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Home Buying in New York : Real Estate Advice

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Activity 2,332
Yesterday at 7:15pm
Kathy Burgreen answered:
Your home is listed for sale with Daniel Neiditch from River 2 River Realty. You need to contact him to cancel the For Sale listing. Trulia cannot cancel this.
0 votes 1 answer Share Flag
Yesterday at 8:45am
Tholden1966 answered:
Hello I live in MANHATTAN NY looking for a nice spacious house to rent with option to buy. I have a family of 6. I want to continue to work in the city. So I am Looking for something 30 45 or 90 minutes away from the City. Can you help? I also would like to have easy commute. ... more
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Sat Oct 14, 2017
Kathy Burgreen answered:
All lenders in NYC offer FHA loans. The issue is the type of home you are buying. FHA loans are for condos and single or 2 family houses. FHA loans cannot be used for coop buildings. Coop buildings require conventional loans. In NYC, the majority of housing is coop and condo buildings. Single and 2 family houses are in eastern Queens and Brooklyn, Staten Island and the Bronx. There are some in northern Manhattan too.

Given the above, what is your budget. To use FHA for a condo or house, your pre approval needs to be at least $700,000. If your pre approval is below that, then you are looking at coop buildings with lower asking prices but require conventional loans.
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Fri Oct 6, 2017
Maggieandjeff80 answered:
We DEFINITELY had this problem with Wells Fargo when we first got our loan. We eventually did get a mortgage with them, but realized they were waiting for the rates to go up. THIS WEEK we've had problems with them (not the first time) taking out $200 for a $2000 payment. After tons of time and worry, I lost my cool when they told me they'd wave the $12.00 fee for their mistake. This after they never put in the "work order" they stated they would, nor did they call me back on a Friday at 4:00 as promised. I was routed to four people through perseverance before it was resolved. Now they've taken the payment over the phone and I fear for our security as they didn't get how it was insulting to hear they'd waive the fee for their mistake.. The first night it could have been resolved vs the fake Friday call that ever arrived and the fake work order. Ugh! I want $12 each call! ... more
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Fri Oct 6, 2017
Susie Kay answered:
If you are paying with cash then there's no need to check your credit. No lender is involved.
0 votes 2 answers Share Flag
Wed Oct 4, 2017
Kathy Burgreen answered:
As far as I know, lot sizes on both Zillow and Trulia have been listed in sq. ft. - not acres. Many listings on these websites are less than 1 acre, so sq. ft. would make more sense.
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Tue Oct 3, 2017
Alan May answered:
Since you'll be the only one on the mortgage, anyone else providing money as downpayment would be considered a gift.

You could resolve this by including your sister on the mortgage (she would then be co-responsible for repaying the loan... although you could privately agree that you are the one who will be paying the loan)...

Or, you could have your sister sign a statement that the cash could be considered a "gift" and need not be repaid. (which is essentially true, since you'll be paying for the balance... not repaying her).

Good luck.
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Tue Sep 26, 2017
Kathy Burgreen answered:
The good news is - yes you can buy a studio or 1 bedroom in New York City as a foreigner BUT there are restrictions. So allow me to educate you on what you need to know:

Foreigners can buy real estate anywhere in the U.S. However, you will need to pay at least 30% - 40% of the purchase price in cash. You can get a loan for the balance.

New York City has different types of apartment buildings to buy. One type is cooperative (coop or co-op) and the other type is condominium (condo).
Cooperative (co-op) buildings means that the owners of each unit own shares of stock in a limited housing corporation that gives them the right to occupy their unit indefinitely. Owners can sell their shares of stock or unit on the open market and gain equity for their unit over time. Studios or 1 bedrooms in a co-op building in New York City range from $75,000. - $1,000,000. ($1 million) depending on the neighborhood and condition of the unit / apartment.
Co-op buildings in New York City are only for legal U.S. residents. Foreigners CANNOT live in any co-op building. Buyers need to be approved by the co-op Board after a contract is signed by the seller and buyer but before the closing date. Every co-op Board will verify that the buyer is a U.S. citizen or legal resident. Therefore, the cheap apartments that you see advertised on real estate websites like Zillow, Trulia, etc. are co-op buildings and you cannot buy these apartments because you are a foreigner.

