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Home Buying in 10021 : Real Estate Advice

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

Activity 25
Sun Oct 2, 2016
Katherine Rachlin asked:
Mon Jun 20, 2016
Bpromise asked:
Wed Mar 16, 2016
Tony Grech answered:
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?
0 votes 3 answers Share Flag
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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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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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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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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Mon Feb 25, 2013
goddenj30 answered:
My wife and I just purchased central air for $10,500 through Sears. we have a ranch style home L shaped. There putting the unit outside and an air handler and the new duct work in the attic with 9 vents and a return vent. Sears will come and give you a free estimate. They were the second estimate we got and it was the same as the one from Home Depot. we chose Sears, hope this helps ... more
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Thu Mar 17, 2011
Wanda Couch answered:
Until a mandatory measuring method is determined and approved, this problem will always exist. In Georgia, we simply state the sq footage is xxx The next line on our FMLS listing says, "source: Tax Records". I tell my Buyers that this may not be accurate because of the reasons everyone else mentioned.

Agents spend hours searching for homes meeting the Buyer's criteria and assuring the buying process goes smoothly. We don't have time or resources to determine the method used for measuring on every home. It's not uncommon for an agent to send out listing information on over 800 homes a week.
Wanda Couch 678-614-5883 Keller Williams Realty Atlanta Partners
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Thu Mar 17, 2011
Wanda Couch answered:
I agree. Get at least 3 estimates. Have them itemize exactly what the costs are for. CHECK THE COMPANY OUT WITH THE BETTER BUSINESS BUREAU. Go to the bbb web site and follow instructions to see if any complaints were filed. It's free to search. Make sure the company is bonded and licensed. Ask friends and co workers if they have used anyone recently and how well the job was done.
Wanda couch
Keller williams realty Atlanta Partners.. Buford, GA 678-614-5883
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Sun Sep 26, 2010
Joseph Hastings answered:
I had to respond. Richard hit it on the head. It is highly unusual to have an engineering inspection for the sale of a Coop in New York. Whatever needs to be done should always be done prior to signing a contract of sale.

You're not buying the building but rather, shares of corporate stock and a proprietary lease. What can be found in the apartment to inspect? You can't look behind walls to check pipes. Mr. Christy is a mortgage broker. As such I doubt he has done nothing more than suggest an inspection. Houses, sure get them inspected and read the property disclosure statement. You don't get that when buying a coop.

You should always be prepared to walk away. There is plenty of property out there but once you apply specific criteria, your selection will dwindle. Good luck.
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Sun Sep 26, 2010
Joseph Hastings answered:
Answering this question now is a moot point but I do like the question. Ann and Ralph makes two solid points. Yes, you would have had to be in contract by last April 30th, 2010 in order to even qualify and close no later than this coming Sept. 30th 2010. No matter if you paid cash or financed the purchase you would qualify based on the dates already stated.

Ralph make another point. The Fed tax credit does have income restrictions and you should talk to your tax consultant in that regard.

So tell us, have you closed? Good luck.
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Thu May 27, 2010
First Last answered:
Are you planning to live in this property, or it is purely an investment? Your answer to this question will determine how much you can borrow, at what interest rate, and even how much you will pay for insurance. So this is the most important question by far.

If you plan to live there and commute to Manhattan, my recommendation within New York State is Queens or potentially, Brooklyn. If you are looking purely for an investment, my recommendation is upstate New York, where I own a couple of multi-family properties that do well. In fact I believe upstate New York is one of the top 5 places in the USA for investment for cash flow. (I also own in Georgia and suburban Detroit, which are also good investments for me, but not as good).

Understand that if you are buying purely as an investment, in most cases "a small amount down" is not going to be possible. You would need to have sterling credit and high income, and even then it would be tough in the current lending market.

So, if you want to get into this kind of investment, buying a 2-family or 3-family you also will live in would be the far easier path.

Karla Harby, VP
Rutenberg Realty
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Thu May 21, 2009
The Florida Property Experts answered:
Hi Carol,

This would be a fantastic question to ask an HVAC company more so than a real estate agent.

Good luck!

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Mon May 18, 2009
Chris L. Christie answered:

Your mortgage professional has the ability to analyze your income, assets and credit and run an automated credit decision through FNMA or FHLMC. That underwriting process is the basis for your mortgage approval. IF THE SELLER DOESN'T ACCEPT IT, THEN GO ELSEWHERE!

NEVER GIVE YOUR CREDIT REPORT OR PERSONAL FINANCIAL INFORMATION TO ANYONE!!! Your mortgage person has your permission to obtain your credit report but neither you nor the mortgage person should distribute it to any person, including attorneys and realtors! Do you know that this seller is an honest person? None of really know for sure.

The reason is simple...YOU ARE EXPOSED TO IDENTITY THEFT!!! It may not occur now but certainly at a later point in time it could happen to you. The people you send it to may be honest but can they vouch for all their contacts? IMPOSSIBLE...

According to the Federal Trade Commission, during 2007 in this country, 4 PEOPLE PER SECOND were victims of identity theft. These were the people that reported this crime. How many others don't even know that they were victims? How many didn't report that they are victims? Having been a victim please keep in mind that the victim is guilty until you can prove your that you are innocent!

Buying a new home is a great experience. Good luck with this process.
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