5 Ways to Sell your House for Top Dollar in Queens NY

by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

home-valuationIf you own or live in Queens, then you already know that we do things differently here. Not only are we the most diverse county in the world, but we also are part of New York City which means that we have a whole different set of rules when it comes to real estate. In our experience, we’ve seen the Department of Buildings, Environmental Control Board, Housing Preservation & Development, Zoning, Air Rights, etc. To add to that, we have buyers coming here from all over the world. The good news is that there is a simple formula that will guarantee you sell your home for top dollar in Queens NY. With the Spring season right around the corner, we felt it very appropriate to compile and share a list of what we believe you must do in order to make sure you net the most profit from the sale of your Queens home.

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1. Price Right

pricing-triangleIn our industry we have a few sayings, one is that “Price + Condition = Value”, the other is that “80% of Marketing is Price”. So, the importance of setting the right price for your property cannot be understated. Pricing is a science, especially in Queens because we have Coops, Condos, One Families, Multi Families, Building Possibilities, etc. To set the right price you really need to go through a thorough market analysis of sales, pendings, active listings, and month’s supply. We meet with Sellers all the time and when we go through comps with them, we see listing after listing that were on the market for 100, 200, 300 days, etc. These are people who set the wrong listing price to begin with, and as a result, end up chasing the market. You never want to chase the market because the longer you are on the market, the more stale your listing gets and the lower the eventual selling price.

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2. Maximize Listing Exposure

In Queens, we have buyers and agents coming from all parts of the world. Some are coming from Overseas to live, some are foreign investors, some are being priced out from Brooklyn & Manhattan, and some are your classic first time/repeat buyer. As a result, it’s very important that you give your property maximum exposure to these groups if you really want to sell for the most money possible. The reason why is because you really never know how much a buyer is willing to pay for your property until you open it up to the market place. We see this time and time again with our own listings. For example, last year we had a listing that sold for $60K over asking price! Appraisal came in at $750K and the buyer was still willing to buy. This may seem like common sense, and it may seem like something anyone can do, but the truth is that it requires a lot of time, research, and money to do so.

Property-appraisal-button3. Cooperate with Agents

realtors-playing-in-a-sandbox2When we say Agent cooperation, we mean listing agents cooperating with Buyer & Broker agents. This is extremely important if you want to get maximum exposure, however, due to traditional practices here in Queens, it’s something that unfortunately doesn’t always happen. This is a big problem that we see in the industry and one reason why is because some listing agents take a listing with the objective of getting both sides of the deal, because that means double the commission. This is a win-lose situation because while the agent makes out with a large commission, the seller ends up selling below market value which means less profit. We see this a lot, and we believe it is the high price points in Queens that can make some agents compromise their own values and violate their fiduciary duty. That’s why whenever we take a listing, we invite every single agent we know to bring their buyers, and as agents call us for availability, we are very cooperative in helping them get their buuers in to see it. As a result, most of our listings sell to other agents because most of the time, someone else has the buyer that is willing to pay the most money.

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4. Make your Home Accessible for Showings

PAccessibility is huge in Queens. Why? Because we are in a very desirable area of NYC, so if you price a property right, you will definitely have people calling you to see the place. The problem comes when we can’t get in to see the place, either due to an owner’s limited availability, or because of tenant issues. Either way, this can be disastrous if your goal is to sell for the best price possible. Ideally, you want to make sure that there will be plenty of access available so that every buyer that wants to see the house, actually gets to see it. There are strategies we use for gaining accessibility, especially if you have tenants. If your property is owner occupied, then just know that you need to make your home accessible, and if you have tenants, you need decide whether you will sell without tenants, or make sure that they will cooperate with showing appts. This will help you get the most offers possible.

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5. Prepare the Home (Condition)

You only get one chance to make a first impression, this is true in life, and true in real estate. If you want to net the most money from your sale, you need to make sure the home shows in it’s best light. That doesn’t mean you have to go and renovate the whole house, but you do need to prep the home for the sale. If your property is in good condition, then stage it using your furniture and de-clutter to showcase the space, and maximize lighting. This will help you sell faster. If your property needs work, then just make sure you touch up old damage areas and make sure it is de-cluttered, this way the renovation projects seem less daunting and more cosmetic to potential buyers.

