Home Buying in Midwood>Question Details

Antonettyfam, Home Buyer in Midwood, Brooklyn, NY

I am a first-time buyer, what is the process when interested in a listing of single-family home (apartment in Midwood)? What should I look for?

Asked by Antonettyfam, Midwood, Brooklyn, NY Sat Apr 9, 2011

I would like to purchase an apartment but have no clue as to how to start. Do you need to get it appraised.. or is it recommended? Are there closing fees?

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Answers

10
Depending on your pre-qual amount and downpayment amount a Realtor can determine if a single family home or coop is a better option for you based on available inventory in Midwood.

Best of luck.

David Rogoff and Bonnie Chernin
Fillmore Real Estate Branch #19
davidrogoff@fillmore.com
bonniechernin@fillmore.com
917-593-4068 (CELL)
0 votes Thank Flag Link Tue Apr 26, 2011
Dear Antonettyfam:

As stated in the previous answers, you need to get yourself pre-qualified first. In order to do that you have to meet with a mortgage banker and bring your last two years W-2's and/or tax returns, last three months bank statements and they also have to run your credit report. After that you will know what you can borrow and how much the mortgage will cost you each month. Of course you have to also factor in taxes and insurance and if you are putting less than 20% down you will have to pay mortgage insurance. The bank will also give you a pre-qualification letter. Aside from your down payment, you will also incur closing costs associated with your purchase which can be anywhere from 4% to 6% of your mortgage amount.

If you get a mortgage, the bank will require an appraisal which typically will be done after you go to contract. If the appraisal comes up short the bank will not lend, although there are several options that can rectify that if both the buyer and seller can work it out.

After you get yourself pre-qualified you will know how much you can spend and then you can start looking at homes. Usually most buyers have a real estate agent help them with this stuff. I would suggest that you look at homes up to 10% more than your budget because sometimes the price can be negotiated. When you find a home that meets your needs and/or that you like, you then can make an offer through your agent. Make sure you do that in writing and give a copy of your pre-qualification letter. Hopefully your agent will be able to get the seller to accept your offer.

Once your offer is accepted you will need an attorney to represent you. Keep in mind that it is best if your attorney is located in Brooklyn, specializes in real estate and has some experience. From there you would do an inspection on the house if need be to make sure there are no hidden problems in the house. Once you know everything is okay, you would meet with your lawyer, sign the contract and give your lawyer the down payment check. After you are in contract you submit your formal mortgage application and they do the appraisal and then you get your commitment and close. There are several other steps in between, but that is the gist of it.

If I can be of further assistance please let me know. My office is located in the Midwood area and if you need help finding a home I would be more than happy to help. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Apr 10, 2011
First (and most logical) step would be to get pre-qualified for a loan, this way you will know your limits when searching for properties.
0 votes Thank Flag Link Sun Apr 10, 2011
Your first step is to visit with any qualified loan officer, after reviewing your overall financials, credit, debt, etc., a determination on qualification can be made; your loan officer can also give you a good faith estimate regarding closing costs; 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. Thereafter, interview a few agents from different realty companies, and then choose the one you like best--he/she will best guide you through the entire process.
0 votes Thank Flag Link Sun Apr 10, 2011
Realtor is governed by your lender approval amount . All sales offers are submitted with approval statement where you need to start.

Closing fees vary base on purchase amount
0 votes Thank Flag Link Sun Apr 10, 2011
I am Charles D'Alessandro with Fillmore Real Estate in the Midwood area. Yes you should speak with a Mortgage lender. I have created a series of videos on the subject with a lawyer and a Mortgage pro. Check out the link below or contact me any time.
0 votes Thank Flag Link Sun Apr 10, 2011
Hi My name is Todd Millines, I am liscened in NY state and I work with Rapid Realty. The answer that Ms. Farmer gave was on the money, I am located in Brooklyn, NY and can put you in touch with a honest and reputable mortgage broker. I can also assist in finding the home you desire, whether it be a house, apartment or otherwise. I specialize in apartments (rentals and purchases) but also work with houses. I can be reached at 347 674 8633. I look forward to hearing from you.
0 votes Thank Flag Link Sat Apr 9, 2011
Sandy is correct - speak With a mortgage specialist. Basically for a single family home in the area you need approximately 20% down. Then figure your affordable monthly payment - as a simple formula figure $600 per 100,000 borrowed, so a $400,000 mortgage will cost you approximately $2,400 per month for principal & interest only so taxes & insurance are extra & will vary.

There are different programs & requirements for co-ops & condos.

Regards,

Jack Menashe
917.797.0215
http://www.SHERestates.com
0 votes Thank Flag Link Sat Apr 9, 2011
Absolute first step is to get pre-qualified for a mortgage. Make sure you get a complete pre-qual based on proven income not just verbal info over the phone as not all pre-quals are equal. Call us for a recommendation or use a trusted mortgage broker or financial institution.

With a pre-qual letter in hand and a copy of your assets available for downpayment you can meet with a Realtor from the neighborhood you are considering purchasing.

Our office is in Midwood and we can assist you.

David Rogoff and Bonnie Chernin
Fillmore Real Estate Branch #19
davidrogoff@fillmore.com
bonniechernin@fillmore.com
917-593-4068 (CELL)
0 votes Thank Flag Link Sat Apr 9, 2011
You need to find a lender and get pre-qualified if using borrowed funding. This will help you to know what price point is affordable for you. If paying cash then you know what you can afford and you can skip this step. Next ask friends and co-workers, family members for a buyer's agent referral and set up a time to meet the agent and make sure he/she is a good fit and someone you can work with. Next, begin shopping for your property. Your agent will be working for you and will help you navigate the buying process. Appraisals are required if you are getting a loan the lender will require that the home you are purchasing is valued properly and contains the number of rooms and is reasonable condition. You will want to do the same with a home inspection and reviewing the health of the home owners association.

Good luck and good decision on buying.
0 votes Thank Flag Link Sat Apr 9, 2011
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