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11412 : Real Estate Advice

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  • Local Info3
  • Home Buying5
  • Home Selling3
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Activity 15
Fri Aug 12, 2016
Maricris A answered:
Hello,

It appears that the property you are interested to is in foreclosure status on Trulia. Trulia is a platform for consumers to browse housing information as well as a tool for home owners and agents to list their properties. If a listing is foreclosure or not, it is up to the listing owner to update the status of that property. The status of the listing is unclear to us because it is in the hands of the listing owner.

If you want to know more information about the foreclosure property, you may check the county record where the property is part of or you may also contact a foreclosure specialist near your area for assistance.

I hope this information is helpful.

Regards,

Maricris
Consumer Care Advocate
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Wed May 11, 2016
Kathy Burgreen answered:
I'm a former realtor in Westchester County and I've been a NYC resident my entire life so here is my advice:

1. Realtors can be lazy and do discriminate based on the type of home and value that you are calling about. If you submit your information on the contact form thru Zillow or Trulia, the agents do receive it and then decide if it's worth pursuing based on how much commission they will make. Example: if you were contacting a realtor about a rental, a studio or 1 bedroom co-op or a short sale or foreclosure, don't expect anybody to call you back because it's not worth their time for such a cheap apartment. Realtors can easily make higher commissions on more expensive apartments. If it's a rental, forget those because the commissions on rentals are not worth their time. However, if you are asking about more expensive apartments (condos, 2 bedroom co-ops, etc., you should expect a call from a realtor.

2. Are you looking for a rental? If yes, visit a few brokerages near you and ask the Office Manager or desk person to be assigned a new licensed agent. New licensed agents need experience and they always start with rentals until they build up experience. Unless you pay $5,000./month or more, you will not get an experienced realtor. For $6,000./month rental, you can rent an entire house in Westchester County.

3. Are you looking to buy? Are you pre approved? No realtor will show you anything without a pre approval letter from your lender. This is for safety reasons and security. Briefly, realtors need to know that you are a serious buyer and not just looking. A pre approval means your lender verified your employment, salary history, credit history, credit scores, savings or investment, types of outstanding debt, debt to income ratio and tax returns. Buyers who are just looking do not want their information verified because pre approval letters do have expiration dates and your credit score will drop a few points because your lender will do a hard pull.
The other reason a pre approval is needed is because realtors tell their sellers that only pre approved qualified buyers will view their home. Each time a private showing is scheduled for a buyer, means that seller must quickly tidy up and leave their house for about an hour or so. It's too inconvenient to have lookers go thru a home without a pre approval. Most sellers have not moved out yet so they do not want lookers going thru their home.

4. Keep your options open. Never limit yourself to just one area. NYC has excellent public transportation and you will find some neighborhoods are cheaper than others. Also you should explore the suburbs (Nassau & Westchester Counties). Home prices are much cheaper and you get more space for your dollar. Another option is New Jersey. Same thing - more space for your dollar. Everything that exists in NYC, you also have in the suburbs - bars, great restaurants, stores, medical facilities, museums, theater, culture, etc. AND you can easily get to Grand Central Station or Penn Station in minutes.
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Sun Jan 5, 2014
Sanjeev Ahuja answered:
Best recommendation is to meet with a mortgage professional and discuss the total picture based upon credit, income, assets, employment etc. Just working with hypotheticals, assuming you have good credit history and no minimum payments on credit cards, car loans, student loans etc, you will most likely be able to get a single family house which can appraise for $275,000 with property taxes of around $3000 per year. The price of $275,000 must be inclusive of sellers concession towards closing costs and pre paid items of approximately $15,000. A scenario like this will translate to a monthly mortgage payment of about $2000.

Due to the complexity of a transaction like this I urge you to contact me for a sit down meeting so we can make it happen.

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)
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Tue Oct 29, 2013
Israel Babayev answered:
Hi Fay, You Have Bus Lines Running On Murdock Ave to Farmers Blvd, Francis Lewis Blvd, & Springfield Blvd

As Well As Bus Lines On Springfield Blvd, Farmers Blvd, And Francis Lewis Blvd

If you need any further Assistance It Would be my pleasure to help :)

Israel: 646-577-6610
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Wed Apr 10, 2013
Jeanette Wilson answered:
This is really based on different criteria's. Attached, Detached, number of bedrooms. The prices can rise to $500k and up or as low as $385k. Again depends on the number of bedrooms. For instance, i have an attached in St. Albans for $330k. If you want an agent to work for you in finding a house, please let me know.

