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10467 : Real Estate Advice

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  • Local Info0
  • Home Buying11
  • Home Selling1
  • Market Conditions1

Activity 18
Tue Oct 31, 2017
Kathy Burgreen answered:
As a successful former realtor in the Bronx and Westchester, let me educate you so you know what is going on. I'm also Vice President of my co-op Board.

In addition to the seller's attorney and your attorney, there is a 3rd attorney who represents the co-op and the Board. This 3rd attorney has the original stock certificates for every unit in the building. The shareholders (including the seller) receive copies when they buy their unit. This applies to you. When you will close, you will receive a copy - not the original stock certificate.

From what you wrote, I'm guessing the co-op's attorney was contacted and perhaps the original certificate is either lost or missing. If the original is lost or missing, that is a big deal because it means the seller cannot sell their unit. Remember, when buying a co-op, you are buying shares of stock for a limited housing corporation. At closing, you will sign documents transferring the stock certificate from the seller to your name. Without the original certificate, the seller cannot transfer the shares into your name which means the seller cannot sell their apartment. This means, the seller doesn't own the apartment either.

For you, the buyer, you're in the clear. You can cancel the contract, get your deposit back and move on to buy a different co-op apartment. For the seller, this is a complete nightmare because he/she thinks they own their co-op and thought it could be sold, but without the original certificate, the seller cannot sell period - to anybody. This brings it back to the co-op's attorney. You would think that a lawyer would take care to keep the original certificates for all the shareholders in the building in a secure safe place. Well, now that your seller wants to sell, this is one big screw up.

At this point, put pressure on your lawyer to keep in touch with the co-op's lawyer. If the original certificate doesn't show up in a week or so, insist you want to cancel, get your deposit returned and start your search over again. By the way, if you think having realtors involved would have prevented this - no way. There is no way for realtors to verify if the original certificate is available or disappeared. Realtors have no contact at all with a co-op Board's attorney.
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Thu Oct 5, 2017
Kathy Burgreen answered:
Since Zillow and Trulia are the same company and everything from Zillow syncs to Trulia, start with Zillow first. Go to your profile page and try deleteting from there. It should delete on Trulia also. ... more
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Wed Jul 19, 2017
Kathy Burgreen answered:
You did not give an address for the listing in the Bronx.
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Thu Mar 3, 2016
Kathy Burgreen answered:
The issue is not what you can afford but which buildings allow pets. Most co-op and condo buildings don't allow pets. You will need to work with a realtor and have them filter the MLS to search for buildings that allow pets.

As for what you can afford, contact a lender to pre approve you. That will be the easy part.
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Thu Sep 17, 2015
Kathy Burgreen answered:
Depends on what you can afford for rent. I'm a retired agent & as a guide 2 bedrooms rent for about $1700./month+. If you can't afford this, it will be difficult.
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Sun May 18, 2014
aftervince1973 answered:
Don't let a foreclosure stop you from buying a new home. See Comstock if you have a buyer in need. They have a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.

www.thinkcomstock.com/buy-after-foreclosure
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Fri Oct 25, 2013
Alice Vigo answered:
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Thu Oct 17, 2013
Bryant Mero answered:
Good afternoone Novlette,

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 Throg's Neck area of the Bronx and are open 7 days a week for your convenience.

Bryant Mero
EXIT Realty Search
917- 327-7870
Bryant@exitrealtysearch.com
Certified Buyers Representative
EXIT TOP 100 Producer Nationwide

If you thought my answer was helpful please give me a "Thumbs-Up" or "Best Answer"

