First time home buyer's questions

Asked by Chloe, New York, NY Thu Jan 26, 2012

Hello everyone, my fiancee and I are looking to buy our first home. The money is being generously provided to us by my future father-in-law and I am trying my best to find the perfect home while saving him as much money as possible. As a newcomer to the world of real-estate I was hoping to find the answers to a few basic questions here on Trulia.

1) We are primarily looking at apartments in Park City Estates, has anyone heard anything negative about them?
2) My future father-in-law wishes to put 100% down in cash, how much of a break can I reasonably negotiate for on the price? I've noticed a number of the apartments have been listed for over a year, can I expect a good break? Similar apartments have sold in the past couple years at around a third less than the current asking prices.
3) My future faher-in-law is a foreign diplomat, how does that affect the taxation of the purchased home?
4) Should we enlist a realtor? An attorney? How much will they cost?

Thank you so much!!!

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7
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 26, 2012
If you are purchasing in the near it's really in your best interest to work with an agent of your own, therefore interview in person a few local agents from different realty companies, then choose the one you like best, he/she will be your best guide. Having your own representation costs you nothing; the seller pays the commission out of the proceeds of the sale at closing; if two agents are involved, the fee is shared--you would only pay if you have an agreement with your agent to pay above what the seller is already offering, then you would be responsible for the difference. As for any price breaks, keep in mind that regardless the form of payment, the seller will get paid at closing; therefore, before making any offers, always review comps with your agent, recently sold similar properties in the immediate area, in order to determine a fair bid. As for an attorney, yes at contract time you will need legal counsel; keep in mind that each attorney sets his/her own rate, some may be hourly, others a flat fee. As for any tax related issues, for accurate answers consult with your tax professional, and or, attorney.
1 vote
Martina Ryan, Agent, Flushing, NY
Fri Jan 27, 2012
Try to talk to people already living in the complex & get their opinion on the building. Definitely you need to be represented by a Realtor as he/she will negotiate on your behalf & get the best deal. You need an attorney to complete the contract & they vary in price. Cash is always King!
0 votes
Fajardo Dela…, Agent, Flushing, NY
Thu Jan 26, 2012
Chloe
If you are thinking of buying your frist home, You have come to the
right place. I have sold and currently have several co-ops for sale in
Park City Estate.I will also, handle all thedetails for you so that your
property will close in a smooth and expeditious manner. I will professionally guide
you through all the paperwork and negotiations on your behalf
(including meeting with agents, lawyers, The Broad, banks, inspectors and appraisers).
Please DON'T HESITATE ... CALL US TODAY if you have any questions!
Thank you for your question..
Fajardo Delacruz
347 932-0609
0 votes
Annette Levi…, , New York, NY
Thu Jan 26, 2012
Chloe,
There is no tax advantage for your father-in-law since he does not pay income tax. If your name and your fiancee are listed on the shares, then you can deduct interest on the underlying mortgage.
I don't like Park City because of the cat walk. You would have to go outside of the building on your floor to get to the lobby.
You definitely need a buyers' broker (realtor), they are paid by the seller. The realtor would check what you need to do. Everyone needs a lawyer in NY. You want a lawyer that specializes in coops.
0 votes
Roland Vinya…, Agent, Sprakers, NY
Thu Jan 26, 2012
An agent will allow easy access to properties listed in the MLS (Multiple Listing Service) and he or she can provide good guidance through the process. He may not be able to access FSBO (For Sale By Owner) properties and those through independent agents. But, with some experience looking with an agent, you will have a handle on much of the issues you might deal with on these other properties, should you find any. An attorney can also guide you through the same things, but they cost a lot more than agents! Agents normally are paid by the seller, even if they call themselves "buyer's agents". It only costs you extra if they try to assist you with FSBOs and listings from agents who are independent of the MLS. Inquire about fees from attorneys ahead of time and shop around a bit first. There can be large variances in what they cost.

If the property is in your names, not your father-in-law's, there should be no special tax or other consequences. Most folks, not everyone, will give a break for a cash, non-contingent sale (no financing, no mortgage) . If they don't they're crazy. How much is harder to answer, and varies locally. An experienced agent that is local will know better than I - 5%?
0 votes
Deborah Marg…, Agent, Rego Park, NY
Thu Jan 26, 2012
I can definitely help you with your search in the Rego Park area as I specialize in coops in the area and I have lived there all my life as well. I do have several units avail there also. Would like to discuss with you so feel free tp email or call me! Debbie. Sarahdebbie@aol.com. Exit Realty Success
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Thu Jan 26, 2012
Anna makes some good points. Bear in mind that most coops will not allow foriegn citizen to own, so that could be a problem. Park City Estates is a good value, if you want you can contact me and I will go over what is available there and other buildings that might fit your needs.
0 votes
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