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Home Buying in New Rochelle : Real Estate Advice

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Activity 79
Fri May 26, 2017
Kathy Burgreen answered:
I'm a VP of my co-op Board on Palmer Ave. in New Rochelle. Not sure if you are applying to a co-op here. To answer your question, you need to understand the following: Co-op Boards do not want to admit a buyer then at some point in the future, that buyer cannot afford to pay their monthly maintenance fee for whatever reason. It's the same principle as not paying your rent. Therefore, a co-op Board will want proof that your income is sufficient to pay your monthly mortgage + the monthly maintenance + any debts (student loans, credit cards) + ConEd + any commuting costs (MetroNorth or gas for your car) + money left for food, etc.

Example: Let's say you're buying a 2 bedroom co-op for $300,000.
Monthly income ------------------------$5,000.
Monthly mortgage - ?
Monthly maintenance - $1,500.
Monthly MetroNorth - $268./month
ConEd - $100,
Student Loans - ?
Credit Cards - ?

How much money is left after paying the above expenses? Does this buyer have any money left to buy food, cable, cell phone, clothes? Is there any money in savings if this buyer lost their job and was unemployed? If unemployed, can this buyer pay the monthly mortgage + the maintenance fee?

When you fill out the co-op Board application, you need to prove that if you were unemployed or had a medical crisis, you will have money in savings to pay the monthly maintenance fee. You need to know that if you fail to pay the maintenance fee, the Board can take legal action against you and start eviction proceedings. No co-op Board wants to do this because it costs money for attorneys and why should the other residents have to pay attorney fees to kick you out because you failed to pay the maintenance fee on time. The better solution is to prove to the Board that if you suddenly lost your job, you can afford to pay the maintenance fee until you found a new job. Remember, you cannot sell your unit until the maintenance fees are up to date. If there is a balance due, the Board will get paid at closing when you sell.

Another issue that upset me as a Board member was when we had a buyer who "claimed" to be buying the unit for herself BUT she was paying for a 2nd car and paying for her daughter's student loans. Alarm bells went off in our heads that this buyer was planning to move in with her daughter and wanted to keep it a secret. Sorry, but you cannot move in with somebody else and keep it a secret. The co-op Board will find out and we can take legal action against the buyer.

Finally, to help you out with buying a co-op - PLEASE VERIFY THE CO-OP BOARD'S FINANCIALS. Do NOT go to closing without knowing the co-op's financials. VERY IMPORTANT!!! You need to know that any resident can be on the Board. There is no requirement to have accounting experience. This means any idiot can be on the Board and not know what they are doing. As a former realtor, I have been to all the co-op buildings in New Rochelle, Yonkers, Larchmont, Mamaroneck, Mount Vernon, etc. Many co-op buildings have lousy financials and they are short on cash and have frequent maintenance increases because the Board members don't know what they are doing. The ideal method is for a co-op Board to have at least 10% cash reserves for emergency situations. As a guideline, if a co-op Board does not have good financials, the sellers of the co-ops need to sell their units cheap and/or they need cash buyers. Sellers cannot sell at higher prices because of the Board's finances. Lenders will refuse to give loans to buyers if the financials are lousy.
Bottom line - you can buy a co-op in a building with lousy financials. Just know what you're getting into and if you need to sell in the future, know that it will be a bit difficult to sell.

Also as a guideline - co-op buildings with lousy financials will go easy on buyers. They will approve buyers who don't have enough savings and are not as strict. Co-op buildings with strong financials and cash reserves will be stricter with buyers and buyers need to show proof they can pay the maintenance fees.

Good Luck!
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Sun Apr 9, 2017
Kathy Burgreen answered:
Yes, foreigners can buy real estate without a Social Security number. However, this requires a down payment of about 30% of the purchase price. The average home in New Rochelle sells for $600,000.+ This means you need a down payment of about $180,000.

As a former realtor and local resident, you should consider a 2 - 3 bedroom co-op for $250,000. and 30% would = $75,000.

