Sellers

Read below to learn about the selling process.

STRATEGY

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→ A majority of properties are listed above the market value.

  • The line of thinking is to leave room for negotiation.
  • Unfortunately, buyers realize this and bid below market value hoping to purchase at below market value.
  • This results in the buyer’s mindset being: “How cheap can I get this property

→ Additionally, buyers have been conditioned to think that properties in several price points in areas of Manhattan and Brooklyn sell in a short period of time.

  • If they do not sell quickly, buyers may think that there is something wrong with the property.
  • As a result, most buyers move on to something else.
  • The remaining few buyers will place low bids.
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→ The 10-Day Selling Program changes the buyer’s mindset from “How cheap can I get this property?” to “This property is great and I want to beat out everyone else to get it.” In other words, we create competitive urgency that is conducive to the mindset of the Manhattan and Brooklyn buying public. This is achieved by:

  • Following the guidelines of “Preparing Your Property For Market” and “Marketing Your Property”
  • Have the property in move-in condition.
  • Deliver the property vacant at closing.
  • Price it at market value (not above nor below).

→ The result is having multiple bids and having the property sell efficiently and at the highest price possible.

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CREATING DEMAND

→ Careful and meticulous preparation of the property to attract the widest array of buyers prior to putting it on the market.

→ A timed delay from when the listing goes live on Monday to the Open House on the weekend.

  • As such, buyers modify their schedule and make it a point to come to the Open House.
  • When they arrive, they find several other like-minded buyers.
  • The result is a competitive environment.

The 10-Day Selling Program

We don’t just stage homes. We create moments and moments that make prospective buyers feel at home.

Below are the Pricing Estimated Cost

FEE ESTIMATED COST
Broker Commission  
Broker ~6%
   
Bank  
Payoff Bank Fees $300-$1,000
   
Building  
Managing Agent Closing Fee $500-$,1000
Move-out Fee $500+
Move-out Deposit $500-$1,500(refundable)
   
Government  
Residential NYC Transfer Tax* 1% if purchase price is < $500,000
  1.425% if purchase price is >$500,000+
Progressive NY State Transfer Tax* 0.4% for Residential Transactions < $3M
  0.65% for Residential Transactions > $3M
   
UCC-3 Filing Fee $125
   
Recording & Closing  
Pick up/Payoff Fee to Title Closer ~$250-$500
FEE ESTIMATED COST
Attorney  
Your Attorney Consult your attorney - $2,500 ≈ $5,0000
Lien Search Fee ≈ $350
   
Bank  
Points ≈ 0 - 3% of the loan value
Bank Application, Credit Check, etc $400 - $600
Bank Attorney $900 - $1,500
Mortgage Origination Rate ≈ 0 - 3% of the loan value
UCC 1 Filing $125
Appraisal ≈ $300 - $1.500
   
Building  
Board Package Processing Fees $500 - $2,000
Credit Check Fee $100 - $300 per buyer
Move-in Fee $250 - $500
Move-in Deposit $500 - $1,000 (refundable)
Maintenance Adjustment Pro-rated for the month of closing
Recognition Agreement Fee $200 - $300
Miscellaneous Co-op Charges Varies by building. Consult the co-op's transfer agent & board package
   
Goverment  
Transfer Tax Filing Fee $100
Mansion Tax

$1M to < $2M: 1.00%

$2M to < $3M: 1.25%

$3M to < $5M:1.50%

$5M to < $10M: 2.25%

$10M to < $15M: 3.25%

$15M to < $20M: 3.50%

$20M to < $2514: 3.75%

$25M or more: 3.90%

FEE ESTIMATED COST
Broker Commission  
Broker ≈ 6%
Your Attorney  
Attorney Consult your attorney ≈ $2,500 - $5,000.
Bank  
Payoff Bank Fees $500 - $1,000
Government  
Residential NYC Transfer Tax

1% if purchase price is < $500,000

1.425% if purchase price is > $500,0000

NY State Transfer Tax

0.4% for Residential transactions < $3M

0.65% for Residential transactions > $3M

Transfer Tax Filing Fee $100
UCC-3 Filing Fee $125
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