First time home buyer looking to buy FSBO. Need help.

Asked by Joseph, Bronx, NY Fri Aug 29, 2008

My current landlady was recently put in a nursing home and her family wants me to purchase the house. I know roughly how much they want. Should I get preapproved or prequalified? Also I only have about 2% saved so I don't know what loan would be best. Lastly should I get an attorney from the start or wait?

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12
Valerie D'Am…, Agent, New York, NY
Wed Apr 30, 2014
Joseph,

You should get PreApproved as this indicates to a home seller or listing agent that you have took the 1st step in buying a home. I noticed you have about 2% saved as well which is very close to the minimum required amount of 3.5%. There are a few more costs that should be factored in such as Closing costs (usually3-5%), Inspection (usually 300-500), Lawyer fees (usually 1200), Title (400) Survey (500), appraisal (500). these are roughly all the fees you will have if you do not hire a realtor. I strongly advise you to hire one as this is your first home purchase you should want someone fighting for you and assuring you the best deal in this home. Not to mention the know-how to close the deal.

I would love to offer you some further advise on this matter so please contact me directly as347.928.2021
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Mar 28, 2014
Joseph posted this question Aug, 2008

Things were much different way back in those years.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727. 420. 4041
http://RealEstateMadeEZ.us
0 votes
Antonio Sanc…, Agent, Bronx, NY
Fri Mar 28, 2014
Joseph,

Its always important to get pre-qualified to make sure that you can qualify for the home that they are offering you. If you happen to quality for a decent amount you would also want to see what other options you have out there. There are a lot of homes on the market and you should work with an agent that can show you all possible options. Give me a call if you need further assistance.


All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
antonio@exitrealtysearch.com
http://www.bronxsearch.com
#bronxrealtor
#throggsneckspecialist
#firsttimehomebuyer
#listingagent
#FHA #VALOAN #203K
#shortsale
#REO
0 votes
Lynette Brow…, Agent, Bronx, NY
Sat Mar 8, 2014
Hi Joseph,

1) Get pre-approved 2) Contact a realtor to represent you 3) Ask for comps for the property 4) Minimum down payment for a FHA Loan is 3.5% 5) You should contact an attorney, the attorney prepares the contract, etc.

mybronxhomesearch.com
0 votes
Desmond Smith, Agent, Scarsdale, NY
Mon Feb 24, 2014
Send me the address I will check to see if the price that they are asking is a good price.

Desmond T. Smith, (A.A.S. in MARKETING)
BPOR, e-PRO, GRI, ITI, SFR, CBR, REO SPECIALIST
Licensed Real Estate Salesperson
Cell phone: (914) 774-4231

Keller Williams Realty Group
Office phone: 9147133270
Email: DesmondSmith@kwrealty.com
Website: http://DesmondSmith.kwrealty.com
Real Estate site:
"FROM THE CITY TO THE SUBURBS"
0 votes
Angelo Gonza…, Agent, Bronx, NY
Tue Oct 29, 2013
Hey Joseph, congratulations, not too many people get the kind of break your getting. You must move quickly and

1. Get a mortgage banker involved right away
2. don't try to do this on your own
3. Get yourself a Real Estate professional on your side

http://www.angelogonzalez.org

My name is Angelo Gonzalez and I can help you create a strategy which will make this process of home ownership a reality.
0 votes
Antonio Sanc…, Agent, Bronx, NY
Sun Feb 17, 2013
Hello,


There are some very important necessary steps to take before considering purchasing a home. The first and most important thing to do is get pre-approved by a lender. The more extensive the pre-approval the better of a view you have on what you will qualify for thus allowing to look for properties that directly match your criteria. Take the time and find a serious professional that has been working with home Buyers and let them go over important details of your search.


