Home Buying in New York>Question Details

Claribel, Home Buyer in North End, Bridgeport,...

My fiance and I need a Real Estate Broker....Specialized in Coop's and Condo's in the bronx or manhattan

Asked by Claribel, North End, Bridgeport, CT Tue Feb 17, 2009

*We are first time buyers
*not much for downpayment

Need a broker that can explain the entire process to me and my fiance and what we need in all aspects when we are looking at properties and the financial involved in it too

Thanks

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11
Claribel....In addition to all of the other advice that has been posted, you need an honest attorney to guide you through the process once you've found the property. Where are you in your search?

Lynne
http://www.LynneFigmanLaw.com
0 votes Thank Flag Link Tue Jun 9, 2009
I would suggest you narrow down the area you think you want to live in, then do a search on Trulia or ther Times and find an agent with some listings in that area. Stick with a REBNY member agent. Downpayment can be a problem, after finding an agent who specializes in the area you are looking in, let them suggest a good New York Based Mortgage Broker or Banker. Stay off Lending Tree unless you want to be inundated with come ons!
0 votes Thank Flag Link Wed Feb 25, 2009
I think you should speak with a mortgage broker first to find out realistically what you'll be able to afford. It's very hard to get a mortgage right now & most banks require you to put 25% down. I have a few I could recommend or ask you friends if they can suggest someone. Once you know what your price range is & what you'll qualify for, get in touch with a RE broker.
0 votes Thank Flag Link Wed Feb 25, 2009
Hi. I am a licensed real estate broker and licensed attorney with over twenty years of experience in the NY Real Estate Market. I use my many years of experience as both a Buyer's Broker and an Attorney to assit people like you in the Co-op and Condo market. Please feel free to call me @ 718 835-9300 and I will educate you. If you prefer, email me @ LOVELLLAW@aol.com
0 votes Thank Flag Link Thu Feb 19, 2009
Hi,

If you're purchasing in Manhattan, assume that your minimum down payment will be 10%. In fact, I can't recall any Manhattan building that will accept less than 10%. If you don't have the down payment, then now is the time to save as much as you can or ask your relatives for a gift or a loan to go towards your down payment. You also need to determine what you can afford on a month-to-month basis, so look at your finances and speak to a lender, first.

Also, you need to be very knowledgeable about the real estate market. Do your research, follow the current market, attend some open houses, look at the market history of the buildings you're interested in, and speak to a local mortgage broker because only they are going to have specific financial information on the buildings. i.e. - whether a co-op is solvent, insolvent or financially healthy. Remember: Real estate is local so try and work w/ local real estate professionals.

I would be happy to send you a free Buyer's Guide for Manhattan. You're not obligated to work with me, if you want it. It will give you timelines, apartment definitions, and approx. closing costs.
0 votes Thank Flag Link Tue Feb 17, 2009
Claribel, you need to find a broker you and your fiance feel comfortable working with. One way to do this is to go to a few Open Houses of properties in the neighborhoods and price ranges you think appropriate, and talk to the brokers and see who you "click" with. You can also do this by researching properties online and calling the brokers who handle the properties you are interested in. You want a broker who is willing to spend the time listening to you and educating you about the options and the process. A real estate broker can also refer you to a mortgage broker, and they can work together to help you present your financials to the the lender and the coop board.

If you are looking on the East Side or West Side, two areas I specialize in, I would be happy to speak with you.

Best of luck on your search.
0 votes Thank Flag Link Tue Feb 17, 2009
Hi Claibel,

I know buying your first home can be scary and I specialize in helping your process be as stress free as possible!
Being an exclusive buyer's agent, I work for you and for you alone. In addition, the seller pays my commission, not you.
I can also help with referrals to reliable mortgage brokers, attorneys, appraisers and other services you will need during the purchase process.

Good luck in your search and please let me know if you can be of any assistance.

-Jessica Martin
0 votes Thank Flag Link Tue Feb 17, 2009
My suggestion is you speak to several agents and see who you feel the most comfortable with.

Luis Fernandez, ABR, CIPS, GRI, QSC, SRES, Top 1% of Westchester Brokers
The Luis Fernandez Sales Team
Keller Williams Realty Group
760 White Plains Rd
Scarsdale, NY 10583
luis@lowerwestchesterny.com
Tel 914 902-3251
Fax 914 931-1791
Cell 914 309-9383
0 votes Thank Flag Link Tue Feb 17, 2009
I am a registered mortgage broker as well as a real estate broker.

FHA is good for first time home buyers if the project is approved. This is 3.5% down payment and the program is very forgiving of credit issues.

Let me know if you are interested in learning more about it,

Thanks
0 votes Thank Flag Link Tue Feb 17, 2009
I will be happy to not only provide first time buyer guidance, but will then be able to recommend a broker to represent you in the city (various brokers, depending upon area) and also in the Bronx. If you would like this service, contact me at Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Feb 17, 2009
You'll need a trusted mortgage broker to handle the finanicial aspect of it. There are several on here that can help.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Tue Feb 17, 2009
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