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Home Buying in 10022 : Real Estate Advice

  • All50
  • Local Info0
  • Home Buying22
  • Home Selling7
  • Market Conditions3

Activity 20
Fri Dec 9, 2016
Jackie R answered:
I would research closing costs first (http://www.hauseit.com/closing-costs-nyc/) and speak with a mortgage banker ASAP to get a pre-approval letter. You'll know what you can afford then.

The first step to take is to decide whether you want to work with a traditional broker (and pay 6% commission) or do it yourself.

If you do it yourself, you should consider using a flat fee RLS listing so you can get exposure to the 90% of buyers who are represented by agents. Plus, it's cheaper and way more effective than listing it as a traditional "FSBO" on just StreetEasy or Zillow. Work with a reputable local FSBO company like Hauseit so you can make sure you don't just get listed on a random MLS not applicable to NYC.

Good luck!
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Wed Oct 19, 2016
Targa66 asked:
I have an accepted offer on a co-op. I am awaiting the sponsor's acceptance of my purchase application, and then we will move to due diligence before signing contracts. However, this could…
0 votes 0 Answers Share Flag
Sat Sep 19, 2015
Debra (Debbie) Rose answered:
Well, I wouldn't expect a seller to pay me a commission if they changed their mind about selling, and withdrew the house from the market..............especially considering nothing has been signed.

Doubt you will be liable for the fee, but why not ask your agent directly?? (read your listing agreement, and see what it says!)

Good luck!
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Mon Apr 20, 2015
Shadhin Khan asked:
http://losangeles.craigslist.org/sfv/lbs/4987760131.html
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Wed Mar 18, 2015
Kathy Burgreen answered:
I'm a retired realtor & I know the majority of co-ops in NYC & the suburbs do not allow prospective buyers to rent or sublet their units until a minimum # of years living in their unit. You should tell your client the following:
Co-ops were designed as an alternative to buyers who are priced out of purchasing a condo. Co-ops is a shareholder agreement between the shareholder buyer and the building's Board of Directors. Every co-op Board of Directors has a set of House Rules that every shareholder needs to abide by. Among the rules is a clause that states shareholders cannot rent until a minimum number of years residing in their unit. This is done so the building has a low renter vs high ownership ratio. Further, mortgage lenders refuse to give mortgages to prospective buyers who plan to purchase a unit in a co-op with a high renter ratio. That makes it difficult for the seller to sell their unit & the seller has to resort to cash only buyers.

Explain to your client that there is a miscommunication between him & his brother or if his brother did rent immediately after purchasing a co-op, find out if that particular co-op has a high renter ratio. If there is a high renter ratio, then you client needs to buy into those co-ops, but he needs to understand the difficulty he will have to sell it.
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Thu Feb 26, 2015
Steve Riddle answered:
Trulia is not privy to certain proprietary info such as a buildings Financials.These buildings have no reason to want to disclose this info and the brokers are bound by the House rules "in best Interest " clause there in.
You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion
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0 votes 4 answers Share Flag
Sun Oct 19, 2014
Krystyna Rachtan answered:
Hi Julia,

For information related to purchasing an apartment in Manhattan, you can read this webpage from our website:
http://www.nyhome.com/buyer-services1.html
We specialize in working with foreign buyers.

Best regards,

Krystyna Rachtan, Licensed Real Estate Broker
Phone (212) 991-8072 Email: kr@nyhome.com
NEW YORK HOME REAL ESTATE SERVICES, INC.
295 Madison Avenue, 12fl, New York, NY 10017
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Mon Sep 15, 2014
Michael Druckman answered:
Every area of the city offers different experiences. Visit different sections, walk around and soak in the atmosphere and see what feels right. No one can really answer this question for you. ... more
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Thu Mar 13, 2014
Sanjeev Ahuja answered:
A coop with negative cash flow is definitely a red flag and would warrant further investigation on your part. You should find out directly or through your attorney from the Coop managing agent as to what caused this negative cash flow, whether it was one time financial expenses or something that is going to continue. A continuation of expenses that are not being met from maintenance payments would mean the maintenance payments will have to increased for coop owners. A negative cash flow situation may also jeopardize the approval status of the coop building itself by the lenders making it very difficult for buyers like yourself to get mortgage to buy the apartment. Please get in touch with me if you need to discuss.

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
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Tue Dec 17, 2013
James Furlong answered:
I am not a fan of dual agency because the agent cannot represent the best interests of both the buyer and the seller. Of course the agent likes getting the full commission. If the agent has already showed you a particular unit where he represents the seller I would suggest that he failed to satisfy the disclosure rules and you might not want to get involved with that particular property or agent. If he has not showed you the apartment I see no reason why you don't get another realtor to represent you and have that realtor show you the unit. Good Luck. ... more
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Fri Apr 12, 2013
Elena Ravich, Esq. answered:
I have 20% of 10021 zip for mobile ads -since October 2012 it generated 41,931Views and 194 Clicks according to Trulia stats
0 votes 10 answers Share Flag
Tue Jan 29, 2013
Michael Druckman answered:
Harlem has gone through a revival and there is a lot of activity in the area.
0 votes 10 answers Share Flag
Tue Jan 1, 2013
Michael Druckman answered:
This depends on the level of risk you are able to live with and the current market conditions. Also, can you afford to carry both homes.
I always suggest that buyers start the buying and selling processes at the same time with the objective of selling first. ... more
0 votes 29 answers Share Flag
Thu Dec 13, 2012
Michael Druckman answered:
Forget stocks. Don't bet on gold. The most attractive investment you can make is real estate. The best time to buy is when you are ready. Over time residential property goes up and down, but over the long-term buying in New York City is a great investment. Activity usually picks up in the Spring and their cost reflects the inventory, and comparable apartments that have been sold. Right now, there is a lack of inventory and sellers are looking at getting asking price or prices near it . ... more
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Fri Dec 7, 2012
Veronika Baba answered:
Hi Aditya,
I am not sure what area are you looking to buy a house. I have a nice two family house in Brooklyn in your price range. It is a all new fully renovated two family house with two separate 3 bedroom apartments, finished basement and backyard. It is close to A,C, trains. Easy commute to the city. This house qualify for a first time home buyer program with only 3.5% down. If you are interested let me know.
Veronika Baba
Kina Realty NYC
Vbaba@kianreltyNYC.com
phone 347 528 5573
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Wed Oct 17, 2012
Kianna Choi answered:
The best way to "guestimate" how much your property may be is by going to the New York City website and look for buildings that are similar to your building in terms of unit, floors, and general condition. Use a building within your block. Here's the website. But in reality, the coop board will have the information readily available and you will be notified. Try to attend the annual board meetings. ... more
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Mon Mar 19, 2012
Anna M Brocco answered:
For more information regarding HDFC see link http://www.nyc.gov/html/hpd/html/about/about.shtml
As for the ceiling heights, keep in mind that they may vary from building to building.... ... more
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Tue Jul 14, 2009
Jolie Muss answered:
06,
Did you purchase this without an attorney? Who did you purchase it from?
0 votes 3 answers Share Flag
Wed Feb 18, 2009
Gina Miles answered:
I have 8 years experience in real estate and have seen many changes. More of these changes have been made in the last year than any other time in my real estate career. I confirmed with our in-house lender that there are no requirements to pay any points on a loan; however, zero point loans can have pricing adjustments built into the interest rate or other fees. Sometimes there is a benefit to paying points on a loan, but your lender should be able to explain the direct savings and benefits to you in an honest, straightforward manner. Our lender at Century 21 Mortgage does not charge this fee. If you would like more details, please feel free to contact me. ... more
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