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Home Buying in 11372 : Real Estate Advice

  • All41
  • Local Info1
  • Home Buying22
  • Home Selling2
  • Market Conditions0

Activity 20
Kathy Burgre…, Home Owner in Westchester, NY
Fri Nov 18, 2016
Kathy Burgreen answered:
Theoretically it looks like it should be a slam dunk, however, that's not how it works and you will have problems:

1. If you have 60 - 85% saved for a down payment, how are you paying the remaining 15 - 40%? If you need a mortgage loan, understand that lenders refuse to finance loans under $100,000. A few will go down to $80,000. but it will be difficult finding a lender to give you a loan for a co-op below $100,000.

2. Condos are more expensive than co-ops. Have you been pre approved yet? What is your budget that you can afford? This will either limit you to co-ops only or you can afford both.

3. In New York City there are many more co-op buildings than condo buildings.

4. If you are buying a co-op, you will need to be approved by the co-op Board. One thing they will insist on is a full time job with an income that is sufficient to pay the mortgage + the maintenance fee + utilities. Co-op Boards will not accept a buyer who will get a job with a higher income down the road.
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0 votes 1 answer Share Flag
Maricris A, Other/Just Looking in Seattle, WA
Fri Aug 12, 2016
Maricris A answered:
Hi,

At this time, unfortunately, we currently do not have listings for rent to own homes. You may try your luck though and search our website using the Keyword section of the search filter which can be found in the All Filters button. However, these listings are extremely rare.

Please follow these steps to begin your home search:

1. Click the "Rent' tab at the top of our homepage.
2. Enter your desired city and state in the search bar and hit Enter.
3. Click 'Max Price' to select what your highest price would be to pay for a home. Click 'Min Price' to set the lowest price you would pay.
4. Click 'More Filters'.
5. Select your preferred property type, square footage, etc.
6. Click the red 'Apply' button.

This will begin to pull up listings that are more tailored to what you are looking for.

If you are interested in a listing, click on the "Contact the agent" button to get in touch with a real estate professional in your area. You can also take advantage of our vast network of agents here:

http://www.trulia.com/directory/

We hope your experience with Trulia is memorable and thank you for using Trulia for all your real estate needs.


For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/

Regards,

Maricris
Consumer Care Advocate
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0 votes 1 answer Share Flag
Annette  Law…, Real Estate Pro in Palm Harbor, FL
Tue Feb 3, 2015
Annette Lawrence answered:
The way I do it is send a post card to every address in the zip code to get buyers to raise their hand.
Then I send a post card to the areas where most of the new arrivals originate. (Ontario, PA, NY, MI)
Then I send a post card into adjacent areas of lesser value to find move up buyers.
Then I offer the opportunity to buyers to see my list of homes on the invisible inventory.
These same messages are sent via social media. email, B2B and professional networks
Then I rinse and repeat monthly.

That's how I get my list to bring the greatest value to those who hire me to assist in selling their real estate.
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0 votes 2 answers Share Flag
Armen Meschi…, Real Estate Pro in New York, NY
Wed Nov 19, 2014
Armen Meschian answered:
Hi jimey2014

Home values on Zillow are called Zestiates for a reason :) - it's definitely not a reflection of the true value of your home. If you are in Jackson Heights, you are in a very healthy real estate marketplace, and will likely see an improvement in value.

www.JacksonHeightsListings.com
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0 votes 2 answers Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sun Sep 22, 2013
Martina Ryan answered:
You are not buying the building just an apartment, so it would be more prudent to do some research on the building and its finances as well as finding out if the building has any violations etc. If you are represented by a Realtor then he or she can do this for you. ... more
0 votes 3 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Fri Aug 9, 2013
Debra (Debbie) Rose answered:
Well since you asked this question back in December....I sure hope you're settled into your new home by now!

If you're still here reading this.......where did you wind up?
0 votes 6 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sat Apr 6, 2013
Anna M Brocco answered:
Contact and interview a few agents from different realty companies, then choose the one you like best. For available area properties check www.mlsli.com
1 vote 4 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Tue Mar 19, 2013
Anna M Brocco answered:
Rent to own opportunities are rare, as most owners prefer to sell outright; however since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright... ... more
0 votes 1 answer Share Flag
Emilio Mazzu…, Real Estate Pro in Great Neck, NY
Sat Mar 16, 2013
Emilio Mazzucotelli answered:
Contact me at reomls247@gmail.com
I am a CDPE and expert in the whole Queens market. Let me know your exact needs and we start working from that point until we close the deal.
Thanks

Emilio
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0 votes 9 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Fri Dec 28, 2012
Anna M Brocco answered:
Steve Riddle, Real Estate Pro in New York, NY
Fri Dec 28, 2012
Steve Riddle answered:
Whats the address? I'll Look up the Red Herring filings and let you know.
0 votes 1 answer Share Flag
Steve Riddle, Real Estate Pro in New York, NY
Wed Jun 13, 2012
Steve Riddle answered:
Co-ops By-laws generally have a 20% down commitment minimum. This is often so due to the "PMI" obligations for this type of ownership. When you are buying a Co-op you are really buying shares of the corporation which allow you to occupy a specific unit. Since you hold no real property, you have a disadvantage of being able to convert your holdings to cash or trade holdings. Sponsor held units typically are less restrictive in this requirement due to the "Trade" provisions in the prospectus.

Any way you look at it, Be sure to get the Corp.house Rules, The last filed financials, and a copy of the prior years Yearly meeting. I also recommend having your agent check the buildings department records, County Court records, (Plaintiff's Filings under the corp name, or search the cases by the Atty of record for the corp) HPD Filings, as well as the FHA registry.

