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10801 : Real Estate Advice

  • All46
  • Local Info7
  • Home Buying22
  • Home Selling2
  • Market Conditions1

Activity 36
Thu Jul 13, 2017
Kathy Burgreen answered:
This is not New York City so most agents will not ask for a brokers fee. The landlord or property manager will pay the fee. Now for the bad news. As a recently retired real estate agent, most agents refuse to work with renters because the commission earned is too little. Agents make much more money assisting buyers and sellers with either selling their home or buying a home.

You will need to contact some of the large brokerages, ask for the Office Manager or Broker in Charge. Then ask them to connect you with a brand new licensed agent. New licensed agents need experience and clients. Once they get both, they drop renters and move on to buyers and sellers.
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Fri May 26, 2017
Kathy Burgreen answered:
I'm a VP of my co-op Board on Palmer Ave. in New Rochelle. Not sure if you are applying to a co-op here. To answer your question, you need to understand the following: Co-op Boards do not want to admit a buyer then at some point in the future, that buyer cannot afford to pay their monthly maintenance fee for whatever reason. It's the same principle as not paying your rent. Therefore, a co-op Board will want proof that your income is sufficient to pay your monthly mortgage + the monthly maintenance + any debts (student loans, credit cards) + ConEd + any commuting costs (MetroNorth or gas for your car) + money left for food, etc.

Example: Let's say you're buying a 2 bedroom co-op for $300,000.
Monthly income ------------------------$5,000.
Monthly mortgage - ?
Monthly maintenance - $1,500.
Monthly MetroNorth - $268./month
ConEd - $100,
Student Loans - ?
Credit Cards - ?

How much money is left after paying the above expenses? Does this buyer have any money left to buy food, cable, cell phone, clothes? Is there any money in savings if this buyer lost their job and was unemployed? If unemployed, can this buyer pay the monthly mortgage + the maintenance fee?

When you fill out the co-op Board application, you need to prove that if you were unemployed or had a medical crisis, you will have money in savings to pay the monthly maintenance fee. You need to know that if you fail to pay the maintenance fee, the Board can take legal action against you and start eviction proceedings. No co-op Board wants to do this because it costs money for attorneys and why should the other residents have to pay attorney fees to kick you out because you failed to pay the maintenance fee on time. The better solution is to prove to the Board that if you suddenly lost your job, you can afford to pay the maintenance fee until you found a new job. Remember, you cannot sell your unit until the maintenance fees are up to date. If there is a balance due, the Board will get paid at closing when you sell.

Another issue that upset me as a Board member was when we had a buyer who "claimed" to be buying the unit for herself BUT she was paying for a 2nd car and paying for her daughter's student loans. Alarm bells went off in our heads that this buyer was planning to move in with her daughter and wanted to keep it a secret. Sorry, but you cannot move in with somebody else and keep it a secret. The co-op Board will find out and we can take legal action against the buyer.

Finally, to help you out with buying a co-op - PLEASE VERIFY THE CO-OP BOARD'S FINANCIALS. Do NOT go to closing without knowing the co-op's financials. VERY IMPORTANT!!! You need to know that any resident can be on the Board. There is no requirement to have accounting experience. This means any idiot can be on the Board and not know what they are doing. As a former realtor, I have been to all the co-op buildings in New Rochelle, Yonkers, Larchmont, Mamaroneck, Mount Vernon, etc. Many co-op buildings have lousy financials and they are short on cash and have frequent maintenance increases because the Board members don't know what they are doing. The ideal method is for a co-op Board to have at least 10% cash reserves for emergency situations. As a guideline, if a co-op Board does not have good financials, the sellers of the co-ops need to sell their units cheap and/or they need cash buyers. Sellers cannot sell at higher prices because of the Board's finances. Lenders will refuse to give loans to buyers if the financials are lousy.
Bottom line - you can buy a co-op in a building with lousy financials. Just know what you're getting into and if you need to sell in the future, know that it will be a bit difficult to sell.

Also as a guideline - co-op buildings with lousy financials will go easy on buyers. They will approve buyers who don't have enough savings and are not as strict. Co-op buildings with strong financials and cash reserves will be stricter with buyers and buyers need to show proof they can pay the maintenance fees.

