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Home Buying in 10463 : Real Estate Advice

  • All68
  • Local Info2
  • Home Buying35
  • Home Selling5
  • Market Conditions1

Activity 32
Kathy Burgre…, Home Owner in Westchester, NY
Mon Dec 19, 2016
Kathy Burgreen answered:
Most co-op buildings do not allow pets or restrict the weight of dogs. Your best method is to visit a brokerage office near you (in person) and have the front desk person check the MLS to search which buildings allow pets (there won't be many). The MLS has a search filter to add additional fields and one of the additional fields is for pets. Real estate websites don't have this search field. By the way it should take the front desk agent about 3 - 5 minutes to find which co-op buildings allow pets. ... more
0 votes 1 answer Share Flag
Yaritza, Home Buyer in Bronx, NY
Sun Sep 6, 2015
Yaritza asked:
My husband and I are serious about getting a good deal on foreclosure properties.
We don't want to work with an agent who won't show us foreclosed properties. Please do email…
0 votes 0 Answers Share Flag
Greg Kochanov, Real Estate Pro in Bronx, NY
Tue Sep 1, 2015
Greg Kochanov answered:
Hi,

It's a great question!

When you're renting your rent is not tax-deductible, however when you own a cooperative about 50% of your maintenance is tax-deductible, as well as most of your mortgage payments.

To give you an example:

$1,500 maintenance + $1,000 mortgage = Total: $2,500 total monthly payment

$750 x 12 = $9,000 per year deducted off your gross income + $800 x 12 = $9,600 per year deducted off your gross income = Total: $18,600 per year deducted off your gross income

Now, let's say you're in a 30% tax bracket, which would mean that you're not paying a 30% tax on $18,600 = $5,580 in annual savings = $465 in monthly savings

After calculating the deductions, your monthly housing payment will be $2,035 instead of $2,500.

Since the prices are still very low, you would end up paying a lot less than you would pay in rent, all while building equity.

Please let me know if you have any other questions.

All the best,
Greg


?GREG KOCHANOV
LICENSED REAL ESTATE BROKER
TEL/SMS: 718-986-6431

MODA REALTY LLC
3727 RIVERDALE AVENUE, RIVERDALE, NY 10463
TEL/SMS: 718-412-0000
TOLL-FREE: 888-MODA-REALTY
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USMortgageRa…, Real Estate Pro in Plano, TX
Thu Jan 1, 2015
USMortgageRanger answered:
If you were to visit Zillow you can see where the property values took a dive from 2009-2012 therefore the low tax values. Now they are back up hence the new appraised values.
0 votes 1 answer Share Flag
Peter Paramo…, Real Estate Pro in 10463, NY
Thu Sep 4, 2014
Peter Paramonov answered:
Hi Omi, yes that is possible.

It's called a sponsor unit, which allows you to bypass the board approval process. I'm working with several great 1 bedroom and JR4 sponsor unit which you may be interested in. Feel free to contact me with any other questions or to schedule a showing.

-Peter
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0 votes 2 answers Share Flag
Bryant Mero, Real Estate Pro in Bronx, NY
Tue Apr 22, 2014
Bryant Mero answered:
Our office has a large rental department, servicing various areas of the Bronx. Feel free to give my office a call so we may further assist you: (347) 202-4965 or call me directly at the number below . We are conveniently located in the Throgg's Neck area of the Bronx and are open 7 days a week for your convenience. If you need assistant in repairing, we have a credit repair specialist we can refer you to as well: Joe Taglia or Better Qualified. Feel free to reach out to him at his Office: 732.203.7377
If you like my information and feel it was useful please give me a "thumbs up". Thanks and Good Luck.
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0 votes 8 answers Share Flag
Annette  Law…, Real Estate Pro in Palm Harbor, FL
Fri Dec 6, 2013
Annette Lawrence answered:
As FRED suggested, rent to buy is a solution for home owners who find themselves in a situation.
What ever caused the situation is in search of a solution, and that solution COULD prove costly to the renter if they stumble into #1 or #2.
-
There are several categories of rent to own opportunities.
1. Investor owned. One investor in our area owns 13 houses that are always advertises as rent to own. in the past 15 years NONE of theses houses changed ownership. The secret to making big money for this investor is the $20,000 non-refundable deposit receive for each contract. Plus the renter pay ALL home maintenance costs. That a great deal for the investor...the renter got poorer.
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2. Flipper - using exit strategy three and is desperate to get to next project....with your non-refindable deposit
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3. Home owner. This home owner will be working with a real estate professional. What you really want is to be a solution to a home owners problem, not in the food chain of an investor. Contact your REALTOR and discuss your situation. Have patience.
If you have demonstrated your loyalty to your REALTOR, they will CREATE the situation tha you and the homeowner can benefit. The resources and time required can only be invested in those who have proven themselves to be loyal. Give your REALTOR a reason to invest in you.
-
Or you can do as Badge did, and beat the pavement until you find one.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041

Teaser
http://youtu.be/YsqdLcdTI7c
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0 votes 4 answers Share Flag
Mildred Vale…, Real Estate Pro in Bronx, NY
Mon Oct 28, 2013
Mildred Valentin answered:
Amira,

You have some great answers here and no you may not use one loan to purchase two properties unless your buying cash.

