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Home Buying in 10026 : Real Estate Advice

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  • Home Buying13
  • Home Selling2
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Activity 12
Mon Oct 24, 2016
Hoops2pts answered:
Can a HDFC prime tenant charge rent for a room?
0 votes 12 answers Share Flag
Thu Apr 3, 2014
sgreen2356 answered:
Inquire at:
Housing Preservation and Development.
TIL Program
100 Gold St.
New York, NY 10007

HPD sponsors the: Tenant Interim Leasing" Program which ultimately prepares the building for the
HDFC programs.
... more
0 votes 9 answers Share Flag
Tue Jul 9, 2013
Fern Hamberger answered:
Income limits are based on Gross income in an HDFC building.
And it varies with the number of households; the number of people living in the apartment
And their collective income.
Qualifying for a loan is totally different than qualifying in a coop.
Most of the time to qualify for an apt Ina coop building will vary and will depend on the house rules
And every coop is different even an HDFC coop. The limit on a salary can be different.
You can be preapproved for a lot of money from a lender BUT if the COOP states that maximum
Financing is 80 percent of the purchase price than that is all you can borrow.
fern Hamberger
LIC Asso Broker
Fhamberger@cocoran.com
Corcoran
... more
0 votes 7 answers Share Flag
Mon Jul 1, 2013
Michele Portnof answered:
There are many rules and regulations involved in purchasing an HDFC apartment. The guidelines are strictly observed. If you fall under the income cap for the specific building and this will be your primary residence, then yes, you can purchase. If you are looking at these apartments as an investment, look elsewhere. Usually the rental guidelines are very limited and must be closely observed by the building.
Michele Portnof
Associate Broker
Rutnberg Realty
mportnof@crrnyc.com
... more
0 votes 4 answers Share Flag
Mon Jul 1, 2013
Michele Portnof answered:
Elisabeth,
This doesn't sound like a building that has a good handle on its finances. While many HDFC buildings struggle at the beginning, if the board members are actively involved, this situation can improve. The transfer fee/flip tax from the sale of apartments go into the reserve. The maintenance may need to be increased or an assessment put into effect so this building can build up its reserves. There are many HDFC buildings that have good financials.
I have sold several HDFC co op apartments in the past year.
I have most happy to speak with you directly.
Please contact me with any questions or concerns.
Michele Portnof
Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
917.842.5792
... more
0 votes 5 answers Share Flag
Tue May 21, 2013
Kontina Pippen answered:
HDFC's are one type of low-middle income co-op in NYC. They are the most common. Many have financial issues but if you are willing to think outside the box and work to help a community grow, these can be great homes for working people. You need to make sure you are represented by a broker and a lawyer who are familiar with these properties. Asking the right questions is half the process. ... more
0 votes 2 answers Share Flag
Mon Jun 25, 2012
Adina Greenberg answered:
Do you mean the whole building? It's never just one (or 6) that become HDFC, or coop or condo. It's always the entire building. If you want to find out how long it takes for the building to convert, you call call PHD, or contact your attorney, if you are waiting to close, I assume you are in contract and have an attorney. ... more
1 vote 2 answers Share Flag
Sat Mar 5, 2011
Kingsnyc answered:
Fri Sep 24, 2010
Therese L Korahais answered:
Hi J Raymond, you can either amend last years tax return or wait for 2010 returns...I would talk to your accountant and see which he would recommend depending on your situation. Terry K 718-614-3167 cell or email me therese.korahais@elliman.com ... more
0 votes 4 answers Share Flag
Wed May 26, 2010
MAP1922 answered:
Zillow is not a true indicator of value and is not accepted by banks or courts. Please use an experienced broker to assist you who knows how to access ACRIS information and is a member of the multiple listing services (examples of listing databases: REBNY's RLS database; MANAR's MLS database). Look at the past three months of closed sales not asking prices.
Homes sold through most of the lotteries in Harlem (new construction) were to income restricted participants and governed by HUD and various other government agencies in New York City. If the new condo you are seeking is "market rate", those comps would not be appropriate.
Another suggestion is that you can speak to a bank loan officer for further assistance -- because at the end of the day, the price is really determined by what a bank is willing to finance. Why not try one of the local branches in the area?
Good luck in your search,
Michele Peters, Esq.
... more
0 votes 9 answers Share Flag
Tue Mar 2, 2010
Anna M Brocco answered:
Do keep in mind that when living any building surrounded by neighbors there is a good chance of hearing your neighbors--ask if any additional soundproofing material was used--concern yourself more with outside noise, neighbor noise and noise caused by internal building systems or if allowed consider padding walls with noise insulating materials. ... more
0 votes 6 answers Share Flag
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