Home Buying in Park Slope>Question Details

Elaine, Other/Just Looking in 10024

My husband and I are interested in buying a fixer-upper. This will be our first time renovating a home, and

Asked by Elaine, 10024 Fri Feb 15, 2008

his first time buying a home. The apartment we're interested in is in a great neighborhood in Brooklyn and we think it's a good value, but we're worried about reno costs, neighbors, city regulations, the coop board... Do you have any advice for us?

By the way, the apartment is half of the top floor of a prewar townhouse. And we're talking a gut renovation with limited cash available.

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Answers

8
203k loan is a government program that enables you to purchase a home and finances certain upgrades and repairs as part of your mortgage.

For more details about 203k loan, visit http://www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how. Let their team of experts help you.
0 votes Thank Flag Link Sat Oct 26, 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
0 votes Thank Flag Link Sat Apr 28, 2012
hello my name is John,
and im an investor that looking to find bank own properties, as REO , SHORT SALE
and any other properties that i can but fix and sell ,
please contact me on my cell
347-770-5707
0 votes Thank Flag Link Mon Nov 1, 2010
Hi Elaine,
On the financing questions I can help. Renovations can be financed through a FHA 203K loan. This rolls up the purchase and the renovation cost all in one loan. There are limits to this type of mortgage. I can walk you through it email me with questions. michaelm@fifcorp.com
0 votes Thank Flag Link Tue Sep 1, 2009
Give me a call at (718) 698-2179 at Prosperity Real Estate Group or you can email me at CGALINDO@PROSPERITYREG.com, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes Thank Flag Link Fri Mar 7, 2008
First and foremost , get a good Real Estate attorney, do your research in terms reno and carrying cost. You might have to hold it a little longer than expected because of the mortgate crisis.
Weigh your options, timing is everything. Good luck.
0 votes Thank Flag Link Sat Feb 16, 2008
Gail is correct in answering your questions. Park Slope area is wonderful area. When speaking with a contractor a suggestion is to ask for a square footage price range for your gut renovation. This may help you in preparing for the type of renovation you want and know how to forecast that expense into your budget.

Good luck with your endeavor and feel free to contact me should have more questions about purchasing in Brooklyn. I have listed and sold in downtown Brooklyn for over 3 years and would be happy to answer any of your questions.
0 votes Thank Flag Link Fri Feb 15, 2008
Start off by sitting with a Realtor who will explain the entire buying process to you.
Be ready financially to be a "good buyer" by having your credentials in place.
If you hire the Realtor to represent you and your interests, she/he will provide you with good comparable information on local recent sales to give you an indication of what the true value of the co-op is.
I am not sure why city regulations would come into play in your renovations, but certain the board will...perhaps you can contact someone on the board and talk about what you are looking to do and if it would be feasible in this particular building.
You also have to be accepted by the board...they can deny without a reason.
You will also want to bring in a contractor who can give you an estimate of what it would cost to do what you have in mind.

You have a lot of research to do before you move forward. Move slowly and get all the answers first.

If you need help locating a local Realtor, let me know...I will be happy to refer you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Feb 15, 2008
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