Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 10701 : Real Estate Advice

  • All45
  • Local Info4
  • Home Buying18
  • Home Selling7
  • Market Conditions0

Activity 16
Mon Oct 30, 2017
Kathy Burgreen answered:
Trulia is a media website that hosts listings posted by realtors, property management companies, owners, etc. Trulia uses links that will direct you to mortgage lenders but you don’t need to use them. My advice: know who you are giving your information to BEFORE running your credit as there could be links to fake websites or people claiming they are lenders when they are not. Do yourself a huge favor. Since you’re in Yonkers, there are hundreds of local banks within walking distance. Use your bank or any local one and go in person and ask to speak with their lending department. This way, your personal information is safe and secure. ... more
0 votes 2 answers Share Flag
Fri Sep 29, 2017
Kathy Burgreen answered:
I'm a recently retired realtor and sold several coops (North Broadway, Central Park Ave.) and 2 family homes all in Yonkers. You should NEVER be afraid of mortgage lenders. They need business and are happy to work with all types of buyers. I have personally seen buyers with the same income as yours get pre approved AND move into their new coop. So if they did it, you can too.

Now for some tips / advice / hidden truths:
With your income, you can only afford a 1 bedroom coop apartment. Your best bet will be Bronx River Rd., North Broadway and maybe the side streets off Central Park Ave. although those coops tend to be a bit more than the ones on Bronx River Rd. and North Broadway. With North Broadway, stick closer to Ashburton because the streets further north are more expensive.
You need to review your monthly budget and make sure your income will cover the mortgage, monthly maintenance (the average for a 1 bedroom in Yonkers is $500 - 700. per month), Metro North if you work in Manhattan, a parking space (figure $20 - 50. per month in addition to the maintenance), utilities, food, etc.
You will need to be approved by a coop Board after you sign a purchase contract and before you close on a coop. The coop Boards in Yonkers are not as strict as other Westchester towns because they know they can't get high income residents to live there. However, they do want to see buyers have some money left after the mortgage and maintenance fee to pay your other monthly expenses. That's why I said review your budget now.
Your FICO credit score should be 620 or higher. This is so lenders will give you a loan. Lenders in Westchester generally don't give loans if your FICO credit score is below 620. Especially if you're buying a coop. It's too risky for the lender.
As for borrowing from your 401K - don't do it. I know you can, but I would rather see buyers save their own money or borrow from family members, etc. than taking money out from your retirement account. You can also contact Yonkers or Westchester County and find out if there are 1st time homebuyer down payment assistance grants. This would make more sense than taking money out of your 401K.

As for gaining equity in a coop, as a general rule, you do BUT it depends on location. Unfortunately, coop owners in Yonkers don't gain as much equity for their units as coops in other Westchester towns do. You gain some.

One final thought - You need to check out the garden apartment style coops on Richbell Road in Mamaroneck and Pelham Rd. in New Rochelle. These coops are in much better neighborhoods than Yonkers and they are CHEAP!!! I think you have a shot at getting approved by the coop Board. The only negative with the Richbell Rd. in Mamaroneck is parking. It's pretty much street parking and it can be tough finding a space. The good news for both places - they are on a bus line and the bus stops in front of the buildings or at the corner. It's also a reasonable walk to Metro North. The best news - the neighborhoods are much better than Yonkers.
... more
0 votes 1 answer Share Flag
Wed Dec 2, 2015
Christopher Pagli answered:
Hi, I recommend having this conversation upfront with any agent you work with. Many agents cover multiple areas and counties and can still assist you. If you are looking within the same county most agents won't agree to work with you if there are multiple agents in the picture.

Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
Tarrytown, NY
... more
0 votes 4 answers Share Flag
Sat Oct 10, 2015
Good morning Cwford8,

Seller's concession are indeed common. Bottom line advice: finding the right real estate agent is hard work. One of your key deciding factors to screen out unacceptable agents should be this very question: Seller's concessions. Remember, the agent doesn't work for YOU; the agent works for the SELLER. So you are free to interview multiple agents until you find the right agent who understands not only your financing requirements, but has experience closing purchase transactions with similar financing options...and that includes knowing how to convince a Seller or their agent to accept your transaction with a Seller's concession.

