Home Buying in Queens>Question Details

om, Home Buyer in Queens, NY

Hi I am first time home buyer and planning to buy a single family house in Queens. From where to start, please advise. Om

Asked by om, Queens, NY Tue Jan 29, 2013

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18
Heather’s answer
Hi Om,

You will definitely need to seek the help of a real estate agent. I know of a great real estate company called Massada Homes. My sister bought a home through them and the agent was responsive, knowledgeable and so helpful. You can look at the listings of single family homes in Queens on their website, then make an appointment with an agent.

I hope all goes well. Good luck!
0 votes Thank Flag Link Wed Jan 30, 2013
The very first thing you need to do is meet with a Loan Officer and see what you can pre-approve for. A Loan Officer would need to pull your credit, 2011 tax returns, 2012 W-2, 4 recent pay stubs and 2 recent bank statements. This will allow us to figure out what you can qualify for and advise you best of your financing options. It's very important that you know what you can afford so that you know what your budget is when you're searching for a property in Queens.

I'm always available to meet with you in one of our Queens branches if you'd like. I can walk you through the entire process from beginning to end. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
2 votes Thank Flag Link Tue Jan 29, 2013
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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1 vote Thank Flag Link Fri Feb 15, 2013
First step to looking for a home is getting qualified .. Once you know what you can afford the rest is easy .. There's so many opportunities for first time home buyers .. Take advantage of these low rates .. And then you should contact a local realtor that can help you find your home ..l
1 vote Thank Flag Link Thu Feb 14, 2013
Be wary of "rent to own" arrangements, as they often (and usually) favor the seller!!

PLEASE - speak with a reputable mortgage rep, as well as a local agent.
1 vote Thank Flag Link Thu Feb 14, 2013
Buying a first home is a huge undertaking and a bit frightening. Though I agree that you need a mortgage pre approval very early on, I do not agree that it is the first thing you get. The first thing you get is a competent Real Estate agent. In my case I am the quarterback for my clients transaction. I create a team around the client so that they will have all the support and protection they need. After doing an initial intake, and a complete inventory of what you perceive your needs to be we will follow it up with a discussion and pr-approval process with a professional that fits the need of the client. Just as with agents, not all mortgage people are created equal. Just briefly, for example, If a client is going to purchase a fixer upper, than I woulod recommend a mortgage professional that is experienced in 203 loans. These are specialized loans, not all banks can do them and so on. There are too many variables to mention here, but hopefully you get the idea. Also, the attorney is very important for several reasons, one being how quickly do they respond to the clients needs, how experienced they are as Real Estate specialists and more. Competent home inspectors are essential because the results of the inspection may trigger a further price negotiation or re arranging a mortgage option, or in some cases a withdrawal from the purchase of that property. There are other things to consider and negotiate too numerous to mention here.
I am very competent and strong for my clients, if you would like to interview me please contact me by phone or email.
Maureen
1 vote Thank Flag Link Wed Jan 30, 2013
Hi
First you should decide in which neighborhood are you interested to buy. Than you need to get preapproved in order to determine your price range so you will be comfortable with monthly payments if you are going for mortgage. Than contact local professional to help you find the right property for you. You can also search on your own privately on http://www.newyorkrealestateaccess.com. I'd you have any questions you can contact us at 800-245-5699
0 votes Thank Flag Link Wed Feb 13, 2013
An agent can help you find a home no doubt. However the first thing you need to do is find out how much you can comfortably afford to spend. I would suggest getting your tax returns for the last two years as well as your total down payment information and get pre-approved by a reputable lender for a mortgage. Once you know what you can afford then look for the area you want to live in in queens inlist the services of an experienced professional Real Estate agent and start your search. Purchasing a home is a process but you will be ahead of the game if you take this bit of advice .
Best of luck
TeamMD Real Estate Group
0 votes Thank Flag Link Sun Feb 3, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore begin by visiting with any licensed loan officer; also choose an agent to work with. For available area properties check http://www.mlsli.com
0 votes Thank Flag Link Wed Jan 30, 2013
Om,

Congratulations on taking the first step to home ownership. To add to the other agents comments, I would suggest that you meet with a mortgage professional and get preapproved. This will determine how much real estate you can afford to purchase. You can then work with a Realtor to find your property. I would suggest that you work with a buyers agent, you do not pay a fee unless otherwise agreed to. Your Realtor can walk you through the entire process and answer all of your questions. There are some grants available to First Time Home buyers in NYC, to assist you with downpayment/closing costs.

