The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan
Here are some pointers to minimize the stress all around, in an already stressful situation. Invest in these pointers and you will come out a winner without having aged a decade when all is said and done.
Contract a Manhattan real estate broker who works real estate full time. You are doing yourself a grave dis-service by hiring an agent who moonlights as a real estate agent, even if it is your best friend. This is undoubtedly one of the largest investments in your life. You do not want an agent who thinks their regular day job is more important than your purchase. It’s all about YOU, and servicing YOU.
Use vetted people for your deal team. They are the critical players that can help invest in your success.
I have been in a transaction where the attorney and real estate agent do not specialize in Manhattan co-op apartments; and have blown deals out of water because the demands were un-reasonable that were generally non-issues for attorneys that play the game in Manhattan everyday; they were un-familiar with the process and ways that we do business here because they didn’t know any better; or better yet, tried to play the game by their suburban rules which do not apply here. Don’t hire an attorney who wants to flex their muscle in a game they know nothing about. You end up with very angry sellers who will find another buyer.
Another pivotal player in your deal team that needs to be fully vetted for your deal to go through will be your choice of lender. Not all lenders know how to close a deal in Manhattan. Co-op apartments have specific and unique requirements no where else in the world, and most run of the mill lenders will NOT know how to circumvent these pitfalls to successfully approve your loan. I have seen this happen too. Use a Manhattan mortgage specialist. Ask them how many co-op loans they have successfully closed.
Your Luxury Manhattan real estate broker can give you a list of vetted vendors to choose from. But– it is in your hands to do your due diligence in finding the competent Manhattan Realtor to represent you.
If you can find a Manhattan broker who has an appraisal license AND who has lending experience, you are already head and shoulders above the competition for a successful skilled closing. A broker with this extensive appraisal education can competently check for consistency, logical and appropriate application of analysis–most brokers cannot do this. With lending experience– your real estate buyer’s agent/ seller’s agent will know how to advise you on your credit, obtaining a loan, discussing nuances that most borrowers don’t know exist, and can give you realistic snapshot of the flow of events and what to expect.
If you can find a real estate agent who wears many hats that represent the players of a real estate transaction, you will NEVER be left in the dark. Most importantly, they will be able to protect your interests on a much higher level than a real estate broker who just does real estate– and, you get 3 heads protecting you for the price of one– broker, appraiser, and lender. I guess the only other part of this Lernaean Hydra that is missing is the one of the attorney…
Here are my insider tips on how to find a real estate agent that will hopefully help you make the right choice.
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