Home Buying in 11226>Question Details

prakritee02, Home Buyer in Brooklyn, NY

how to start buying a apartment?? where to start ? what to look for?

Asked by prakritee02, Brooklyn, NY Sat Aug 18, 2012

i am looking to buy for 2 bedroom apartment in nyc,

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Answers

8
You may talk to a local real estate agent to buy real esatate. Your agent will guide you to success.
1 vote Thank Flag Link Sun Feb 10, 2013
Be aware that a mortgage pre-approval letter is necessary to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer; also choose an agent to help with your search.
1 vote Thank Flag Link Sat Aug 18, 2012
couple of 1st steps;
1 - get a pre-approval so your not shooting in the dark for your budget assuming what you can spend.
2 - know WHERE you want to live... and that in hand goes with choosing a real estate professional usually in that area who can help you focus.

I can help from the Bay Ridge thru Marine Park Areas & N /S of there as well as Queens.

Good Luck!

Jack Menashe
917.797.0215
http://www.sherestates.com
jack@sherestates.com
0 votes Thank Flag Link Wed Aug 22, 2012
Dear prakritee02:

If you are going to be getting a mortgage the first step would be to get yourself pre-qualified for the loan. You may need to speak to several bankers to make sure you are getting the best deal. After that you have to create a budget.

Let's say the bank tells you that you can borrow $100,000 and the rate will be 4% on a 30 year fixed mortgage. You have to determine your monthly payments to see what you can afford. With a rate like that you will be paying about $4.77 per thousand you borrow or $477.00 for every hundred thousand you borrow. You then have to add to your mortgage amount the maintenance and insurance costs for the co-op. Now you will have your monthly living expense.

You add your down payment to the loan amount to see how much you can spend. After that you simply look at all the properties that fit within your budget and see if any of them meet your needs. If one or more of them meet your need, you buy it! You will also need a lawyer once you make a deal.

If I can be of further assistance please let me know. 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 Aug 19, 2012
After you have that all-important pre-approval, then the next step is to think about what is essential to you in a home.

Depending on your down payment percentage, you can consider either a co-op or condo. With rare exceptions (and they do exist) most co-ops require at least a 20% down payment. But many people can buy a condo for 10% or even 5% down.

Also, if you absolutely must have the ability to rent the apartment out, then you can only consider condos. Otherwise co-ops provide more square footage for the money and provide certain other advantages over condos. Fewer people can qualify to own a co-op, so that's one reason their prices are lower.

I often represent buyers and would be happy to help you. One important service your own agent can provide you is to help you research the history, surroundings and financial stability of the building before you make an offer on an apartment.

Remember too that the agent you meet at an open house is working for the seller, so be very careful what you say! But any licensed agent can represent YOU as a buyer, and put together an efficient tour of apartments that meet your criteria, and negotiate hard for your best interests, and keep aggressive seller's agents at bay. In NYC agents share commissions so you don't have to worry about that part. as a buyer.

One last thing: If there is a dog in your life, be sure every apartment you visit is in a dog-friendly building. Cats are more generally accepted but there are so no-cats buildings as well.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
0 votes Thank Flag Link Sun Aug 19, 2012
To add to Gail's comments, after you meet with a loan officer, you will have an amount that you are preapproved for before you begin your search. I would recommend that you then contact any agent that works in the area and have them prepare a list of properties that best suit your needs. The listing agent represent's the sellers and their interests, you should have an agent to represent you (it does not cost you anything unless otherwise agreed to).

Good luck.
0 votes Thank Flag Link Sat Aug 18, 2012
Hi

Prudent to start with your Bank or Credit Union and get pre approved, this will help
Determine based on your Credit, earnings, debt rati, How much can you buy.

Thereafter you can decide what will be the price range you are comfortable with.

Then get in touch with many of the fine agents who respond to you on this board
And come up with a plan, as to what you are looking for in an Apartment, commute, cost, monthly dues,
Parking, schools, etc.

Have a great weekend.
Perry

Http://www.ruthandperry.com
0 votes Thank Flag Link Sat Aug 18, 2012
Do NOT go looking for anything to purchase until you have been FULLY PRE-APPROVED. You will need bank statements, tax returns, salary check stubs, etc.

You should not be paying anything for this service, but you will now be ready to start your search for a home.

I recommend a call to Brian Tom of Cliffco Mortgage Bank at 516-448-2434 or email him at btom@cliffcomortgage.com. You will get the best available rates.

AFter you have your pre-approval, give me a call at 631-425-6150. I will be happy to explain the complete process to you from start to finish and will be happy to recommend a Realtor in your area who will be able to show properties to you.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes Thank Flag Link Sat Aug 18, 2012
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