Thinking of Selling? Click here for a Free Consultation

Blog and Site Courtesy of George and Abigail Herrera, Realtors & Owners of one of the Highest Rated Real Estate Agents in Queens, the Queens Home Team at Keller Williams Realty Landmark II

George and Abigail Herrera_Queens Home Team at Keller Williams Realty 2_HEADSHOT_ROUNDBUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

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Should you Sell your Queens Property with or without Tenants?

   Realtor & Co-Owner of the Queens Home team at Keller Williams Realty
So you own a rental or investment property in Queens and you’ve determined that now is the right time to cash out or move on to your next investment. Being the savvy investor that you are, you have leased your property to tenants who have been helping you pay down the mortgage. Now is when the question arises, should you list the property with your current tenants occupying the unit, or wait until they move out? Here in Queens we see this all the time, and we personally have sold a lot of tenant occupied properties, enough to see the good, bad, and ugly side of doing so. As a result, there are different schools of thoughts on the issue, and the right answer will depend on your property and your priorities. Below we’ll highlight some of the advantages and disadvantages to each approach so you can have a full picture of the issue and potential benefits/consequences.

Listing with Tenants

imagesThe biggest advantage to listing with tenants is continual receipt of your rental income. This ensures that there is minimal impact to your finances in the short term, and it alleviates the pressure of needing the property to sell right away. If your target buyer is an investor, then they may look at the occupancy favorably, especially if the rental income is high and you can show proof of consistent collection. In our experience, selling with tenants is a good idea if your tenants are very cooperative, and if you are receiving a market rate of rental income. If either of these is not the case, then you can run into several issues that can potentially get very ugly, and take a long long time to resolve. Unfortunately we have experienced this first hand and the person who ends up losing the most is usually the Seller.

The biggest disadvantage to listing with tenants, is usually a lower listing price. If the property can be delivered vacant and tenants are cooperative, you may be able to still market the property at a competitive list price, however, it is always harder to show the full potential of a house when it’s occupied by tenants, because you can’t do the renovations, touch-ups or staging needed to showcase the home. All of these factors limit the price you can ask on the property, or if you list competitively to other properties, this factor will most likely be reflected in the offers you receive. In addition, it’s always unclear if the tenants will be cooperative with open houses and viewing appointments until you actually start the selling process so when selling with tenants, there is a certain unpredictable variable that comes along with it. Lastly, many new homeowners don’t want to deal with tenant evictions, especially here in Queens, so if you decide to sell your property with the current tenants, you may limit the buyer pool to mostly investors.

Listing without Tenants

Vacant PropertyWhen listing your investment or rental property without tenants, it becomes like most of other properties on the market, and many times more attractive because in Queens, most homeowners opt to sell with tenants. More importantly, you can attract a bigger pool of buyers— investors and non-investors alike. Selling without tenants allows you to first update the property as needed which ultimately lets you garner the highest listing price possible. Staging a vacant property is pretty straightforward, but just being able to do so makes a huge difference that is usually reflected in the speed and strength of the offers received. It is also easy to show, because it will be vacant (not owner or tenant-occupied), so the property can receive as much traffic as possible. In our experience, whenever we’ve sold investment properties without any tenants, the properties have sold much quicker, and for way over asking price. Reason why, because most rental properties sold in Queens are not sold vacant, so for most buyers, there is usually a tenant factor involved. As a result, when you are selling a vacant investment property in Queens, you get a lot more activity, and much higher offers because there is a lot of value in that kind of piece of mind.The main challenge with listing without tenants is the planning that goes into the process. You first have to deliver the news to the tenant—hopefully the lease is at a month-to-month stage. Remember to check your rental agreement on the notice requirement. There will be a lag time between when you provide notice and when the property is ready to be listed—renovations, touch-ups, repairs and staging all take time. Because you won’t be receiving income from the property while the it’s vacant or listed, it’s important to plan for the financial shortfall during those weeks or months.

