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Home Buying in 10003 : Real Estate Advice

  • All45
  • Local Info1
  • Home Buying17
  • Home Selling4
  • Market Conditions1

Activity 17
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
Sun Jul 3, 2016
Kathy Burgreen answered:
You can't because a co-op unit is not real estate. Buying a co-op means you are buying shares of a limited housing stock that gives you a proprietary lease to occupy a specific apartment. Building & lot numbers are for condo units & houses. The co-op building will have a block & lot number - not the individual apartments. ... more
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Tue Apr 12, 2016
Kathy Burgreen answered:
It should be the co-op. What's wrong with your door? Is it the lock or is the door off the hinge or is the door cracked? The issue is money. If the problem is the lock or hinge, you will be better off paying to fix it yourself or at least try to have the super fix it. Give him a few dollars. If the door is cracked and you need a complete new door, that is expensive. The co-op should pay for this especially if it's on the outside facing the hallway. If the crack is on the inside facing your apartment, they may have you pay for it. ... more
0 votes 1 answer Share Flag
Tue Feb 16, 2016
Sally Grenier answered:
It means it's under contract. FYI -- The best way to search for a home is to have a Realtor working for you as a Buyer's Agent. Most of the listings you'll find here and on other sites are out dated and the status isn't necessarily accurate. If you're in hot market, they are most likely under contract. It can take Trulia (and Zillow and weeks or months to show a property is under contract or sold! ... more
0 votes 1 answer Share Flag
Mon Nov 2, 2015
Christopher Pagli answered:
Cash purchases do need board approval. It's not about how you purchase but what your future finances will look like. Cash doesn't impress them and in their eyes can be seen over night. They want to see consistency in your income. Although coops are similar some are run differently then others. What they require is unique to each building. Have your agent inquire with the buildings management company for the most accurate answer.

... more
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Fri Jul 17, 2015
Evelynludley asked:
hit the back arrow in the upper left and save the file when prompted. I need to have the appearance of being popular. Like most things that break and ruin other things on Android, you need…
0 votes 0 Answers Share Flag
Mon Mar 2, 2015
Quinntonia Berry answered:
You should contact a local Realtor in the area. They would know the market and be able to assist you free of charge. Good Luck!
0 votes 1 answer Share Flag
Wed Aug 20, 2014
Schoman-Johnson Team answered:
Short-term rentals for periods less than 30 days are in violation of the New York State multiple dwelling law, unless they fall under limited exceptions, which doesn't seem to apply to your situation.
... more
0 votes 13 answers Share Flag
Tue Dec 17, 2013
James Furlong answered:
Best to consult with a lawyer as regards the legality. I would recommend you speak with the mortgage company to determine the reason for the action.
0 votes 14 answers Share Flag
Mon Dec 2, 2013
James Manning answered:
I live in Westfield and would be happy to assist you with your search. Please call me at your earliest convenience.

James Manning
0 votes 2 answers Share Flag
Fri Jun 28, 2013
Fern Hamberger answered:
Hello Kevin,
I would not buy without a CO, since it may take a long time to get it. Some developers will not get it for a long time, because of major violations that they have to fix! and some will get it within a reasonable amount of time. so if you are to buy without a CO, it is a somewhat of a risk.
If your heart is set up on this property, I would consult with my lawyer and I would keep an eye on the property you are inetrested in, since the status of the property can change from one day to another. The major risk is the downpayment which will be locked and in escrow until you close on your property. Dowpayments are all negotiable and depending on the developer and the location of the property 10% downpayment is not always the rule.
best of luck and let me know if you have any more questions or concerns.
Fern Hamberger
Vice president Associate broker NYRS
... more
0 votes 8 answers Share Flag
Sat Mar 23, 2013
Javier Meneses answered:
As mentioned below, if your new position is a salary paying job, they'll use your current income to qualify you. So for example, if the new job you started in 2012 pays you $3,000 gross every 15 days, this means that your monthly qualifying income is $6,500. They will check your 2012 W-2 and recent pay stubs to make sure that this bi-weekly income is consistent. If you're not paid a salary, but commission instead, they'll average the past 2 years (including year to date). If for some reason your 2012 commissions were less than 2011, they'll use the 2012 commission income.

If you're worried that they'll use your previous income simply because they asked for those tax returns, don't be! Lenders must document 2 recent years worth of tax returns as part of the 2 year employment history that's required. Just speak to your Loan Officer and make sure you're being qualified based on the right amount. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
... more
2 votes 5 answers Share Flag
Sun Dec 9, 2012
Fern Hamberger answered:
Hello Ally,
The key to Gramercy park, is as valuable as you can make it! you can enjoy the park every day or just hold onto the key for prestige!! You seem to be intrigued with the KEY to Gramercy Park!! I was asked by a renter to only lease an apt around the park so he can get the key! and I did, but i do not see him sitting in Gramercy park that often!! It's a beautiful park and only available to people who own or rent an apt around the Park. It is THEIR Common area. Building around the park pay Maintenance to upkeep the Park so they can have a common area. IT is not only for the buildings around the park, it is also for a few other buildings, just a few more, since they managed to get it. The synaguogue as well as the church also have a key. So if you pass by and see a Christmas tree as well as a Menorah! then you would know that people from the Church or Synagugue along with its congragation went in the park to decorate the tree or light the Menorah!! The congregation of course will not have the same priviledges as the building, since it is a one day deal!
There are so many articles and books written about Gramercy park and Gramercy so you can enjoy all of these articles and know more by googling Gramercy park. The good news is Gramercy park is not the only park in the nrighborhood; we have Madison Square park, Stuyvesent Park and Union Square are all withing a few steps away and they are all open to the public unlike Gramercy park.
Let me know if you have any other questions or need a key to the Park ;-)
Best Regards
Fern hamberger
Vice president Associate broker NYRS
... more
0 votes 8 answers Share Flag
Wed Dec 5, 2012
Philip Lang answered:
Irving Place is one of the most exclusive addresses in the city, and I wouldn't worry about a high school tarnishing either the value of the property or your enjoyment of the apartment. The kids are gone in the middle of the day and don't hang around that street after school. Good luck! ... more
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Sat Jul 16, 2011
James 'Jim' Endress answered:
its best to work with an agent who has experience with REOs in the area you are searching in. 9 times out of 10 you will not have to pay for their services since agents are normally paid by the seller ... more
0 votes 9 answers Share Flag
Fri Feb 11, 2011
Bill Eckler answered:
Ooops....Thanks Spirit!

0 votes 8 answers Share Flag
Tue Apr 20, 2010
Jon, have you spoke to an attorney yet to represent you? Most real estate attorneys that are familiar with co-ops will review the financials prior to having you sign the contract. The listing broker should have a copy of the 2 year's most recent financials. This would not include the year ending Dec, 2009, just an FYI.
As far as underlying mortgage goes, the majority of the buildings have them. The size of the underlying loan depends on various things, such as the size of the building, the original value, whether the co-op cashed out in the past for repairs. Don't worry about it, the interest that is paid on it is part of the portion of maintenance that is deductible to you.
If you would like to contact me with the address, I can check on-line with on of the banks I deal with to see if the building is on their approved list. Usually, it is in good shape financially if it is approved. Otherwise, Fannie Mae will not purchase loans in the building. All financials on the building must be up-to-date, so I can see the last time they reviewed them.
... more
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