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Yonkers : Real Estate Advice

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  • Home Buying118
  • Home Selling11
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Activity 436
Sun Dec 3, 2017
Kathy Burgreen answered:
I'm a former realtor and have sold homes in Yonkers as well as tried to work with Section 8 tenants. I visited City Hall and spoke with several people on behalf of Section 8 tenants. It seems that nobody really cares and those in charge tell you they know about building issues but they don't have enough people to take care of it and they don't have the money to fix all the problems. This is for the Getty Sq. area and south Yonkers. I know from experience if there are major issues with buildings on Central Ave., north Yonkers by Executive Blvd. or close to the Scarsdale border, those buildings will get fixed quickly because it's a better neighborhood.

The same situation would apply to Mount Vernon and New Rochelle. I know there is a really nice garden apartment complex called Marina's Edge on Davenport Ave. in New Rochelle that accepts Section 8 tenants. Take the 7 bus from Yonkers to New Rochelle, then switch to the 45 bus to Pelham Rd. Ask the driver to let you off by Trinity Elementary School then walk up to Davenport Ave. The complex is on the left. The address is 10 - 50 Davenport Ave. (even numbers). I deliver Meals on Wheels to a resident there.
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Fri Nov 3, 2017
Kimblee Wright asked:
Mon Oct 30, 2017
Kathy Burgreen answered:
Trulia is a media website that hosts listings posted by realtors, property management companies, owners, etc. Trulia uses links that will direct you to mortgage lenders but you don’t need to use them. My advice: know who you are giving your information to BEFORE running your credit as there could be links to fake websites or people claiming they are lenders when they are not. Do yourself a huge favor. Since you’re in Yonkers, there are hundreds of local banks within walking distance. Use your bank or any local one and go in person and ask to speak with their lending department. This way, your personal information is safe and secure. ... more
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Fri Sep 29, 2017
Kathy Burgreen answered:
I'm a recently retired realtor and sold several coops (North Broadway, Central Park Ave.) and 2 family homes all in Yonkers. You should NEVER be afraid of mortgage lenders. They need business and are happy to work with all types of buyers. I have personally seen buyers with the same income as yours get pre approved AND move into their new coop. So if they did it, you can too.

Now for some tips / advice / hidden truths:
With your income, you can only afford a 1 bedroom coop apartment. Your best bet will be Bronx River Rd., North Broadway and maybe the side streets off Central Park Ave. although those coops tend to be a bit more than the ones on Bronx River Rd. and North Broadway. With North Broadway, stick closer to Ashburton because the streets further north are more expensive.
You need to review your monthly budget and make sure your income will cover the mortgage, monthly maintenance (the average for a 1 bedroom in Yonkers is $500 - 700. per month), Metro North if you work in Manhattan, a parking space (figure $20 - 50. per month in addition to the maintenance), utilities, food, etc.
You will need to be approved by a coop Board after you sign a purchase contract and before you close on a coop. The coop Boards in Yonkers are not as strict as other Westchester towns because they know they can't get high income residents to live there. However, they do want to see buyers have some money left after the mortgage and maintenance fee to pay your other monthly expenses. That's why I said review your budget now.
Your FICO credit score should be 620 or higher. This is so lenders will give you a loan. Lenders in Westchester generally don't give loans if your FICO credit score is below 620. Especially if you're buying a coop. It's too risky for the lender.
As for borrowing from your 401K - don't do it. I know you can, but I would rather see buyers save their own money or borrow from family members, etc. than taking money out from your retirement account. You can also contact Yonkers or Westchester County and find out if there are 1st time homebuyer down payment assistance grants. This would make more sense than taking money out of your 401K.

As for gaining equity in a coop, as a general rule, you do BUT it depends on location. Unfortunately, coop owners in Yonkers don't gain as much equity for their units as coops in other Westchester towns do. You gain some.

One final thought - You need to check out the garden apartment style coops on Richbell Road in Mamaroneck and Pelham Rd. in New Rochelle. These coops are in much better neighborhoods than Yonkers and they are CHEAP!!! I think you have a shot at getting approved by the coop Board. The only negative with the Richbell Rd. in Mamaroneck is parking. It's pretty much street parking and it can be tough finding a space. The good news for both places - they are on a bus line and the bus stops in front of the buildings or at the corner. It's also a reasonable walk to Metro North. The best news - the neighborhoods are much better than Yonkers.
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Fri Sep 29, 2017
Daisy Lozada answered:
Thu Sep 28, 2017
Faith answered:
Hi,

Pending means an offer has been made on the home and it is in the process of closing.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/ ... more
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Sun Sep 17, 2017
Mjackson answered:
I know of a website service that will email you local MLS comps, without hiring or signing up with a realtor. Very inexpensive...$15. Well worth it!
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Fri Sep 15, 2017
Kathy Burgreen answered:
As a recently retired realtor and long time Westchester resident, I hate to give you bad news but unfortunately it's the truth (meaning realtors will never admit to it). Most of the rentals that will accept vouchers are in the Getty Square area. There are some in the McLean Ave. neighborhood - going towards the Bronx. Also try Lincoln Park neighborhood by Mount Vernon. You will also need to go thru Yonkers Housing to find rentals.

