Home Buying in Forest Hills>Question Details

Iona, Home Buyer in Forest Hills, Queens,...

Does anyone have any info on 117-14 union tpke building? 3 beds for 354k it seems too much.How much should i offer?

Asked by Iona, Forest Hills, Queens, NY Tue Apr 6, 2010

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Robin Silverberg’s answer
I would get the financials on the building and ask more questions. Also, choose your attorney now and see if they will look over them. The last time that Citimortgage did a loan in the building, which was in April of 2008, the building needed a Fannie Mae waiver. This means one of a few things, such as the owner occupancy rate wasn't high enough at that time, or there were too many investor owned units. It does look like someone might be getting the building updated though, because the insurance is current, so this may change. However, waivers are harder to get now than they were 2 years ago, and there are certainly enough buildings in the area that have no problem getting approved.
0 votes Thank Flag Link Tue Apr 6, 2010
What is your agent advising--you can offer whatever you like, however you should be aware of recently sold similar properties in the immediate area--review the data and then make your determination as to a fair offer.
0 votes Thank Flag Link Tue Apr 6, 2010
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