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Buying Tips
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Be Prepared:

Be prepared with the following documentation:
  1. Pre-approval letter from your bank or mortgage broker.
  2. Most recent checking and savings bank statements
  3. Two years of tax returns
  4. List of other liquid or non-liquid assets
  5. Most recent 401K or retirement fund statements (if applicable)
  6. Most recent asset portfolio statements (if applicable)
  7. Employment letter verifying your start date, annual salary including bonus
  8. If self employed - letter from your CPA or attorney verifying your salary and net worth

  • Determine your objectives, wants and needs. Consider location, budget, and use of apartment or investment property.
  • Pre-qualify so you can obtain the financing you will require. Determine your comfort price level for monthly payments. Don't forget to factor in maintenance, insurance, and other costs.
  • Establish a plan for the apartment search with your Elika Associates Agent.
  • Conduct research in conjunction with your Agent when you find an apartment you like.
  • Walk the neighborhood. You will be surprised at the useful information you will pick up. You may also want to view the home at different times of the day. Factors like shopping, entertainment, recreation, etc., will all determine if you will feel at home in a neighborhood.
  • Evaluate access to transportation in the selected neighborhood(s)
  • Evaluate building amenities and house rules in terms of your needs (ie; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
  • Due Diligence, Once an apartment has been selected, review the building's financials with your broker/attorney. This is an important step when you consider that a home is typically our greatest financial responsibility.
  • Research and Estimate the current value of the home.
  • Prepare for the offer to purchase and determine negotiating strategy.
  • Work closely with an Elika broker to gather supporting documentation for your mortgage application and Board Package
Five Biggest Mistakes Buyers often make:
1. Buyers don’t understand the roles and duties of real estate agents, especially who represents whom.
2. Buyers may innocently disclose confidential information about their needs and financial abilities to sellers and their agents.
3. Buyers think that mortgage companies and appraisers protect and promote their interests.
4. Buyers don’t carefully design strategies for better negotiation with sellers and their agents and to minimize the effect of competing buyers.
5. Buyers don’t understand the importance of attending property inspections.
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