Speaking to a Lender today!

Best of Luck!

Millie Valentin,
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
www.ExitRealtySearch.us
... more
0 votes 15 answers Share Flag
Mildred Vale…, Real Estate Pro in Bronx, NY
Fri Sep 13, 2013
Mildred Valentin answered:
Bee,

Trevor and Mark and all the others have some great answers here:

FHA does insure mortgage loans with 3.5% down payment; the Lender makes the Loan, FHA provides the mortgage insurance. If you are qualified, then, yes, you could be approved for 3.5% down payment for a purchase of an FHA Approved Condominium. The Condo must be on the approved list for FHA.

Go to the web-site follow the link below!

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Ave
Bronx, NY 10465
www.BronxWestchesterHomes.com
... more
0 votes 5 answers Share Flag
Mildred Vale…, Real Estate Pro in Bronx, NY
Fri Sep 13, 2013
Mildred Valentin answered:
Maria,

Javier gave you some great detailed information also refer to the web-site. Once you have everything and understand the process and feel comfortable get yourself a Realtor to work with you. You want representation with all your Real Estate needs, whether your Selling or Buying!

Best of Luck!

Millie Valentin
Certified Buyer Representative, Marketing and Sales Coordinator
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
www.ExitRealtySearch.us


*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 6 answers Share Flag
Mildred Vale…, Real Estate Pro in Bronx, NY
Fri Sep 13, 2013
Mildred Valentin answered:
RGonzalez,

You have made a great decision of purchasing, as we see that the markets are changing and so are bank interests rates.

You already have your numbers in place and have your down payment and from what I see financially you can cover your Closing Costs! That's great!!

Start shopping around look for a Realtor to represent you in the purchase of your home. They will do the research and work in your best interest at all times. If you don't have to wait "GO FOR IT"!

Best of Luck!

Millie Valentin
Certified Buyer Representative
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
www.ExitRealtySearch.us

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 8 answers Share Flag
Weichert Rea…, Real Estate Pro in Bronx, NY
Sun Jul 14, 2013
Weichert Realtors House and Home answered:
Hi Ese_01

SONYMA is a NY state mortgage agency. and Fannie Mae is a federal Mortgage Agency. Fannie Mae is the largest mortgage underwriter in the country (If not the world). Fannie Mae underwrites SONYMA Conventional Loans which means they agree to purchase those loans after SONYMA closes your loan. By Purchasing the loan from SONYMA, SONYMA will have its coffers replenished to make more loans. This is how the majority of banks work. Fannie Mae has certain guidelines that must be followed in order to purchase the loan. If the loan is too risky, they will not purchase it and therefore SONYMA will not give the loan. Examples of this are, If your credit is very bad, they will not extend the loan. or if the building does not have insurance of a certain type, they will not extend the loan, or if a condo is not FHA approved they will not extend the loan.

You should speak with your Mortgage Consultant for more details.


Joe Greene
Broker/Owner
WEICHERT, REALTORS - House & Home
joegreene@weichert.com
www.WeichertWorks4U.com
(718) 432-5000 (Office)
(917) 974-2600 (Cell)
609 Kappock Street Suite 1A Bronx, NY 10463

We Sell More Because We Do More !
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0 votes 1 answer Share Flag
Javier Menes…, Real Estate Pro in Melville, NY
Thu May 30, 2013
Javier Meneses answered:
So the escrow account, as mentioned below, depends on which program you go with. All government insured loans and conventional loans with lower down payment will require that you escrow. If you put a higher down payment on a conventional loan, you can choose to have the escrow or to pay your taxes and insurance on your own.

The fact that you have a single family income doesn't really hurt you or any buyer really. It's all a matter of us determining what your monthly income is, and qualifying you based on that income, regardless of it being W-2 income, commissions, self-employed income or any other type of income.

I strongly suggest that you speak with a Loan Officer and allow him/her to review all your documentation and pre-approve you. It's important you know up front what the #s are. You want to know what the estimated monthly payments are, interest rates, downpayment, closing costs, etc.

