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Home Buying in Staten Island : Real Estate Advice

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  • Local Info73
  • Home Buying288
  • Home Selling71
  • Market Conditions30

Activity 437
Wed Dec 13, 2017
Kathy Burgreen answered:
No. Housing in NYC is very expensive and your income is not enough to buy anything including a 1 bedroom coop. To buy a home on Staten Island you need an income of $100,000. or more. Your credit and savings is good.

To buy a home, you need cash for a down payment (at least 3.5% with an FHA loan + cash to pay closing costs. In NYC, closing costs is expensive.
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Thu Nov 2, 2017
Randy answered:
I have gas coming into house already, what should cost be?
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Thu Sep 28, 2017
Mavplum8 answered:
what if I move me and my wife
into a house I built up to code
but don't have or coo what
Happens then what can they do to us
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Tue Sep 19, 2017
Tcool_520 asked:
I just bought this house recently.The last owner bought it last year on short sale. It was renovated and remodeled. But I'm kinda worried now.
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Wed Sep 6, 2017
Philipriley45 asked:
Tue Aug 15, 2017
Kimberly B asked:
We are a family of 5 but only one of us works. I heard its hard to get approved if you don't make a ton of money. Not sure how accurate this is but we are trying to buy a house no more than…
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Thu Jun 29, 2017
Kathy Burgreen answered:
I read your replies below. Forget it, it won't work. You need to own a car on Staten Island and does the SI Ferry run 24/7? If you're budget is $300 - 400K, forget about buying a house. Any house in this price range means it needs at least $100K in renovations / repairs OR it's in a high crime neighborhood and that's just to start.

Your best method with your budget: buy a co-op in Queens, Brooklyn or the Bronx within walking distance to the subway or bus stop and in a safe neighborhood. Another option is the nearby suburbs of Westchester or Nassau Counties. Both suburbs have co-ops within walking distance to the train stations (MetroNorth or Long Island Railroad) and there are buses. Check the schedules to see if the trains run at 1:00AM.

Remember, the safer the neighborhood, the higher the prices for housing.
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Wed May 24, 2017
Moishe Greenstein answered:
Is there a demand in Westerleigh area for studio or larg apartments or in between?
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Mon Apr 10, 2017
Kathy Burgreen answered:
This is NOT TRUE for New York City. Unlike the rest of the country, New York real estate appreciates in value - guaranteed. What you don't know:

1. Co-op buildings in NYC have down payment requirements averaging 20%+. Co-op buildings in the nearby suburbs average 10%+ for down payment requirements. Because of these high down payment requirements, co-op Boards do not allow FHA, VA and other loans that have low down payment requirements.

2. Co-op Boards review a buyer's financials before buyers can close and can legally reject buyers based on their financials. This means if the buyer was approved by a lender, they can still be rejected by a co-op Board.

3. Because only qualified financially secure buyers move into a co-op building, the value of the entire building increases in value and appreciates. Condos in NYC do the same. The Board of Directors has first right of refusal and if they feel a buyer will default on the HOA fees, the condo board will refuse the buyer. Just like co-ops, condo buildings do not have to allow FHA or other financing that has low down payment requirements. Co-op and condo buildings only want buyers who can put some of their own money into the home purchase.

4. During the housing crisis / recession when the rest of the country was suffering from foreclosures and short sales, New York City did not suffer much thanks to the verfication of buyers financials and down payment requirements for condos and co-op buildings.

Therefore, buying in NYC is expensive but you don't have to worry about your investment. It will appreciate. There are exceptions to this: Examples: bad neighborhoods that are mostly welfare residents and/or have a high crime rate; the immediate area surrounding JFK & La Guardia; etc.
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Thu Mar 16, 2017
FarOutWest answered:
Run as fast as you can from this lifetime of problems!
If the seller informs you that the contract cannot be voided, find the best real estate attorney in the area and pay for an hour of that attorney's time. Rescind this contract even if it costs you money. ... more
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Sun Feb 5, 2017
Lyuda78_ua asked:
Wed Jan 18, 2017
Alysse Musgrave answered:
The terms of an owner financed transaction are negotiable and at the discretion of the parties. Be sure you hire an attorney to help you complete this purchase.

Buying a Home? Don't Let Them Make a Monkey Out of You! Follow the link below.

Alysse Musgrave
Consumer Advocate/
Exclusive Buyer Broker

Best selling author of Buying a Home: Don't Let Them Make a Monkey Out of You!
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Fri Dec 30, 2016
Channawickremaratne asked:
This question was asked from this property:
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Fri Nov 18, 2016
Kathy Burgreen answered:
20%. Lenders will tell you that they can include the PMI as part of the loan but you will pay a higher interest rate and additional fees for it.
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Mon Nov 14, 2016
Fordgraham127 answered:
Invaluable suggestions - I am thankful for the information - Does anyone know where I might be able to locate a template NJ CN 10148 copy to use ?
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Sat Nov 5, 2016
Christopher Burdzy answered:
Fri Nov 4, 2016
UpNest answered: is a great platform to compare realtor commissions, profiles and rebates. By submitting a request on our site you will get an idea for what different agents charge and what services they offer. You will also get a detailed proposal with info on market trends and the agents marketing plan. ... more
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Fri Nov 4, 2016
Angelica P answered:

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Thu Oct 27, 2016
Marina Malikova asked:
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