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Home Buying in Brooklyn : Real Estate Advice

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  • Local Info198
  • Home Buying932
  • Home Selling89
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Activity 1,969
Tue Aug 15, 2017
jumboloancenter answered:
For single unit - 95% up to 1.5mil. 90% up to 2.5mil. Programs require good credit and full documentation, good 720 credit. Be sure to check the link below for the latest updates as these requirements often change. ... more
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Mon Aug 14, 2017
Cziegler answered:
I am not able to find out how to properly to sign a contract in the state of New to be enforceable. What happened went one of the parts does not sign the contract? can the party that does not sign the contract can enforce the unsigned contract? ... more
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Sun Aug 13, 2017
Leuamsale answered:
Is cash ouers coming with cash only? How about if I get a check written country as cash purchase?
0 votes 53 answers Share Flag
Fri Aug 11, 2017
Kathy Burgreen answered:
All agents in NYC have access to the same listings. Any real estate agent can assist you with buying a home. The most important issue will be your budget. If you are getting a mortgage loan, make sure you are pre approved first BEFORE contacting real estate agents. You will not see anything without a pre approval from a lender. If you are paying 100% cash, you need to show proof.

As for selecting an agent, it depends on your budget (what you are pre approved for). Example: if you are pre approved for $300K and under, your choices are slim to none as there is very little in this price range. $300. - $500K will get you new licensed agents to those who have 1 - 3 years experience. $500 - 700K will get you medium experience agents. Above $700K will get you the top experienced agents.
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Tue Aug 8, 2017
Todd Simons answered:
Hi Melanieathomas555,

This is pushing it close but I will see what I can do.

I am originally from the south and it's quite different here. I should be able to explain further soon. I hope you guys have down sized. you pay more for space here.

Can you email or text me?

If so we can get started. todd.m.simons@gmail.com or 516 341 8698.
You can even visit my questionnaire website at http://www.createanexitwithtodd.com.

Hope this helps.
Thanks!
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Mon Aug 7, 2017
Russellgerlach1948 answered:
what banks do va loans in new jersey
0 votes 8 answers Share Flag
Thu Aug 3, 2017
Kathy Burgreen answered:
As a recently retired NYC area realtor, I just want to confirm that the agent / broker you are working with is somebody that you found on your own - NOT the listing agent who is representing the seller. If this was your own agent, then you need to contact the Office Manager / Broker where this agent works at. Explain that you're not satisfied and you want to be reassigned to a different agent within that brokerage. Brokerages in NYC have hundreds of agents that work in the same brokerage, so getting a different agent should be easy.

In NYC your attorney will not negotiate the price of the property for you - that is your agent's job. Your attorney is responsible for reviewing your contract, collecting the earnest money, advising you about anything in the contract and attending the closing with you.
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0 votes 1 answer Share Flag
Fri Jul 28, 2017
Info.jaafarlending asked:
Sun Jul 23, 2017
Kathy Burgreen answered:
A one shot deal IS A PROGRAM! No programs means you pay the first month rent + security out of your paycheck - no one shot deals.
0 votes 1 answer Share Flag
Sat Jul 22, 2017
Kathy Burgreen answered:
You need to use StreetEasy - www.streeteasy.com which is a real estate website exclusively for New York City. It has far more search filters than Trulia and Zillow does and you can specify more criteria for your search. Best news of all - the pictures are FULL SIZE!

On the negative side - StreetEasy gets its listings from the Real Estate Board of NY (REBNY) which is the "MLS" system for New York City. Therefore, StreetEasy won't have For Sale By Owner listings as much as Zillow and Trulia does.
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0 votes 2 answers Share Flag
Mon Jul 17, 2017
Kathy Burgreen answered:
I'm the VP of my co-op Board in Westchester + a recently retired realtor. You should be fine with your DTI. To calm your nerves, I will tell you what our Board looks at when we review buyer applications:

Start with NET income (after tax deductions - take home pay)
Subtract: monthly mortgage amount (if any)
monthly maintenance fee
monthly parking fee (if buyer is paying for this)
monthly student loan payments (if any)
monthly credit card bill (we average this if past amounts vary a lot)
monthly commuter costs (MetroNorth, PATH, LIRR + subway if needed)
utilities (we use typical ConEd bill for that size co-op unit)
TOTAL = amount left from paycheck after the above items are deducted.

