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11201 : Real Estate Advice

  • All57
  • Local Info0
  • Home Buying26
  • Home Selling5
  • Market Conditions2

Activity 47
Mon Jul 17, 2017
Kathy Burgreen answered:
I'm the VP of my co-op Board in Westchester + a recently retired realtor. You should be fine with your DTI. To calm your nerves, I will tell you what our Board looks at when we review buyer applications:

Start with NET income (after tax deductions - take home pay)
Subtract: monthly mortgage amount (if any)
monthly maintenance fee
monthly parking fee (if buyer is paying for this)
monthly student loan payments (if any)
monthly credit card bill (we average this if past amounts vary a lot)
monthly commuter costs (MetroNorth, PATH, LIRR + subway if needed)
utilities (we use typical ConEd bill for that size co-op unit)
TOTAL = amount left from paycheck after the above items are deducted.

You need to know that co-op Boards do NOT want to accept buyers that appear to be living paycheck to paycheck. That is cutting it too close. Even with our Board, we accept buyers who have some money left to pay for food and other daily expenses.
We also verify that buyers have some emergency savings for unexpected costs (car repairs, medical bills, etc.)

What our Board has been struggling with is age diversity. Unfortunately, our building is 60% elderly (55+ years) because not many young people are able to save enough money for emergencies + have enough left from their net income for daily expenses. We want to approve more younger buyers and we have been but there have been some buyers who appear to be cutting it too close (very little savings and not enough left over paycheck money) and we have to reject them.

As you can see, we don't use DTI or credit scores to approve buyers to our building. That said, we do require buyers to have at least a 620 credit score. We also never contact any personal or business references.

You also need to know what concerns every co-op Board is whether this buyer is able to pay the monthly maintenance fee on time every month. Co-op Boards do have the legal authority to foreclose and evict you if you default on the maintenance fee. Co-op Boards don't want to spend legal fees going after a shareholder. It's much cheaper to review the finances BEFORE the interview. As a Board, we do remind buyers during the interview that we expect them to pay the maintenance fee on time every month.

I know co-op buildings in Brooklyn have additional amenities (pool, gym, etc.). Here in Westchester, condos have those amenities; most co-op buildings don't. Finally, I get the attraction of Brooklyn Heights but I hate to tell you - I feel you're wasting money buying in Brooklyn. Co-ops and condos are a fraction of the price in NYC AND you get twice the living space to boot. Example: our building is in a wealthy neighborhood and a 2 bedroom, 2 bath co-op with 1200 sq. ft. was just sold for $350,000. Eat your heart out. ;-) Oh and just to add to your jaw dropping with envy - we offer 1 parking space for $75./month + we're 2 blocks from the Metro North station which gets you to Grand Central in 27 minutes. And how much are you paying for that teeny size co-op in Brooklyn Heights??? I thought so. By the way, we're located in Larchmont / Mamaroneck.
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Tue Jun 6, 2017
Sally Grenier answered:
Hundreds of thousands. It's a website. Anyone can use it. They don't keep track of "members". You don't have to pay anything to be a member. BUT...if you're serious about buying or selling, I suggest you use caution when using a site like Trulia. These sites (Trulia, Zillow, and even Realtor.com) are notoriously inaccurate. The best source of info is going to be a local REALTOR who can give you all the info you need, as well as access to the most updated listings in the local MLS (multiple listing service). ... more
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Mon Dec 5, 2016
John Thompson Jr asked:
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Mon Oct 17, 2016
Angelica P answered:
Hi,

You can determine the value of the property by clicking the "Get my home value" link located at the upper part of your property page. If you're looking for a precise value for your home, we recommend you talk to a real estate professional.

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


Thank you for using Trulia!

Angelica
Consumer Care Advocate
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Sat Feb 6, 2016
Dan Tabit answered:
Kar,
Pre-approvals are generally good for 90 days, but if anything changes in you employment, income or credit, they may be no longer valid.
Once you select one of the three lenders, you'll want to update them with newer pay stubs and bank statements.
When you write an offer is a good time to touch base with your lender and ask if they need anything else, whether that's right away or down the road a bit.
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Thu Mar 19, 2015
Tamika Jackson answered:
me too. whats up with this??
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Tue Mar 17, 2015
alena.nyc88 answered:
The reason to do it is to save on transfer fees and currency exchange fees, that can be up to 10% of the transfer amount.
The second option we have is to sell some of our personal assets (we have an expensive DSLR camera and lenses). My guess is that if we sell it all on e-bay, this will be just enough. We have purchased these items in 2012-2011 and I'm not sure if I still have the receipts. If we sell it on e-bay, can we use pay-pal deposits and e-bay invoices as a proof of funds? This option is less desirable, because we would rather keep these items and get money from our parents, but if this is better for the bank than a gift from overseas we would still do it to get the house.
I will appreciate any feedback on this!
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Sun Jan 4, 2015
Debra (Debbie) Rose answered:
You can list your home on Zillow.com as a for sale by owner - they allow it there...........maybe things will change here once Zillow completes the purchase of trulia, who knows!