Hope that helps!
Trevor Curran
NMLS #40140
... more
0 votes 5 answers Share Flag
Tue May 27, 2014
Anna M Brocco answered:
For personalized answers, you really should be consulting with any licensed loan officer; he/she can better advise after your overall financials have been reviewed, all else is really speculation... ... more
1 vote 2 answers Share Flag
Sun Nov 10, 2013
Anna M Brocco answered:
See link for possible helpful information Also consider contacting management and ask...
1 vote 3 answers Share Flag
Sun Aug 18, 2013
This is a unique situation but you are able to use who ever you want for your mortgage financing, but since he is the seller he has the power to accept or reject your offer.
0 votes 5 answers Share Flag
Tue Jul 2, 2013
Jennifer Zucco answered:
Though Ashburton Ave is not too far. It's almost a sandwich affect. It's up to you what you are filling for and price. That area is not looking like what you are looking for from your above description. ... more
0 votes 9 answers Share Flag
Tue Jul 2, 2013
Michael Dawkins answered:
I wanted to know the same thing and no one seems to be giving a honest answer.
0 votes 3 answers Share Flag
Thu Nov 8, 2012
divx.speedy213 answered:
i need to know more information about when section 8 is the open apply again in yonkers,ny.......
PLEASE HELP!!!!!!!!!!!!
0 votes 3 answers Share Flag
Wed Jul 11, 2012
Robert Konner answered:
I know there are 11 active listings on the MLS. You can call the Management Agent Live Right Realty. The number I have for them is (516) 829-9898. They might be able to tell you the rental to ownership for that complex. Good Luck! ... more
0 votes 1 answer Share Flag
Thu Apr 22, 2010
Robin Lynch answered:
Hi Apline,

You might want to consider 357 N Broadway #2C, Yonkers, NY 10701 (MLS# 2918951). It is within walking distance to the Metro North Glenwood station and has an outdoor pool and no pet restrictions. It is called the Monterrey Condo and has more than 1 active listing there. There is also 412 N Broadway #8, Yonkers, NY 10701 (2933270). This is also within walking distance to the Metro North Glenwood station but it does have a restricted weight for pets but does have a multi level deck/pool. Again there is more than 1 active listing at this complex. You can also try Riverwatch in Yonkers. It has a pool and a restricted weight for pets and is within walking distance to the Metro North Greystone station.

Robin Lynch
Keller Williams Realty Group
... more
0 votes 3 answers Share Flag
Thu May 14, 2009
Christopher Pagli answered:
Hi, Judging from the amount and the down payment requirement I think we are talking about a Coop. If so there is no way getting around the minimum down payment requirement, this is set by the Coop Board. On top of that the Coop Board will want to see several thousand dollars in reserve after making that down payment and paying closing costs. The banks are also requiring 20% down for those that have under a 700 credit score because you won't get PMI (Private Mortgage Insurance) if your credit score is under 700 and you're not putting down 20%. Things have gotten alot stricter these days.


Christopher Pagli
Associate Broker
Legends Realty Group
... more
0 votes 2 answers Share Flag
Mon Apr 13, 2009
Rey Hollingsworth Falu answered:
A co-op is an asset like any other piece of real estate except you are not really buying the property. A co-op is not condo. When you buy a condo you are buying the actual site (like a house). In a co-op, or cooperative, you are buying shares of a corporation (which is leasing you back the place where you will live). It is a North-Eastern phenomenon that made ownership affordable. So the process is like buying a house, except usually you must get approved by your fellow share holders (the Board).

They both are assets. They both can be bought and sold. Condos are generally more expensive for a variety of reasons. If you need help buying. Click this link.

-Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrnce
... more
0 votes 2 answers Share Flag
Wed May 7, 2008
Ljny answered:
1155 Warburton is where we lived. When they were going condo they had a tenant meeting every week to try to persuade people to buy into their scam. They slapped some paint on an outdated, small unit and are trying to sell now for an inflated price rather than rent. They actually said that when the outdated elevators break that the cost to fix or update them will come from the tenants. The view is great....but seriuosly people, IT'S YONKERS! The schools suck and it's right near St. John's hospital. Also there are absolutely no stores or supermarkets anywhere near the building so it is very inconvenient. And try listening to the train go right by your apartment every 20 minutes. You can try putting a top hat on a pig, but it's still a pig. ... more
0 votes 9 answers Share Flag
Search Advice