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All Locations : Nationwide Real Estate Advice

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A few minutes ago
Kathy Burgreen answered:
In the Bronx, expect real estate agents to rip you off because they know they can get away with it. Brokers in Manhattan already charge plenty so those in the Bronx feel as long as Manhattan is charging high fees, why not? You can easily get around this and you DON'T NEED TO PAY BROKER FEES!!

What you need to do - go to as many rental apartment buildings as possible and write down the name of the property management company. If you don't see the name, try to get a hold of the super and he will tell you. Typically the property management company's name is inside the front door where the buzzers / directory is or on the outside of the building. You may even notice that one management company has several buildings.

Google the management companies and get the address and phone numbers. Visit their websites. If they have a website, typically you can submit an application online or there are instructions on how to get a rental. If one company has several buildings they manage, you should research each building. You can also visit their office in person and ask about their rentals.
Bottom line - Going thru the management company allows you to save money on broker fees. You will also have the advantage of dealing directly with them instead of having a broker intervene.
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A few minutes ago
Kathy Burgreen answered:
As a former realtor, the following is what you need to know that realtors, lenders and builders will NEVER tell you (the truth):

When it comes to new construction, builders don't care at all about you. They are just interested in closings and making a profit. Builders know buyers like you LOVE new construction so they can get away with charging higher "premium" prices for new built homes. You can never negotiate the price because builders know they can easily get another buyer in 10 minutes or the same day who WILL pay the builder's higher price. A builder just has to tell you, "sorry but if you want to negotiate the price, get out of here and I'll get a different buyer this afternoon." The only role the realtor plays is trying to negotiate the cost of upgrades. Builders will negotiate items that don't affect their bottom line (profits). You also need to know that the builder's contract is written by lawyers to benefit them - not you. It is NOT the same contract that realtors use which is state authorized. Therefore, there are terms in the builder's contract that you need to change and negotiate. Items like: if anything goes wrong with the construction, you need to pay for it. The same terms apply after you move in. If anything goes wrong, you need to pay for it.

As for Return on Investment - with new construction, owners need to live in their homes for at least 5 years in order to gain any equity / return. The minute you move into your new built home, it is NOT considered "new" anymore. Therefore, if you move within 3 - 5 years, your home will be compared to older homes in the same neighborhood. It cannot be compared to new built homes. Yes, your home will lose value the day you move in. Depending on the market in your area, it takes about 3 - 5 years to gain back the value you lost. Remember, the builder charged you a higher "premium" price to buy that new built home. Yes, you can call it a "gotcha" or a scam. I know it's unfair.

Now for the older 1976 home. Since this is an individual seller (not a builder), you have the freedom to negotiate the asking price. Depending on your market, how motivated the seller is and whether there are other offers - will determine how much negotiating room you have. How well maintained is this home? If you submit an offer, make sure you have contigencies for a general home inspection & roof inspection. Make sure the home is tested for insects, lead and radon. Make sure your realtor is able to negotiate the price after the inspection results. You don't need the seller to fix anything from the inspection. You can pay for it yourself BUT you want to lower your offer price. This way, you know the quality of the repairs since you paid for it. If you let the seller fix any repairs, you have no control on how well the repairs were done. You just have to take the seller's word for it and that is not good. As a realtor, I told my clients to lower the contract price instead of fixing anything. By the way, the repairs will be much cheaper than what you can lower the contract price for.

As for Return on Investment - you do NOT lose any value the day you move in. Since it's not new construction, you gain equity the day you move in PROVIDED your contract price is in line with recently sold homes that are similar to this one. If you overpay for this home and you need to sell within a year, you will lose value. What you need to do is review as many comps as possible. You need to see what similar homes have sold for within the past 6 months, homes under contract and homes that are still on the market (not new construction).

Finally - HOA fees. You need to know that HOA fees do go up. Why the huge difference between $360. and $425.? What do these fees pay for? You need to compare what each HOA pays for. Suppose in a year, the fees increase to something like $370. and $435. OR suppose one HOA fee increases while the other HOA stays the same. You need to ask EACH HOA if they have any capital improvement projects on their agenda that will increase the fee. You don't want any surprises. Also ask each HOA about their cash reserves. Does each HOA have sufficient cash reserves to handle an emergency? HOA's that are short with cash reserves will need to increase their fees in the event of an emergency.

Good Luck!
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A few hours ago
Cowgirlup4849 answered:
If I only make 754.00 can I still buy a house
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A few hours ago
Efrain1987garcia answered:
A few hours ago
Theresacombs123 asked:
Hi, all
I need to renew my home mortgage immediately.I have few doubts regarding mortgage renewal.

1) Do I need to renew my mortgage to cover the outstanding balance that I owe on…
0 votes 0 Answers Share Flag
A few hours ago
Linda Welsh answered:
I went from a 620 credit score to a 800 in a matter of Weeks. Hey people, if you plan on buying a house, a car, or even getting approved for a credit card or loan, the first thing you need to do is contact superbtechnologies444@gmail.com. You having nothing to lose. Having a great credit score will get you the best deal and interest rate on everything.There services are 100% Excellent, You can reach out to him for any credit issues ... more
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A few hours ago
Lisa Popek asked:
is gated and no trouble is there, the owner and mgr are pretty good about getting rid of people who don't pay rent or cause trouble. My email is lisapopek@cox.net.
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Yesterday at 9:57pm
Skippynoodlesmom asked:
Yesterday at 9:01pm
Egwim_michael answered:
Mls 2903064 still in the market
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Yesterday at 8:49pm
Skdwivedi asked:
Escrow discovered that seller has some $ amount which seller can pay from the money seller gets as equity. it is more than 40days no news.
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Yesterday at 8:32pm
Highdesertjunkremoval answered:
If you charging more than $500 for a total job including the trash out/junk removal you need to have a state contractors license or risk being arrested and not being paid for the work you preformed. Also any work that you have completed in the past since 2016 you will have to refund the money you collected if requested by the person or company that contracted you, Check with the State of California Licensed Board for the current laws. ... more
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Yesterday at 8:30pm
Kathy Burgreen answered:
Section 8 only entitles you to find a cheap rental in the cheapest part of town. It does NOT entitle you to find a large house in a neighborhood that you want. Tired of people on Section 8 who think they can rent a home that is reserved for people with more money and better credit. ... more
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Yesterday at 8:20pm
Kathy Burgreen answered:
This is a perfect case of buyers who don't know what they're doing. Unfortunately, you never contacted a title company to research ALL liens. If this bank has an outstanding lien on your home, yes the bank can legally foreclose on this house and you will need to pay the outstanding mortgage balance or move out. The other issue is did you pay for title insurance? If you had title insurance, the title company would be able to take care of this outstanding lien for you. ... more
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Yesterday at 7:42pm
Lisadmacdonald asked:
When other units in my complex were auctioned, the starting bid was $50k. Can we bid less? If there are no other bidders present?
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