Buyers today must jump many hurdles in order to buy a home and then most importantly attain a mortgage from a bank.
After servicing the Maspeth,Middle Village areas for over 30 years in the Real Estate business, one thing still holds strong for buyers. Deal with your local bank! They are the ones who are not in trouble. They are the ones still giving out loans when many aren't. They know the local home prices better than others.
But sometimes buyers are persuaded by attorney's, real estate brokers or mortgage brokers affiliated with Real Estates.
Then you are put through the mill, then the appraiser is now hired by an outside source, and usually from Brooklyn, New York City or even Long Island. Of course since the Banking crisis, appraisers are more cautious than ever and more likely come in below your contracted price that was agreed upon.
So either your denied or asked to put down even more of a down payment. Lately it has become a nightmare not only for the Realtors but for the buyers and sellers.
*THIS IS WHY BUYERS SHOULD USE THEIR LOCAL BANKS MORE THAN EVER. MASPETH FEDERAL AND ITS ENTIRE STAFF MAKE PURCHASING A HOME A PLEASURABLE EVENT. THE SAME HOLD TRUE WITH CROSS COUNTY BANK. IN CONCLUSION, WHILE HOME PRICES ARE DOWN ABOUT 20-25%, AND MORTGAGE RATES ARE AROUND 4.78-5% NOW, BUYERS SHOULD BE PURCHASING WHILE THE BOTTOMING OUT PERIOD WILL BE CONTINUING FOR ANOTHER 9-12 MONTHS. HOWEVER, WE DON'T KNOW WHERE MORTGAGE RATES WILL BE IN THE FUTURE. AND PLEASE USE A LOCAL REAL ESTATE ATTORNEY TOO.
JIM TURANO