Home Buying in Brooklyn>Question Details

Ted, Home Buyer in Brooklyn, NY

How do I get started with buying a house?? Looking to buy a multi-family in Brooklyn.

Asked by Ted, Brooklyn, NY Tue Feb 4, 2014

Do I meet with a Realtor first? What is the best Realtor office for a buyer for the first time?

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Hi Ted, the very first thing you must do is to meet face-to-face with a Loan Officer. Yes, you can do it over the phone and/or online, but why would you want to when you can also meet someone in person and have a true one-on-one session with them about your entire financial situation? You can speak to a Loan Officer of your choice, perhaps me :). I could let you know exactly what documents you would need. We can meet in person and go over the entire process, your credit, loan programs available to you, estimated rates, payments, closing costs, etc. It'll be an educational session for you and also a good opportunity for you to ask any questions you have. It is very important that you learn as much as you can when it comes to purchasing and more importantly, financing a house. Once this happens, you will get a pre-approval letter or learn what you need to do so that you do receive a pre-approval, THEN you can find a Realtor who can help you find the right property. Feel free to call or email me anytime and I 'd be happy to speak and meet with you. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
2 votes Thank Flag Link Tue Feb 4, 2014
Yes, give me a call right away as I am with Fillmore Realty, Brooklyn's number 1 real estate entity as you should be speaking with a real estate agent. 347-732-7408
0 votes Thank Flag Link Wed Feb 5, 2014
Good evening Ted,

First steps for First Time Buyers:

• Meet with a Local Mortgage Banker in person to get prequalified for mortgage financing. Thorough Prequalification includes a credit report AND review of tax returns, paystubs and bank statements.

• Get a referral to a good, local, real estate attorney. Having an attorney ready when you present an offer helps a Seller take you seriously. They will consider your offer with more interest.

• 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.

• Work with 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!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Feb 5, 2014
Your best bet would be to get yourself pre-qualified with a mortgage banker and make sure you can get the loan and prepare a budget so you know what is the maximum you can spend. After you do that you need to view any and all homes in your price range and make an offer on the one that best suites your needs. If you are ready to buy a home, the sooner you make the purchase, the sooner you will start to gain equity in the property. The most important thing is that you need to figure out what neighborhood you want to be in and then make sure the agent that helps you specializes in that neighborhood. If you want you can contact me direct and if I cannot help you I can refer you to an agent that is a pro in the area you like. Either way, good luck! Sincerely, Mitchell Feldman, Associate Broker, Fillmore Real Estate 917-805-0783/ MitchellFeldman@Fillmore.com
0 votes Thank Flag Link Wed Feb 5, 2014
Hi Ted
the first step is just as "Javier " said you must get pre-approved so you know your maximum buying power. there is no sense looking at something you cannot afford. they will tell you what you can
afford on your own, and with the additional projected income from the rental. of course if you are
lucky enough to get a steady paying tenant. Then you should do a little research and decide the
areas of interest and then meet with a realtor. then you can really start your search. because if
they find you something you want, you want to be able to submit your offer and proceed. if you have any other questions please feel free to contact me directly.
0 votes Thank Flag Link Wed Feb 5, 2014
A proper agent can help you on many aspects.
1. Figure out your buget.
2. Shape up the house you are really interested in.
3. Search on the neighborhood(s) that interests you.
4. Make appointment to show.
5. You will make decision up on the showing hours.
Good luck to your hunting your home. if you need more help, please feel free to contact me.
0 votes Thank Flag Link Wed Feb 5, 2014
First do a lot of research on the neighborhood/s that you would like to buy into. Spend a lot of time in those neighborhoods, going to every open house; it does not matter that they are not just multi-families, look at co-ops, rentals, walk the shopping strips, the parks the neighborhoods in general. Go on line to see what houses are generals listed for in those neighborhoods... and then look at how much cash you have realisticly to put towards the downpayment + closeing costs.
Keep in mind that closing costs alone; title insurance, mortgage taxes, appraisal fees, lawyers ( yours & the Banks) recording fees etc etc. alow at least 5-6% of purchase price to cover those and try to put at least 20% cash down for a multi-family not only to avoid PMI insurance (Private Mortgage Insurance) but also to get a better intereset rate. Plus the Bank will want to see that you have reserves left over.
I find it is the amount of cash that is required that controls most peoples budgets, obviously you need income, good tax returns and credit as well but even with both of those it is the upfront cash that gets most people. So once you have worked out your budget, look aggresivly to find the most experienced Broker in the neighborhood that you want to buy into. Baring in mind that by Broker I do not mean the company, but the individual agent (Broker)
Many people will tell you to get pre-approved first; for a multi family this can be a little missleading, because it will depend on the rental income, the condition of the property and often how many apartments. 1-4 family is condisered conventional finacing 5 and above and considerered commercial financing (generaly 30%+ down) but there are so many variables amongst all this depending who/what is purchasing .... it is crucial to work with an experienced Broker that sells Houses.
First check your credit, get your tax returns in order and pull all your available cash together. (Retirement funds can be used towards down payments)

All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Wed Feb 5, 2014
When you want to buy a home the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Tue Feb 4, 2014
I would suggest doing research on different real estate companies before meeting with a realtor. Most companies are out there just for the money so be sure to find a broker that's going to help you and walk you through the process. If you have any questions, feel free to contact me at any given time
0 votes Thank Flag Link Tue Feb 4, 2014
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