Starting the process of buying your first home can be daunting. And in NYC it can downright traumatizing…without the right help. Here are the TOP 5 Questions we get from NYC First-Time buyers:
- Do I really need to use a Real Estate Agent?: Not to toot my own horn, but beep beep. The answer is YES. If you are a buyer you should use a professional broker for a VERY simple reason….My services are 100% free to you! No strings attached. I get paid by the seller. So from the beginning to the end of the buying process you’re getting professional advice from myself and my team of 5 experts, personal hand-holding throughout the process, and a slew of incredible resources including access to mortgage lenders, attorneys, title insurance, etc. ALL FOR FREE. I will save you the hours of the time you would ordinarily spend on teaching yourself about the buying process, searching for properties, negotiating, and if you’re buying into a coop or condo…the dreaded board package.
- Exactly how much money do I need to buy an apartment?: This is a complex answer that depends on a few factors. Lets say you are buying a coop or condo. You need a deposit of 10%-20% of the purchase price, your downpayment 20% of the purchase price, and your closing costs, which can vary anywhere from $5000 and up depending on the price of the unit and the situation.
- How do I find the right mortgage and lender? With so many banks, credit unions, government lenders…how do you choose the right one? I work with several national and local banks, as well as mortgage brokers that I can connect you to to help you find the best mortgage for your financial situation.
- Do I need to be interviewed? What do I say?: If you’re buying into a coop or condo…YES. In order for the board to accept you to as a fellow shareholder/owner they want to meet you first. The interview process can be daunting and stressful especially if the ideas of interviews makes you nervous. Together we will sit down and go through my handy list of Interview DO’s and DONT’s so that you feel prepared to face any board, no matter how scary they can be. More about this in another blog post. Stay tuned! 🙂
- How long does the buying process take? This varies on a variety of scenarios. If you’re buying into a co-op or condo with a mortgage, your approval is contingent on your bank and board approval. If you’re buying a townhome/single family, this process can be much faster depending on the nature of the deal. Best advice is to allow up to 6 months for closing and getting your keys!