Assuming that you're working with a Realtor, they could walk you through the steps. Once you have determined what you feel comfortable as far as a dollar amount offer, you and your Realtor will fill out a binder, which is used to present a written offer to any seller. If you're not working with a Realtor (I strongly suggest you do), you would pretty much speak to the seller and agree on a price and terms. In either case, after there you guys reach an agreement, it's then put in paper (contract). Good luck!
Senior Loan Officer
Sterling National Bank
These days, many people are in the 'business' of estimating value, but if you want a well supported, well documented estimate of market value accepted by banks for transactional purposes, you want an appraisal.
And it would be ill- advised of any appraiser to start shooting numbers at you from the hip.
The process involves some time and some real effort, so anyone who wants to give you a relatively firm number from their office chair is not giving you information you should rely on.
Right now condos and coops are down in those areas compared to even a year ago. There are several bargains available for those apartments that were bought within the last 2 years. I am a broker and have seen 2 properties within the last 2 weeks go into the short sale market.... more
In order to find a property in this neighborhood, it is important to register with a broker who has strong ties in the community. Properties are rarely discounted because of high demand, and condo's are more readily available than the rare brownstones and townhouses.... more