First time Buyer

Hello, First time buyer of a brownstone in Bed-Stuy…. 2 family 4 story…. we go into contract monday… what should be my first steps before signing the contract and doing a thorough inspection.. I would like to hear everything you have to say thank you

dizelmc81

in Inspection 12 years and 10 months ago

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rh | 12 years and 9 months ago

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Yes, if you have a buyer’s agent, they usually do the negotiating with the seller’s agent even before the attorneys get involved. If not, do it through your attorney. You may negotiate the price or have the seller fix some problems or even give a seller’s concession. If the house is in perfect shape or it’s as-is, don’t get petty. Sometimes the offer IS the fair price. Normally, I do inspection before having them write up the contract but you always do want to rush into contract if you’re worried about someone grabbing it before it’s signed. Something else that should be mentioned…sometimes one or a few people involved in the process can slow it down. It can be an agent, attorney, bank, even the inspector. If that’s the case, it will be up to you to whip them into shape. I’m going through that now….a flakey seller’s attorney. It’s really frustrating.

200line | 12 years and 9 months ago

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In New York, you need to do the inspection and adress any issues uncovered *before* you sign the contract.  If, for example, the inspection comes back and says you urgently need a new boiler and a new roof, then you go to the seller *before* signing the contract and request that they reduce the price by $X to account for this work.  Assuming you and the seller come to an agreement, the contract is written at the lower price.  Alternatively, the seller might agree to perform a specific piece of work.  That is then included in the contract (e.g., our inspection turned up an extremely dangerous condition that was nevertheless inexpensive to fix.  Neither we nor the seller wanted to leave the dangerous condition in place for even another week, so the seller took care of it and we put it down as a closing condition). In some places outside New York, it is the convention that you sign the contract, then conduct the inspection and negotiate at that point.  In that case, the contract is subject to the inspection.  This is not the case in New York.

200line | 12 years and 9 months ago

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In New York, you need to do the inspection and adress any issues uncovered *before* you sign the contract.  If, for example, the inspection comes back and says you urgently need a new boiler and a new roof, then you go to the seller *before* signing the contract and request that they reduce the price by $X to account for this work.  Assuming you and the seller come to an agreement, the contract is written at the lower price.  Alternatively, the seller might agree to perform a specific piece of work.  That is then included in the contract (e.g., our inspection turned up an extremely dangerous condition that was nevertheless inexpensive to fix.  Neither we nor the seller wanted to leave the dangerous condition in place for even another week, so the seller took care of it and we put it down as a closing condition). In some places outside New York, it is the convention that you sign the contract, then conduct the inspection and negotiate at that point.  In that case, the contract is subject to the inspection.  This is not the case in New York.

dizelmc81 | 12 years and 9 months ago

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hey rh, yes i am qualified… the attorney is getting the contract today.. as you say.. all negotiations should be worked out….. so we do an inspection and see if there are some problems and we take it off the selling price … is that what you mean

rh | 12 years and 9 months ago

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It isn’t clear from your post, but I assume your’e doing the inspection BEFORE signing the contract? All negotiations regarding inspection should be worked out prior to signing as well. I see that folks are recommending mortgage brokers, but I should think that making sure you’re qualified is the first step before even putting in an offer. Once the contract is signed, you wait and do everything your attorney and bank tells you to do. Good luck and welcome to the neighborhood!

slopefarm | 12 years and 9 months ago

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Hopefully your attorney wasn’t recommended by the broker but someone you found independently. I hope you are doing the inspection before you sign the contract.

slopegirl | 12 years and 9 months ago

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Adam Dahill at WCS lending is great great great mortgage broker.

nostrandgirl | 12 years and 9 months ago

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Your attorney and mortage broker should best be able to hold your hand throughout the process. For financing there are plenty of good referrals on here.  I highly recommend Adam Roberts at South Shore Mortgage (adamr@fast2fund.com).  He has 20 years experience and has always handled my mortgages (and held my hand when I needed him).  .

dizelmc81 | 12 years and 9 months ago

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I have an attorney.

coopfornow | 12 years and 9 months ago

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Talk to an attorney.