What kind of buyer do you want to be?

An educated Buyer!!

Why should a potential home buyer get pre-qualified?

You should be pre-qualified for a home loan because it is very important information for you the buyer to know not only how much home you can afford but how much home you want to afford.  These numbers are usually very different. 

Why is this information important for you and your Real Estate Agent?

We want you to purchase a home within your price range but not one you can't afford.  What does this mean, for example:  You may be pre-approved for $500,000 but you have other bills, financial responsibilities, personal expenses and wants and needs.  You should take into account your current bills and how much you have saved for the purchase of a home.  The interest rate is one factor your monthly payment is yet another factor and your down payment in association with your rate and monthly payment is yet another.  All your questions need to be answered and you should always calculate honestly based on your specific financial situation. When you have been pre-qualified which should be in minutes you may return to my website and search for a home within your price range.  If you have any questions please feel free to contact me at 917-767-8291.  If you are not ready to be pre-qualified run your own credit history, know your debt to income ratio and calculate what you will be comfortable paying monthly for over 30 years.

You should have a down payment.  Those that have a down payment and closing cost are usually in better financial shape to transition from renting to homeownership.  It is up to you to make the transition a positive one.

Irene Guanill - Licensed Real Estate Broker, CBR, Foreclosure Specialist, HUD HOMES BROKER, Marketing Professional

MEET THE SELLERS

WHAT IS THE DIFFERENCE BETWEEN A CO-OP AND A CONDO?

Even when two apartments are similar in size and in
the same neighborhood, they can be very different.

Co-ops
A phenomenon that's limited almost entirely to Manhattan, cooperative apartments have been the traditional form of owning an upscale apartment for close to a hundred years. In fact, in New York City, 85% of all apartments available for purchase - and almost 100% of the grand pre-war apartments on Fifth, Park and Central Park West - are in co-operative buildings. Co-ops are owned by an apartment corporation. When you purchase within a co-op building, you're purchasing shares of the corporation that entitle you, as a shareholder, to a "proprietary lease." Generally, the larger your apartment, the more shares of the corporation you own. Co-op shareholders contribute a monthly maintenance fee to cover the building expenses. The fee covers such items as heat, hot water, insurance, staff salaries, real estate taxes and the mortgage indebtedness of the building. Portions of the monthly maintenance fees are tax deductible due to the building's underlying mortgage interest. Also, shareholders can deduct their portion of the building's real estate taxes.

A co-op Board of Directors has the ability to determine how much of the purchase price may be financed and minimum cash requirements.

Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to application to purchase.

All prospective purchasers must interview with the Board of Directors. Prior to the interview, prospective purchasers prepare a detailed "Board Package" which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets. The experience of a Corcoran broker is invaluable. Your Corcoran broker can help you find an apartment in a building that suits the needs of you and your family. In addition, your agent will help you prepare a package that you can confidently present to the Board of Directors once you've found the home that is right for you.

Condominiums
As more and more new buildings are constructed in New York, condominiums are fast gaining in number and popularity. It's not surprising. As opposed to a co-op, a condominium apartment is "real" property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill. There is still a monthly common charge similar to the maintenance charges in a co-operative. These charges don't include your real estate taxes and are not tax-deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. The straightforward nature of buying a condo coupled with the fact, that in some cases, you can finance up to 90% of the purchase price and sublet them at will, makes condominiums the number one choice for flexibility.

Which is the best for you?
Whether you find you prefer a condo or a co-op, at Meet the Sellers, Irene Guanill has the  knowledge of individual buildings and insights into your needs and can help you find a residence you'll be happy with for years to come.