New York, Manhattan Neighborhood – some mistakes the 1st time buyers will make

Purchase a home could be very confusing. Sometimes turn a happy time into a stressful, overwhelming experience. Especially, if you are the 1st time buyer, those warning below, could help you to receive a hassle-free real estate purchase process. I can also show you Tips for 1st Time Homebuyers.

1) Forgot to check your credit score
It is very important that you have to check your credit score before your house hunt. If there are any errors on your credit report and you can resolve them right away. Improve your credit or fix your credit in order to get loan interest rate as low as possible.

2) Didn’t talk to a mortgage lender to get pre-approval
Many 1st time home buyers spend a lot of time researching homes without knowing how much they can afford. One of the first things that 1st time buyers need to do is pre-approval loan from the lender. It’s important that you are pre-approval for a loan before you begin your home search. It is not only save your time when you start to search the property in New York City, but also let you understand what kind apartment that you can afford. When you find the home you love, you’ll be able to take action quickly. Sellers will be more likely to accept an offer from a pre-approval buyer.

3) Mistakenly believe short sale or foreclosure property is bargain deal
Some home buyers believe that any properties under short sale or foreclosure would be a great deal. But the truth is those properties are still have to sell under the market value. The lenders always send BPO or appraiser to appraise the properties. Only if the home has significantly damaged, it will sell at cheap price. However, you need put money to renovate the property. Also short sale or foreclosure need lender to approval the sale. Sometimes you won’t hear from the lender for a long time after you offer the property. Usually could take as long as more than 90 days. Today some bank will respond faster than other, but it still could be very frustrating experience for buyer. However, if you buy the home from a motivated seller, you will have good deal and fast closing.

4) Failing to hire the right real estate broker and right mortgage broker
Buyers should rely on knowledgeable Real Estate Broker to help you to find your next dream home. The right buyer’s broker would not only find the right house for the buyer, but also negotiate the bargain price for the buyer. The buyers’ broker will look out for buyers’ best interests. The right mortgage broker will search the best deal loan for the buyer.

5) Failing to consider additional expenses
Home depreciation and property tax should be added to home-buyer’s budget. You should find out what the real estate tax for your property is. And you should have extra money for the home repair.

6) Not realistic
One of the particular mistakes that first time home buyers have is not realistic. Most the 1st time buyer would have big wish list with very limit fund. They usually are very picky on the property. Some others are too emotional when they see the property that they like. They are willing to pay the highest price to get the property. However, after while you would have lived that property, you would gradually find out this property wouldn’t worth the price that you had paid. So don’t discourage if you lose out the home that you make an offer on No matter how much you’ve fallen in love with the home. Today is still a buyer’s market. To get the right price for your dream home.

7) Failing to include a mortgage contingency clause in the contract
Some buyers want to have the home as their own right away. They didn’t put mortgage contingency clause into the contract. They assume that they will get a loan because they have a pre-approval. But that not always a case. If you couldn’t get a loan, you will lose the deposit.

8) Skipping the inspection
In Manhattan, if you purchase co-op or condo, usually you don’t have to do inspection. However, you have do walk-through by yourself. You have to do it very careful before the closing. If you find something wrong before closing, you still can get some deal on the closing table. But if you find anything after the closing, you have to spend your own money to fix the problem. So please be more serious to do the walk-through.

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com.  

I have the privilege and pleasure to work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. Our team’s hard working will help your real estate goal extremely successful. To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at diana.wu@elliman.com

Other useful topical:
• What You Can Get For Your Money – The Neighborhoods of Manhattan
• 5 Tips for Purchasing Real Estate in Manhattan
• Manhattan Real Estate Glossary – Types of Rooms
• Renting vs. Owning
• Manhattan Real Estate – Now is the Best Time to Buy
• New York Homeowners: Sale your home at TOP Dollar
– Tips for Staged the home Appeal to the Buyer

• BUY Manhattan Apartment – perfect wedding gift

 

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