Happy New Year! As I sat down to write this year’s New Year post, I was compelled to look back at what I wrote last year to sum up 2016 and kick off 2017. I decided to follow a similar format to launch into 2018 and reflect on a year which can – at least […]
Welcome to Part 7 of my ongoing blog series, “Purchasing an Apartment in New York City”. In Part 6 of the series – “The Bank” – I focused on the role your lending institution plays in the purchase process, assuming you are financing a portion of purchase. In Part 7, I will attempt to mentally prepare […]
As a real estate salesperson I find the psychology of decision-making fascinating. On a somewhat unrelated note, I am also a sucker for old game shows from the ’70s and ’80s. As a young child I dreamed of engaging in witty banter with Peter Tomarken and avoiding “Whammies” on Press Your Luck, longed for the opportunity […]
Chag Sameach from Eirik Gislason and Unreal Estate.
Assuming you are financing a portion of your purchase, the bank will play an important role in the success and timing of the overall process. Therefore, it is important to have some insight into the role your mortgage professional and the bank play, and the behind the scenes process of obtaining a loan.
I am often asked by buyers, “Why does the seller care about my down payment amount? As long as I am satisfying the building’s down payment requirement, and the bank has approved the loan, aren’t they getting their money at the closing table whether I ‘put down’ 20%, 50% or 100%?” It is a very reasonable […]
Any prior explanation of this exercise could ruin its effectiveness, so grab the nearest calculator and enjoy the ride! Think of a number between 1 and 10. Multiply that number by 2 (don’t hesitate to begin using your calculator now…no judging!) Add 8 to your new number. Divide that number by 2 . (don’t you wish […]
Whether you’ve had the “pleasure” of purchasing an apartment in NYC or not, it seems everyone knows the horrors of putting together a co-op (or even condo) board package. What is asked for in terms of down payment, post closing reserves, debt-to-income ratio and pedigree is the stuff of legend in New York City real […]
I am often asked by clients about “good faith deposits” and whether they should be skeptical about providing a deposit when submitting an application for an apartment. The answer is, it depends. If the deposit is going to the landlord, that is likely above board. However, if the deposit is being paid to the broker, your skepticism is well founded and you should be prepared to ask MANY questions. I will prepare you for both scenarios…
My name is Eirik Davey-Gislason and I work in real estate in New York City. There, I said it. Real estate in NYC has a horrendous reputation; a well-deserved horrendous reputation. I didn’t intend to have a career in this field and the fact that I am still in the “business” 7+ years later is amazing to me. […]
Unreal Estate 