All Forum Posts by: Mila Makhanova

Hi BP community, 

I'm about to make my first offer ever and looking for some advice on negotiating techniques. I found a 1 bedroom apartment that fits most of my criteria, basically I love and it seems to be in line with my budget, so I don't want to offend the owner by making a very lower offer. I'm looking it at purely from numbers point of view. It's a 650 sqft apartment in Westchester, the original asking price was $329k and two weeks later it was lowered to $299k. I also learned that a similar apartment (same layout, different floor) was sold in this building in June for $280k. in July. Also, there was a slightly bigger and nicer apartment (750sqft) with balcony and on the last floor sold for $281k in June. The only thing that bothers me a little bit in an apartment I'm considering is a stain on the ceiling of the bedroom. I was told there was a flood on a floor above it, but it doesn't see to be a big deal, def. not a deal breaker. So, I think that the fair asking price should be $280k (might be even lower) and in order to get it for this price, I should probably offer $270k and then negotiate to get the price close to $280. Also, it seems that the owner is looking for quick cash flow. This apartment was on a market for only three weeks and the owner is offering to rent it and in case it doesn't get sold. Any thoughts? 

Thanks for your help, 

Hi BP community, 

Looking to purchase my first property and slightly short on making 20% downpayment. Working with Quicken Loans and they are offering a loan with a slightly higher interest rate (about 0.5%) but only 5% downpayment and no PMI. It seems like I understand how it works, it appears to me that they are just lumping the cost of PMI into my mortgage by raising an interest rate, but it still looks like a good deal. Am I missing something? Something I particular I should pay attention too? If anyone had experience with such mortgage, please share. Thanks for your help,

Mila

Mindy, thanks for your quick reply, really appreciate it. Yes, I'm more of a better safe then sorry person, so I don't plan on saving on title insurance. Will keep educating myself about the closing costs. 

Hi BP community, 

I'm buying my first apartment and would like to get comfortable with the closing costs:

• what's the best way to calculate them (is there a rule of thumb? Certain percentage of the purchase price, say 5% or so)
• which closing fees are refundable and non-refundable;
• are all of them required and which ones are the most important once;

For 1 bedroom condo with an asking prince of $300,000 i have received a pre-approval letter with below closing fees:

• Bank attorney fees $700 (are these usually fixed or percentage driven fees?)
• Appraisal Fee $365 (reasonable?)
• Application fee $100 (seems reasonable?)
• Commitment fees $615 (never heard of it? is this refundable?)
• Tax service $77 (not sure what this is for?)
• Flood Certification $3.25 (not material, but just curious what it's for)
• Title Insurance Owners/Lender $2,334.00 (One of the larges on the list, is this absolutely required? If yes, how important is this)
• Recording fees $550 (refundable? Required?;
• NYS Mortgage tax $2,616.00 (how do they come up with this number?)

So a total of $7,362.50

This is my first time buying a place and timing is obviously critical, so if you could shed some light on these topics, I would really appreciate. 

Thanks, 

Mila