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Home Buying in 11217 : Real Estate Advice

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  • Home Buying21
  • Home Selling2
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Activity 21
Sat Aug 8, 2015
Kurtis Glover asked:
Tue Feb 10, 2015
Galia Taneva answered:
A Trulia Estimate is just that: an estimate of a home's worth based on public records (mainly). The actual sale price is the last known sales price for this home. Trulia Estimates are not even displayed on homes in my area anymore and I am glad they are not because they were so far off. ... more
0 votes 2 answers Share Flag
Wed May 14, 2014
Sanjeev Ahuja answered:
If it is owner occupied then most likely you will get a loan amount of 1 million with 10% of the funds coming from your own savings and the remaining can be a gift. You will need closing costs and also 6 to 12 months of PITI reserves. if you like to discuss about this my contact information is given below.

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
... more
0 votes 4 answers Share Flag
Sun Mar 24, 2013
Kathryn Lilly answered:
Mixed use properties typicaly do not have Open Houses.

Kathryn Lilly, Principal Broker
Realty on the Greene, LLC
718-858-7600
0 votes 1 answer Share Flag
Fri Jan 4, 2013
Mitchell Feldman answered:
Dear pwl11575:

I am curious, why is it that you want a foreclosed property? Keep in mind that many foreclosed properties are in terrible condition and will require lots of work to make them livable. In addition, you have to take the property as-is without any warrantee whatsoever. Right now there is a lot of competition on foreclosed properties and most of the foreclosure deals that are made are done all cash without a mortgage contingency. Some foreclosure properties may not even be mortgage-able if the condition is really bad (unlivable).

I would suggest that if you are not buying all cash, get your self pre-approved for a mortgage. This is different than being pre-qualified. Pre-approved means that you are put through an underwriting process and the bank determines that they will give you a loan subject to you finding a property to purchase. It will cost a little time, money and effort, but it will give you a competitive advantage over other buyers as you need to be prepared to move quickly.

Most people who want to purchase a foreclosure do so because they feel they will get a good deal. This is not always the case. As a matter of fact, many foreclosure properties sell for market value or more because of all the people competing to buy them. Most purchaser's who get really good deals on foreclosures are buyers who purchase foreclosure "packages" from banks (you purchase 10 properties for $1,000,000 cash).

Looking at the big picture, maybe what you are looking for is simply a good deal. There are many other ways to find a good deal other than a foreclosure property. As an example you have estate sales and divorce sales and such. Either way, a real estate agent can help you. If you specifically want foreclosure properties, make sure the agent you work with specializes in foreclosures and has an "in" with the banks. The agent will not be able to help you properly if they do not have experience with foreclosure properties.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 5 answers Share Flag
Thu Aug 30, 2012
Mitchell Feldman answered:
Dear John:

You need to find out the rent roll and then subtract the operating expenses to find out the Net Operating Income (NOI). After that you need to calculate the Capitalization Rate (Cap Rate) which is the net operating income divided by the price you pay. As an example, if the NOI is $50,000.00 per year and the price you pay is $500,000.00, the Cap Rate will be 10%. This means you will get back via income one tenth of the price you paid every year. After ten years you will get back all your money and then as you move forward beyond that, the rest is gravy.

Here is a more detailed break down of the Cap Rate and how it works on Wikipedia.org:
http://en.wikipedia.org/wiki/Capitalization_rate

Keep in mind that if you do not purchase all cash and will be securing a mortgage, the cost of financing can have a dramatic effect on the Cap Rate. If that is the case, you simply have to ask yourself how much of a positive cash flow you need to make the deal worth while for you.

Whether it is a three or four family doesn't make much of a difference, here are some things you should consider:

1) Do extensive research in the area to make sure you know average rental rates in the area.

2) If there are existing tenants that you are considering keeping, make sure they have a lease and that you receive proof that they have been paying their rent and on time.

3) You want to see proof of expense amounts such as insurance, real estate taxes, water bills, etc.

By the way, I have some good income producing properties actively listed with me for sale that may be good for you. If you want to talk about them or if I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 4 answers Share Flag
Sun Aug 5, 2012
Mitchell Feldman answered:
Dear LL117:

If you want a buyers agent just make sure it is clear up front what your obligation to that agent is and whether or not you will have to pay them a fee. A buyers agent has a legal and fiduciary responsibility to protect the buyers (your) best interests. Sometimes the buyer pays the buyer's agent commission, other times it can come from the home seller. Your buyers agent will have to disclose that arrangement when they are showing you properties as well.

If I can be of further assistance or if you still need a buyer's agent, please contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 6 answers Share Flag
Mon Jun 11, 2012
Trevor Curran answered:
Good afternoon Mark,

Strike while the iron is hot. Rates are incredibly low, and it's a Buyer's market. Jump in feet first and make your purchase!

And leave the money in your 401k; you'll thank me for that tidbit 30 years from now.

Trevor Curran
NMLS #40140
... more
0 votes 11 answers Share Flag
Mon Jun 11, 2012
Trevor Curran answered:
Good afternoon Mollie,

The best person to answer this would be your Local Mortgage Banker as part of the Prequalfiication process.

For Co-Op Financing, minimum down payment with most Lenders is 10%, but each Cooperative may have its own stipulations as to a larger down payment, no matter what your Lender may be willing to Lend.

For Condominiums, see my Minimum Down Payment Primer below. BTW: I AM a Local Mortgage Banker with 22+years experience and I work for Direct Lender.

