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Richard V Hamilton's Blog

MAKING MANHATTAN MANAGABLE

By Richard V Hamilton | Agent in 10011

Take My Offer Seriously!

When you go seeking an apartment you want to be taken seriously by the sellers and their agents (and your agent as well)  How do you do this?

 

Simple, do your own homework and be ready to present it with an offer.  You should have a simple dossier on your qualifications including:

 

  1. Pre-Qualification/Pre-Approval Letter from a New York Based bank or mortgage broker.  This will demonstrate that you have taken the time to discuss your financials with a lender, they have gone over your basics and you know what you can and cannot do.  Some will tell you these letters are not that important—they are wrong.  If you have been honest and given the lender a comprehensive picture of your situation it is valuable.  If you did not that will come out later and do you no good.  DO NOT waste time with out of state lenders or tiny work-out-of-home mortgage brokers.  Go to one of the larger firms—it does not cost you a thing; you cold even obtain 2.

 

  1. A financial statement on the REBNY form (Any agent should be able to give you this) this way the sellers agent can determine that you are qualified from a board approval standpoint.  Do not think they will look at it and use it to ‘get more out of you’.  Professional agents know that just because you have money, does not mean you want to give it away.

 

  1. A Simple Letter from you detailing your position, income and bonuses, how long you have been there.  As well as any other income and major assets.  In effect a supplement to the financial statement.  If you can obtain your credit report and include the score in this letter (no the actual report); you can easily do this through freecreditreport.com.  Checking your credit this way will also help you find any mistakes and get them corrected—you also will not affect your score by checking it like this.

 

Why bother?  Because when an agent is reviewing an offer (especially multiple offers) with an owner.   Those with complete information are taken more seriously.  You have shown you are real.  You are already a step ahead.  Sloppily presented offers will get less consideration in a competitive bidding situation.  Agents and owners prefer to sell to the proactive buyer.

 

This is based on New York City…in particular Manhattan.  Don’t get left in the cold because you were not dressed and ready!  Enjoy the hunt!

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