The easiest first step is to choose a broker who can offer you great advice plus provide you a split of their commission (i.e. buyer's broker commission rebate).
Having a buyer's agent is free to begin with, and they're a great point person to direct you to other experts like mortgage bankers who will tell you how big of a mortgage you will be pre-approved for.
Work with a trusted local commission rebate provider like Hauseit etc. to pair up with a top rated local broker who has already agreed to provide you with a rebate.
I think Ben's answer is very comprehensive and highlights many of the differences and dangers of buying a co-op. Moreover, a co-op will be a more time intensive process to purchase as you'll need to do a length purchase app (see link below) and pass a board interview.
The only benefits besides being more affordable is you can have a more closed environment. After all, the co-op board screens buyers and only allows in people they effectively like. This can lead to some screening and there are no laws that dictate what a board can do. They do not have to give a reason for rejection for example.
So perhaps if you are a close minded person, it can be helpful to you and you only want to live segregated with a certain type of people. Not for me .. but that's the only other benefit I can think of!... more
A good rule of thumb is 25-35% available even if you plan on only putting 20% down. This will help cover closing costs (see link below) and give you post closing liquidity (sometimes required by co-ops).
You should get a buyer's broker commission rebate through a local FSBO/rebate provider like Hauseit if you want additional cushion / liquidity post closing.... more
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Hi Jovanna! I understand your situation. I was in or shoes not too long ago as well. I would need to chat with you for a little to find out what your goals are and your plans to have them line up with your real estate goals. There is also something that can qualify you to get an awesome deal being you are young with not much saved up I am guessing. Shoot me an email if you would like firstname.lastname@example.org
It's not hard to show you the building, but you are aware there are no rentals at the moment? It's a small building, a walk up, with a laundry on the ground floor. I live in the neighborhood and pass it all the time. Perhaps speak with a local broker who knows the neighborhood.... more
I don't know where you are looking for purchase, but it doesn't look good right now. Don't let anyone fool you into thinking you can purchase a home with that kind of credit score and expect to get a competitive rate. Your income honestly is low also so unless you have a hefty down payment, your probably not ready at this time, however, you should sit down with a mortgage professional for guidance and mortgage eligibility preparation.... more
Meet in person 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. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.
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.
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.
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!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!... more
Ask the seller to show you utility records. Square footage is much more important than the number of bedrooms.
If you're trying to budget this--Well, in the winter there's heating and in the summer for most people there's air conditioning! Utility companies will set you up on a same-payment-every-month plan once you've been in the house long enough to establish usage patterns.
Karla Harby VP
Lic Real Estate Salesperson
Charles Rutenberg LLC
Your best bet is to deal with a broker and your management company to get your apartment rented. My suggestion is to be as nice as you could be and push towards getting your apartment reassigned. Legally the landlord CAN NOT charge double rent on a rent stabilized apartment.