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Home Buying in 10012 : Real Estate Advice

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  • Local Info2
  • Home Buying20
  • Home Selling5
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Activity 19
Fri Jul 1, 2016
Tonyhoward255 answered:
Hey .. Buyer agent commission rebates in NYC are fully legal. It would be pretty silly to buy a property in NYC without taking advantage of this, considering that sellers are paying 6% in total commissions regardless of where the buyer comes from (buyer's agent or unrepresented, etc.).

But it seems that so many agents in NYC were in denial / not telling buyers about this beneficial program to the point where the NY attorney general actually had to send out a press release to NYC real estate agents and the public reminding them that NYC broker commission rebates are fully legal!

You really can't make this stuff up! NYC brokers have it really, really good it seems.

See here: http://www.ag.ny.gov/press-release/ag-schneiderman-urges-brokers-and-home-buyers-new-york-take-advantage-law-allowing
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Fri May 13, 2016
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Sat May 7, 2016
CL answered:
1. You wont get a loan
2. Makes little sense to drop 100k down on a shoddy studio in NYC.


You can rent a much nicer 1-2BR for cheaper - and use the money to buy a home out of the state for rental cash flow. You'll get the same thing in regards to quality of life/apartment space but far more cash in your hands. ... more
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Fri Feb 19, 2016
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Fri Mar 27, 2015
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Thu Mar 26, 2015
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Sun Mar 22, 2015
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Thu Mar 19, 2015
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Fri Mar 13, 2015
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Wed Mar 11, 2015
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Thu Feb 12, 2015
Alan May answered:
The fact that you're paying cash, shouldn't be the trigger to increase your earnest money. But the seller's agent, at the seller's direction, can request anything they want. You don't have to agree... and there is no law, that I know of, that regulates what they can request.

If you're concerned that a law has been broken, consult with a real estate attorney. While I am an Illinois real estate agent, I do not practice law, and this should not be considered legal advice.
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Tue May 6, 2014
Jason Walter answered:
In California, it is very common to require a copy of an EMD check when submitting an offer. Also, it is common practice to send proof of funds (e.g. a bank statement showing that the buyer has the ability to pay for the deposit and down payment) with an offer to purchase a home. ... more
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Thu Mar 27, 2014
Emily Fuller answered:
The price is about 500-600$ per square foot.
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Wed May 23, 2012
Kvny Expert answered:
Dear Alex,

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Please let us know if we can help.

Have a great day,

KVNY
... more
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