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Home Buying in 11204 : Real Estate Advice

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  • Local Info0
  • Home Buying10
  • Home Selling4
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Activity 10
Thu Jun 2, 2016
Mbloom asked:
Sat Jul 19, 2014
Javier Meneses answered:
All lenders will work with what the appraisal states as value. Is the lot deeded separately from the lot the house is on? Are both on one deed? This makes a huge difference for an appraiser to determine the value of the property. In essence, you very well might be overpaying if it's all in one deed.

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Javier Meneses
Assistant Director of Sales
105 Conklin Street
Farmingdale, NY 11735
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
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Fri Aug 2, 2013
Madeline Padovano answered:
Hi Valerie
google -" ASD Nest" there are a few schools that offer this program - good luck.
0 votes 3 answers Share Flag
Tue Jun 19, 2012
Dear Eujeen,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast. If you are one of those professional investors, then that's a different story. and I wish you luck!

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
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Tue Jun 12, 2012
Good morning Wendy,

In general you will find a much higher quality of service from a Local Mortgage Banker like Continental Home Loans (the company your Realtor recommended). Loan Officers like myself who work for Local Mortgage Bankers are Licensed as opposed the merely registered when working for one of the depository BIG BANKS.

The Big Banks are huge corporate machines and your dream of homeownership is quickly washed into the cogs of the corporate engine. Your Local Mortgage Banker will treat you like a friend, not a number. You'll get better communication, access, and faster approval/closing turnarounds with a Local Mortgage Banker.

Pricing is pretty much the same or better than at the Big Banks.

Hope that Helps!
Trevor Curran
NMLS #40140
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Sat Feb 12, 2011
- answered:
In order to accurately answer your question I need more info on the type of mortgage, etc. I suspect that you're not doing an FHA 203K loan. Mortgage banks generally stipulate in the commitment a time frame in which the house must be habitable after closing or when renovation should be completed. From my experience, that 60 days clause may be negotiable. You should however, check around with a few mortgage brokers to find out more. ... more
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Tue Jan 11, 2011
David Rogoff and Bonnie Chernin answered:
The Heights has the advantage of being close to the city. That factor alone puts the neighborhood in high demand.

If you could find a large L shaped studio (separate dressing room convertable to small bedroom) at a reasonable cost then I would grab it. If it's just a small box then pass over to the one bedroom. Realtors can provide guidance on the various configuations within your budget.

My only concern about condo resales is that they seem to linger on the market for a long while. Many neighborhoods have new units coming onto the market monthly or more frequently. This will depress prices unless you can find a really good deal.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
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Thu Jun 18, 2009
Rion Doman answered:
I can assist you and answer any questions. I live and work in the Bensonhurst / Boro Park area
I am a certified Buyer's Broker and working on an eco-broker course and LEED certification in New Construction
feel free to call, no obligation. I believe if you are are the only one bringing the money to the table, you should be well represented, and your home buying experience should be pleasant.
Broker Ron
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Wed Aug 20, 2008
None answered:
A Brooklyn, 2 bedroom luxury condominium cost $350,000 in 2004. The same exact apartment cost $725,000 in 2007. That's more then a 100% price increase. I don't know about you but I haven't seen too many salaries double in the same period and I haven't heard the news of Brooklyn becoming the hottest place for millionaires. I'd call that a speculative bubble, blown up by low interest rates, forged or non-existent credit checks, and real estate agents fanning the flames for a 3% cut of someone's borrowed money. Maybe if the commission was paid out at the same rate as the mortgage we'd have a bit less of this fake cheerleading.

Let's see what the prices are like when buyers don't have Other People's Money, ie low interest mortgages to throw around. I'm already seeing some 2-bdrm asking prices dropping from $550K to 450K-$475K.
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