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Everything you Need to Know about using Gift Money as a Down Payment

Everything you Need to Know about using Gift Money as a Down Payment | Elika Real Estate | Scoop.it
A stressful aspect for many home buyers is coming up with the down payment. To help cover it, many first time and repeat buyers get help from a friend or relative through a gift payment. Many lenders allow for cash gifts to cover conventional loans as well as FDA, USDA, and VA loans. If you need... https://www.elikarealestate.com/gift-letter-sample-nyc #Mortgages
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Making Sense of (FAR) Floor Area Ratio in NYC

Making Sense of (FAR) Floor Area Ratio in NYC | Elika Real Estate | Scoop.it
Have you ever been townhouse hunting in NYC and come across the term Floor Area Ratio or FAR? Most home buyers in New York will never encounter this term and if they do it likely won’t be of much importance. The exception is if they are purchasing a home with the intention of flipping it. If the ... https://www.elikarealestate.com/making-sense-far-floor-area-ratio-nyc/ #RealEstate, #Townhouses
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When to Waive the Mortgage Contingency Clause

When to Waive the Mortgage Contingency Clause | Elika Real Estate | Scoop.it
There are times when buyers may wish to waive their mortgage contingency clause. With New York City inventory tight, you can help level the field with all-cash offers by doing so. However, we advise using it judiciously since there are pitfalls that you need to be aware of given you are risking... https://www.elikarealestate.com/waiving-the-mortgage-contingency/ #Buyers, #Condos, #Coops, #Mortgages
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"Best and Final" Offer to Purchase Real Estate

"Best and Final" Offer to Purchase Real Estate | Elika Real Estate | Scoop.it
In the home buying process, you may find the seller’s agent asks you for your best and final offer. Typically, they do this when the seller has multiple offers on the table. You may confront this situation, since the New York City residential remains robust with limited supply and local/global d... https://www.elikarealestate.com/best-final-offer-purchase-real-estate/ #Condos, #Coops, #RealEstate, #Townhouses
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What is a Co-op? - Everything You Need to Know About NYC Co-ops

What is a Co-op? - Everything You Need to Know About NYC Co-ops | Elika Real Estate | Scoop.it
It’s no secret that buying a home in NYC can be a long and daunting process – and for those looking to buy a co-op, the process can be even more intense. New York is a city comprised almost entirely of co-ops and condos along with a smaller selection of townhouses. Typically, if a building is old... https://www.elikarealestate.com/what-is-a-co-op #Buyers, #Coops
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315 East 72nd Street, #4F/G

315 East 72nd Street, #4F/G | Elika Real Estate | Scoop.it
UNIQUE & ENORMOUS CONVERTIBLE 3 BED 2.5 BATH 1453 SQ.FT. HOME, has been seamlessly combined with 2 adjacent units creating a luxurious, light, loft-like, 23×19ft. living-room, with open airy kitchen and convenient powder room, 2 oversized split bedrooms (18×23) each with en-suite bath, multi ... https://www.elikarealestate.com/properties/315-east-72nd-street-4f-g/
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Buying vs. Renting - 13 Reasons on Whether You Should in NYC

Buying vs. Renting - 13 Reasons on Whether You Should in NYC | Elika Real Estate | Scoop.it
Buying and renting offer the same pros and cons in New York City as in the rest of the country.  There are a few different variables involved with good ol’ NYC – and we will get into them a little bit later – but the most important is to understand the costs and benefits of each housing str... https://www.elikarealestate.com/buying-vs-renting/ #Buyers, #RentVsBuy, #Renting
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Deal Sheet - What is a Real Estate Deal Sheet in NYC?