You need to know that co-op Boards do NOT want to accept buyers that appear to be living paycheck to paycheck. That is cutting it too close. Even with our Board, we accept buyers who have some money left to pay for food and other daily expenses.
We also verify that buyers have some emergency savings for unexpected costs (car repairs, medical bills, etc.)

What our Board has been struggling with is age diversity. Unfortunately, our building is 60% elderly (55+ years) because not many young people are able to save enough money for emergencies + have enough left from their net income for daily expenses. We want to approve more younger buyers and we have been but there have been some buyers who appear to be cutting it too close (very little savings and not enough left over paycheck money) and we have to reject them.

As you can see, we don't use DTI or credit scores to approve buyers to our building. That said, we do require buyers to have at least a 620 credit score. We also never contact any personal or business references.

You also need to know what concerns every co-op Board is whether this buyer is able to pay the monthly maintenance fee on time every month. Co-op Boards do have the legal authority to foreclose and evict you if you default on the maintenance fee. Co-op Boards don't want to spend legal fees going after a shareholder. It's much cheaper to review the finances BEFORE the interview. As a Board, we do remind buyers during the interview that we expect them to pay the maintenance fee on time every month.

I know co-op buildings in Brooklyn have additional amenities (pool, gym, etc.). Here in Westchester, condos have those amenities; most co-op buildings don't. Finally, I get the attraction of Brooklyn Heights but I hate to tell you - I feel you're wasting money buying in Brooklyn. Co-ops and condos are a fraction of the price in NYC AND you get twice the living space to boot. Example: our building is in a wealthy neighborhood and a 2 bedroom, 2 bath co-op with 1200 sq. ft. was just sold for $350,000. Eat your heart out. ;-) Oh and just to add to your jaw dropping with envy - we offer 1 parking space for $75./month + we're 2 blocks from the Metro North station which gets you to Grand Central in 27 minutes. And how much are you paying for that teeny size co-op in Brooklyn Heights??? I thought so. By the way, we're located in Larchmont / Mamaroneck.
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Sat Jul 15, 2017
Kathy Burgreen answered:
I'm a recently retired NYC area realtor and life long resident. Are you working with a real estate agent? Nobody online can answer your question because you need to know what similar co-op apartments have sold for in the same building. If no 2 bedroom units have recently sold in this building, then agents will look at nearby co-op buildings to see what similar 2 bedrooms have sold for. The sold apartments must be in similar condition (similar upgrades or lack of). Agents will also see what is pending / under contract.

When viewing NYC listings on Zillow or Trulia, these websites are not 100% accurate because I have seen listings that say "condo" when I know the building is a co-op and listings that say "co-op" when I know the building is a condo.

The only thing I can tell you is the neighborhood is good and always has been. The Ocean Parkway /Kings Higway area doesn't have the crime issues that Brownsville, Crown Heights & East New York has/had. One thing I feel sorry for you is how much you're getting ripped off buying in Brooklyn. A 2 bedroom, 2 bath co-op in the suburbs (Nassau or Westchester Counties) in new condition and a prime location sells for $400,000. For $600,000. you can buy a 2 bedroom, 2 bath condo in the suburbs.

I'm on the co-op Board in my building in Mamaroneck and we just approved buyers who bought a 2 bedroom, 2 bath unit for $359,000. and it's in excellent condition! Co-op and condo buildings in the suburbs also have more square footage than buildings in NYC. You need to think - for the approximate $125,000. price difference, you can buy a nice car, have cash to pay for monthly railroad tickets to commute to work, go on vacation, etc.

