First time Home buyer

Asked by ifsagems, Queens, NY Mon Mar 25, 2013

I have a pre approval for $200,000 to buy in queens or $130,000 in Long Island. Need an agent who can work on this budget

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Mar 28, 2013
Good morning ifsagems,

Those budgets seem awfully low. Did you go through a traditional bank for your Prequalification? (Technically NO Lender is allowed to call it a Preapproval as per HUD regulations). You might consider meeting with a Local Mortgage Banker for your Prequalification. Mortgage Bankers are Licensed as opposed to Registered and you'll find a substantially higher level of service and experience. You definitely want to consider increasing your buying budget because those loan amounts---unless you're putting a very LARGE down payment---aren't getting you much in the way of homes in good condition.

I'm happy to refer the following Real Estate Agents:
In Queens: Melissa Torres with EXIT Realty Success: 917-578-4905

In Nassau County: Janet Nation with Sailing Home Realty: 646-321-9649

Both these Agents work as Exclusive Buyer's Agents which means they'll work for YOU, the Buyer, not the Seller.

Happy House Hunting!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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1 vote
Russ Ravary, Agent, Commerce Township, MI
Mon Mar 25, 2013
You most likely have to do a FHA 203k loan
0 votes
Maureen Mizu…, Agent, Ozone Park, NY
Mon Mar 25, 2013
Truthfully in this price range you will be seeing properties that need a lot of work done. You must determine how you would cope with this situation. Some of the properties may require special mortgage funding to pay for rehab. Also, there are programs that may help with downpayments or closing costs which will free up more money for rehab on the property. If you contact me I would be happy to discuss this in more detail with you. I can also give you a listingbook account to enable you to shop, but I can also assist you with all the difficult things to come after you have found something that interests you.

Maureen Mizuno
Exit Realty Central
0 votes
Gail Gladsto…, Agent, 11743, NY
Mon Mar 25, 2013
Hi there-

It is great that you went ahead and got yourself pre-approved.

I am assuming that the $70,000 purchase price difference is due to taxes as they do tend to be higher

in Nassau and Suffolk compared to many areas in Queens.

Please call me to discuss your purchase. I think setting you up on ListingBook will greatly aide you in

your search for home whether you settle down in Queens or Nassau or Suffolk.

Thank you-
Dawn Noak
Gladstone Group
0 votes
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