Sonja Gosine, Spokesperson at Hauseit®

What is a self-managed co-op or condo building in NYC? Are self-managed buildings a good investment in NYC real estate? What are risks of a self-management?

Self-Managed Condo and Co-op Buildings in NYC | Pros and Cons

By Sonja Gosine, Spokesperson at Hauseit® / June 7, 2018

What does it mean if a co-op or condo building in NYC is self-managed? What are the pros and cons of buying into a self-managed building in NYC? Are there any extra precautionary steps you should take if you are [...]

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The NYC real estate market is complex. There are condos, coops and even condops vs the single family homes you’ll find in suburbia. How will banks treat self employment income? Do they offer any relationship pricing? We’ll go over the most locally relevant questions to ask mortgage lender in NYC in this article.

Questions to Ask Mortgage Lender in NYC

By Sonja Gosine, Spokesperson at Hauseit® / June 5, 2018

The NYC real estate market is complex. There are condos, coops and even condops vs the single family homes you’ll find in suburbia. We’ll go over the most locally relevant questions to ask mortgage lender in the following article. Table

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What happens if the bank's appraisal comes in too low? Learn how to challenge a low appraisal in New York City by filing an appraisal rebuttal. Read our FAQ on appealing an appraisal if the appraised value is below the purchase price. How long does an appraisal reconsideration take in NYC?

How to Challenge a Low Appraisal in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 31, 2018

What happens if the bank’s appraisal comes in too low? As a buyer or seller in NYC, you may be wondering what options exist if the appraised value is below the contract price. In this article, we explain everything from

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Buying property in NYC on a Temporary Certificate of Occupancy (TCO) can be risky. It can be difficult to buy insurance, secure financing or sell a property if the TCO expires. Yet many buildings exist by continuously rolling over their TCO and banks will lend on a TCO. Just how risky is buying a home on a TCO in NYC?

Buying on a Temporary Certificate of Occupancy in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 30, 2018

Buying property in NYC on a Temporary Certificate of Occupancy (TCO) can be a risky proposition. The NYC Department of Buildings states that owners should negotiate a closing based on a final Certificate of Occupancy (CO) because if a Temporary

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Buying a condominium conversion, rehabilitation or re-development is very different from buying a new construction condo in NYC. Whereas in a ground up new construction building everything is new, that is not the case with a condo conversion. Is the plumbing, electrical and roof new? Is the condo budget realistic?

Condominium Conversion vs New Construction in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 25, 2018

Buying a condominium conversion, rehabilitation or re-development is very different from buying a new construction condo in NYC. We’ll go over the special risks associated with buying a condo conversion or rehab in this article. Estimate your buyer closing costs

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What is the definition of post-closing liquidity in NYC and how is it calculated when buying a co-op? What qualifies as liquid assets when computing post closing (post close) liquidity? What are the typical post-closing liquidity requirements for coop apartments in New York City?

Post-Closing Liquidity Definition in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 23, 2018

What is the definition of post-closing liquidity and why does it matter in NYC? If you are buying a co-op apartment in NYC, post-closing liquidity is one of the co-op financial requirements which the board will review as part of

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What is the appraisal contingency in real estate contracts in NYC? Is the appraisal contingency standard and included within the financing contingency? We’ll explain everything you need to know about the appraisal contingency, go over common negotiating points and show you sample contract language in this article.

The Appraisal Contingency for NYC Real Estate Explained

By Sonja Gosine, Spokesperson at Hauseit® / May 22, 2018

What is the appraisal contingency in real estate contracts in NYC? Is the appraisal contingency standard and included within the financing contingency? We’ll explain everything you need to know about the appraisal contingency, go over common negotiating points and show

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What is time is of the essence as it relates to real estate transactions? What happens in practice for re-sales vs new construction deals in NYC? We’ll explain what buyers and sellers need to know about the time is of the essence clause and show you a sample sponsor closing notice with time is of the essence language.

The Time is of the Essence Clause in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 18, 2018

What is time is of the essence as it relates to real estate transactions? What happens in practice for re-sales vs new construction deals in NYC? We’ll explain what buyers and sellers need to know about the time is of

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Comparison of closing costs for co-op vs. condo apartments in NYC. Buyer closing costs in New York City are highest for condos, while seller closing costs in NYC are highest for co-op apartments. Read the official condo vs. co-op closing cost guide by Hauseit.

Condo vs. Co-op Closing Cost Comparison in NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 17, 2018

Closing costs for buyers and sellers in NYC are different for condos and co-op apartments. As a buyer, closing costs are the highest for condos. As a seller, closing costs are highest for coop apartments. For buyers, closing costs are

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What constitutes proof of funds when making an all cash offer on real estate? Can you get away with only submitting proof of funds or do you need to provide other documentation? What does a sample proof of funds letter from a bank look like? We'll teach you everything you need to know about proof of funds in NYC.

Proof of Funds Letter for Real Estate Purchase Explained for NYC

By Sonja Gosine, Spokesperson at Hauseit® / May 16, 2018

What exactly constitutes proof of funds when making an all cash offer on real estate? Can you get away with only submitting proof of funds or do you need to provide other documentation? We’ll go over everything you need to

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