Joseph Ferrara, Esq.

I'm a:	Real Estate Professional
Location:	New York
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Joseph Ferrara, Esq., in New York

160 Answers
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7 First Answers
49 Useful Answers

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About Me

NY Real estate attorney (20+ years in Manhattan)
NY Real estate broker (Manhattan & Staten Island)
Marketing consultant
Real Estate Blogger (blog.sellsiusrealestate.com)
Public speaker

AWARDS/RECOMMENDATIONS:

Top 25 Most Influential Real Estate Bloggers, Marketing & How To (Inman News, 2007)
Top 5 Real Estate Industry Blog (Swanepoel Trends Report, 2007)
Co-Founder of Sellsius Real Estate (Honorable Mention award Real Estate websites, 2006 (Seomoz.org)
Co-Founder Sellsius Real Estate Blog, a real estate marketing and consulting firm (blog.sellsiusrealestate.com)
Contributing writer, Inman News Blog

CONSUMER SERVICES:

Get a great agent: After almost 2 years of real estate blogging and networking, I am building a Boutique Realty network of experienced and honest real estate agents for buyers and sellers. These are agents I know personally and highly recommend. Call me at 646-714-2720 if you need help finding a GREAT agent.

Price Negotiator. FEE ONLY IF SUCCESSFUL. As an experienced real estate attorney, I know how to negotiate price reductions and other real estate savings. My fee is based on a % of what I am able to save you.

OTHER LEGAL SERVICES

Advice on buying and selling real estate. Free consultation.
Contract and lease reviews. Avoid making a bad deal.
Dispute mediator. Avoid expensive litigation.

BLOGGING SERVICES

Are you interested in starting a blog or need help with yours? We will help you.

I AM AVAILABLE TO HELP YOU

CALL ME ANYTIME 646-714-2720

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Joseph Ferra…'s Questions (1)

Joseph Ferra…'s Answers (160)

NYC Condo Owner Needs Help to Rent Apartment

Asked Mon Oct 6 2008, 13:37 by Laura - 10280 - How To... - 12 answers

Joseph Ferrara, Esq. answered:

I would suggest renting it except for the fact that it is difficult when you will be in Europe. You'd have to hire a mgt company to collect the rent, make any repairs, etc. - Fri Oct 10 2008, 12:21

Is a Co-op a good idea for a first-time home purchase?

Asked Tue Oct 7 2008, 20:04 by Bobby Diebold - New York - Home Buying - 11 answers

Joseph Ferrara, Esq. answered:

In my opinion, I would not buy a co-op as a first home because of the difficulty in transferring them compared to condos. If the market remains tough, co-ops may be harder to sell. Also, condos give you the flexibility of renting them -- some co-ops cannot be rented to others.

I would say it is a good time to buy-- consider buying from builders who have a lot of excess inventory and are willing to pay your closing costs and give you upgrades. 30 year fixed rate loans are available under 6%.

Shop around, compare and ask a lot of questions. Speak to other buyers for their experience. Check the neighborhoods, schools, commuting times (esp to Manhattan). Good luck. If you need help finding an experienced agent give me a call (I am an attorney) at 646-714-2720. - Fri Oct 10 2008, 11:28

What's the difference between a co-op and a condo?

Asked Wed Feb 27 2008, 19:18 by Jessica - Hollywood - Home Buying - 8 answers

Joseph Ferrara, Esq. answered:

Co-ops also require buyers to be approved by the Board of Directors of the co-op corporation. This involves preparing a purchase application which requires financial disclosures and a personal interview. Each co-op has different requirements. It is important to hire agents and attorneys that are familiar with the process or you risk substantial delays which may in turn affect your mortgage rate (expirations).

A buyer may be rejected without the Board having to disclose the reason.

The approval process also extends to leasing the unit. Some co-ops completely forbid it or limit it severely. Condos do not have this problem.

Also, co-op owners own a % responsibility for the co-op building's underlying mortgage.

There are a lot of other legal issues involved. An attorney is a necessity in my opinion. - Fri Oct 10 2008, 11:13

Can you explain a co-op to me? We don't have them here in Atlanta, so i am not familiar with them.

Asked Sun May 4 2008, 05:39 by Alison - New York - Home Buying - 8 answers

Joseph Ferrara, Esq. answered:

Co-op: you own shares like in a corporation and you get a "proprietary lease" as documents of title. What you can and can't do is contained in your proprietary lease.
Condo: you get a deed, just like a house
Co-op: Board must interview you when you buy and interview your buyer when you sell
Condo: No board approval
Co-op: Hard to sublet (some Boards prohibit it) & requires Board approval
COndo: easy to sublet. No fear of Board rejection
Both condo & co-op require monthly payments : maintenance (co-op); common charges (condo)
Both have Board meetings and owner meetings-- review those minutes before buying
Both generate financial reports you should review before buying
Co-op has underlying mortgage, a condo does not.
Condo are normally preferred over co-ops as investment vehicles
Both have offering plans & amendments which describe the nature, construction & condition of the building - Mon Jun 23 2008, 15:18

Buying in a walk up?

Asked Mon Jun 16 2008, 00:57 by A - New York - Home Buying - 4 answers

Joseph Ferrara, Esq. answered:

For an investment I would vote no. A third floor walkup does not rate high on the scale. If you are more interested in living there as a home, that's a different story. Given the market and the recent price reduction you may be able to steal it. That would make it a good deal. Otherwise, pass. - Mon Jun 23 2008, 15:09

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