Conclusion

You have many factors to consider when deciding to sell your investment rental property. Be sure you’re working with a qualified real estate agent who can guide and assist you through this process. Rest assured that we here at the Queens Home Team have sold several investment properties, both with or without tenants, and we have developed a system to ensure success either way. In our professional opinion, selling without tenants is always the best bet because you can guarantee the highest sale price possible with little to no headaches. This is not always possible for homeowners, so if you do decide to sell with tenants, you just need to make sure you take all the necessary steps to ensure a smooth transaction.
Blog & site courtesy of George & Abigail Herrera with the Queens Home Team at Keller Williams Realty Landmark II

Queens Home Team records Highest Sale Price for 1 BR Coop at 218-10/12 43rd Ave Corp in Bayside!

Just Sold_218-10 43rd Ave_Queens Home TeamGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 1 BR Coop located at 218-12 43rd Ave #3A, 218-10/12 43rd Ave Cooperative, Bayside, NY 11361. This Bayside coop consisted of 1 bedroom, 1 Bathroom, and sold for $174,500. This 218-10/12 43rd Ave coop was on the market for 64 days before contracts were fully executed. The seller of this one bedroom coop at 218-10/12 43rd Ave in Bayside sold the apt for 97% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Bayside Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle. 

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible FeesNo Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!

We look forward to serving you!
75-35 31st Ave, Ste. 202
Queens, NY 11370

P: (347) 921-0895

E: queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team announces Sale of their 2 BR Coop at Windsor Oaks in Bayside!

Sold in 57 Days, for 99% of asking Price!

219-40 75th Ave_SOLD_Queens Home TeamGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 2 BR Coop located at 219-40 75th Ave #241A2, Windsor Oaks Cooperative, Oakland Gardens, NY 11364. This Oakland Gardens coop consisted of 2 bedrooms, 1 Bathroom, and sold for $218,500. This Windsor Oaks coop was on the market for 57 days before contracts were fully executed. The seller of this two bedroom coop at Windsor Oaks in Oakland Gardens sold the apt for 99% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Oakland Gardens Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible Fees, No Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!

We look forward to serving you!

Queens Home Team at Keller Williams Realty

75-35 31st Ave, Ste. 202
Queens, NY 11370

P: (347) 921-0895

E: queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team sells another Studio Coop at Northridge Section 1 in East Elmhurst!

Northridge Section 1 Coop SaleGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their Studio Coop located at 32-22 92nd St #602, Northridge Section 1 Cooperative, East Elmhurst, NY 11369. This East Elmhurst coop consisted of 1 living room/bedroom, 1 Bathroom, and sold for $85,000. This Northridge Section 1 coop was on the market for 189 days before contracts were fully executed. The seller of this studio coop at Northridge Section 1 in East Elmhurst, Queens sold the apt for 100% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping East Elmhurst Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you have considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible Fees, No Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Property in Queens County, you can call, text, or email our Lead Buyer Specialist at: (347) 489-4994 or chris@queenshometeam.com. We take a formal approach to real estate, but it is all in your best interest.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!

Our team consists of Listing Specialists, Buyer Specialists, Showing Specialists, Marketing Specialists, Listing Coordinators, Transaction Coordinators, and Administrative team members to streamline the Home Buying & Selling experience in Queens County. We primarily service the Queens borough of New York City in order to provide hyper-local expertise to our seller & buyer clients. We specialize in residential 1-4 family Homes, Condos, & Coops. Put simply, we LOVE Queens, we LOVE real estate, and we LOVE helping people!

Our Mission is to offer a hassle free, service driven approach to real estate in Queens. Our Vision is to become the preferred Realtor of choice in Queens, NY. Our Values are simple, treat clients like family. Our Belief is that by doing right by our clients, we will become their Realtor for life. And our perspective is that we are in the Service Industry, with a specialization in Real Estate.

We look forward to serving you!

Queens Home Team at Keller Williams Realty
75-35 31st Ave, Ste. 202
Queens, NY 11370

(347) 921-0895

queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Real Estate Transaction Overview

…Detailed steps to buying and selling real estate in Queens County

It is difficult to estimate how long the process will take, from acceptance of an offer to closing.  Assuming a loan can be secured in a timely fashion, one can move from contract to closing on a condo/residential home in about 60 days. However, the cooperative process is more involved, and 60 to 90 days is not unusual.  The steps to purchase or sell a co-op or condo/residential home are very similar and outlined below.

Once an Offer is Accepted

After an offer is accepted, the seller’s attorney will begin preparation of the contract of sale.  During that time, the Buyer’s attorney will perform ‘due diligence’ by examining the offering documents and financial condition of the subject premises to determine if there are any legal or financial problems with the building where the apartment is located. 