Good luck!
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Sat Jul 6, 2013
William Butler answered:
thx guys @Allan Erps @David Lewis I will get in contact monday
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Mon Jul 30, 2012
Anna M Brocco answered:
Perhaps your question was cut off....if asking about FHA approved condos, ask your loan officer the question; also see link below...
https://entp.hud.gov/idapp/html/condlook.cfm
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Tue Jan 24, 2012
Michael Levy answered:
Hi Manny: I can definitely help you find the best deal in your segment. The key is to zero in your property type & neighborhood & then create a list of all the properties that match your search criteria. Then I can help you analyze the list & help you find the best deal. I noticed you also asked regarding maintenance costs. When a developer Co-ops a building, he sometimes takes out a loan on the building. It then becomes the co-op owner's responsibility to pay back the loan. The portion of the maintenance that goes towards interest for the underlying mortgage is tax deductable. If you want to talk more, please call me at my office: 914-273-9688. I look forward to speaking with you soon. Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty. BTW, we're looking for more agents & offer a 70% commission split with no fees. If you know anybody who might be interested, I'll pay you up to $1,000 each for your agent recruits. ... more
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Tue Oct 18, 2011
answered:
Good morning Tillie,

A Co-Op apartment is NOT considered Real Property under NYS law. With regards to "tax break" I assume you mean is the interest on your Co-Op Loan tax deductible and also your Co-Op Maintenance costs.

Please verify the following information with your Tax Professional:

-IRS says you can deduct the interest on your Co-Op Loan if it is your primary residence and you Itemize your deductions (Schedule A). As per the IRS: "For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities."

Link: http://www.irs.gov/publications/p936/ar02.html#en_US_2010_publink1000229899

-IRS also says you can deduct a portion of your Maintenance you pay to the Cooperative: "Generally, if you are a tenant-stockholder, you can deduct payments you make for your share of the interest paid or incurred by the cooperative. The interest must be on a debt to buy, build, change, improve, or maintain the cooperative's housing, or on a debt to buy the land."

Link: http://www.irs.gov/publications/p936/ar02.html#en_US_2010_publink1000229984

Hope that helps!
Trevor Curran NMLS#40140
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Fri Jul 23, 2010
Mildred Valentin answered:
Well recruiting is not easy but first the person has to be a self motivator and most be a go getter, you have to want the business and go out there and get it. Nothing comes easy, we have had a lot of agents come and go in our office. At first they seem motivated but when they don't close deals they get discouraged. The broker or office team should always work together and all agents should help each other out at some point! I strongly believe in networking all the time and making a good name for yourself! Recruit them and give them training and good guidance so they can become great producing agents and feel confident in themselves!

Best of Luck!

Mildred Valentin, Relator
Exit Realty Van Zandt
1314 Blondell Avenue
Bronx, NY 10461
646-957-4648
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Fri Jul 16, 2010
Barhite and Holzinger answered:
1900 Ft2:
Seems you are having some technical difficulties. those are no fun, and I hope you work your way through those problems.
To use Trulia as a source for helping you price a rental, you might consider searching on the new [Rent] tab for the zip code where the property is located. There, you can view competing listings of rental property and the asking rent. While such an effort is limited in its benefit compared to a true market analysis, it can give you a rough idea of the proper market range for the rent. As for 'fair," the term is highly subjective depending on your position at the table, so you might consider what the market is suggesting is an appropriate rent where Landlords and qualified Renters can reach an agreement. If, on the other hand, you are dealing with rent controlled property, you can refer to the property history and the current guidelines. As a real estate professional, I am sure you have significant resources at the office for finding comparable rental information not available to the public, particularly what units actually rent for in term of price, size, length of rent, deposits, pets, and other conditions.
Happy Renting!
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Thu Jul 9, 2009
Michael Benninger answered:
Sun Mar 9, 2008
Milton D. Johnson answered:
The average studio in the Bronx are under $100,000. (550 sqft or less). I am assuming that you meant Coop apartments because there many more choices for coops than condo in the Bronx, especially in 10467. There are others that sold for $120.000 to over $200,000 in Riverdale but I know you specified 10467. I recommend expanding your search to included more zip codes to increase your likelihood of finding an apartment. If you want to see the MLS yourself, feel free check my website FREE MLS Home Search http://www.milton4realestate123.com/ ... more
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