If I can be of further assistance, please do not contact me.
0 votes Thank Flag Link Wed Jan 30, 2013
The first thing you must do is get a preapproval from the bank so that you can determine your price range. If you are doing a conventional mortgage, you should have at least 10% for a down payment. If it's an FHA you will need 3.5%. Obviously the more you can put down on a home, the lower your montlhy payment will be. Contact me for more info. Arlene - 917-836-4559
0 votes Thank Flag Link Wed Jan 30, 2013
Buying a home is indeed a great step up in life and as a home owner I can assure you it is an experience of a life time. What makes the process easier is having a team of professionals working with you and these professionals are; lawyer, mortgage loan officer, realtor. As your realtor I will manage this process from start to finish and there after so you like me can enjoy the pleasures of home ownership. It will be a pleasure working with you. Please contact me so we can put a plan into action.
0 votes Thank Flag Link Tue Jan 29, 2013
Hi my name is José tiburcio i will more than happy to help you with the search
If you home.feel free to call me at 646-644-0417 or email me thank you
Very much.
0 votes Thank Flag Link Tue Jan 29, 2013
Om,

Before looking at anything, it is essential that you be pre-approved by a mortgage broker, mortgage banker or bank.

I am not speaking of a pre-qualification. A full pre-approval requires 3 years of income tax statements, 3 months of bank statements, 3 months of pay stubs, credit report, etc.

Once you have a full pre-approval, you will know how much you are qualified for and will know what price range to look at.

Once you have a full pre-approval, you will be as good as a cash buyer; your purchase will be contingent upon an appraisal of the house and a contract and you will be considered an "A" buyer.

I am an instructor at Stony Brook and Post Universities and train Realtors and finance majors. I would be happy to provide further information for you when you are ready.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes Thank Flag Link Tue Jan 29, 2013
My name is Fajardo Delacruz and I'm a realtor in your area.
I will be happy to speak with you to get more information to get a
better idea and how we approach your goals. Please just give me
a call as soon as you can.

Thank you

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Tue Jan 29, 2013
First you should get per qualified buy a bank .. Which could be recommended by a realtor or you could
Work with your own bank .. If your not currently working with a agent you could reach me @718-809-8671 ill be happy to help you find your home....
0 votes Thank Flag Link Tue Jan 29, 2013
You start by sitting down with an agent..... and a loan/mortgage rep. so that the home buying process can be explained to you from start to finish (the agent can do this).......

The loan officer will explain what mortgage options are out there, along with pre-approving you for a mortgage...which means letting you know how much you can borrow from the bank.

To be pre-approved means he or she will run your credit and ask for other financial information such as.....the amount of debt you are carrying, your length of employment and amount of income, down payment, etc.

Based on that, you will have an idea of what size mortgage you can apply for, as well as what the monthly carrying costs will be.......... you can decide what your comfort level is.

The agent can then let you know about listings that fit your price range - including the property taxes and insurance.

I am sure some local agents will come along who may be able to help you.......you can also ask friends for recommendations if they have recently bought or sold a home in your area....or you can visit a local, active office and ask the office manager to suggest one of their agents.

Feel free to interview several agents to make sure you feel comfortable with your final choice, and it's someone you have confidence in!

All the best!
0 votes Thank Flag Link Tue Jan 29, 2013
I will be happy to assist you. I am a licensed real estate salesperson who works with buyers. Contact me at 718-916-1681 or email at mikedhomes@aol.com. I can give you the steps to get you started, and give you our entire multiple listing service on your computer to start your search. I look forward to working with you.

Mike Drew
Keystone Realty USA
0 votes Thank Flag Link Tue Jan 29, 2013
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