If you are a Veteran of the Armed Forces and you qualify for VA Guaranteed mortgage financing, then eligible Veterans are permitted to financing up to 100% of the purchase price of the home. That means no down payment.
http://www.trulia.com/blog/tcurranmortgage/2011/10/va_mortga…

For other HomeBuyers, Non-Veterans, the program for qualified Homebuyers with the lowest down payment requirement currently is the FHA or Federal Housing Administration. The FHA Insures mortgages made by banks and Mortgage Bankers and allows for a down payment of only 3.5%. http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

A Condominium must be FHA Approved in order to qualify for FHA Financing in the Condo. FHA does not currently insure Co-Op loans.

After FHA, Conventional financing through either FannieMae or FreddieMac allows for a minimum down payment of 5%. The Lender will need to obtain approval from a Private Mortgage Insurance company (PMI) to complete the loan approval.

The best way to have your questions about down payment and mortgage qualifications answered is to locate a local Mortgage Banker with at least 15 years experience. Mortgage professionals like myself who work for local Mortgage Bankers are Licensed as opposed to the registered status of sales people at regular banks. Thus you will receive a higher level of service which is just what a First Time HomeBuyer needs.

I hope that helps!
Trevor Curran NMLS #40140
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0 votes 6 answers Share Flag
Sun Jun 10, 2012
Kenneth Simmons answered:
Contact Stephan Hagege at Wells Fargo. Not only will he get you your loan but he is very patient. You can talk to him anytime and he will guide you through the process. His number is 212-805-1685. ... more
0 votes 4 answers Share Flag
Mon Jan 24, 2011
Charles D'Alessandro Sr answered:
The price sounds reasonable, but you cannot time the market. After looking at Condos on the market you should have a general idea of the value. As for the future market we can only speculate. ... more
0 votes 9 answers Share Flag
Fri Nov 19, 2010
David Rogoff and Bonnie Chernin answered:
Dear Sergio:

Many condo developments are offering Rent with Option to Buy on new construction where many units remain unsold.

Almost any realtor can assist you with your search.

In Sheepshead Bay area for instance you can drive buy some new developments and large signs advertise the Rent with Option to Buy offerings.

Feel free to contact us with any additional questions you may have.

Best regards,
David Rogoff and Bonnie Chernin
Real Estate Sales Associates
Fillmore Real Estate – Branch 19
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile
e-mail: davidrogoff@Fillmore.com
... more
0 votes 7 answers Share Flag
Fri Nov 19, 2010
David Rogoff and Bonnie Chernin answered:
Dear Masami:

At the end of the year the shareholders in Co-ops will receive from the management company the deductible amounts for co-op's interest expense and real estate taxes. Your attorney or agent should be able to obtain the documentation supporting the prior year's deductions for your verification.

We agree with Charles that you should always confirm with your tax advisor/accountant or attorney to determine the impact of these deductions on your tax situation.

Best regards,

David Rogoff and Bonnie Chernin
Real Estate Sales Associates
Fillmore Real Estate – Branch 19
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile
e-mail: davidrogoff@Fillmore.com
... more
0 votes 4 answers Share Flag
Sat Oct 2, 2010
Dp2 answered:
Thu Aug 12, 2010
Manu Kapoor answered:
Thu Aug 12, 2010
Manu Kapoor answered:
Yes you could get a mortgage.
But a lot of other factors surround it. All income expenses plus a complete financial history for at least 24 months have to be fully verified before you can go ahead with the mortgage approval.
Get a loan officer to do all this & qualify you first. He would let you know if u are OK, or require more down payment.
... more
0 votes 6 answers Share Flag
Sun Jun 6, 2010
Ed Groussman answered:
If your file is strong, I should be able to have you file closed before June 30th.Call me to discuss asap at 646-523-6149 or email me at egroussman@gmail.com. I'm located in Bensonhurst as well and my rates are always in line or better than Wells.

Thanks,
Ed Groussman
Community Banker
Home Savings of America
... more
0 votes 4 answers Share Flag
Fri Apr 24, 2009
Rhonda Holt answered:
Of course you can get a fixed rate mortgage. That's why I always tell buyers to see more than one mortgage person so you can compare information and get a great deal.

Maybe the company you went to benefits from ARM mortgages in some way. If you want a great mortgage person give me a call and you can meet him for FREE with no obligation at all.

Call me today at 646-725-5941.
... more
0 votes 4 answers Share Flag
Sun Apr 12, 2009
Daniel Gershburg answered:
The below answer is wrong, plain and simple. This is New York, and many of these condos are not being sold and are simply sitting unsold. Sales plunged about 25% last quarter alone. In fact, the few people that are still in pre-construction or unfinished projects have sometimes been requesting to terminate the contract. The best way to figure out the CMV on the building is to go directly to the sponsor (owner of the building), and ask what the price per square foot was going for 6 months ago and the bargain down from there. CMV is very difficult to determine on new constructions these days because of the market. Comps wont necessarily help you as much either. My advice is to go to the sponsor, ask what comparable apts in the building go for, and go from there. Happy hunting. ... more
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Thu Jan 22, 2009
Ralph Windschuh answered:
If it is an estate sale that needs to be "signed" by the court, I would think that the unit is being sold by the family to assist with nursing home or some other care for the owner and that the court simply has to approve the sale. The court will send out their own appraiser to check the value and will probably only accept an offer close to or at the appraised value - depending on how long it stays on the market. With respect to a lending institution's willingness to approve a loan, much will depend on the institution's individual requirements for both your income/debt ratio and the condition of the home. More than likely, the fact that it is a court-approved sale will have little impact on the sale. If I can assist you further, please contact me.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
... more
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