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11209 : Real Estate Advice

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  • Local Info3
  • Home Buying48
  • Home Selling4
  • Market Conditions6

Activity 88
Tue Jan 2, 2018
Kathy Burgreen answered:
i"m back. Sorry for the delay. Unfortunately there are no down payment assistance programs for coops. The issue is buyers purchasing a coop in the NYC area are required to be approved by the coop Board. Typically most (if not all) coop Boards will review your finances to verify that you have the income to pay the mortgage + the monthly maintenance fee AND they want to see that you have additional cash saved in case you lose your job or you have some unfortunate thing happen where you won't have your regular income. Coop Boards want to make sure that if you lost your job for example, you will still be able to pay the monthly maintenance fee with your savings.

As for the 20% down payment, you need to know that most coops in NYC have very high down payment requirements. Not so in the suburbs. If you look in Westchester or Long Island, most coops only require 10% down payment. You should forget the Bronx or NYC for that matter and start looking a bit further north. Try Yonkers, Mount Vernon, New Rochelle, Mamaroneck, Dobbs Ferry, etc. All have coops for sale with 10% down payment AND the maintenance fees are CHEAPER than in NYC. You also get more living space for your money.

If you look in Nassau County, there are plenty of neighborhoods / towns where the coops are cheaper than Brooklyn. Lower down payment and maintenance fees too.
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Thu Oct 5, 2017
Kathy Burgreen answered:
Yes they do. I'm a successful retired realtor and real estate agents will never admit it. Here is what you don't know:
Realtors / agents are independent contractors and are allowed to CHOOSE who they want to work with and reject you if they don't want to work with you. Since realtors have to pay fees and other expenses to stay in business, they have criteria of what types of buyers and sellers they will work with in order to get large commission checks so they can stay in business.

Since housing is very expensive in NYC and there are thousands of coop and condo buildings, this gives real estate agents plenty of motivation to select which buyers and sellers to work with. Therefore, if you are buying a cheap coop under $400K, why should an agent work with you when they can easily get buyers purchasing a coop for more than $400K. Their commission check will be much higher, so this means you will be rejected.

What you CAN do: Visit some large brokerage offices and ask to be connected with one of the new licensed real estate agents. These agents need experience and clients, so they will be happy to work with you. Agents need to start somewhere. Once they get experience and clients, they move up the ladder in getting more expensive housing units.

Another item is you need to be pre approved by a lender or have proof of funds. Agents will reject you if you cannot prove that you have financing secured. So if you need a mortgage loan, get this done first.
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Fri Aug 11, 2017
Kathy Burgreen answered:
All agents in NYC have access to the same listings. Any real estate agent can assist you with buying a home. The most important issue will be your budget. If you are getting a mortgage loan, make sure you are pre approved first BEFORE contacting real estate agents. You will not see anything without a pre approval from a lender. If you are paying 100% cash, you need to show proof.

As for selecting an agent, it depends on your budget (what you are pre approved for). Example: if you are pre approved for $300K and under, your choices are slim to none as there is very little in this price range. $300. - $500K will get you new licensed agents to those who have 1 - 3 years experience. $500 - 700K will get you medium experience agents. Above $700K will get you the top experienced agents.
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Thu Aug 3, 2017
Eva asked:
Hello, I posted on sale by wonder on Zillaw the proper on 233 Bay Ridge Pkwy 3A; but on Trulia I do not see the pictures. On Trulia it says Red Hook, my property is in Bey Ridge.
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Thu Apr 27, 2017
Sonny Katz answered:
Hey Peter,

Purchasing a Co-op can be quite frustrating. From the due diligence to the Board Review. As for the pricing it all depends on what the Comparative Market Analysis says. A licensed real estate agent should run some numbers and see what the market is like in that area.

Bay Ridge itself is a hot neighborhood. It always was and always will be. I am born and raised in Brooklyn so I'm very familiar with the area.

You also might want to keep in mind that not everyone prices properties correctly. Thats why I always suggest any buyer to get an agent to represent them. Please feel free to contact me if you are still looking. I'd love to help.
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Mon Jun 6, 2016
Sally Grenier answered:
That's because Trulia is just a marketing website. It is not a real estate company. Trulia, Zillow, Realtor.com etc. are there just to make MONEY off US REALTORS. We pay tons of money to belong to the local MLS and various real estate associations, and then the Trulia makes us pay them to get leads for our own listings. Also, most of the buyers on here aren't pre-approved or aren't serious buyers. (Give fake names, numbers, email addresses, etc.) So yeah. Not many agents here will respond.

If you are serious about buying then take the job seriously. Hire a Realtor as your Buyer's Agent. It doesn't cost you anything as a buyer, and he/she can show you any house you're interested in. Best deal around. Good luck!
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Tue May 31, 2016
Susan Scharbo answered:
Tue May 31, 2016
Susan Scharbo asked:
Tue May 31, 2016
Susan Scharbo asked:
I want to rent out my apartment
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Thu Feb 11, 2016
Rosemary Mchugh asked:
should fix 637 77th street does not exist, perhaps east 77
636 79th street does not exist, perhaps east 77
I think 647 77th street (exists) but is not in foreclosure, think it is East…
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Thu Jun 4, 2015
Aaron and Cheree Tiry answered:
Have you checked out the "rent" section at the top of Trulia? There may be something in there. Otherwise you could also check Craigslist.com to see what they have for posted for rentals. ... more
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Tue Mar 31, 2015
Alex Mitkovski answered:
Tue Mar 24, 2015
Ron Krauch answered:
Trulia is addressing this by going to direct feeds from MLS systems rather than ListHub. This will greatly improve the overall accuracy and timeliness of the information. This change is to occur by the second week of April.

For now... this is what consumers have to work with.

Ron Krauch
Managing Broker
Emerald Estates Realty, Inc.
Palos Heights, IL 60463
... more
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Thu Mar 19, 2015
Danny Soldano answered:
Thu Mar 19, 2015
Danny Soldano answered:
Hire your own attorney who represents you! On occasion and if allowed your attorney can also represent the bank as well. Make sure that if that is the case he has done so before.
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Thu Mar 19, 2015
Danny Soldano answered:
Barring a major economical decline Bay Ridge is poised for increased growth over the next 5 years. Northern Brooklyn is too expensive for the average Joe and Bay Ridge is just as good as those neighborhoods. ... more
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Thu Mar 19, 2015
Danny Soldano answered:
Thu Mar 19, 2015
Danny Soldano answered:
Peggy,

Just to add on to the other answers, a coop will have more restrictions in terms of what you can do (renovation, subleasing etc...) A condo will give you more freedom to do as you please. ... more
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Thu Mar 19, 2015
Danny Soldano answered:
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