All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965

http://WWW.EXITREALTYSEARCH.COM
0 votes
Antonio Sanc…, Agent, Bronx, NY
Tue Nov 13, 2012
Joseph,

Here is some advice, first thing is pick a realtor to work with you guide you step by step on what needs to be done to purchase this home correctly, and yes you are correct the very first thing that must be done is getting pre-qualified this will determine the buying power that you have and that you will need. Give me a call so i can go over some more details with you.


Antonio Sanchez
Exit Realty Search
347-320-0673
http://WWW.EXITREALTYSEARCH.COM
0 votes
Bryant Mero, Agent, Bronx, NY
Tue Nov 6, 2012
Hi Joseph, the first thing I would recommend as a realtor is to call a Mortgagor and get pre-qualified. It can be as easy as a 15 minute phone call. This way you know what your buyer power is and you can save yourself alot of time.
0 votes
, ,
Sat Nov 3, 2012
You will need a minimum down payment of 3.5%. If you are a Veteran then you will be able to put 0% down. It seems like you will be short on funds unless you have a retirement fund that you will be able to draw funds from. I would get pre-approved first.
Web Reference:  http://www.markfishernyc.com
0 votes
Thomas McGiv…, Agent, Farmingville, NY
Sat Aug 30, 2008
Joe,

sounds like a prime opportunity. Don't call Gail, call me. LOL - only kidding.

1. See if they'll hold a note at like 5% with nothing down - offer them the 5% now and work out something down the road - maybe it rolls into a 8% after 10 years. There's a MILLION ways to purchase real property - if the seller is willing to negotiate on holding a note - bingo. NOTE: This works if the current owner DOES NOT have a mortgage on the property. If they have a mortgage on the property, may not work, unless note is assumable.

2. What is the price? Get a Realtor to run comps for you - possibly a friend. Make sure it's worth what they're asking. Fsbo's have tendency to overprice their homes (and sometimes they under price them.... :)

3. If 1 is NOT an option - then get preapproved through a MORTGAGE BANKER. You'll get the best deals through a banker - forget brokers (I don't care if they're your friend either). I know the best in the biz.

4. If 3 is the only option - next step would be to hire an attorney asap. Like Gail said - A REAL ESTATE attorney - this is key. ESPECIALLY IF 1 is a viable option - option 1 offers you, the buyer and the seller the most flexibility.

5. Engineers Inspection - Termites and Structure - are they sound - get this AFTER you've got an agreement on price and terms.

6. Negotiate the contract - Attorney's will work things out and protect both parties in the process.

You may want to hire a Realtor - give him 1% of the contracted price - and simply have him or her negotiate on your behalf. Why???? Well, you know these people - and they know you. Their "poor" mother is in the nursing home, etc. NOW - if you allow it, they may, even unbeknownst to them, act as if they're giving away the property, how unfortunate this all is, etc. Don't fall into the trap of playing nice.

Play fair - not nice. As long as they're offering good price and good terms and you truly accept them on the merits - then go forward. If not and you believe they're dumping a home in need of repair on you and they're asking too much and the terms are poor - NEGOTIATE.

A third party, such as a realtor - will take emotions out of it, while at the same time, present choices and options that are fair.

Do not make the mistake and think your attorney will do this. Attorney's negotiate LEGALITIES. Realtors negotiate the sale of real property - HUGE DIFFERENCE. I cannot stress this to you or anybody else - enough.

Run everything through your attorney of course, but at the end of the day, a good real estate pro negotiating on your behalf could go a long way in making the entire deal a WIN WIN.
0 votes
Gail Gladsto…, Agent, 11743, NY
Fri Aug 29, 2008
First stop and most important one is a mortgage broker. Contact me off line at Gail@GailGladstone.com for a recommendation if you do not already have one.

Second stop is a REAL ESTATE Attorney (notice the caps)...this will come into play when you have an accepted deal going. Again, I can give you a recommendation.

Also, ask the family if they would be willing to hold the mortgage at a going rate.
Web Reference:  http://GailGladstone.com
0 votes
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