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Home Buying in Brooklyn : Real Estate Advice

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  • Local Info56
  • Home Buying117
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Activity 100
Fri Nov 28, 2008
Bill Eckler answered:
Ali,

You generated this question because you suspect you should use a different lawyer......and we would agree. Doing so will keep it cleaner and remove any doubt later that your interests were not represented best.

There are plenty of attorneys out there, it's a matter of making the effort to identify the right one.

Good luck,

The "Eckler Team"
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Wed Nov 26, 2008
Bill Eckler answered:
P-L,

Are you working with a real estate professional? An agent will be able to provide guidance regarding many issues, including fair offers that are based on solid comps.

If your approach has been to simply throw numbers at the seller without validating them with both accurate and current information, you will likely meet with continued defeat.

Since most buyers are not realistically aware of the real value of their homes, they need solid facts to bring them back to reality. Low offers today should be validated with supportive information.

Good luck
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Mon Nov 10, 2008
Scott Godzyk answered:
Good Morning Adel,

Please come back on and add the address or a link to it so we can assist you.

Thank you
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Thu Nov 6, 2008
K asked:
very few units are actually in contract (less than 10 out of 250) and it seems they are having trouble finding buyers.
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Fri Oct 31, 2008
Nicole asked:
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Wed Oct 29, 2008
Julia asked:
Mon Oct 20, 2008
Brittany Simonelli answered:
Prices are always negotiable. If the builder is unwilling to negotiate, try bargaining on options or closing costs.

Be sure to use a local buyer agent to assist you. It is no cost to you. He/She will help you with negotiations, choosing options,troubleshooting and communication with the builder and represent you at closing. ... more
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Mon Oct 20, 2008
Dp2 answered:
The amount required will depend on several factors: the type of financing (conventional or creative), your credit rating, the amount of debt you currently have, your terms, etc.

Most conventional lenders (banks, mortgage brokers, credit unions, etc) currently require at least a 10% down-payment ($160K). If the purchase price of that home were between $271,050 and $729,750, then you might have qualified for a FHA-jumbo loan--in which case you'd only be required to put down at least 3%.

Yet, if you were to pursue creative--instead of conventional--financing, then you might have more flexibility. The key here is to negotiate with the seller to finance a portion or all of the loan amount. In fact, it might actually be easier for you to purchase a $1.6M with seller financing now in this market, because some conventional lenders are skittish about funding deals this large.
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Wed Oct 8, 2008
Dp2 answered:
Did your purchase agreement contain any contingency clauses (for financing, inspection, appraisal, etc)?

Did you sign a purchase agreement stating that you'd purchase the property AS-IS?

Re-examine the appraisal. Check the properties included for sales comps. As Bob stated earlier, if the comparable properties aren't single-family homes, then the appraiser will need to readjust the report to use single-family homes instead for the comps. Again, that will most likely lower the value of the appraisal, which will probably lower the amount of financing you'll be able to get, and which will hopefully kill the deal (due to inadequate financing [assuming you have that contingency]).

Does either your attorney or attorney friend specialize in real-estate or contract law? If not, then you definitely should seek another opinion.
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Wed Oct 8, 2008
Dp2 answered:
Actually, you have a few other options:
1) Negotiate a fee with your agent, and make an offer at 'list price' - 'agent's fee'.
2) Make an offer requesting a rebate (from which you'll pay your agent).
3) Make an offer to purchase the property with 80-100% seller financing, and pay your agent out of pocket.
4) Bury a clause in your addendum, written to override any of the other terms specified in the purchase agreement, that requires either the seller's agent to co-broke or requires the seller to pay your agent's fee. (NOTE: Incidentally, if that seller's agent refuses to submit that offer, kindly inform/remind that agent that you'll inform the board of realtors about his/her refusal to submit your offer, and that s/he could end up losing his/her license over that offense. Keep in mind you'll probably tick him/her off by doing this.)
5) Threaten to walk if that agent continues to balk, and see if the seller's agent relents.
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Tue Sep 30, 2008
Dp2 answered:
The criteria to qualify for a mortgage varies between lenders and regions. Shop around for various rates and terms. Usually, you'll get better rates from regional banks local to your community. You also should contact several mortgage brokers to shop for various rates and terms.

Right now, many lenders have tightened their loan underwriting criteria: they're screening applicants more rigorously for higher credit-ratings, asking for larger down payments, giving fewer concessions, and are becoming increasingly more rigid about their terms. If you have good to great credit and enough cash (for the down-payment and closing costs), then you should be able to get a loan.

