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Hello, my friend and I girld some money saved for a down payment and looking for a place to live in New York do not really buy into that community care. I want to know step by step how to buy an apartment or cooup. plz be gentle and explain in simple words what we really know about the real state do not know! plz help!

2 Thoughts on For the buyer of a first time home?
  1. Reply
    August 21, 2013 at 6:50 am

    Start with asking someone you trust if they know any Realtors they can refer you to. They will explain the process for you. I’ve never bought a condo or co-op so I don’t know what it entails other than you have an hoa and a common wall or something that you share with another buyer. If you don’t have anyone who can refer a Realtor, start calling a few and ask them to explain the process. Some will be helpful others won’t, go with the one that goes out of their way to help you.
    I hope this helps you, best of luck!

  2. Reply
    August 21, 2013 at 7:13 am

    You should start by searching for properties on your own, a bit of internet research can go a long way. You can look on sites like to get an idea of price ranges in certain areas and whats available at the moment.
    Next you need to figure out what you can afford. Buying a condo isn’t just a mortgage, there is home owners association fees (hoa’s), property taxes and home owners insurance (which most lenders require you have to get a mortgage). For example, mortgage payment is $ 800, hoa’s can be $ 250, property taxes $ 150, home owners insurance $ 200 a month.
    Look at a mortgage calculator and they should have ones that you can put in your monthly expenses and how much you make, and it will give you a recommendation of what you can afford.
    Next find a realtor to get serious with, in this market there are tons of foreclosures so prices are good, you need a realtor to help you wade through the paperwork though and advise. Most people know at least one friend, relative or someone who they can trust who is a realtor to answer questions.
    After that it’s about securing a loan, look into first time homeowners down payment assistance programs, then making an offer.

    Good Luck

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