The MYM Interview: Colette Prosper

Flatbush House, originally uploaded by nichellest.

My friend Colette and her fiance just closed on July 30 on a beautiful house in Brooklyn.

Are you a first time home buyer?
Yes.

What neighborhood did you buy?
Flatbush.

Did you do 100% financing?
No.

If you don’t mind answering, what percentage was your down payment?
20%

Any unexpected surprises during the closing process?
The broker who was a MAJOR dick throughout the entire process actually put some money in escrow for us for an ancient boiler that needs fixing.

How long was the process (from when made an offer to when you closed)?
We made our offer back in mid May and did not close until July 30. The bank was incredibly slow in giving us approval and then they took forever to finally clear us for closing.

What’s the one tip you would pass on to anyone who is buying right now?
Get a good lawyer. Mine was Rashidah Siddiqui at Serpico, Serpico, and Siddiqui on Court Street in BK.

What do you love most about owning your home?
Having a backyard. We bought a limestone (a light-skinned brownstone) in Flatbush for a steal. Please buy in Flatbush, people so you can get a backyard too!

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August 1, 2008. Tags: , . interview, real estate. 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.

MeetMojo: Meet. Buy. Prosper

Last night at Ignite NYC, I met Maria Ogneva founder of Meet Mojo, a startup that will be an online resource for real estate investors. Email to sign up for a free trial of MeetMOJO when they go live, info at meetmojo dot com.

July 30, 2008. Tags: . real estate. 1 comment.