Home Buying in New York>Question Details

Lynn, Home Buyer in New York, NY

New to NY and looking to buy a 2bdrm condo.

Asked by Lynn, New York, NY Tue Jul 10, 2012

Wanted to know what the process is and can I find an apt less than 400k in NYC with or without foreclosure.

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Answers

11
Kelly Killian’s answer
Hi:
I think that there are a couple important points. Condos are 30% of the overall market and about 50% of current inventory. They are also about 30% more expensive than co-ops. 2 bedrooms in that price range are generally uptown or in a borough like Queens (think Astoria, Forest Hills, Sunnyside etc) or in Brooklyn (Williamsburg, etc.). Note though that you have to be very careful as that range is hard to find a 2 bedroom condo, but what you will find is condos that size with high maintenance (prices to maintenance are inversely related). So, you will have to be flexible in location. Also as a note, foreclosures are VERY rare anywhere in or near Manhattan. Demand is so high, there is no reason to go into foreclosure as most people have 20% or more in their properties.

To answer the process question:
0) Acquire pre-approval, financial statement and proof of funds
1) Find the property
2) Offer
3) Accepted offer (2 days)
4) You sign contract (7 days - includes time for the attorney to read all building docs and negotiate the contract)
5) Seller signs contract (3 days) - note that the deal does not count under the law until the seller signs. And the seller's agent WILL keep showing to your competition until the seller signs.
6) Get a commitment letter (2-4 weeks)
7) Close (2-4 weeks)

Does that help?

Kelly Killian
Vice President
Manhattan, Brooklyn and Queens (Member REBNY and LIBOR)
954-675-9915
Bond New York
kkillian1@gmail.com
1 vote Thank Flag Link Tue Jul 10, 2012
If purchasing with a mortgage, 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, he/she will best guide you...
1 vote Thank Flag Link Tue Jul 10, 2012
Hi Lynn, give me a call, 718.791.5427 i can help.
0 votes Thank Flag Link Thu Jul 12, 2012
Hi Lynn, give me a call, 718.791.5427 i can help.
0 votes Thank Flag Link Thu Jul 12, 2012
Hi Lynn,

Yes, you could find a 2BR apt for less that $400k, please give me a call to discuss the buying process.

Robert Williams
Licensed Salesperson
Warburg Realty Partnership
347 371-1220 cell
rwilliams@warburgrealty.com

LegalShield Associate
"Protecting Families"
0 votes Thank Flag Link Wed Jul 11, 2012
I would like to welcome you to our great city.
As a real estate agent who will be able to tell
you what’s really happening in your local market.



Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Tue Jul 10, 2012
hello Lynn,

HAve you been pre-qualified by a broker
or pre-approved by Mortgage broker?
First you have to find out how much you are pre-qualified for?
Then you gatehr your requirements and go out to view in the area of your choice.
Once you like a few of these apts, then you find out if they are good enough fo you to buy.
Some buildings are qualified by the banks for you to get a loan .
Let me know if you have any other questions.
fern HAmberger
Vice President Asso broker
fhamberger@citi-habitats.com
646-660-0060
0 votes Thank Flag Link Tue Jul 10, 2012
When you say NYC, do you mean Manhattan because if so that's not likely to happen.

Regarding the process, depending on the building, you generally need to qualify for conventional financing, few condo's are FHA approved. Your first step would be to speak with a lender to see what you can qualify for then we might be able to give you more concrete advice or better still find a real estate agent that can provide you with the guidance you need
0 votes Thank Flag Link Tue Jul 10, 2012
Lynn,

the process is pretty straight forward and can be stress less with the right agent.

Feel free to drop me a line or send me an email if you have any questions.

Best of luck!


Mark Tabiszewski | Licensed Real Estate Salesperson
250 Park Avenue South 11th Floor | New York, NY 10003
P +1(212)685.7777 x 273 | M +1(646)427.5577

mtabiszewski@citi-habitats.com

Languages: English, French, German, Polish, Dutch, Italian and Spanish

As Manhattan's real estate leaders we will find more New Yorkers better homes then anyone else!
0 votes Thank Flag Link Tue Jul 10, 2012
Please contact Tanuja at 347-882-0353 . I would be happy to assist you. Thank you and good luck.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Lynn,
Yes, you can find a condo in New York City for less than $400,000--both true two bedrooms and one bedrooms that can be converted to a two bedroom.
The process for a condo is similar here to other areas of the country, but there are a few nuances to buying in New York City that make it worth it to work with a real estate agent to help you find a place. An agent provides you with local knowledge, market information, building information, price history, and can help you assemble a team (lawyer and mortgage broker) to make the process go as smoothly as possible.
The greatest part about working with an agent is that the seller of the apartment you buy pays for the agent's services to you! You get the agent's help for free!
If you have more questions or would like to take a look at some places in your price range, please give me a call (347.344.8307) or email me (nkochmer@citi-habitats.com).
Good luck with your search!
Nissa Kochmer
Citi Habitats
347.344.8307
nkochmer@citi-habitats.com
0 votes Thank Flag Link Tue Jul 10, 2012
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