Condominium (condo) apartment buildings means that owners do own their own units (apartments) and get a title or deed for their unit. Owners can sell their units on the open market and gain equity. Studios and 2 bedrooms in a condo building in New York City range from $200,000. - $5 million ($5,000,000). Prices depend on the neighborhood and condition of the apartment. Studios or 1 bedrooms selling for less than $300,000. will be located in the worst neighborhoods and in very bad condition.
Foreigners can buy a condo apartment in New York City. You do not need to be a U.S. legal resident or citizen. However, for a studio or 1 bedroom in good condition in a decent neighborhood will sell for $400 - 500,000. and have fees of $1,000. per month.

Bottom line - as a foreigner to buy a condo apartment at $400,000. means you will need to pay $120,000. (30%) for a down payment. Condo units can be rented out BUT the HOA (homeowners association) has restrictions on how many apartments can be rented out at any one time. There are waiting lists so if you intend to rent out your apartment, you may need to wait several years. Condo buildings need to have a minimum of about 80% owner occupied.

If you intend to do any renovations in your apartment, construction costs are very expensive. I paid $25,000. to have new floors in my apartment (800 sq. ft.) and $25,000. to renovate my bathroom (5 x 7 sq. ft.) - AND I live in a suburb of New York City. Contractor prices are higher within New York City.

Hope this information helps.
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Mon Sep 25, 2017
Joquim Fernandes answered:
You can find some good property sites at http://mayfairhousing.com
0 votes 7 answers Share Flag
Thu Sep 21, 2017
Edunc13 answered:
I have an on-going problem with my Birchwood I construction. For the past 7 months I have been trying to get them to repair a leaky basement. The basement has developed mold twice during this time. They are slow to respond, try to resolve it the cheapest way that doesn't work. They often do not respond to my demand that this basement be sealed properly so as not to leak. This is just one of many issues I have had to deal with over the past 2 years. ... more
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Thu Sep 21, 2017
Pamdrew1 answered:
I would say NACA is a good program overall and when it comes to the percentage rate. BUT!! NACA is not for everyone, it's just not. I went through this program 3 times!!! I wouldn't say it was a total waste if nothing else it did prepare me for purchasing a home a far as getting my credit in line, which is not required by NACA. But if you have judgements, collections, and late pays that is a NO NO no matter what lender you go with. I have student loans which did keep me from purchasing the home I hoped to get. However, in end I did not get a loan through NACA, I got it through Navy Federal Credit Union. They also had a program with no closing cost and No Money down., I got a decent percentage rate. I would suggest to anyone with student loans, make sure the loans is current and the best situation is to have a payment in place, I didn't my loans were deferred. I am now in 1 month of being a happy homeowner. I love my home and yes I could have gotten something a little bigger, if I had a payment in place for my student loans, and just 1 or 2 more things off my credit. It was all worth it! My home is the perfect size it was all newly remodeled. Good Luck to you! ... more
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Fri Sep 15, 2017
Bradleyc20744 answered:
Does the realtor have to put down Good Faith money if they are purchasing a clients home?
0 votes 13 answers Share Flag
Fri Sep 1, 2017
Kathy Burgreen answered:
Are you 100% positive the $10K does NOT include upfront maintenance fee, etc.? I live in a coop in Westchester & the $10K seems a lot. You need to file a UCC-1 for coop purchase.
0 votes 1 answer Share Flag
Wed Aug 30, 2017
Bjonespharmd answered:
C.O.D. sounds like you are giving a cop money for drugs and arrested on sight. Maybe im wrong or cautious
0 votes 4 answers Share Flag
Tue Aug 29, 2017
Shebrelle Hunter-Green asked:
Mon Aug 28, 2017
Kathy Burgreen answered:
As a recently retired real estate agent & life long NYC area resident, your first step is to either be pre approved by a lender or have proof of funds. No real estate agent will show you homes unless you can provide proof in writing that you can afford the home. Once you have proof, any real estate agent will show you homes within your budget.

You need to know the above is a safety issue. This is NYC and agents need to know who they are dealing with.
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Sun Aug 27, 2017
Williamsjackot asked:
Sun Aug 27, 2017
Mbautista2111 answered:
Absolutely - you are not legally bound to anything until there is a fully executed contract in place!
0 votes 13 answers Share Flag
Thu Aug 24, 2017
Tcallaway answered:
I have been living with my mother off and on since her purchase off her.co-op since 2001 she has another residence were she stays 5to6months a yr. My mother got notice of termination acussing a illegal sublet and to vacant her apt may 31 off this yr. The board has not legally moved forward. My mother hired a lawyer and the coop board lawyer has not been forth coming with our lawyer what recourse do we have. Our lawyer said he would start sanctions against the board and there lawyer. My mother is 86 and is stressed over this ... more
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