Buying for the first time in NYC? Be sure to prep your finances first

… score requirement  Cohn added that jumbo loan lenders generally require minimum credit scores to be over 700 If … In order to use bonus or commission income lenders generally require that you have a twoyear history with the … purchasing a coop or condo more on those differences below Generally buyers are advised to set aside 4 to 5 percent of …

By Evelyn Battaglia |January 14, 2026 - 11:30AM
What is a post-closing possession agreement and what are the risks for buyers and sellers?

… a good strategy for beating the competition is to find out what the seller wants and be the buyer who meets their needs … they have the proceeds from their sale Instead of being delivered a vacant apartment on the closing date with this … Negotiating + Financing … Sell … Negotiations + Closings … Bricktionary … closing … In case you missed it … negotiating …

By Brick Underground |July 16, 2025 - 12:30PM
What is a mortgage recording tax? Are there ways to reduce it?

Buying a coop condo or house in New York City means you can … says attorney Neil Garfinkel managing partner at the law firm Abrams Garfinkel Margolis Bergson Its also a tax … not tied to the terms of the old mortgage  The terms are changed so if there was a prepayment penalty on the old one …

By Brick Underground |February 18, 2025 - 12:30PM
Re-trading: Why some buyers renegotiate an agreed upon sales price and how sellers can cope

… When the New York City real estate market favors buyers a seller may get an unwelcome surprise just before a buyer signs the contract A request for a discount on an … but doesnt get officially recorded This practice is somewhat controversial because it results in inaccurate comps …

By Jennifer White Karp |August 9, 2024 - 9:30AM
How to attract an all-cash offer for your NYC property

… international buyers looking for a second or third home parents looking to purchase a unit for their adult child or an investor looking for a property they can rent out Proa said That does mean that condos tend to be more attractive to cash …

By Celia Young |May 24, 2024 - 12:30PM
Should I ask the seller to buy down my mortgage rate?

… … Buying down your mortgage rate is a way to lower your … cash at closing and sometimes a seller will cover a rate buy down through a closing credit according to our experts … evaluating if this tactic is the right move for you Heres what actually happens when you buy down your mortgage rate …

By Celia Young |March 25, 2024 - 3:29PM