Figuring it out -
Purchasing a home is both very exciting and daunting similtaneously. Naturally, it takes
time to figure out what your search parameters like price range, location preference, the
kind of ownership and size of property work best for you, and what type of building
amenities will make you happy. Buying a home is usually the largest single purchase you
will make during your life, so prioritize your needs carefully. Which is important for you -
light, space, views, out-door space, building garage, proximity to schools - and in what
order? Try to be flexible so your budget will work for you. When deciding on the amount
you are able to spend, consider expenditures such as the down payment, monthly
mortgage, maintenance or common charges and real estate taxes, utilities and parking
fees, etc. Surround yourself with the best team; a pro-active, knowledgeable real estate
broker or sales agent, a New York City mortgage broker, and an attorney experienced in
NYC real estate.
Financially speaking -
Buying with cash is always preferred, even if a buyer offers more money for the property
when getting a mortgage, unless the difference is really significant. The fact is the cash-in
hand can be invested by the seller so she/he will gain the difference in the monetary
amount in a shorter time than the mortgage approval process.
If you are applying for a mortgage, come to the bidding table with a pre-approval letter.
Contracts are written with "no -contingency" and "contingency" clauses. If you have a
non-contingency contract, you will be responsible for the purchase even if you don't get
approved for a mortgage. Or if the mortgage is approved for a lessor amount, which would
be based on the appraisal process, you will have to make up the dollar difference between
the purchase price and the amount for the mortgage loan.
Banks have lists of buildings for which they will approve a mortgage. If applying for a
mortgage use a bank which has already approved the building. If you want, we will help
you with this selection.
When purchasing a townhouse or house with cash, your credit score does not come into
play. However, with every other type of purchase it does. All co-ops ask for credit ratings
(as do rentals properties), and condos ask for them either in writing or by vetting your
bank references. Be prepared by knowing what your credit report shows and know your
Our salespeople or broker will ask you to fill out a REBNY (real estate board of New York)
financial form at the very beginning of your search, to ensure that everyone is on the right
track regarding your ability to qualify for purchasing within any given price range.
There are some expenses which come with purchasing, so be prepared.
1. Lawyer's fee
2. Property purchase amount
3. Flip tax (in many buildings)
4. City tax
5. State tax
6. Mansion tax for properties one (1) million dollars or more.
Highly individual attention to help you sell, rent or purchase a condo, co-op, townhouse or house.
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