Chinese Parents Buy a Manhattan New York Condo for children
We as Mandarin language speaking Real Estate agents here in NYC work with BOTH buyers and sellers who are serious and motivated.
When we work with our VIP Chinese buyers, we have a specialized approach so we do not waste any buyers time as many buyers are from out of town and have a limited time frame to locate something. Many of our Chinese Mandarin speaking buyers travel over 18 hours long international flight to United States and only have few days to spare to see NY properties.
We usually communicate with our long distance buyers ahead of time so we have a good sense of what their preferences are and when they arrive in New York, we can start looking at the right property immediately. It is essential for buyers to work with us experienced agents so there is no time wasted seeing properties that are not suitable. During the appointments, we educate the buyers on the buying process so they are full aware of each every step of the purchase.
One of our special niche with buyers, is Parents Buying a Manhattan New York Condo for children. We recommend all parents to be PREPARED AND PLAN AHEAD, first step is to discuss the funding with the right mortgage consultant/banker, accountant, a knowledgeable Manhattan Real Estate attorney, but first, you should contact us so we can start the planning.
Few key points if you are a (Chinese) parent plan to buy NYC condo for children:
If Buying all cash, and you are buying a condominium, the quickest we can close would be 30-45 days. If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage. IF Financing this can be much longer.
Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
New York city Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate attorney can also advise you what is the best way to structure/plan the purchase and think about who/how should take the title of the deed. It is crucial to use the right attorney to protect your interest in the sale of a condo.
Call your Chinese Mandarin Speaking Real Estate agent Eileen Hsu today at (646)644-6929 to experience a different level of service NOW.