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Home Buying in Bronx : Real Estate Advice

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  • Home Buying406
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Activity 731
Fri Jul 21, 2017
Brucewayneclark answered:
The average time it takes to sell a house in Manatee County
0 votes 14 answers Share Flag
Wed Jul 19, 2017
Kathy Burgreen answered:
You did not give an address for the listing in the Bronx.
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Mon Jul 3, 2017
Kathy Burgreen answered:
Co-op - you own shares of stock in a limited housing corporation that gives you a proprietary lease to live in a specific unit (apartment) for as long as you want. In addition to the monthly mortgage loan to your lender, you will pay a monthly maintenance fee (like rent) that is approximately 75% maintenance fee + 25% property taxes. In the nearby suburbs (Westchester & Nassau Counties), the split is generally 50% maintenance + 50% property taxes. In NYC, maintenance costs are much higher and property taxes are low. In Westchester, maintenance is low and property taxes are high.
Co-op apartments do increase in value every year because it provides an alternative to the expensive condos and houses for sale. To purchase a co-op, you will need to pay a down payment + closing costs. You will also need to be approved by the co=op Board of Directors. Co-op Boards cannot discriminate and typically just verify that you have the ability to pay the maintenance fee on time every month (like paying rent). In NYC, the typical down payment is 20 - 30%. In nearby Westchester, the typical down payment is 10%. It is easy to sell co-ops because there is a large number of buyers who are interested in buying a co-op.

Condo - you are buying the unit (apartment) itself and you get a title or deed for that unit. Because you are buying real estate and not shares of a housing stock, condo prices are typically more expensive than co-op prices. The average condo is $100K or higher than it is for the same exact size co-op apartment. When buying a condo, you also have a monthly maintenance fee (called an HOA - homeowners association) that is paid monthly + you will pay property taxes separately. If you add the monthly HOA fee + the property taxes (divide by 12 months) the monthly cost is about the same as the monthly co-op maintenance fee, so you are not saving any money with a condo. Remember in NYC, the condo's HOA fee will be high because that is your maintenance charge and the property taxes will be low. In nearby Westchester, the opposite is true - maintenance is cheaper and property taxes are higher. When buying a condo, the Board of Directors does not approve you but they will want to verify you can afford the monthly HOA fee.

One huge difference you need to be aware of. In the suburbs, the apartments have more living space (square footage) than the typical co-op or condo in NYC does. Yes, I know co-ops and condos in NYC are tiny unless you have a million dollars to afford the normal size apartments.

Bottom line - BEFORE you look at any coops or condos, you need to have a lender pre approve you for a loan. NO real estate agent will show you anything without a pre approval. Whether you buy a coop or condo will depend on how much of a loan your lender will approve you for. Typical prices for a 2 bedroom coop in Westchester - $200 - 400,000. depending on neighborhood / town. A 2 bedroom condo in Westchester averages $400 - 700,000. depending on neighborhood / town. In Riverdale (Bronx) and other NYC neighborhoods, prices are higher because you're in NYC. Therefore, a 2 bedroom co-op averages $400 - 700K depending on location and a 2 bedroom condo averages $600K - $1 million+.

Hope this helps. I'm a life long NYC area resident and retired realtor. I lived in the Bronx (Pelham Parkway) and my husband taught at DeWitt Clinton High School, so I know Riverdale well.
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Thu Jun 15, 2017
Shamgreenz asked:
Tue Jun 13, 2017
RBman answered:
They can basically ask you anything (see the article below). The only questions I believe which are illegal are ones which violate Fair Housing Laws (i.e. discriminatory). With that said, there are a few standard questions that often come up which you should be prepared for. Article below has much more: ... more
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Mon Jun 5, 2017
Trevor Curran answered:
Good morning Nicole,

The impact is the same for second-time Buyers and for all other Buyers using the FHA loan program: the Annual Mortgage Insurance Premium which is included in the monthly mortgage payment by 1/12th has not been lowered. This eats into the amount that Buyers qualify for in their mortgage loans. The more items allocated to Insurance, Mortgage Insurance, Property Taxes (higher versus lower), the less money available in the Debt-To-Income calculations for Principal and Interest.

I hope that helps!
Trevor Curran
NMLS #40140
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Tue May 30, 2017
NoryYesenia Santiago answered:
Hello, my name is Nory Yesenia Santiago and interested in the rent-to-own program. I will like to know or this program you have to but down 10,000 to start? Because I have called a few that advertise the same and when gone to the office I asked for this amount.
I have a combined income of more than 60K but my credit is not too good is 600. I'm looking to move ASAP and don't want to rent. Where I'm currently living she is selling and is remove all the tenants so we all have to move by the end of June. I'm looking for an apartment and in my search for an apartment is basically the same amount of rent for a 2 bedroom apartment than owning a house through the program you are offered.
This is my contact number (646)246-7242 if I don't pickup is that I'm teaching just text me, I will return your call.
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Sat May 27, 2017
Kathy Burgreen answered:
Are you buying a co-op that requires a 10% down payment or higher or are you buying a condo or a house? If you're buying a condo or a house, all you need is at least 3.5% down payment with an FHA loan. However, you need to know that prices for houses and condos are more expensive than co-op buildings. The reason is with a co-op you are buying shares of a limited housing corporation that gives you a proprietary lease for your specific unit. With a condo or a house, you are receiving the title or deed directly.

Have you been pre approved by a lender? You need to have your financing in place first before you look at homes. A pre approval from a lender will state exactly how much of a loan you can afford. If you can't afford the home you want, then you need to sacrifice. Everybody in the NYC area has to sacrifice. Housing is very expensive so unless you're making a million dollars, you will need to compromise. You should also explore Westchester County. Homes are less expensive and/or you get more living space for your money.
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Mon May 8, 2017
Adenike asked:
Sat May 6, 2017
Kathy Burgreen answered:
Expect slightly less than Manhattan. Sorry, but Riverdale is pricey and you're lucky if you can find parking space.
0 votes 1 answer Share Flag
Sat Apr 22, 2017
Kathy Burgreen answered:
Realtors and lenders cannot answer your question because it violates Fair Housing laws. You need to do the research on your own. I use the Census Bureau to start my research, then a phone call to the local police department. ... more
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Wed Apr 5, 2017
Npetronio answered:
Scam artists all the way. DOV sales group is unethical and unprofessional. We almost bought a home through them and once we brought in our own attorney and had more questions, the my started acting very disrespectful and tried to bully us into using all their own guys. Needless to say, our lawyer advised us to end the deal right before signing and said the contract had some SERIOUS problems. FORGET DOV SALES GROUP. ... more
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Tue Feb 14, 2017
Sebastiaan asked:
Tue Feb 7, 2017
Maricris A answered:
Hi Cristal,

If the property is in Pending status, this means that the offer has been made and the property is in the process of closing.

Regards,

Maricris
Consumer Care Advocate ... more
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Tue Jan 24, 2017
Nzingha West asked:
Hi-
Currently, I am looking to buy an apartment. I have what's considered poor credit, however, with obtaining two new cards, I expect that score to increase. So, my question is this,…
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Mon Jan 9, 2017
Vawn Williams asked:
My name is Vawn Williams, i am looking for a 1 bedroom apt for $900- $1000. Preferably Bronx, Manhattan or Brooklyn. I am married, and have no pets.
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