Hope this helps!
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0 votes 1 answer Share Flag
Sat Jul 15, 2017
Heidi Savage answered:
I too have had a similar experience. My deal might not even go through after the nightmare the HUD consultant has caused, and for me, since I am living in the home I am trying to purchase, it would mean finding somewhere new to live with 2 dogs and a cat. Regardless of what happens in the end -- if the sale goes through or not -- I will be seeking a lawyer's advice re: either getting my money back, or having my moving expenses covered. Because of this consultant, our purchase agreement has now had to be revised 3 times. The seller has lost money, I have paid for services I am not getting. I can't tell you how many tears and stress this has caused for me and my family. I have even lost work time over this. Anyone who experiences this, I highly suggest speaking to a lawyer about it. PS: if they try to charge you for 5 draws, ask if you can have less. FHA does not REQUIRE 5 draws, and the more draws, the more money it costs you, the buyer. ... more
0 votes 7 answers Share Flag
Fri Jul 14, 2017
Fabteach asked:
How much should I bid on a 2 bedroom, 1 1/2 bath co-op with a list price of $525,000?
0 votes 0 Answers Share Flag
Thu Jul 6, 2017
Alexused answered:
Hi Greg,
I just posted a similar question, as I have been searching myself for a while, and want to find the absolute best program I can, and want others to have the same. After using services like tenant background, rent prep, etc, I found a really helpful and kind service that I've been using ever since.
It is called TenantMagic, and provides me with a free and incredibly simple tenant screening service. As one of my must-haves was customer service, I called the number listed on the website and in a moment was talking with the company's owner about how they can be of help. I used the service for one of my clients to see, and I was totally impressed.
For anyone still looking, or even for anyone not 100% satisfied with every aspect of their current service, I would highly recommend TenantMagic.
Even if you are satisfied, give the owner a call, he's an incredibly kind man and happy to help.
-Greg
... more
4 votes 4 answers Share Flag
Wed Jul 5, 2017
Amelia Morales answered:
I'm purchasing a condo meanwhile I've been renting while waiting to close escrow I've decided not to purchase due to some problems that seller refuses to fix
Can seller evict me within 2 to 5 days ... more
0 votes 13 answers Share Flag
Tue Jun 27, 2017
Kathy Burgreen answered:
Welcome to the ruthless world of real estate in NYC. I'm a retired realtor in Westchester County (just above the Bronx) and I was told that ALL real estate agents in NYC are ruthless, shrewd and will do anything in their power to make a deal whether it's legal or not. It's basically the Wild Wild West. So your agent is not the only one.

Part of the problem is the huge population. Unlike the rest of the country, with NYC's 9 million people, there are about 1 - 3 million always renting, buying or selling so this means agents don't have to care about their clients. There are so many people in their pipeline, it makes no difference whether agents are caring or not. To a NYC real estate agent, if one buyer or seller isn't happy, it takes about 5 minutes to find somebody else.
In the rest of the U.S., real estate agents actually have to work hard to find a buyer or seller. In NYC, that is not the case.

I'm sorry about your experiences, but just wanted to let you know that what you went thru is normal in NYC - and unfortunately, agents can get away with it.
... more
0 votes 1 answer Share Flag
Tue Jun 27, 2017
Dmt230 asked:
and as a result, I am not using your site very much. Also please make the exterior the default for the images - a picture of a kitchen tells me little about a house.
Thank you!
Denise
0 votes 0 Answers Share Flag
Sat Jun 17, 2017
Kathy Burgreen answered:
If you have a pre approval and intend to buy a home, why are you having difficulty? You can click "Find an Agent" at the top of the page and call some realtors. The only thing I can think of is if you are located outside of New York City, realtors will want you to visit the homes in person. Another issue might be that housing is very expensive here and perhaps the type of home you want is beyond what you can afford. If this is the case, I strongly advise you to look in the nearby suburbs. Housing is much cheaper in the suburbs and you can get more living space (square footage) than you will within New York City. Public transportation is excellent so a car is not necessary right away. ... more
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