Andrew T. Berman

First off, if you want to live by the beach in the Rockaways, we have some coops that do NOT require 20% down. In fact, one building has NO restrictions regarding financing. Earlier this year we had a buyer walk in with only $5k cash. However, a lot has changed in the lending landscape since then.

Secondly, there is a program call the HomeFirst Down Payment Assistance Program. It sounds like you probably will be over the income levels, however I figured I would mention it anyways. - Tue Aug 19 2008, 07:52

Sadly, most of the issues with Fannie Mae and Freddie Mac is perception by the markets which is hindering their ability to raise more capital to put more money on the street. The fact is that between the two of them, they have $5 trillion in loans. So far the losses are $11 billion of that. So that's .2%? What is that? I wish my losses at Atlantic City or Vegas were only .2%!

Sadly, perception means a lot! Look at the run on the banks that our good ole Senator Chuck Schumer did to IndyMac. His letter caused a run on the bank causing a Fed bailout. Granted, IndyMac have very risky loans on their books, however federal regulators blamed Schumer for a run on the bank.

Which goes back to perception....shares touched a 52-week high $67.20 on Aug. 17, 2007 and fell as low as $3.89 Friday, but closed at $7.75.

If you think your world is going to end, it will! However there are plenty of people who do well even in the hardest of times. - Thu Aug 7 2008, 18:07

If you are looking for homes that have already gone through the foreclosure process and were unsuccessfully sold, you can check the web sites of most major national mortgage companies. These are called REOs (stands for Real Estate Owned).


You can also try and catch the property before it is foreclosed by the bank at auction. These auctions take place on Thurs. @ 3:00 p.m. in Room 274 at 360 Adams St.


However you can really find some great opportunities and prevent the home from the extra expense (forecloses can cost the bank an average of about $60k), plus save the homeowner from having a "foreclosure" on their record, by reaching those homeowners before it gets forecloses. Sometimes real estate agents, like myself, subscribe to services that provides them with properties that has "lis pendens". This is what mortgage company files to let anyone who is looking at the property records that their is a pending law suit.

To give you an idea, I just found 110 properties with lis pendens files within the last 7 days in Brooklyn. - Fri Jul 4 2008, 04:06

Yes, you can offer your coop for sale on this site and several others. Sites like Trulia, Craigslist, Backpage and more do take listings from homeowners (AKA for sale by owners OR FSBOs).

There are several advantages to selling your home FSBO:
- No commissions to payout
- Some buyers know that they are dealing with someone who doesn't do this for a living so they can take advantage of them on price and negotiation
- You create the marketing message, ads, fliers, and web site yourself

However, when you hire an agent there are some major advantages that you should take a look at:
- Agents have the tools and knowledge to price your home optimized for the highest value or quickest sale (normally this alone justifies the commission)
- Your agent represents YOU and YOUR interests and negotiates on behalf of you to get the highest price possible.
- Agents like myself spend a lot of time creating marketing pieces, web pages, creating a dedicated 24/7 informational hotline, print ads and online ads all about your property
- We conduct open houses
- We manage and followup on all leads
- Once a buyer is interested, we help submit an offer and hand hold that deal like our lives depended on it until the deal is closed.
- We list your property on our site, plus other sites that have multiple listings from other agents

Agents will always be willing to chat with you about what they can do to help you sell your coop. Even if you have no real intention, it's worthy of a meeting with one even if it's just to pick their brain for ideas. - Fri Jul 4 2008, 03:24

As a real estate agent that handles a ton of properties in the Rockaways, I am constantly asked this question. The best advice I can give is to come down and walk around the community. If you feel safe, then it's probably safe. If you never even leave your car or the subway station, well, then maybe the neighborhood is not right for you.
The fact is the Rockaways are going through some major changes for the better. Areas are becoming more desirable and while 10 years ago you might of not felt comfortable, today could be a different story.
So come out to the beach and check it out for yourself. Make a day out of it and bring your beach gear. - Fri Jul 4 2008, 02:42