Advice

What are the Top 4 Things When Qualifying a Buyer

posted by Thomas Demsker

For Coops:

1) Debt to income ratio: In general you want the prospects debt to income ratio (apartment carrying costs vs gross salary) to be 30% of less. Buildings vary so you want to check with your managing agent or a board member if they have set formula.

2) Post Closing Liquidity: In general you want a minimum of 1 year mortgage + maintenance in liquid cash in a bank account. Buildings vary so you want to check with your managing agent or a board member if they have set formula.

3) Pre Approval: You want to make sure the prospect is pre approved for a mortgage and you want to check that if it is from a bank (not mortgage broker), that the bank can loan in your building.

4) Total Debt to income ratio: In general this should not be more than 40% of their gross salary. Buildings vary so you want to check with your managing agent or a board member if they have set formula.

For Condos, things are much easier.

1) Pre Approval for a mortgage and how much they will be putting down. You want to ensure if they are using a specific bank that that bank is cleared to lend in your building

2) They have cash for down payment and closing costs. Condo closing costs are higher than they are for coops.

08 Oct
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  • 14 August

    305 West 52nd Street - 2G

    posted by Thomas Demsker

    Live in a brand new apartment. 542sf NET Sf, largest and only studio in the building facing South. Gut renovated bi-level apartment which has plenty of space for multiple set ups or to create a jr-1.

  • 05 October

    Street Easy FSBO Ads

    posted by Thomas Demsker

    Since the zillow take over , the price to place a fsbo ad on Street Easy has now climbed to a high of 595 per month. Originally it was 199 per month. What we look to do here is create a base for FSB

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«Broker Thomas Demsker, who also counsels FSBO sellers through a website called No Brokers Please! (nbpny.com)»

«I decided I wanted a hand-holder to coach me through the process. After an Internet search landed me on No Brokers Please, a New York-centered for-sale-by-owner site, I signed up. No Brokers Please is run by Thomas Demsker, himself a licensed broker.»