If you drive and need secured parking, check the public bulletin board to discover a waiting list. Don't be surprised to discover it runs ten years deep!
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0 votes 9 answers Share Flag
Steve Riddle, Real Estate Pro in New York, NY
Wed Jun 13, 2012
Steve Riddle answered:
You have already started your search by posting the question here. Just click on the Agents professional profile badge and read what their past clients have had to say about their exp. with the agent. If you are looking for a "New Condo" with less then 51% occupancy by owners. Your RE Pro will help you sort through that. Most units currently on the market already have a tax abatement qualifier.
Your Agent should conduct all the due diligence prior to making an offer. Sometimes I even put in a blind bid and conduct the Due Dil after the offer has been submitted. Just be sure that your agent is a tactical agent and not a "showing agent" Never attend an open house without your Agent as some suggest. If your agent doesn't make sure your paperwork is in order prior to presenting an offer, get another agent! The market here in Astoria, LIC, Sunnyside,Woodside, & Jackson Heights moves at the transaction rate of 500-600 units contracted a month! So just realize that you will often see a unit on a Friday morning, do a huddle lunch with your agent, and go to process an offer only to find out that the unit has an accepted offer already. If someone tries to force a 50K parking spot into your deal, Run! Only buy a parking spot in a unit after checking the rental rate in the hood!
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0 votes 9 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Wed Jun 13, 2012
Anna M Brocco answered:
Have you asked your attorney this question---Generally the attorney will deposit monies into an escrow account....
0 votes 4 answers Share Flag
Yael Shanee, Real Estate Pro in Kew Garden, NY
Thu Dec 29, 2011
Yael Shanee answered:
Most people think that if they buy a new home or build a new building that they couldn't possibly contain asbestos. Sorry, but they still mine asbestos today and in our global economy we are still importing building products that contain asbestos. If you build a building on Monday and want to tear it down on Tuesday you must perform an asbestos survey to locate all regulated asbestos containing materials. So you are not exempt from the regulations just because your building is new.

It must be sampled by a Certified Asbestos Hazard Evaluation Specialist and analyzed by a laboratory for asbestos content. The EPA and the department of Health both agree that any building material with asbestos content above 1% is to be considered asbestos containing material. OSHA on the other hand defines asbestos as asbestos, there is no cut off for 1%. This can get tricky, so the bottom line is "if there is asbestos at any percent you must follow the OSHA standards, but if it is above 1% then you must comply with OSHA, EPA, and the Department of Health".
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0 votes 5 answers Share Flag
Robert Spino…, Real Estate Pro in Mill Valley, CA
Tue Jun 7, 2011
Robert Spinosa answered:
Gail,

Gregorio's point below is that whether or not you pay the point "up front," on a two-unit property your lender will be pricing in a 1% charge either to the rate or to the cost (points). So you could still get a "zero point" two-unit home loan, but your rate would be higher on it than if the property were a 1-unit.

Hope this helps, but let me know if not.

Rob Spinosa
rspinosa@rpm-mtg.com
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0 votes 4 answers Share Flag
Allen Bauman, Real Estate Pro in New York, NY
Fri May 13, 2011
Allen Bauman answered:
Hi Gail
You need to be proactive in this situation.
First of all if there is asbestos and unethical people are willing to ignore the situation then you need to be sure it's there so that your family has a healthy environment. Not all asbestos needs to be removed. If it is in good condition, no cracks, breaks or other damage then it most likely is not going to be a problem and the bank should accept that condition. They will probably require proof. This can be furnished through the home inspection you WILL be getting. Also if the appraiser is on the ball he/she may notice a potential problem and mention it in the report. If that happens then your mortgage will be held up until an asbestos inspection is done by a certified inspector. This is generally not a deal killer unless there is a problem and no one wants to pay for the clean up..........Good Luck
Allen Bauman
NYS Certified Residential Appraiser
Licensed R.E. Agent
Century21 Yve R.E.
516-791-3846
allen.bauman@gmail.com
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0 votes 5 answers Share Flag
Joseph Hasti…, Real Estate Pro in Bayside, NY
Wed Jul 7, 2010
Joseph Hastings answered:
This is a co-signer on a mortgage loan. You refer to another person who's income and credit-worthiness would be required by a lender as your income and credit-worthiness apparently are not enough for the lender to loan to you only.

While this may work well for you as the co-signer is liable for any default as you are, the coop board may or may not be open to this arrangement. If your co-signer will be living with you in the coop, that may be more acceptable to a boad than a co-signer that does not live in the coop.

In any event, most boards are very particular in regards to people's income and credit. every deal has it's own problems and boards will take these things on a case by case basis. Good Luck.
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0 votes 3 answers Share Flag
Joseph Hasti…, Real Estate Pro in Bayside, NY
Mon Jan 25, 2010
Joseph Hastings answered:
Hi Slovaki. Did you actually make a written offer? Have you been pre-approved by a lender? Do you have a current credit check with a FICO score and a financial statement showing assets and liabilities? A lot of questions come to mind.

It seems to me your broker asked for a check for a binder and the W-2 to show income for last year. This is hardly a good approach especially if another offer has been accepted.

No, it doesn't sound cool at all.
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0 votes 3 answers Share Flag
Anu Dutta, Real Estate Pro in Forest Hills, NY
Fri Mar 13, 2009
Anu Dutta answered:
This neighborhood is great, its called Historic Jackson Heights. Closest subway would be #7 @ 82nd St and Q32 Bus to Midtown. Even 74th St/Roosevelt would be about 10-12mins walk.
0 votes 4 answers Share Flag
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