The MYM Interview: Anne Fritz From The Jet Set Girls

Anne Fritz, Jet Set Girls

Anne Fritz, Jet Set Girls

I met Anne two weeks ago, and since she reads my twitter feed, she knew about Make Yourself Mortgageable. Coincidentally, she just closed on her apartment.

Are you a first time home buyer?
Yes!

What neighborhood did you buy?
Inwood

Did you do 100% financing?
No–I put 20% down.

Any unexpected surprises during the closing process?
Our closing was delayed once, which means I had to pay to extend my 60-day rate lock. On my lawyer’s advice, I did negotiate before confirming my rate lock with my lender to split the extenstion fee (A total of $600, so I saved $300).

My walk through the night before our closing, which was at 2 pm the following day. The seller still hadn’t moved out all of her items. She assured me she would. When I went to the apartment immediately after closing, she had left a mountain of crap there (we’re talking her son’s dirty socks and boxer shorts, dog food still in the bowl, a towel in the shower). Our lawyer has negotiated a small settlement for us, but I do wish I would have gone to the apartment immediately before closing.

How long was the process (from when made an offer to when you closed)?

Just shy of four months.

What’s the one tip you would pass on to anyone who is buying right now?
Buy now! It’s a great time to be a first time buyer with home prices low and interest rates low. Don’t wait for home prices to drop, because interest rates are starting to rise. Even a quarter point rise in interest rates can have a significant affect on your monthly payments.

What do you love most about owning your home?
It hasn’t quite sunk in yet that I own (it has only been a week). It’s weird thinking I own a refrigerator and dishwasher now. But I look forward to making small improvements (like painting, swapping out door handles) that will boost the value of my home and having it the way I like it.

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August 5, 2008. Tags: , . interview, new york City. Leave a comment.

Soaking Up The Bubble Bargains

Barbara K wrote a great strategy piece in today’s New York Post about playing the waiting game with the place you want so you can get a good deal.

I know you’ve been reading a lot of bad news about the market these days, but if you have a good credit rating, some cash on hand and a hankering to become a homeowner, now is the time to do it.

The days of having competing buyers in front and in back of you, bidding crazy sums for mediocre fixer-uppers, are over. And there are incredible deals to be had. I just helped a couple of friends buy a prime piece of the Hamptons – a move-in-ready house on a pristine 1-acre lot – for more than $200,000 less than the asking price.

The strategy I used to score my friends their little piece of paradise was completely unconventional. I advised them to do everything you are not supposed to do when making an offer.

I had my friends start very low, offering a price that was a whopping 30 percent off the reduced price. Then we sat back and waited for a response while my friends got pre-approved for a mortgage. Silence can really be golden in real estate these days.

July 31, 2008. homebuying, new york City, real estate. Leave a comment.

Owning Property in New York Is Possible

I have friends, clients, neighbors who own apartments and houses in this city. It is not impossible. In fact one of my friends is closing on a house next week. She sent me this email today.

More people should know about how to own a piece of the city. It’s really not as hard as people think. -CP

In the coming weeks, I will be interviewing people who have recently closed and they will share their experiences. In the meantime, read New York City Department of Housing and Preservation’s Home Buying Guide.

July 16, 2008. homebuying, new york City. 1 comment.