Deal Sheet - What is a Real Estate Deal Sheet in NYC? | Elika Real Estate | Scoop.it
Selling a home in NYC can be a long process but once you’ve found an offer your willing to accept you can move onto the next step. Completing a deal sheet. If you are unfamiliar with the real estate closing process and have never compiled a deal sheet, this article should clear everything... https://www.elikarealestate.com/deal-sheet-nyc/ #Buyers, #Condos, #Coops, #DealSheet, #SellingRealEstate
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How to Write an Offer to Purchase a NYC Co-op Apartment

How to Write an Offer to Purchase a NYC Co-op Apartment | Elika Real Estate | Scoop.it
As almost always, bidding wars in NYC feel like the norm. With a low inventory and lots of demand, sellers usually have a lot of offers to choose from. If you’re looking to scoop up a hot deal the buyer offer you write to the seller can make or break you. These don’t have to be complicated, in fa... https://www.elikarealestate.com/write-offer-purchase-nyc-co-op-apartment/ #Coops
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Due Diligence for NYC Real Estate Purchases

Due Diligence for NYC Real Estate Purchases | Elika Real Estate | Scoop.it
Conducting a proper due diligence is a critical step in the New York City real estate buying process. It comes as the final step prior to the signing of the contract of sale and typically lasts 5-7 business days. Your buyer’s agent has advised you on the type of property, layout, and even some b... https://www.elikarealestate.com/due-diligence-nyc-real-estate-purchases/ #Condos, #Coops, #InvestmentProperties, #RealEstate
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Making Sense of the Aztech Recognition Agreement

Making Sense of the Aztech Recognition Agreement | Elika Real Estate | Scoop.it
Anyone who has applied for a co-op apartment in NYC will be familiar with what’s called the Aztech Recognition Agreement. If you’re wondering what an ancient Mexican civilization has to do with purchasing a co-op apartment then don’t worry. It tends to cause a bit of confusion and not just becau... https://www.elikarealestate.com/making-sense-aztech-recognition-agreement/ #Coops
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All you Need to Know about Reference Letters when Buying an NYC Co-op

All you Need to Know about Reference Letters when Buying an NYC Co-op | Elika Real Estate | Scoop.it
If you’re looking to buy a co-op apartment in NYC, you may be aware that the typical co-op board package requires several personal and professional reference letters. The co-op board package is something of a rite of passage for anyone wanting to buy into the exclusive cooperative buildings. You ... https://www.elikarealestate.com/need-know-reference-letters-buying-nyc-co-op/ #Coops
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Co-Op Boards Debt to Income Ratio Requirement

Co-Op Boards Debt to Income Ratio Requirement | Elika Real Estate | Scoop.it
A co-op board reigns supreme in the home buying process. Their collective judgment is final, and you may find yourself starting over should they reject your application. The long process includes finding an apartment, compiling an offer and the subsequent back-and-forth negotiating, putting... https://www.elikarealestate.com/co-op-debt-income/ #Coops
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Questions to Ask Before Hiring Your Real Estate Attorney

Questions to Ask Before Hiring Your Real Estate Attorney | Elika Real Estate | Scoop.it
We’ve discussed the importance of a real estate attorney in conducting due diligence. It is important to take a step back to discuss how to approach hiring an attorney. You can rely on your real estate agent for a recommendation, but it is up to you to conduct your own interview and make the f... https://www.elikarealestate.com/hiring-real-estate-attorney/ #Attorney, #Condos, #Coops, #RealEstate
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The Complete Guide to Buying a Townhouse in NYC

The Complete Guide to Buying a Townhouse in NYC | Elika Real Estate | Scoop.it
Anyone who’s been shopping for a new home in Manhattan or Brooklyn will have noticed that most of the properties for sale are co-ops and condos. While these types of properties may have a lot of benefits they also have a few downsides such as needing board approval for renovations and... https://www.elikarealestate.com/complete-guide-buying-townhouse-nyc/ #Buyers, #InvestmentProperties, #RealEstate, #Townhouses
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The Ultimate Guide to Buying an NYC Apartment

The Ultimate Guide to Buying an NYC Apartment | Elika Real Estate | Scoop.it
So, you’re leaping. After living as a renter in the Big Apple for a decade or more, you’re in a position to buy a New York apartment ––– finally. You’ve sacrificed and saved your pennies for the past five years, so now it’s time to become a homeowner in New York City. No matter how much apartment... https://www.elikarealestate.com/buying-a-new-york-city-apartment/ #Buyers, #Condos, #Coops, #RealEstate
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"Best and Final" Offer to Purchase Real Estate

