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December 19, 2007
Buying a Condo
To anyone who has bought a condo in the Park Slope/Greenwood/Sunset Park area: Did you use your own agent/realtor? Or did you yourself negotiate with the listing agent/seller's agent?
If you did your own negotiating do you have any advice/tips?
How did you find a RE Lawyer, building inspector, etc.?
Additionally, who paid the various closing costs?
Just trying to make some sense of this process. Any additional advice is welcome and appreciated.
Comments
I'm in the same boat, here's what I've gathered:
1. Buyer's agents are rare in Brooklyn, because people don't usually share listings. So you're better off doing it yourself, learning as much about the market as you can, and steeling yourself for negotiations. I read some kind of first time homebuyers' book, which was helpful for general advice about figuring out comps, what to offer, etc.
2. I found a lawyer by asking everyone I know who bought anything who they used, as well as asking the mortgage broker and the real estate brokers if they recommend anyone. Obviously use caution going with someone recommended by the seller's broker. I talked to a few people and went with the one I found most helpful and professional.
3. I'd probably do similar to the above with an inspector once I find a place to buy. Make sure they're accredited or whatever. My book had some good info on this.
4. You pay your own closing costs, except in a sponsor sale you pay the seller's closing costs as well. In this market, some sellers will offer to pay some of your closing costs - that's something you can negotiate.
I really found the book I read useful as a starting point - i think it was Homebuying for Dummies, or something similar. It's not NYC-focussed, tho, so there are some things that it doesn't cover or that aren't applicable (it assumes, for instance, that you will have a buyer's agent). There's also a "buying a coop in nyc" book out there, which I gather is pretty good, but my tolerance for real estate literature is pretty limited!
Good luck!
Posted by: hangonsloopy at December 19, 2007 12:52 PM
I found my lawyer by asking around. A coworker recommended mine.
I had a buyer's agent and had mixed feelings about her. She did a lot of legwork for me, which was great because I'm a busy professional. I didn't have to pay her, but I felt like I couldn't trust her completely.
I think you can learn a lot about prices and what you want by going to lots and lots of open houses. Keep a log of what you see.
Be aware of new construction purchases versus older buildings. There are a lot of additional fees for new construction, like title cost. Developers tend to be inflexible with their prices, unless the apt is not moving. You may be able to have them help you with closing costs.
I didn't use an inspector because my apt was new construction. My lawyer submitted one offer and my broker submitted another. It was nerve wracking but a good experience.
If you get a good lawyer, s/he will have a lot of good advice for you, and have contacts such as inspectors. S/he'll also have a group of lenders as contacts and help you get the best mortgage possible.
Posted by: Parkedintheslope at December 22, 2007 5:35 PM
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