As anybody interested in Staten Island real estate will probably have heard, the market in our borough is extremely attractive right now. Specific news about the New York Observational Wheel and neighborhood development projects such as those in Tompkinsville and Stapleton to a more general desire for suburban living in New York City has made buyers turn an eye toward the Staten Island. As a result, my Staten Island law firm has received many inquiries on the subject. (For more information about the process of buying a Staten Island home, click here.)
Below are my three primary tips for buyers:
1. Surround yourself with the right group of professionals.
Hire a good realtor in Staten Island to help you find and negotiate a deal for the Staten Island property you want. Hire a professional home inspector, do your due diligence before making an offer, and find a good loan/mortgage professional to assist you with financial matters. Your realtor should assist you with finding the right professionals. If you don’t have a realtor in mind, don’t hesitate to ask me for a referral (or visit the Staten Island Board of Realtors). Lastly, be sure that your Staten Island real estate attorney explains your legal rights and obligations.
2. Know the real estate market in Staten Island before you make an offer.
Making sure you can afford the right house and getting approved for a mortgage are probably the biggest concerns for most buyers in Staten Island. First make sure that you are not over-paying. Discuss the value and the local market with your realtor. If your offer is too high, the house will not appraise with your lender which usually means one of two things: 1. You bring more money to the table to close; or 2. The deal will be canceled.
3. Know your credit and your finances before you make an offer.
The three biggest factors for your mortgage application are: 1. Your credit; 2. Your income; and 3. Your down payment. Make sure your credit is adequate to be eligible for a loan prior to making an offer on a Staten Island home. Discuss how much money you can put down with your mortgage professional. Go over closing costs and provide your loan professional with an accurate accounting of your income and expenses so that you know how much of a mortgage you can actually afford.
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.