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 11236 : Real Estate Advice

  • All40
  • Local Info3
  • Home Buying22
  • Home Selling0
  • Market Conditions0

Activity 19
Wed Nov 4, 2015
Ruth and Perry Mistry answered:
Get the name from county records.

Then Get a PI or an attorney.
0 votes 1 answer Share Flag
Tue Dec 9, 2014
Williamlariluswl asked:
Can I buy a 490000 home I make 52000 a year if I put 20% down the home is a 2 family my score is 645 I had a bankruptcy 4 years ago
0 votes 0 Answers Share Flag
Mon Mar 24, 2014
Joseph Runfola answered:
Rent to buy may also be called Lease to Buy; Renters pay a certain amount each month to live in the house, and at the end of an agreed upon period they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home. Be aware that many contracts in rent-to-buy situations disallow late rental payments from counting toward an eventual sale. People with on time payment issues might lose equity when making late payments. Before you enter into this sort of arrangement talk long and hard with your real estate attorney, consider all the liabilities, and have a complete understanding of what's involved. Rent to buy can be helpful, but shouldn't be entered into by anyone who isn't serious about eventually buying the home. Seek legal advice from a licensed NY Attorney because this could end up costing you more money in fees, and above-market rent payments, and a complete loss of all up front fees. ... more
0 votes 1 answer Share Flag
Mon Mar 24, 2014
Kathryn Lilly answered:
Coming up with the down payment money is like wanting to loose weight! It takes work and discipline as well as realistic expectations.
1.) do not be in high rent apartment, compromise, save your money.
2.) Do not expect to buy your dream home in your first purchase.
3.) Cut your budgets on everything and keep your mind on your goal.
4.) Pool all your savings and retirement funds; that can be used for the purchase of a primary residence without penalty.
5.) Your first purchase is a co-op; closings costs are cheaper and will be easier to resell if you buy into the right building. A condo if it becomes full of investors, owners renting them out, will not be saleable.
6.) If you bought the right apartment in the right neighborhood, make some improvements and sell at a profit. That is TAX FREE money towards your bigger down payment.

I have client who bought & sold three apartments before she settled into her dream house. She bought filthy, dirty apartments that did not show well, but they were in great buildings in good locations. All she did was clean, scrub and wash the windows in her first apartment. That was in 2007, she made $50,000 profit, the next apartment she made over $100,000 profit,.... by 2012 she had $400,000 for a down payment on a two family in Lefferts Gardens....she is staying put for a while now.

Kathryn Lilly, Broker'
Realty on the Greene, LLC
718-614-5542
KLilly@RealtyontheGreene.com
... more
1 vote 5 answers Share Flag
Mon Jun 17, 2013
Mitchell Feldman answered:
Dear Ramon:

A deal is not completely solidified until you have a legally binding contract. In order to have a fully executed legally binding contract you would need to have signed the contract of sale and returned said contract and down payment check to the seller's attorney. The the seller has to sign the contract, deposit your down payment check and the fully executed contract must then be received by your attorney. At that point there is no turning back by either the buyer or the seller.

At that point there is still not a 100% guarantee that you will close, especially if you are getting a mortgage. However, at that point the seller would be obligated to you in a legal fashion. Prior to that point in time, either party can back out of the deal on a whim. I will add that usually it is the buyer who backs out and not the seller, but if the seller gets a higher or better offer than your, he or she is within their legal rights to go with another deal if you are not in contract.

If you want to discuss this further, feel free to contact me direct. 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 7 answers Share Flag
Mon Jun 17, 2013
Michael Richman answered:
Hi Vanessa,

The only to put ownership of the house in your name is to do a deed from your sister to you. This involves having a lawyer prepare the deed and have it recorded in the public record. While this is not free, the cost is relative ly minor.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
www.kianrealtynyc.com
... more
1 vote 8 answers Share Flag
Fri Apr 5, 2013
Mitchell Feldman answered:
Dear Eccoy2k1:

If you need a referral for a good attorney, contact me direct and I can give you some names. Aside from that, here are some helpful tips when choosing an attorney:

1) Your attorney should specialize in real estate.

2) Your attorney should have some experience.

3) Your attorney should be located in the area of the property (Brooklyn).

4) If purchasing a condo, your attorney should be familiar with reading offering plan books and condo financial statements.

5) Don't pick an attorney based on the fee they charge as cheapest is not always best!

The fee can vary greatly from attorney to attorney. Usually they charge a flat fee. You should interview several attorneys and see who you feel most comfortable with, ask them what their fees are as well. 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
Mon Mar 25, 2013
Temra Taylor answered:
The snowy days have definitely affected my ability to show homes. Warmer weather is coming and they buyers will be out again. Give it another week to 10 days. Much success to you!
0 votes 15 answers Share Flag
Mon Mar 25, 2013
Temra Taylor answered:
Immediately. You should request a denial letter and request a full refund of your earnest deposit/downpayment. Before moving on it would be beneficial to you to understand the reasons why you were denied as most lenders have the same rules. It is most likely a debt:income ratio issue or a credit issue. Work to clear those issues up first so you will be successful in gaining a mortgage the second time around or you risk this happening again.

