraisers aren’t scheduling visits though some are. Again, theses delays can be overcome by providing for time to complete the appraisal if your buyer is obtaining a loan.

With more buildings in New York City using online application platforms like boardpackager.com, completing board applications is much easier. Managing agents log into the system and confirm that all requirements are met, then forward to the board for review. Once the board reviews the application, condominiums issue their approval through issuing a waiver of its right of its first refusal — simple enough. Here’s where it gets challenging: co-op boards traditionally meet with the applicants to get a better sense of their background. With social distancing being top of mind, boards are turning to video conferencing solutions like Zoom to meet with buyers. In fact, we just had our first board meeting scheduled via Zoom this past Monday, March 23, resulting in an approval.

Once both parties are ready to close, it’s more important than ever to have hardworking attorneys who are able to think outside of the box representing you. Traditionally, closings are scheduled with the managing agent, lending bank, payoff bank, buyer, seller and their attorneys. The closing is held in a conference room, where buyer and seller sign documents, exchange checks and the buyer gets their keys. In today’s age of social distancing, we are innovating using powers of attorney, bank wires and closing remotely.

While County Clerks and Town Halls across the country are closing, man real estate professionals are finding ways to innovate in order to record closings using new technology and creativity. Hopefully these methods will be here to stay and help New York be stronger than ever!

Josh Rubin

Author Josh Rubin

Josh Rubin, attributes his success to his exceptionally strong work ethic and quick response time with sellers and buyers alike. Josh's strategy of treating every deal as if it were the GM building has paid off handsomely with some of his largest referrals originating with his smallest transactions. His relationships begin with intent listening to someone's needs, then progresses with Josh as the bottom-line educator throughout the transaction process. Leaving no stone unturned, and no question unanswered, he focuses thoroughly on his client's individual objectives, and continually strives to provide accurate information, sound advice, and well-targeted results. Originally from Philadelphia, after attending the Tyler School of Art there, Josh came to New York with energy and enthusiasm, which he maintains today. Finding great joy in enabling people to reach their goals, Josh was able to find real estate as a career at a fairly young age. With over a decade of experience in residential sales, he has developed a keen marketing savvy and a long track record of negotiating successful terms for his clients. Consistently a top producing agent, Josh was recently named among the top 1% of all real estate brokers nationwide. Recent clients had this to say about Josh: "We were both so surprised at how easy Josh made the process. " "Over the years I have worked with different brokers as I bought and sold properties. I can honestly say I was never as impressed with any broker as Josh. " "My husband and I enjoyed working with Josh, particularly his market knowledge and commitment and his lightening-fast responsiveness. " Assertive yet patient, perseverant yet sure of when to step back, Josh works long and hard to attain people's trust, and then reward their confidence with the best possible outcome. The father of Leigha, Max and Sarah, Josh enjoys music, dancing, art, skiing and travel. Contact Josh with all your real estate needs.

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