Reviewed documents include:
  • Offering Plan
  • Amendments
  • By-Laws
  • House Rules
  • Financial Statements
  • Title Report (Condo/Residential)
  • Minutes – reviewed at the managing agent’s office (Co-op)
  • Proprietary Lease (Co-op) 


Inspection 

Most units are offered by the seller in “AS IS” condition subject to the promise, by the seller that the major operating systems will be in working order at the closing.  An engineer’s inspection is not normally associated with a New York co-op or condo transaction.  If the unit is located on the ground or top floor, an inspection is advised specifically for water damage or vermin.
Financing Contingency Provision

Almost every real estate contract is subject to the purchaser being able to obtain a mortgage commitment from a lender. A purchaser is usually given 30 days to obtain a loan commitment by the seller.  A purchaser must act in good faith, promptly apply for a mortgage loan, and fully cooperate with the request of the lender during this process.  If the purchaser cannot obtain a mortgage commitment, usually either party may cancel the contract, and the contract down payment shall be returned. 

A contract, lacking a financing contingency provision, does not allow for a purchaser to receive a refund of the contract down payment if they are unable to procure financing.  As lenders use appraisal value in determining whether they will issue a loan, a purchaser should be wary of making any representation about their ability to obtain a loan even though they have completed a pre-qualification process.  Should the appraisal value be less than the sales price, the purchaser would be responsible to fulfill obligations of the contract by providing the difference out of their own funds.

Contract 

The contract, usually drawn up by the seller’s attorney, states the responsibilities of the Purchaser and seller. Each attorney will make changes or additions to the contract that may be necessary to protect their client’s specific  interests.
 
Your attorney should review these technical aspects of the contract with you, in particular, your rights, responsibilities and conditions under which your are agreeing to purchase or sell the unit.  Once the contract is executed, the parties are bounded by the terms and conditions negotiated by the parties.  It is the primary role of the real estate attorney to ensure that purchasers fully understand their obligations BEFORE they executed the contract.
Purchaser will sign four copies of the contract and provide a personal check payable to the order of the seller’s attorney (usually equal to 10% of the purchased price).  The contract deposit can be negotiated between the parties on a case by case basis. The contracts and the down payment check are then delivered to the seller’s attorney for seller’s signature. 
The sellers’ attorney will hold purchaser’s down payment in his trust or escrow account until closing. Thereafter, the seller counter-signs the contract, the seller’s attorney signs the contract acknowledging receipt of the down payment and two fully executed copies are returned to purchaser’s attorney. It is important to note that until all parties have signed the contract, and it has been delivered, the seller can still entertain and accept other offers.  
After receiving the contract is fully executed, purchaser should promptly submit their final mortgage application if they have not already done so.

Application 

By now, purchaser will have received from their real estate agent the board requirements and application materials. The application materials can be similar for a cooperative and condominium. However, the actual process is quite different. Purchaser will work to complete all of the required materials which typically include: 
  • application
  • financial statement with all requisite supporting documents
  • two years of tax returns
  • bank statements
  • letters of personal 
  • letter of financial reference, 
  • letters of professional reference
  • the contract of sale
  • loan commitment letter (if financing) indicating that your loan is in place, etc.
When the “package” is complete, it will be reviewed by your real estate broker, and then, assuming it is accurate, it will be forwarded to the managing agent for review. Upon determination that it is in order and that credit checks were acceptable, the package will be forwarded to the Board of Directors. No applications will be accepted by a Managing Agent unless they are complete. The approval process can take approximately 3 to 8 weeks after submission of the “board package”.
 

Condo Board Approval

Typically, the entire process moves more quickly when purchasing a condominium.  In the case of a condominium, there is generally no formal interview. The application will be reviewed, and if all required materials are included and in order, an approval is typically granted.
The sale of a condominium is conditional upon the Board of Manager’s issuing a Waiver of the Right of First Refusal, unless you are purchasing directly from the developer. Your purchase contract provides that you promptly submit your application for board approval after issuance of a financing commitment, if any. You must cooperate with the condo board requests and provide any documentation it requires to issue the waiver.
Co-Op Board Approval

In the case of a cooperative, if your application meets initial approval, you will be invited to be interviewed by the hoard or by an interviewing committee.
 
