Looking to buy an apartment

Hello, We have been looking to buy an apartment in Brooklyn for over a year and want to consider listings ‘for sale by owner.’ We fwant a two bedroom apartment close to Prospect Park and are somewhat flexible with the location. We are reaching out to this blog because we keep seeing the same apartments online and brokers have not been helpful. We have excellent financials and hope to move to Brooklyn soon. Please respond if you know any ‘for sale by owner’ sites or apartments that are available (we haven’t seen many listed on this site). Thanks in advance for your help. Thanks, Tom and Liz

tyl

in Fencing 12 years and 5 months ago

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brokelin | 12 years and 5 months ago

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It is my impression that the vast majority of two bedroom apartments near Prospect Park are sold by brokers.  My experience is with Park Slope, and somewhat with Windsor Terrace, but that is likely the case with the vast majority of apartments anywhere near the area. Since your best chance of finding an apartment will be one offered by brokers, I am curious as to why you aren’t finding them helpful.  Generally, they are willing to sell apartments to get paid.  So, if you are looking at apartments listed by small brokerages that don’t co-broke (that is, will not share the commission with a buyers’ broker representing you), then you need to have your ducks in a row to get an offer accepted.  You will generally need a pre-approval for a mortgage to get your offer considered seriously.  Most of the apartments around here are coops, which may have higher downpayment requirements that mortgage lenders (likely 20%, though many smaller buildings take 10%.)  You are unlikely to be able to buy a coop with a 3.5% down FHA loan, but you can buy a condo with those, as long as the building is pre-approved for FHA financing. If you aren’t finding brokers helpful, perhaps you want to engage a buyers’ broker to help you?  They will show you places offered by brokers who co-broke, that is, will share their commission with your buyers’ broker.  Are you trying to buy from out-of-town?  If so, you may do better with a buyers’ broker representing you in New York.  If you have excellent financials, there is no reason you should not be able to buy an apartment.  FSBOs are fine, but there will be few in the area to choose from.

cate | 12 years and 5 months ago

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Check Streeteasy, Craigslist, and the New York Times as well. (A great source of FSBO houses is walking around and looking for signs in windows and front yards, but that doesn’t seem to apply to apartments.)

BobMarvin | 12 years and 5 months ago

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Everyblock NYC [not otherwise an especially good site IMO]  offers a daily digest that includes real estate listings. I just subscribe to the Prospect Lefferts Gardens digest, but you might want to subscribe to the digests for all the neighborhoods surrounding the park. http://nyc.everyblock.com/?utm