Tips for Purchasing Real Estate

Posted over 2 years ago. Applies to New York, 0 helpful votes



Credit Score- It Really Matters

In todays economy it is extremely important to make sure that your credit report is at its most optimal level. Remeber any new purchases, leases, finances, or new credit cards can have a negative impact on your credit score. Even after you have applied for a loan it is important to think before increasing your debt. Your lender may reject your loan if your credit score drops in the interim.



Many purchasers feel that since the appraisal is relatively expensive they would like to delay ordering the appraisal until they are reassured that the lender will finance their purchase. That is a mistake. Most comitments are subject to appraisals but your contract to purchaser may not be subject to the appraisal and as such if the appraised value is less than expected the lender may not be in the possition to provide you with the financing you need. It is a good idea to order the appraisal before the commitment is issued.

Additional Resources

NYC Dept of Buildings

NYC Dept. of Finance Recorded Documents

Pay Your Real Estate Taxes

Pay Your Water Bill

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Related Topics

Real estate buy and sell agreements

A buy and sell agreement is a binding contract outlining the terms under which ownership of a piece of property will be transferred from the seller to a buyer.

Deed to property

A deed is a written document describing a piece of real estate and documenting the transfer of ownership from one person (the grantor) to another (grantee).

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