Jeanette Wilson
Douglas Elliman
646-335-6161
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Fri Jul 22, 2011
realestate_leader answered:
And I want to add to Rons comment make sure they are designated as your buyer agent or they will automatically represent the seller or be impartial as a dual agent. Ask them to represent you as a buyer agent and clarify this with a disclosure agreement, it is the best way to insure an agents loyalty and confidentiality. Only do this when you are ready to buy and commit to purchase,not while just looking.If you want to just look Some agents like myself have special acounts they can give you free ,where you can search just like a Realtor and have listings delivered as they come on the market. ... more
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Fri Jul 22, 2011
realestate_leader answered:
Ralph I dont think your familiar with NYC real estate but just so you know some neighborhoods 3/4s of the homes have illegal basment apartments. The real estate is so expensive some landlords take the chance. Im not in law enforcement so I wouldnt advocate reporting anyone.Whats the point of reporting this landlord anyway the bank wont approve a shortsale with the tenant in the basment anyway. the poor guy is loseing a ton of cash because he is short sailing in good conscence I dont think I cant advocate driving the poor guy to suicide.besides it may be me doing the short sale for him. ... more
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Fri Jul 22, 2011
realestate_leader answered:
Landlords, regardless of the number of units in the building, must treat security deposits as trust funds belonging to their tenants and they may not co-mingle deposits with their own money. If the building has six or more units the landlord must put the money in an interest bearing account.

Even if your landlord has "spent" the deposit, he is still responsible for returning the money to you (less deductions for any damages or unpaid rent) at the end of your tenancy.

If your tenancy is ending, he should repay you. If you are remaining in the apartment, he has violated the law. You may want to consider withholding the last month’s rent until you get a full accounting for your deposit.
S if the apartment has six units or more he must pay interest.
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Fri Sep 10, 2010
Joseph Hastings answered:
Hi Marie. It seems like you are ready to jump into the buyer's pool but sticker shock is giving you reasons to pause.

It sounds like you had some interest in "those ridiculous looking houses in queens..." until you found out what they're valued at. Of course you give us very little information with which to give an adequate response to your question. I'll give it a shot.

Your question seems to imply that you want to spend only $250K. That certainly won't get you a house. A small one bedroom Coop perhaps but not a house. Well, maybe in Texas.

If you want to use the money for a large downpayment and closing costs, you stand a better chance of getting a house you can eventually call a home. This means you still need to have income and a solid credit rating.

I would suggest you go to your Bank for a loan pre-approval. The Bank will look at your income, assets and credit and will qualify you for a lona that you can afford. After that, you can find that dream house and live happily, well...you get the idea. Good Luck.
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Thu Jul 29, 2010
Allen Bauman answered:
Hi Waydem

Terry is correct. You should be able to get it online at the website she mentioned. But I am a little curious! I see your selling your home. Do you have an attorney working with you? Your attorney should be able to get a copy for you or from the title company. Some additional information from you would be helpful so that we can give you a complete answer if there are any other problems let us know. We can help.

Allen Bauman
Century21 Yve
Licensed R.E. Agent
NYS Certified Residential Appraiser
516-791-3846
allen.bauman@gmail.com
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Tue May 18, 2010
Kathy Weber answered:
Everett,

Are you referring to a Short Sale or using the HELOC for a home purchase?

I'm in the middle of a transaction where the buyer is using a HELOC credit line to purchase another residence through B of A. (the HELOC is from a rental property). It's been the standard loan package required for a conventional loan. The only difference is that they take into consideration the amount of the HELOC loan and the "approved" amount they qualify for and figure it to be a grand total loan of xxxxx for the purchase. The payment amount from the HELOC is considered debt. Still have another 2 weeks to close but so far so good.

We also had a S/S with a HELOC through Chase. In this case, they required proof of what the equity line was used for. We had to prove the monies were used to upgrade the residence and not for expenditures for gain. This money was used for landscaping and hardscape. Provided receipts and a letter of explanation. The negotiator accepted this, and it did close.

Hope this helps! I
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Sun Aug 9, 2009
First Last answered:
I just bought a foreclosed home as an investment in June, in Dearborn, Michigan (near Detroit). I could not have done it without the Michigan real estate agent I used, who specializes in these kind of sales.....Even though I am a licensed real estate agent!

If you want to go that route for a home for yourself, your first step is to find a real estate brokerage that handles a lot of these sales, or that specializes in them. Find an agent who has done 20+ of these, then call a couple of the buyers and see how it went for them. These houses are also called REO's (for real estate owned), and bank-owned. (A short sale is something quite different.)

There are many risks associated with bank-owned homes, I discovered. The foremost is latent mechanical defects, which the bank may not be required to disclose. My house had burst pipes from freezing that were covered up and not visible on inspection. You won't be able to talk to the former owner, so you will be completely unable to find out when the heating system was installed, for example. It is really buyer beware.

On the whole, I cannot recommend this to the average first-time buyer.


http://www.nestseekers.com/Company/Agent/874
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Wed Jun 10, 2009
Bob McClure answered:
good morning nancy....first of all, the $36,000 number is equal to one-forth of your boyfriend's eligiblity....therefore, he can purchase a home with a va mortgage amount up to $144,000...with your basic entitlement of $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Freddie Mac conforming loan limit for a single family home may be available.......these loans may go zero down, but also understand that the va certificate does not insure loan approval.he still needs to qualify as any other mortgage applicant.....credit usually has to be good.debt ratio, time on the job....etc...etc are also all considered........take the certificate or call a local lender in your area that does va, and pre-approve.i hope that helps.bob mcclure- success mortgage partners- plymouth, michigan...... ... more
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