You also need cash to pay for closing costs.
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Fri Nov 4, 2016
Kathy Burgreen answered:
Have you tried thru the county and city instead of state? Many down payment assistance programs are thru local communities - not the state. They have requirements so you will need to verify the requirements. ... more
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Wed Apr 6, 2016
Denverdonovan asked:
Most females have the need to be perfectly beautiful.
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Tue Jan 26, 2016
Kathy Burgreen answered:
Sat Oct 10, 2015
Trevor Curran answered:
Good morning Stephanie,

First, this is completely incorrect. There is NO hard number for how many points a credit score is affected by ANY activity on a credit report. For anyone to know that exact number would mean that person has knowledge of the secret algorithm used by FICO to generate credit scores. One visit to the MYFICO.com website will demonstrate that not even FICO provides an exact number for activities on a credit report that affect scoring algorithms.

Second, find a new banker. When you check out mortgage professionals, be sure to visit the National Mortgage Licensing System (NMLS) website. Consumers can verify the licensing of mortgage professionals and also the experience level of those professionals. I once saw a licensee who only two years earlier had been managing a pizza restaurant...! And that mortgage professional had made similarly bizarre statements to the consumer as this banker has made to you.

Take a look at MYFICO.com for credible information from the SOURCE about how credit scores are calculated and the effect of inquiries when a credit report is pulled.

Hope that helps!
Trevor Curran
NMLS #40140
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Mon Jul 27, 2015
Foreekhan asked:
Those kinds of supports their brain literally gets one just like the structural building new creating the foundation that if you don't do it right the first time the have to go bad…
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Thu Jul 23, 2015
Christopher Pagli answered:
Hi, Do you have a specific question?

Chris
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Thu Jul 2, 2015
Christopher Pagli answered:
These days anything over 700 is what they look for. there are loan products for people that have scores less then that, such as FHA. Your mortgage professional will guide you accordingly. If you need a referral please let me know.

Chris
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Mon Jun 22, 2015
Kathy Burgreen answered:
The best method to,qualify for a mortgage is to pay off outstanding debts (credit cards, loans, etc), save some money, then apply for a mortgage. Use online calculators to figure out your debt to income ratio & get it to below 25%. Also save enough to have at least 10% for a down payment & closing costs. ... more
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Thu Dec 4, 2014
Andrew Feigenbaum answered:
There are many great things happening in downtown New Rochelle. There are new restaurants opening every month, New Roc has fantastic movie theater, mini golf and new stores. Train station is walking distance and less than 30 minutes to NYC. New buildings going up as we speak.

Now is a great time to buy.
If you are interested I'd be happy to help you with your search. Please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
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Thu Dec 4, 2014
Andrew Feigenbaum answered:
Hi, I lived a few streets down from Bon Air for many years. There are 2 sections, the section between Webster and North Ave and the lower section which is a dead end. The section between North Ave and Webster has heavier traffic than most of the parallel streets because people use it as a cut through to get to the Hutchinson River Pkwy. The benefit is that it's very close to houses of worship and Wykagyl shopping center. If you can find a house on the dead end portion, it would be quieter.

If you are interested I'd be happy to help you with your search. Please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
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Thu Dec 4, 2014
Andrew Feigenbaum answered:
There are a few different options for what you're asking about.

If you are interested, I'd be happy to go over them with you and help with your search. Please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
0 votes 11 answers Share Flag
Thu Dec 4, 2014
Andrew Feigenbaum answered:
There are many options in Westchester.

If you are interested, I can help with your search. Please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
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Thu Dec 4, 2014
Andrew Feigenbaum answered:
Yes, there is definitely affordable housing in quiet neighborhoods in New Rochelle. I'd be happy to discuss some options with you.

If you are interested, please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
0 votes 10 answers Share Flag
Thu Dec 4, 2014
Andrew Feigenbaum answered:
Hi,
I grew up in New Rochelle and am currently raising my family here as well. I'd be happy to discuss some options with you.
If you are interested, please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
www.GrandLuxRealty.com
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
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Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some options with you for New Rochelle and Pelham. If you are interested, please call me at 914-273-9688.
Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com.
... more
0 votes 5 answers Share Flag
Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some condo options in New Rochelle with you. If you are interested, please call me at 914-273-9688.
Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com. ... more
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Fri May 30, 2014
timcwell answered:
I would contact First Horizon and ask to speak with the assigned loss mitigator to find out if there are any required documents missing, and/or request a short sale requirements package be sent to you. I have heard that sort sale files with multiple missing documents have been known to come up missing. Loss mitigators have quota's on the number of files they complete. So does anyone really expect them to take the time it takes to correct someone else's errors while doing so may lower their pay grade...? With a requirement package, everything you will need to submit an offer will be in it. JMHO. Good luck! ... more
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