"Best and Final" Offer to Purchase Real Estate | Elika Real Estate | Scoop.it
In the home buying process, you may find the seller’s agent asks you for your best and final offer. Typically, they do this when the seller has multiple offers on the table. You may confront this situation, since the New York City residential remains robust with limited supply and local/global d... https://www.elikarealestate.com/best-final-offer-purchase-real-estate/ #Condos, #Coops, #RealEstate, #Townhouses
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315 East 72nd Street, #4F/G

315 East 72nd Street, #4F/G | Elika Real Estate | Scoop.it
UNIQUE & ENORMOUS CONVERTIBLE 3 BED 2.5 BATH 1453 SQ.FT. HOME, has been seamlessly combined with 2 adjacent units creating a luxurious, light, loft-like, 23×19ft. living-room, with open airy kitchen and convenient powder room, 2 oversized split bedrooms (18×23) each with en-suite bath, multi ... https://www.elikarealestate.com/properties/315-east-72nd-street-4f-g/
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Co-op Flip Tax - Understanding Flip Taxes in NYC

Co-op Flip Tax - Understanding Flip Taxes in NYC | Elika Real Estate | Scoop.it
Anyone who’s ever bought a co-op will be familiar with something called a flip tax. It’s basically a co-ops way of saying “So you’re leaving, huh? Well, pay us some money and we’ll let you go.” Flip taxes, sometimes known as transfer fees, are a way for a... https://www.elikarealestate.com/co-op-flip-taxes/ #Coops, #RealEstateTaxes
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Condos’ Right of First Refusal

Condos’ Right of First Refusal | Elika Real Estate | Scoop.it
A condo board typically retains the right of first refusal. This means they have the right to purchase your condo unit and can deny your pending sales agreement. Although condo boards often have more flexibility than a co-op’s, this does not mean they are not interested in protecting their f... https://www.elikarealestate.com/condos-right-first-refusal/ #Buyers, #Condos
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Subletting Rules for Your NYC Co-op

Subletting Rules for Your NYC Co-op | Elika Real Estate | Scoop.it
Co-op boards have rules you need to follow, including those that guide everyday living. A co-op board is interested in protecting its investment, and it is natural to have policies that involve subletting your unit. These are useful to know, even if you do not plan on renting out your apartment... https://www.elikarealestate.com/subletting-rules-for-nyc-co-ops/ #Coops
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Due Diligence for NYC Real Estate Purchases

Due Diligence for NYC Real Estate Purchases | Elika Real Estate | Scoop.it
Conducting a proper due diligence is a critical step in the New York City real estate buying process. It comes as the final step prior to the signing of the contract of sale and typically lasts 5-7 business days. Your buyer’s agent has advised you on the type of property, layout, and even some b... https://www.elikarealestate.com/due-diligence-nyc-real-estate-purchases/ #Condos, #Coops, #InvestmentProperties, #RealEstate
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What Happens when a Land Lease Expires in NYC

What Happens when a Land Lease Expires in NYC | Elika Real Estate | Scoop.it
If you’ve ever gone shopping in NYC for a co-op or condo you may have heard that some are on land which is being leased. A small fraction of residential buildings in New York (mostly in Manhattan) sits on land that does not belong to the building. What makes these properties attractive is that t... https://www.elikarealestate.com/land-lease-expires-in-nyc/ #Condos, #Coops, #RealEstate
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Blockchain Technology May Change Property Title Searches

Blockchain Technology May Change Property Title Searches | Elika Real Estate | Scoop.it
Many people have not heard the term blockchain technology. However, the majority of the nation’s population has heard about bitcoins and other cryptocurrencies. Blockchain technology supports these cryptocurrencies. The basic idea is that it is a database that is accepted by a wide range of p... https://www.elikarealestate.com/blockchain-technology-property-title-searches/ #Blockchain, #Buyers, #Condos, #Cryptocurrencies, #RealEstate
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Finding Nirvana: Finding the Perfect Apartment Building

Finding Nirvana: Finding the Perfect Apartment Building | Elika Real Estate | Scoop.it
Searching for a New York City apartment is comparable to navigating a concrete jungle. It is made more challenging since there are more than just walls, square footage, and appliances to consider. You are entering into a (vertical) community. This means the building and its amenities are a... https://www.elikarealestate.com/finding-perfect-apartment-building/ #Buyers, #Condos, #Coops
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