Home Buying in 11375>Question Details

Patricia, Home Owner in Forest Hills, NY

Own coop; putting stuff in storage and will buy new appliances; will not be ready to see for sev. months. Should I starty llooking at 2brs now?

Asked by Patricia, Forest Hills, NY Wed Jun 6, 2012

Cannot show my apartment till I de clutter it but have seen coops I like on internet but am hesitant to look at yet as I am not ready to show.

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Do you currently hold a mortgage and will you be purchasing with a mortgage; if so will you qualify for the mortgage, will you be able to carry the expenses on both until your unit is sold, if purchasing another co-op will you meet board's financial requirement, etc. 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, and go from there....
1 vote Thank Flag Link Wed Jun 6, 2012
There is no harm in looking at what's out there so you get a feel for what your property is worth. However, the best advise is to sell your property first. Buying furniture or appliances now is not a good idea as they may not suit the new apartment.
0 votes Thank Flag Link Thu Jun 7, 2012
what my colleagues have said is true. You would be unwise to start looking for properties now when your own property isn't even on the market yet, especially if you need the money from the purchase of your own property to facilitate the purchase of your new property.
I am glad to hear that you are making some investment in your current property so as to make it more desireable to purchase. Also, pricing it properly will be very important as the co-op market is not the greatest at present. However, if it is in good condition and priced well for the location it is in, it shuold sell relatively quickly. Have you contracted with a Realtor yet to help you plan well, and guide you through this interesting tight rope. With the proper assistance, you should be able to sail along with relative ease.
Once you have a buyer with a pre-approved mortgage (not a pre-qualified mortgage), and you enter into the contract phase of the transaction, it might be safe to start looking at new properties. You might want to consider getting an appraisal of your own done ahead of time so you can price it correctly from day one. The appraisal will pretty accurately let you know What to price it at so that the prospective buyer will find it easier to get the necessary funding for the purchase.Sellers, buyers and realtors think they determine the selling price of a property. Actually, it is the bank appraiser that finally determines the selling price, if the others were wrong in setting the price in the first place.
They usually cost around $450, I can get it done for $150. I hope this information has been helpful, contact me if you would like to talk further on the subject.
0 votes Thank Flag Link Wed Jun 6, 2012
I personally advise my sellers not to even look at anything until they are in contract with their own property.
0 votes Thank Flag Link Wed Jun 6, 2012
1) Do you need the money from your present unit? 2) If you have mortgage now, will you qualify to get another mortgage for a "primary residence"? 3) Board qualification to carry 2 properties is even harder. 4) Some Boards require that you show proof of sale / rent of your present property.

Unless you have special circumstances, it is fairly risky to buy first, sell later.

Do not worry about "loosing" a property you liked, there would be more to come. True, there are questions about selling first and being without a home but a competent and experienced Agent will help you achieve your goal without hassle. I have done quite a few "synchronized sale" with smooth transitions. Thank you.
0 votes Thank Flag Link Wed Jun 6, 2012
If the purchase of your new coop is contingent on the sale of your present apartment, then you are too soon. The you need to get your place on the market first. You will just get frustrated seizing apartments you cannot buy yet. If you contact me directly I can help you make the transition.

Jacques Ambron CRB CBR SFR
Madeleine Realty Ltd
108-23 Ascan Ave
Forest Hills, N.Y. 11375
718-520-0303
0 votes Thank Flag Link Wed Jun 6, 2012
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