I'm always available to help you if you new a reliable Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
... more
0 votes 2 answers Share Flag
Trevor Curran, Real Estate Pro in Great Neck, NY
Thu Mar 28, 2013
Trevor Curran answered:
Good afternoon Amira,

If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to financing up to 100% of the purchase price of the home. That means no down payment.
http://www.trulia.com/blog/tcurranmortgage/2011/10/va_mortga…

For other HomeBuyers, Non-Veterans, the program in the Bronx for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%. http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.

The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs in the Bronx.

I hope that helps!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
... more
0 votes 9 answers Share Flag
The Lajara S…, Real Estate Pro in Riverdale, NY
Fri Feb 8, 2013
The Lajara Singh Team answered:
Sorry to hear that Emilio! The agent you was working with before I had to disclose to you who he was working for. Obviously since he didn't do that, he was acting as a sellers agent just like the listing agent who are bound to disclose any pertaining facts about the home and still be fair to you but at the end of the day. Their best interest is to the seller and to help the homeowner achieve the highest possible price. If you are still currently working on this deal, please contact me and you'll get the professional advise you need from a Certified Buyer Representative and someone who will look out for you..the buyer. I really hope you get the place!

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638
Website: http://www.JohnsRealtySuccess.com
E-mail Address: john25lajara@gmail.com
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow! http://www.trulia.com/profile/johnlajara
& http://www.zillow.com/profile/theexitproject
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0 votes 11 answers Share Flag
The Lajara S…, Real Estate Pro in Riverdale, NY
Wed Feb 6, 2013
The Lajara Singh Team answered:
Hi,

Thanks for your inquiry. Our office has a rental division and specializes in exclusive rental listings in the Bronx. Call the office at 347-202-4965 and explain to the receptionist what you're looking for so she can assign you to the proper agent. Best of luck with your search!

John Lajara REALTOR®/Notary Public Certified Buyer Representative (CBR) Cell: 917-848-4655 Fax: 917-522-9638 www.JohnsRealtySuccess.com john25lajara@yahoo.com EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow www.trulia.com/profile/johnlajara & www.zillow.com/profile/john25lajara
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0 votes 2 answers Share Flag
Fred Golden &…, Real Estate Pro in New York, NY
Tue Jan 29, 2013
Fred Golden & Barbara Field answered:
As an agent doing business in Riverdale for 10 years, I do not see "ridiculously" high prices being asked, in general. In any location, in any market, you will always find a few homes that may be overpriced.

There are very few agents in Riverdale that have ever been involved in a short sale. I have taken specific training to help sellers that need to do a short sale and I have few takers in Riverdale, more in Westchester and other parts of the Bronx. There have been very few over the past couple of years.

If you want to speak about specific properties, rather than vague generalities, I am happy to speak with you. You may email me at fgolden@elliman.com.
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0 votes 5 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Fri Dec 23, 2011
Anna M Brocco answered:
Consult with any licensed loan officer(s); it may be possible if you you are earning salary in academia and on campus....
0 votes 2 answers Share Flag
Gladys  Viru…, Real Estate Pro in Scarsdale, NY
Sun May 22, 2011
Gladys Viruet answered:
It has yet to open, but these buildings have to attain the necessary permits and certificate of occumpancies which can sometimes take a while to attain. Be patient and keep checking the MLS.
If I can help you call me at 914 589 2455

Gladys Viruet
Keller Williams Realty Sales Associate
Mobile: 914 589 2455
Fax: 914 713 3271
Office: 914 902 3277
Email: Gviruet7@aol.com
WEBSITE : http://westchesterpropertyspecialist.com
about.me/westchesterpropertyspecialist.com
PROFESSIONALISM AT ITS BEST!

2nd largest Realty in the country!

Find me on Facebook
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0 votes 1 answer Share Flag
Gladys  Viru…, Real Estate Pro in Scarsdale, NY
Sun May 22, 2011
Gladys Viruet answered:
Unfortunately the taxes are high however you can still find some wonderful properties for some great prices that will offset the high taxes.

Call me if I can help 914 589 2455

Gladys Viruet
Keller Williams Realty Sales Associate
Mobile: 914 589 2455
Fax: 914 713 3271
Office: 914 902 3277
Email: Gviruet7@aol.com
WEBSITE : http://westchesterpropertyspecialist.com
about.me/westchesterpropertyspecialist.com
PROFESSIONALISM AT ITS BEST!

2nd largest Realty in the country!

Find me on Facebook
... more
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