Rentals along North Broadway, Central Park Ave., etc. are not going to accept vouchers because landlords know those buildings are in a better neighborhood and they can easily get tenants with higher incomes who will pay those higher rents. Remember, there are plenty of people who work in Manhattan and would rather pay a cheaper rent in Yonkers than in Brooklyn, Queens or Manhattan. So landlords know they don't need to have their buildings meet Section 8 requirements to accept vouchers. You need to know that landlords who accept vouchers are required to repair or fix everything to be accepted by the government BEFORE you move in. Since this costs landlords money, why should they spend their own money to fix everything when they can charge $2,000. or more to a regular tenant and not have to pay money to do any repairs. More money in the landlord's pocket.

As for realtors - forget it. Most realtors in Westchester don't want to work with tenants on vouchers because the commission earned is very little and realtors have bills to pay. Realtors know they can easily sell a single family house in North Yonkers or around Central Ave. and make more money in commissions than dealing with a tenant who has a voucher.

Your best method is contacting several of the brokerage offices in Yonkers and ask to speak with the Office Manager. Ask if there are any agents in their office who will work with you. You might get lucky. I know of one real estate office on McLean Ave. who works with rentals. Try them because if they work with rentals, they may be able to help you. Unfortunately, you need to follow my advice in the 1st paragraph. Sorry.

Aside from Yonkers, I know of a coop complex on Davenport Ave. in New Rochelle. This development does accept vouchers. It's called Marina's Edge and the buildings are 10, 20, 30, 40 & 50 Davenport Ave. When I was a realtor, I was told apartments for sale are cash only because lenders refuse to give loans to buyers to buy those coops. Why? Because too many residents are on vouchers. This complex has its own private beach too and it's right by a bus stop. From Yonkers, take the 7 bus to New Rochelle, Transfer to the 45 bus and get off on Pelham Rd. by North Ave. (just after Trinity School). Walk to Davenport Ave., up the hill and the complex is on the left. I deliver Meals on Wheels to a resident there. The complex is clean, beautiful and a much better neighborhood than Getty Square. North Ave. in New Rochelle has many businesses too.
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Wed Sep 13, 2017
Biged79er answered:
I HAVE 120.000 DOLLARS IN MY ANNUITY AND I WANT TO BUY A CO OP
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Mon Aug 28, 2017
Cary Collier answered:
Yes, some good and some bad. You have to talk to them and ask exactly what they do and see if they put it in writing. We have 2 programs for sellers. 1. 3-3.5% commission and $500 and a flat 5%. We've never had a bad review and are always happy to give ask past clients to speak with potential clients and have had no issues. Look around, I feel the local brokers do the best job as they know the true market and how to handle objections on negotiations.

Cary Collier
Broker
SellFastPayLess.com, LLC
Collier-Associates.com
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Sat Aug 19, 2017
Nealr2013 asked:
Mon Jul 17, 2017
Kathy Burgreen answered:
The issue with real estate agents in Westchester is they don't work with rentals - including Lucille Esposito. The only agents who work with rentals are those who just got their license within the past year. Once the new licensed agents get experience and clients, they drop the renters and just work with buyers and sellers.

Working as a realtor in the New York City area (including suburbs) is very expensive and agents need to select which types of clients they can work with in order to make a decent income. Unfortunately, working with rentals doesn't pay much while working with buyers and sellers pays much more.

The best thing to do is contact some Office Managers of the large brokerage offices in Yonkers and ask to be connected to a new licensed agent. This way you won't get a rude obnoxious agent who is unprepared and unprofessional.
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Wed Jul 5, 2017
Marleni.crisostomo asked:
Sat Jul 1, 2017
Kathy Burgreen answered:
If you are looking in Yonkers, you need to know that LINC does NOT apply in Yonkers. You have to look for a rental within New York City only - that means up to 241st St. in the Bronx or up to Van Cortlandt Park. Yonkers uses Section 8 only because it's in New York State - not NYC. ... more
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Thu May 11, 2017
Kathy Burgreen answered:
As a former realtor in Westchester, you need to explain a few things because your question doesn't make sense.

1. You stated "House price is $70K." Is this a co-op? A house in foreclosure? There are no houses in Westchester for $70,000. Even a foreclosed house that needs major repairs would sell for about $300,000. At $70K, it means a studio or 1 bedroom co-op in Yonkers. It's not a house.

2. You stated "20 percentage down". Why 20%? Most co-ops in Yonkers only require 10% down - not 20%. If this is a house, you can get an FHA loan which just requires 3.5%.

3. If this is a co-op, you will need to fill out an application and be reviewed by the co-op Board. Most co-op Boards do not accept a co-signer. Even if your lender approves a co-signer, the co-op Board won't.

4. You stated "Offer accepted and inspection done." Did you and the seller sign a contract yet? Why did you have the inspection done if there is no contract? An accepted offer is not a contract. You may have wasted money on an inspection fee.

5. Do you have a real estate attorney? Real estate attorneys are required to close a real estate transaction. Also are you working with a real estate agent?

6. If your 2016 income is $40K, you will not qualify to buy anything. It doesn't matter what your co-signer's income is, because lenders go by your income first. At most you will qualify for a studio or maybe a 1 bedroom co-op in Yonkers. However, as I mentioned above, the co-op Board may not approve you because of your low income.

If this is a co-op, you need to know that co-op Boards need proof that you can afford to pay the monthly mortgage + the monthly maintenance fee + utilities + other expenses. They also want proof that you have savings in case you lose your job or have a situation where you lost your regular income.
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