Yes. First of all you can always buy a home with cash. Second, if you are seeking a mortgage, underwriting standards will require a two year waiting period, but after that you will once again be able to qualify for a loan, provided you can meet all the other requirements. Bankruptcy is not the end, it is a new beginning.... more
I would advise you to consult with your attorney, but my personal understanding of title insurance is you don't want to be without it. My mom would say, "don't be penny-wise and pound foolish". The reason is because it guarantees that the title to the property is free and clear and there are no prior claims to it or its ownership. Would you really want to buy a home for several hundred thousand or millions only to find out it belongs to someone else in the past legally? Title insurance would cover this, is my understanding. I've always gone with it personally, though, as I said professionally consult with your attorney. They'll likely say the same.... more
A lawyer will be involved at some point, so split the cake. You can get a Realtor to help find a house to make an offer on and then they will guide you the rest of the way. NY has a lawyer review law of some sort which sounds bizarre to the rest of the country since we don't have such a thing.... more
No, it is not a rule. Many agents will not submit an offer on your behalf without an approval letter - or with proof of funds because the other party will not take the offer seriously, but you should not need the pre-approval letter just to see a property.
Good luck to you,
Good morning Bernard,
Here is the best place to look for a temporary rental in Brooklyn:
If you need any help, feel free to call me anytime: 212.300.3919
Good luck with your course!
Keller Williams Realty Empire
9120 4th Avenue Brooklyn, NY 11209
M: (212) 300-3919
O: (718) 954 8400
F: (347) 587-2828
Since each co-op is different, before entering into a contract to purchase, review the building's financials, check for assessments, bylaws, proprietary lease, etc., with your attorney, and go from there. If you are not working with an agent, consider the idea. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
Contact local realty offices for available rentals, or work with an agent; check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.... more
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Hope that helps, let me know how else I can help you!
Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.
When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.
That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.
• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.
• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.
How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.
• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.
• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!
I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!... more
The lack of inventory in Manhattan and in Brooklyn has probably been the greatest influence on the market prices in Brooklyn Heights as of late. It is a seller's market, with very little inventory - supply and demand. The fact that mortgage interest rates were also recently at an all time low also effected this as more buyers rushed to the market to take advantage of low rates.... more
Depends, each landlord is different; however you can consider being upfront regarding your credit; be prepared to show proof of employment/pay stubs; possibly pre-pay some of the rent; possibly offer extra security; have some reference letters handy; consider a guarantor, etc.... more