I am happy to offer my assistance and encourage you to visit www.Taylorsellshomes.net

Good Luck!
... more
0 votes 7 answers Share Flag
Sun Mar 17, 2013
Jeannette Batsikas answered:
Great answers, Basically what that means is the papers expired on the mortgage documents, nothing really too big. However I did have a client who bought a house and many clients liked this. I had a client that went through what you're going through; there experience they were in contract with the homeowner and if they backed out of the deal for expired loan documents the owners threaten to sue them and take there down payment in the event they did and kept the down payment. Another client was in contract and sometimes the deal beacuse of paperwork took to long the loan papers expired the seller wanted to back out but my clients loved the house and all they had to do was sign the papers, the seller couldn't back out and my clients were very happy in there new home a month later. I'm sure if you check with your mortage banker/broker they can help or even your lawyer. If you ever need help or know of someone that is looking to buy, rent or sell feel free to call me Jeannette Batsikas 718-635-2421 ... more
0 votes 4 answers Share Flag
Tue Jul 3, 2012
Annette Levinson answered:
Conrad, if Susan adds her name to the deed, the mortgage is due.
Susan, Your best bet is to do a FHA which will allow your sister to sell to you the house for the full value and give you a gift of equity for the difference between the sales price and the mortgage payoff. You can also get a gift of equity for the closing costs (if there is enough equity). At the closing your lawyer will arrange for the transfer in the deed. The title company will file it for you.
I would suggest you use a different real estate lawyer. It is not uncommon for someone to live in NY and commute to Ct even if it is Canarsie.
... more
0 votes 8 answers Share Flag
Wed Feb 2, 2011
Catherine Cleland answered:
Hi, I would actually talk to an agent about it. A good agent will not only know the market and be able to do the research for you, but should also be able to guide you as far as your finances. I give all of my buyers a financial statement to complete so that we can go over their qualifications and everyone knows where they stand. I have some excellent bank contacts who can tell you what you will qualify for (make sure they do a full qualification and don't just jot down some numbers) and who can help explain different mortgage options to you. You don't want to be house poor, which I see many people make the mistake of doing and then have to sell. Get a good honest Brooklyn agent (feel free to check out my website and contact me if you like what you see) and let them help you.
Thanks and best of luck to you,
Catherine Cleland
City Connections Realty
... more
0 votes 3 answers Share Flag
Tue Oct 12, 2010
Jeff York answered:
Let the attorney handle this since that is what he is for. The suit is for specific performance. It is possible that they could settle with you for damages, covering your expenses for an additional move, short term lease, and pay the difference in the price on their house and another house you like as much or more. There are many options so let the attorney do his job. ... more
0 votes 5 answers Share Flag
Tue Oct 12, 2010
David Rogoff and Bonnie Chernin answered:
I think that Mitch provided the best answer.

I remember in real estate school they did not discuss the "virtual office" I though a storefront was a requirement.

Best regards,

David Rogoff and Bonnie Chernin
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 12 answers Share Flag
Fri Aug 20, 2010
Charles D'Alessandro Sr answered:
I am a short sale specialist. If you are looking for a property, Do not limit yourself to short sales and foreclosures, they are not always the best way to go . First , what are you qualified for in a mortgage. Call a Realtor with the pre approval in hand and let them look for the properties that fit your criteria. ... more
1 vote 5 answers Share Flag
Fri Jul 2, 2010
Annette Levinson answered:
Tahir, the only way to get off the mortgage is that the relatives refinance. If they are paying their mortgage on time their credit score has gone up. Remember FHA only requires 540 for a rate & term refinance. This show why it is so important to have your buyers get a preapproval before showing them homes. Canarsie is a great place to live. As a banker I can guide your potential home buyer and family on what they need to do.
Annette Levinson
annettelevinson@yahoo.com
... more
0 votes 5 answers Share Flag
Tue Feb 9, 2010
Carl Andre answered:
First, I'd like to thank you for giving this opportunity to answer your question.
To begin I'd love to answer your question right away, however, being a R.E. Broker and Architect with that long and outstanding experience I'd like to be able to give you an accurate and frank answer. So, for me to do so, i would love for you to invite me in, so i can virtually take a look at your home, its condition, size, suroundings and infrastrusture around it.
Please do not hesitate to contact me at 347-582-1014 or 718-377-3795 at any time...

Once again, thank you for the opportunity,

Carl,
... more
0 votes 4 answers Share Flag
Search Advice
Search

Followers

622