IMPORTANT: Please read all instructions in their entirety, below, including what constitutes a complete offer, before presenting an offer on a City-owned property. If you have any questions or need help as you go please contact:
- Lee @ Lraphael@riverrealty.com
- Jean @ 845.564.2800 x105 / Jperry@riverrealty.com
Presenting an offer on a City-owned property is simple and is done in two steps.
\\ Step one: present your buyer-signed company purchase offer and proof of funds (see requirements below), or pre-qualification letter (see requirements below), through our website by clicking the button below. Purchasers buying in the name of a corporate entity must also provide specific supporting documents as outlined below.
\\ Step two: have your buyer complete the attached Private Owner Development Application (PODA) and Supporting Documents by clicking button to the right.
Note thathe Seller has directed that ONLY complete offers can be presented for consideration. Incomplete offers will be rejected and sent back with a request for additional documents.
A complete offer encompasses the following:
• YOUR PURCHASE AGREEMENT:
Buyer-signed purchase agreement on your company letterhead w/requisite disclosures
• PROOF OF FUNDS:
Recent proof of funds within the last 30 days covering the cost to acquire the property.
• PROOF OF FUNDS FOR RENOVATIONS:
Recent proof of funds within the last 30 days covering costs to renovate the property as detailed in preliminary contractor estimate or Scope of Work form (if buyer is doing work themselves).
• PRE-QUALIFICATION LETTER (If mortgage financing):
If buyer is obtaining mortgage financing, a pre-qualification letter appropriate for the physical condition (and/or lender-required factors), which states, on the letter itself, an amount that covers both the offering price as well as the expected renovation costs.
• ENTITIES (LLCs and Corporations):
Buyer-entities must provide copies of LLC documents or articles of incorporation with evidence of principals and authorized signors.
• PRIVATE OWNER DEVELOPMENT APPLICATION (PODA):
Completed and signed Private Owner Development Application (PODA) with supporting documents, including: (1) PathStone Authorization for Credit Check, (2) detailed breakdown of renovation plan with preliminary budget in a line-item-style contractor estimate on contractor letterhead, (3) completed Scope of Work Form (if completing work themselves), (4) explanation of any municipal, code or other obligations on properties owned in the City of Newburgh.
Also, note the following with regards to purchasing a City-owned property.
The purchaser will not only need to pay the agreed upon purchase price, but also the current year’s school taxes. City and County taxes owed will be prorated from the closing date until the year end.
TERMS AND CONDITIONS OF SALE:
The Terms and Conditions of Sale are at the end of the PODA in both English and Spanish. It is imperative buyers review these terms and conditions BEFORE making an offer. If/when an offer is approved by the City of Newburgh Council, a certified copy of the resolution outlining the terms and conditions of sale will be sent to the purchaser.
All offers are preliminary accepted SUBJECT to final approval and acceptance by the City of Newburgh Council, which meets twice a month except during June, July and August when they meet once a month. Buyers and their agents are encouraged to attend the council meeting where their offer will be formally reviewed to answer council members’ questions about their offer, scope of repairs, etc...