If your credit is decent, but you're strapped for cash (or you're unwilling to spend the amount of cash required to transact most mortgages today), then you have another option: creative financing. If you know what you're doing, then you could negotiate some form of seller financing with a seller to purchase your new home. However, if you don't know what you're doing, then FIND someone who does. For example, interview a few realtors, and ask them if they have any experience with creative financing. Some do; many do not.

You could also work with an investor, who could negotiate the deal (including work the numbers), and assign the deal to you. Nevertheless, beware there are people out there, who call themselves investors, who don't know what they're doing. So, you need to interview them too, in order to see if they're familiar with creative financing. Usually, you'll find that many serious investors collaborate with realtors.

Yet, if your credit isn't so great, then there still might be option for you. Although you'll probably not be able to purchase a property immediately, you might--depending upon your credit and circumstances--be able to enter into a lease-option (another kind of creative financing). Think of this as getting a home on rent-to-own terms. This way you could spend the time you're renting to work on your credit and to save up a down-payment simultaneously.

There's a lot more I could write on this, but I don't want to overwhelm you with too many details. Just know that you have several options--besides using convention (aka institutional [bank]) financing--to purchase your new home.
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Sat Sep 27, 2008
Jenet Levy answered:
Hi. I've sold a number of properties in Fort Greene and Clinton Hill, both as the listing agent and as the buyer's agent, both new construction and resales. Currently existing re-sales are holding up pretty well. The flood of new condos in the area is a mixed bag. Those closer to Flatbush Ave. are doing well such as the Forte, which is just a little in from Flatbush Ave. on Myrtle Ave. in Fort Greene. On the other hand, the Clermont Condos at Myrtle and Clermont in Clinton Hill wasn't selling and just became rentals. I'd say the closer to the Atlantic Terminal area the better prices are holding up. I'd be happy to guide you through a purchase in these neighborhoods. Feel free to contact me. Just click on me to get my info. ... more
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Sat Sep 27, 2008
Bob McClure answered:
good afternoon croz...despite what you may hear...income and price target isn't quite enough to figure out everything for you.....is all of your income straight hourly or salary?...any commissions...or bounses, lots or a little overtime?.....credit ?......debt ratio including other debts....available downpayment....etc....etc......there is a lot to consider....in answer to your question..yes, $400k is too high..unless there is or can be another borrower that can enter into the deal with you.....i can make sense of it all for you...licensed in 22 states, including your's.....best regards......bob mcclure...mortgage now.....farmington, michigan..... ... more
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Thu Sep 25, 2008
Zhang asked:
Wed Sep 17, 2008
Jen and Mark Bowman answered:
Go to http://www.ashi.org. That's the American Society of Home Inspectors (ASHI). From ASHI's website: "...founded in 1976, is North America’s oldest and most respected professional society of home inspectors. ASHI’s goals have always been to build customer awareness of the importance of a quality home inspection and enhance the professionalism of home inspectors.

Whether you’re a homebuyer, seller, real estate professional or home inspector, you’ll recognize the value in working with ASHI and any of our certified home inspectors across the United States and Canada. ASHI home inspectors stand out as models of professionalism and superior customer service. " (end of ASHI website info)

I'm a realtor in GA, but that's who we always check. You can just put in your zip code and the list of local inspectors will come up. Best wishes in your home buying.
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Wed Sep 17, 2008
Will Nesbitt answered:
I answer this question all the time. That is to say, I reply to this question. No one can answer that question except you.

The best advice I can give is that you should buy a property on if you want to live there and if you can afford it. Then check your gut.

If it doesn't feel right, it won't work. If you feel happy and if it feels like a home ... it will probably work out.
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Thu Aug 28, 2008
Barbara Mcmahon, SRES,SFR,AHS answered:
I would first speak with friends, family, etc. to see if they have used an agent with whom they had a good experience. The agent should have lots of experience in working with first time buyers and not try to speed you through the process. I always spend at least an hour with a new buyer going through the process so it is easier when we actually get in the car. You may also want to attend state or Realtor first time buyer classes. In Washington, the Housing Commission has a 5 hour class/certification program that is very helpful. This should be like a teaching process for you - if the agent isn't patient, find a new one!! ... more
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Mon Aug 25, 2008
Cesar asked:
I saw this condo that i liked, but now sales seem to be suspended... does anybody know anything about it
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Sun Aug 24, 2008
Diana Kay asked:
I can easily afford something around 200K, but I don't know if there is likely to be anything available in this price range. My salary is 75k, my credit is excellent, and I plan on putting…
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