Tip #8: Move Fast on an Apartment

Move Fast on an Apartment

If you are looking to purchase in the Manhattan and Brooklyn based areas, you are probably familiar with the bidding wars and highly competitive atmosphere taking place.

Many buyers become frustrated at the process and burn out fairly quickly. Here are some tips to secure an Apartment and put yourself in the best position to sign a contract:

1. Mortgage Pre-Qualification Letter – Being pre-qualified for a Mortgage by a bank in advance of your Apartment search is critical. It will allow you to understand the purchase price you should be targeting and th loan amount you may receive. A seller will want to review this letter before considering any offer. Keep in mind, just because your bank provides you with a mortgage pre-qualification letter, does not mean the bank will approve the specific building you are going to purchase in. When going into contract, the bank must always validate the building has been approved for a mortgage.
2. Financial Statement – Having a financial statement ready in advance is important. It will help organize your finances and show the sellers or sellers Broker that you are qualified to purchase the Apartment. In Manhattan and Brooklyn, Condo and Co-op buildings may look at certain financial figures:
   • Income/debt ratio
   • Maintenance & mortgage reserves
   • Post closing liquidity
   • Assets and liabilities

In a competitive marketplace, having both of these items ready to go in advance are critical to making a solid offer. A serious purchaser should have both of these in place at the beginning of their search.

For more information and assistance with buying an Apartment, please contact us at garayrealeastate@gmail.com