Paying All Cash for Real Estate in NYC

How to Buy a House with Cash in NYC: https://www.hauseit.com/nyc-mansion-tax/

Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

Buying a house with cash in New York City is faster and simpler than purchasing a home with a mortgage. All-cash buyers don’t have to deal with the loan approval process and can often close in 30 days or less compared to 60 to 90 days if financing.

If you’re thinking of buying in NYC, you can estimate your buyer closing costs 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.

Should You Have a Buyer’s Agent?

Yes. Having a buyer’s agent can help you maximize your leverage of being an all-cash buyer during the course of any negotiations.

Furthermore, a buyer’s agent doesn’t cost you anything as the buyer. Sellers pay all real estate commissions in NYC, and they are contractually fixed based on the listing agreement a seller signs before listing a property.

This commission is split equally between a buyer’s agent and the listing agent. If the buyer doesn’t have an agent, the listing agent customarily keeps both sides of the commission, meaning that neither the buyer or nor the seller save any money if no buyer’s agent is involved.
Submitting an All Cash Offer in NYC

Please remember that you can submit offers on multiple properties, and you can even negotiate multiple contracts on multiple accepted offers. That’s because real estate offers are not binding in NYC, and nothing is final until contracts are signed.

To submit an all cash offer in NYC, you’ll need to have your buyer’s agent email the listing agent the following information:

· Offer price
· Contingencies, if any
· Preferred closing date, if any
· Proof of funds
· Attorney contact information
· REBNY Financial Statement or Submit Offer Form

Some buyers who are keen on privacy may try to get away without providing the REBNY Financial Statement. However, listing agents for both condos, co-ops and houses may insist on seeing this even if you’re purchasing all cash.

Co-op listing agents have a legitimate need to see this because co-ops have their own set of financial requirements for buyers. Paying all-cash doesn’t necessarily mean you’ll meet the co-ops other financial requirements such as the debt-to-income ratio and post-closing liquidity.

Fully Execute a Purchase Contract
Contracts are typically easier and faster to negotiate when the buyer is purchasing all cash. That’s because all cash offers are typically non-contingent in nature.

Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

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