Now that spring and summer are right around the corner, it’s about to be every sellers dream. Spring and summer are popular selling months for those interested in putting their property on the market.
If you’re thinking of putting your co-op in NYC up for sale, there’s a few things you should know. Today, we're going to outline some of the basic do’s and don’ts of selling a NYC co-op.
- Contact the real estate firm the co-op board has a relationship with to verify sale steps needed.
- Listen to a seasoned real estate professional on their price recommendations. This is where people often get into trouble because they have unrealistic selling price expectations. Remember, you hire them because they know the area, market, and price per square foot. They won’t recommend a price that does not align with the current trends; listen to their expertise.
- In addition to point two, any offer that comes in is a potential buyer. If the buyer has offered a number less than you expected, counter the offer. Remember that people are not making offers on properties they don’t love. Use this to your advantage by keeping within a sale price you feel comfortable with.
- If it’s been some time since you purchased the co-op you are selling, you may forget that the process of closing after an offer is made is roughly 90-days. Plan for this in advance so you are not stressed. Your real estate agent will coordinate with you during the entire process but do take this into consideration if you’re purchasing another property.
- Accept an offer without the boards pre-approval. Remember your co-op board is the ultimate decision maker. Do your due-diligence and get the application approved before you accept.
- While every state has different laws based on deals, in NYC a deal is only official when signed. That means you can continue showing your apartment to other potential buyers and is a great way to ensure if the first offer backs out, you have a fallback plan.
- Don’t forget to look over and review the potential buyers application. Did they submit everything needed? Was their math wrong? Did they include references? Complete applications will be reviewed by the board. If you notice something is missing or math is incorrect, speak with your real estate management team to get the errors corrected.
Selling is an exciting time for many. It closes one chapter and opens the next chapter of life. Enjoy the selling process and remember to listen to your gut throughout the process.
All Area is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.