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10021 : Real Estate Advice

  • All53
  • Local Info6
  • Home Buying25
  • Home Selling5
  • Market Conditions2

Activity 46
Mon Oct 24, 2016
Elena Ravich, Esq. asked:
I am a professional agent in Manhattan and wanted to hear some feedback from buyers on how they feel about the market - if people are waiting for the elections to finalize their choice?…
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Sun Oct 2, 2016
Katherine Rachlin asked:
Mon Jun 20, 2016
Bpromise asked:
Tue Apr 5, 2016
Carlexjosepx asked:
Decide Nexacell your kind to ensure that the products you employ are good for your Review layer. By targeting goods that affect your form, it is possible to prevent unnecessarily utilizing…
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Wed Mar 16, 2016
The mortgage itself only takes around 30 days or so. But with a co-op you also need to wait for the stock certificate transfer and that generally adds weeks to the process as well. 45-60 days total for everything is probably realistic these days ... more
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Wed Mar 9, 2016
Webbclipper answered:
How long does a mortgage take for a co-op now with the new regs?
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Tue Mar 8, 2016
Waggenercarolyne asked:
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Mon Mar 7, 2016
Harrihelfer asked:
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Tue Mar 1, 2016
Lester.sorensen asked:
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Fri Feb 26, 2016
Sudika answered:
I would Highly Recommend The Management company I am working for .... Meridian Commercial Management, Inc...Real Estate Management :Leasing ;Sales. they are highly Organized and will Get the Job done with Respect and Professionalism. Meridian owns and operates over 20 properties .. Residential and Commercial ...Large and Small . Please call 631- 732-1616 or email The President John Kalin and please tell him Georgia referred you to him :) Johns email is ...You wont be disappointed . ... more
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Sat Nov 14, 2015
Kathy Burgreen answered:
There is no difference in length of time for a co-op mortgage because of the new regulations. There is a longer waiting period for co-op mortgage financing because the lender must review the co-op board's financial statements, research any liens or disputes against the co-op, etc. Mortgage lenders need to verify that the co-op has a minimum 10% of the revenue in cash reserves. Mortgage lenders need this requirement to satisfy there is cash to fix any repairs needed in the building. Since the co-op board's members are shareholders in the building, they may not be qualified to keep accurate & professional records. Therefore, as a buyer, you and the lender need to verify that the co-op maintains a licensed CPA to review & certify the financial records. Also verify that the co-op board maintains an attorney.

Be aware that your mortgage lender is only concerned with you paying the mortgage on time every month. They have no interest whether you pay the maintenance fee on time or not. The co-op board will review your application to verify that you can afford the mortgage payment + the maintenance payment every month on time. Co-op boards cannot discriminate regarding any category under the Federal and New York State Fair Housing laws. However, they can & do discriminate based on the finances of the buyer. As long as you can afford the minimum down payment required, show proof that you can afford the mortgage + the maintenance payment and have cash in savings for a minimum of 3 - 6 months, you should have no problem being approved by the board. The 3 - 6 month savings is incase you lose your job, have medical issues, etc.
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Sat Jun 13, 2015
Kathy Burgreen answered:
Broker commissions are always negotiable therefore, agents won't advertise their commissions because it can vary from one seller to the next. It depends on the type of home, condition, difficulty to sell, location, motivation of seller, etc. Commissions earned is private information which explains why there's no need to advertise our rates.
As for referrals, agents do depend on client referrals but that doesn't guarantee we will reduce our fee for a referral. We work hard for our commissions and a referral deserves 100% client satisfaction so a reduction would equal a reduction in services which is not something any agent is willing to sacrifice.
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Thu Feb 26, 2015
Steve Riddle answered:
Most if not all Brokers state these as monthly as they are due on a month to month basis. Taxes are added to the mortgage liability and are Considered as a Debt to income as they act in this manner.You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion ... more
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Fri Feb 20, 2015
Gary Birtles answered:
I suggest you get in touch with a central air technician. Do an online search for a few different technicians in your area, then call them up and discus what it is you'd like to have done. They should be able to give you an estimate and schedule a time to come take a look at your situation. Good luck with everything. ... more
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Tue Feb 17, 2015
S Ahrony answered:
If it is a unit in a rental building, the management office can provide you with that info.
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Tue Sep 16, 2014
Michael Druckman answered:
Transportation is excellent on the Upper Eastside. Between the buses and subways the entire city is open to you.
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Mon Aug 11, 2014
Alen Moshkovich answered:
Hi Daniel,

I'm catching this question a little late. And hopefully you will get some info from this if your broker isn't already doing these things.

Ask them how they will market and ask specifics.
How many open houses will they hold. will they hold a brokers open house for you.
Will they put your apartment on the internet and on how many different websites. The companies website alone may or may not do the trick.
Ask them if they will do a video tour of your property.
Ask them if they will email and contact all the brokers in New York to tell them about your property
( I wouldn't ask how much they spend )
Ask them how they follow up with sellers on any feed back, offers, etc...
Ask them if they are aggressive or laid back ( if you care )
Ask them what type of marketing their firm does and where they advertise (aside from personal marketing the broker will do)
Ask them if they will market toyour building and buildings near by

I hope whoever you picked is all about internet marketing. No one goes to Paper Ads anymore, so if they aren't displaying you on dozens and dozens of websites, you aren't getting the right exposure.

Hope that helped.

Now to my fellow brokers here.

I am way too late on this, but I'll put in my two cent's anyway.

Love the conversation on REALTOR and REBNY. In NYC we don't have REALTOR, although some firms do belong to them, ex, Coldwell Banker and Century 21.

Someone below mentioned that the word REALTOR stands for the highest standards of ethics. I won't disagree with that statement, but what I will say is that so far any firm that I had to deal with that is not part of REBNY was a very unpleasant experience. Since my firm does not use MLS to advertise it's listings or search through them, it was almost impossible for me to get any useful information from these brokers who are on it.
They refused to tell me days on the market for the property and they refused to tell me their commission structure. Now I actually hear that MLS doesn't need to display the commission. ( I can't back that up, just something I heard from a fellow broker).
So please answer me this. From dealing with 6 different brokers who were not REBNY members, and getting the same run around ( bring in your client and we'll discuss the details after ). Who are they up keeping the highest standard of ethics with?
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Tue Jan 21, 2014
Joseph Hastings answered:
Hi Michael. I've worked in Manhattan but now concentrate in Queens. I don't have a pro account but I do have a presense on the site. To date it has allowed me to obtain two listings due to my participation on the Q and A boards. It has also bolstered open house attendance. As for customer leads, I get many requests to view but they have been essentially non qualified leads from "buyers" who seem unwilling to meet and discuss their needs, financials and time frame to purchase. Those customers I invite to my open house. I won't allow a private showing without review of their letter of pre-Q at the very least. I simply don't run my business that way.

If you solely work Manhattan, open house attendance should not be a problem regardless of you being on Trulia or not as there are just so many people in the city. This site may have less value than your company website but it could lead to customers. It's another way to get exposure. Good luck.
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Fri Jun 14, 2013
Elisa Rostkowski answered:
If the ductwork is already in place, all you may need is the A/C compressor unit and possibly the matching coil plus the labor for installing and charging the system. The square footage of the home will determine the tonage you will need for the compressor. I just had a 3 ton Trane compressor and matching coil installed for 5,500.00. The duct work had to be installed also, that was an additioanl 6,500.00, there was an upcharge for labor since they had to work in a 22" crawl space. ... more
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