Sponsor Apartments in NYC: Pros, Cons and Closing Cost Considerations
Buying a Sponsor Unit in NYC: https://www.hauseit.com/buying-a-sponsor-unit-in-nyc/
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
There are pros, cons and closing cost considerations when it comes to buying a sponsor unit in NYC.
First time home buyers will often be confused by the term ‘sponsor’ as it relates to buying a sponsor unit in NYC. The sponsor is simply the developer or builder of a new construction or re-development project.
Technically, a sponsor is the original holder of the unsold co-op shares or unsold condo units in a building. Once an apartment is sold from the original sponsor to a buyer, any subsequent sale is considered to be a re-sale as opposed to a sponsor sale.
What Is a Sponsor Unit?
A sponsor unit refers to an apartment that is owned or being sold directly by the original developer or builder. This can range from freshly constructed new development condos to decades old sponsor coop units that were previously being rented out.
A sponsor unit in NYC will look no different than a normal re-sale apartment online. The only difference will be who the seller is. The seller of a sponsor apartment is the original developer or builder, whereas the seller in a re-sale is whomever purchased that apartment last.
If you’re thinking of buying a sponsor unit, you can estimate your buyer closing costs in NYC using Hauseit’s interactive closing cost calculator available at www.hauseit.com. You can also save money on your purchase by requesting a Hauseit Buyer Closing Credit.
What Are the Advantages to Buying a Sponsor Apartment in NYC?
The biggest advantages to buying a sponsor unit in NYC are privacy and convenience. Many New Yorkers are loathe to complete the onerous and extremely invasive coop purchase application. Even condo purchase applications can be delusional these days and ask for multiple reference letters.
However, one of the perks of buying a sponsor unit in NYC is that you can skip the standard sales application and coop board interview altogether.
Forget about telling your neighbors about every detail of your net worth and personal and professional biography, including any LLCs and secret societies you are a member of. Keep in mind, just because you can skip the regular coop purchase application board package doesn’t mean you can avoid filling out any forms at all.
You may still have to fill out a much simpler, often single page form about yourself for the sponsor to have on file. However, it’ll be nothing like the nightmare you may encounter with some coop and condo board applications.
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
There are pros, cons and closing cost considerations when it comes to buying a sponsor unit in NYC.
First time home buyers will often be confused by the term ‘sponsor’ as it relates to buying a sponsor unit in NYC. The sponsor is simply the developer or builder of a new construction or re-development project.
Technically, a sponsor is the original holder of the unsold co-op shares or unsold condo units in a building. Once an apartment is sold from the original sponsor to a buyer, any subsequent sale is considered to be a re-sale as opposed to a sponsor sale.
What Is a Sponsor Unit?
A sponsor unit refers to an apartment that is owned or being sold directly by the original developer or builder. This can range from freshly constructed new development condos to decades old sponsor coop units that were previously being rented out.
A sponsor unit in NYC will look no different than a normal re-sale apartment online. The only difference will be who the seller is. The seller of a sponsor apartment is the original developer or builder, whereas the seller in a re-sale is whomever purchased that apartment last.
If you’re thinking of buying a sponsor unit, you can estimate your buyer closing costs in NYC using Hauseit’s interactive closing cost calculator available at www.hauseit.com. You can also save money on your purchase by requesting a Hauseit Buyer Closing Credit.
What Are the Advantages to Buying a Sponsor Apartment in NYC?
The biggest advantages to buying a sponsor unit in NYC are privacy and convenience. Many New Yorkers are loathe to complete the onerous and extremely invasive coop purchase application. Even condo purchase applications can be delusional these days and ask for multiple reference letters.
However, one of the perks of buying a sponsor unit in NYC is that you can skip the standard sales application and coop board interview altogether.
Forget about telling your neighbors about every detail of your net worth and personal and professional biography, including any LLCs and secret societies you are a member of. Keep in mind, just because you can skip the regular coop purchase application board package doesn’t mean you can avoid filling out any forms at all.
You may still have to fill out a much simpler, often single page form about yourself for the sponsor to have on file. However, it’ll be nothing like the nightmare you may encounter with some coop and condo board applications.
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
#hauseit #hauseitnyc
https://www.hauseit.com