Good Luck!
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Mon May 22, 2017
Kathy Burgreen answered:
You need to know that real estate agents in Westchester don't work with renters on vouchers because the commission earned is very little and not enough to pay their expenses.
The only places I know of is Marina's Edge on Davenport Ave. (10 - 70 Davenport Ave. on the left hand side). It's a co-op but there are plenty of people on Section 8 living there. I deliver Meals on Wheels to 1 resident there. Another complex is 120 - 150 Pelham Rd. I know there are a few residents on Section 8. You should also try Lincoln Ave., North Ave. by the train station and the complex on Main St. by Monroe College. I deliver Meals on Wheels to residents there too. Plenty of residents on Section 8. ... more
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Mon May 22, 2017
Kathy Burgreen answered:
Since Zillow and Trulia are the same company now, try editing the facts and photos in Zillow first. It should populate to Trulia. Zillow gives you editing control over your home.
0 votes 1 answer Share Flag
Thu Jul 21, 2016
Maricris A answered:
Hello,

Please provide your complete property address and I will be able to assist.


Regards,

Maricris
Consumer Care Advocate
0 votes 1 answer Share Flag
Thu Feb 11, 2016
Karen Peyton answered:
No, you cannot claim heating oil and Con Ed on your personal residence.
If you are inquiring about multi-family dwelling in which you rent apartments and provide utilities, seek the guidance of a tax professional. ... more
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Thu Feb 11, 2016
Rickbenjamin29 answered:
Hey I don't live too far from there I'm right off Ellenton. It's a little busy but not to the point where you'd be frustrated hey when you finally get home you can enjoy your beautiful home. Go for it ... more
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Sat Oct 10, 2015
Trevor Curran answered:
Good morning Stephanie,

First, this is completely incorrect. There is NO hard number for how many points a credit score is affected by ANY activity on a credit report. For anyone to know that exact number would mean that person has knowledge of the secret algorithm used by FICO to generate credit scores. One visit to the MYFICO.com website will demonstrate that not even FICO provides an exact number for activities on a credit report that affect scoring algorithms.

Second, find a new banker. When you check out mortgage professionals, be sure to visit the National Mortgage Licensing System (NMLS) website. Consumers can verify the licensing of mortgage professionals and also the experience level of those professionals. I once saw a licensee who only two years earlier had been managing a pizza restaurant...! And that mortgage professional had made similarly bizarre statements to the consumer as this banker has made to you.

Take a look at MYFICO.com for credible information from the SOURCE about how credit scores are calculated and the effect of inquiries when a credit report is pulled.

Hope that helps!
Trevor Curran
NMLS #40140
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Thu Jul 2, 2015
Christopher Pagli answered:
These days anything over 700 is what they look for. there are loan products for people that have scores less then that, such as FHA. Your mortgage professional will guide you accordingly. If you need a referral please let me know.

Chris
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Mon Jun 22, 2015
Kathy Burgreen answered:
The best method to,qualify for a mortgage is to pay off outstanding debts (credit cards, loans, etc), save some money, then apply for a mortgage. Use online calculators to figure out your debt to income ratio & get it to below 25%. Also save enough to have at least 10% for a down payment & closing costs. ... more
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Wed May 13, 2015
Javier Montiel answered:
You can't post FSBO listings on Trulia. Check into other sites like Zillow and postlets.com.

Good Luck!
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Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some options with you. If you are interested, please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com.
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
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Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some options with you. If you are interested, please call me at 914-273-9688.

Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com.
Andrew.Feigenbaum@GrandLuxRealty.com
Office: 914-273-9688
... more
0 votes 6 answers Share Flag
Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some options with you for New Rochelle and Pelham. If you are interested, please call me at 914-273-9688.
Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com.
... more
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Wed Nov 12, 2014
Andrew Feigenbaum answered:
Hi, I'd be happy to go over some condo options in New Rochelle with you. If you are interested, please call me at 914-273-9688.
Sincerely,
Andrew Feigenbaum
Grand Lux Realty
http://www.GrandLuxRealty.com. ... more
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Fri May 30, 2014
timcwell answered:
I would contact First Horizon and ask to speak with the assigned loss mitigator to find out if there are any required documents missing, and/or request a short sale requirements package be sent to you. I have heard that sort sale files with multiple missing documents have been known to come up missing. Loss mitigators have quota's on the number of files they complete. So does anyone really expect them to take the time it takes to correct someone else's errors while doing so may lower their pay grade...? With a requirement package, everything you will need to submit an offer will be in it. JMHO. Good luck! ... more
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Fri May 9, 2014
Brian Nguyen answered:
If she is on the mortgage application, that means all of her finances will be looked at. This includes her income, credit, debt, assets, etc. If she is not on the mortgage and you are the sole applicant. That means none of her finances will be looked at. So the best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
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Sun Mar 30, 2014
Rickbenjamin29 answered:
Thank you guys for all the info. Dan a lot of people really appreciate all the info you give. Thanks again Rick
1 vote 6 answers Share Flag
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