Episode 23: How to Save Some Money If You Are Doing a Purchase in New York City

Episode 23: How to Save Some Money If You Are Doing a Purchase in New York CitySummary:In this episode of Rock the Closing, hosts Orsolya Bartha and Dalia Zaza unlock one of NYC's best-kept secrets for saving thousands at closing: the Purchaser CEMA (Consolidation, Extension, and Modification Agreement). This powerful but little-known strategy allows buyers to take over the seller's existing mortgage and consolidate it with their new loan, potentially saving $10,000 or more in mortgage recording taxes. Our expert hosts break down the complex qualification requirements, walk through the step-by-step process, and reveal the common pitfalls that can derail CEMA transactions. Whether you're a first-time buyer or seasoned investor, this episode provides invaluable insights into a strategy that could save you tens of thousands on your next NYC property purchase.In this episode, you'll learn:What a Purchaser CEMA is and how it can save you thousands in mortgage recording taxesThe specific qualification requirements: property types, loan amounts, and seller mortgage statusWhy bank cooperation is crucial and which lenders are most likely to participateStep-by-step breakdown of the CEMA process from concept to closing executionReal-world savings examples: $10,000+ on million-dollar purchases, tens of thousands on luxury propertiesThe biggest challenges and obstacles you'll face with CEMA transactionsWhen NOT to pursue a CEMA and why sometimes it's not worth the complexityExpert tips for working with attorneys and lenders to maximize your successHow to determine if CEMA makes financial sense for your specific situationThe difference between condos, townhouses, and co-ops when it comes to CEMA eligibilityMusic CreditsMusic by SoundHills, Beautiful Minds.Find more at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://protunes.net/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HELP US OUT!Help us reach new listeners by leaving us a rating and review on ⁠⁠⁠Apple Podcasts!⁠⁠⁠It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!