The sale of a co-op is conditional upon the co-op board approving the purchaser unless you are purchasing directly from the sponsor. The contract provides that you promptly submit your application for board approval after issuance of a financing commitment, if any.  You must cooperate with the co-op board requests and provide any documentation it requires to approve your purchase.

Unlike condo’s, each co-op board establishes the financial requirements for prospective purchasers in their building.  Co-op boards set financial limitations on the amount of money a prospective purchaser may borrow in order to conclude the transaction. (For example, many co-ops allow a purchaser to finance only 50%-75% of the purchase price.)
Preparing for Closing

Once all the contingencies are met, the seller and purchaser are prepared to proceed to closing.  The settling of the closing is usually coordinated by the purchaser’s attorney.  The following parities must appear at a closing:
  • Seller & Seller’s Attorney
  • Purchaser & Purchaser’s Attorney
  • Purchaser’s Lender’s Attorney
  • Real Estate Agents Involved, 
  • Title Company Attorney (condo only)
  • Seller’s Bank Attorney (co-op only)
  • Representative of Managing Agent (co-op only).
A co-op closing is ordinarily held at the office of the Managing Agent for the apartment corporation or lender’s attorney’s office.  A condo/residential closing is ordinarily held at the office of the lender’s attorney or seller’s attorney’s office unless it is a developer sale. In the latter case, it is held at the developer’s attorney’s office.
Closing

A Real Estate closing may appear to be a bewildering flurry of papers, but it boils down to three independent events occurring simultaneously.
 
  1. The purchaser receives title to the condominium/residential home or the stock certificate and proprietary lease of a cooperative corporation
  2. Purchaser’s bank closes its loan and issues its loan proceeds to the purchaser, who in turn transfers them to the seller as part of the balance of purchase price
  3. Purchaser pays the remaining balance, if any, of the contract price due
  4. Seller and purchaser pay their respective closing costs
  5. Title company guarantees both the bank and the purchaser that the purchaser is obtaining good and marketable title free of all judgments, mortgage and other items (condo/residential)
  6. Any liens on the co-op shares, reflected on the UCC search, are satisfied (co-op).

After the closing, you will receive a Closing Statement from your attorney detailing the financial aspects of the closing and copies of the documents executed at the closing.

 

This Month in Queens Real Estate: APRIL 2015

TMIQRE QHT HeaderApril 2015 Queens Real Estate Market Update Marketing Profile Picture

Homes sales increased in March while inventory levels remained tight. Inventory typically reaches its low point during the winter months, but the current level is well below that of last year. This led to higher than expected home price increases. While home price gains are good for homeowners, it will be important for inventory to loosen in the coming months to avoid constraining home sales and driving down affordability ahead of the potential for rising interest rates.

Month’s Supply: 6.1 Months

Last Month: 5.7 Months

Last year: 7.5 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market. 

Interest Rates

Queens_NY_Interest_Rates30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.78%; 15-year fixed rate, 3.06%; 5/1-year adjustable rate, 2.97%. 


Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_April_2015The seasonally adjusted annualized rate of Queens home sales increased 9.8% from February to March to a pace of 641 homes. Queens home sales decreased year-on-year in March and were 2.3% lower than the same month of the previous year. Specifically, Queens Residential single and multi family home sales are down .6%, Queens Condo sales are up 18.8%, and Queens Coop sales are down 10.4% from the same month last year. 


Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_April_2015The median Queens home price reported by the Long Island Board of Realtors increased 1.3% in March to $405,000. Prices remain 9.5% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels across the county in recent months. Specifically, Queens Residential single and multi family home prices are up 6.3%, Queens Condo prices are up 16.7%, and Queens Coop prices are up 3.4% from the same month last year. 


Queens Housing Inventory

The number of homes available decreased 26.2% compared to the same month of the previous year, with 4,084 Queens homes available for sale in March. This translated to 6.1 months of supply. Historically, inventory typically remains low during March due to the cool weather and then loosens as the weather warms in April. Specifically, there are currently 2,574 Residential single and multi family homes, 1,300 Coops, and 405 Condos available for sale in Queens County.   


George and Abigail Herrera_Queens Home Team at Keller Williams Realty_HEADSHOT_ROUNDCourtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 

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