Good luck! ... more
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Thu Jul 31, 2014
Kathryn Lilly answered:
Keep a very open mind and do a lot of looking, and check the records of every house that you are taken to before anyone gets your money.
I am afraid their are not that many, especially for anything bigger than a studio.
Those that you may find are often not legal apartments, or cons, so be carful who you give your money to.
On the search engines just log in for your search Brooklyn, NY and for rent up to $1,000. Or Queens and again up to $1,000 or Bronx etc
Then only look at or call the apartments that have been listed less than a week and close to subways, if you need the subway. Once you have the address; look it up on www.NYC.Gov/HPD to see who is listed as the managing agent, be sure to speak to someone in their office or their licensed Broker. All Brokers have a license that looks similar to a drivers license with a photo.
Most of the better apartments in the price range will be a distance from Manhattan, but can be very nice apartments in great neighborhoods.
One of my workers just found a lovely large one bedroom near the Euclid Ave A/C express stop. She thought she would live there to save money to buy a co-op in Fort Greene, now she is thinking she will buy a house out there!
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Mon May 19, 2014
Annette Lawrence answered:
1. Hire an appraiser.
2. Use closest comparable and normalize differences.
3. Evaluate existing comparable properties for sale.
4. Rationalize trending as applicable to your real estate.

If you have not been involved in the sale of dozens of home every year you may not be well prepared for this task. You may find picking up the phone and call a local REALTOR to be very beneficial. As a result you will have a solid baseline and will keep your $$ in your pocket.
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Thu Feb 20, 2014
India Faison answered:
Contact India Faison at Hillel Realty Group, 917-577-0718.
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Sat Nov 16, 2013
answered:
If you are looking to put 10% down then you are better off looking just for Condo as most Coop loans will require a minimum of 20% down payment. For every $1000 you borrow at 4.50% rate on a 30 year fixed mortgage your monthly payment will be $5.07 to the loan amount you will add monthly real estate taxes + monthly condo hazard insurance policy (Commonly called HO6 policy by insurance agents)+ PMI $0.52 for every $1000 you borrow. In addition you will also pay monthly maintenance to the Condo Home Owners Association which will vary from building to building.
Additional factors you should consider is whether the condo is warrantable or not. A condo questionnaire is required to determine whether it is warrantable or not and it can have a significant effect whether your loan will be approved by lender or not and what kind of rate and costs you will be dealing with.
Please contact me if you like to discuss further.

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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Sat Nov 16, 2013
answered:
Best way would be to buy the house with 25% down payment as an investment and 5% down for Condo (no Coop as most coops will need 20% down). If you need to discuss further please call me.

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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Thu Nov 14, 2013
Jim Olive answered:
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Mon Nov 11, 2013
answered:
Michael,

You're correct, many lenders don't offer Co-op financing, however, I work with a few lenders who specialize in NYC Co-op financing which is good news. The parameters are rather straightforward and I'm confident we can offer a better deal than Chase. Please contact me at your earliest convenience so I can gain a clearer snapshot of your scenario and help weigh out your options.


Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
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Mon Nov 11, 2013
answered:
For what you're looking to do I would recommend a renovation loan for consideration being that certain programs DO NOT impose lengthy anti-flipping periods. Also, it will be based on the "after completed" value which is helpful. Please give me a call at your earliest convenience as I'm sure you have questions and I'd be more than happy to answer them along with providing additional details about the available programs.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
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Thu Nov 7, 2013
Hector De La Cruz answered:
Hi Gloria,
I understand you want to sell the property, well right now it’s a great time. There’s a lot you need to know if you’re trying to sell a property. I would like to sit down with you, bring my partner so we can break down how we will market your home and get it sold at the right price.
Best,

Hector De La Cruz
Realtor Associate NY and NJ
Nest Seekers INTERNATIONAL
Manhattan • LIC • Brooklyn • Miami • Hamptons • International
415 Madison Avenue
Ny, Ny 10017
O + 212.252.8772
C + 973.986.3903
F + 212.252.9347
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Thu Nov 7, 2013
unkhkhih answered:
I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch with the best professionals. If you simply need advice please email me at KDrake@remaxnyc.com. I'm experienced (but not limited to) with closing deals with rentals in the 11201 zip code. I’ve provided links below regarding any concern you may have.

Finance Advice:
http://www.fpanet.org/LifeGoals/BuyingaHome/

Bank Expertise:
David.Axelrod@bankofAmerica.com

Appraisal Expertise:
LadSurs@gmail.com

Legal Advice:
http://www.lawhelpmn.org/issues/housing/buying-and-owning-a-…

Advice for Buyers:
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Advice for Sellers:
http://www.realestateabc.com/homeselling/

Tax Concerns:
http://www.tax.ny.gov/pit/property/
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0 votes 6 answers Share Flag
Thu Nov 7, 2013
unkhkhih answered:
I’m an agent working for ReMax NYC Midtown and I’m always doing my research on property and stay in touch with the best professionals. If you simply need advice please email me at KDrake@remaxnyc.com. I'm experienced (but not limited to) with closing deals with rentals in the 11201 zip code. I’ve provided links below regarding any concern you may have.

Finance Advice:
http://www.fpanet.org/LifeGoals/BuyingaHome/

Bank Expertise:
David.Axelrod@bankofAmerica.com

Appraisal Expertise:
LadSurs@gmail.com

Legal Advice:
http://www.lawhelpmn.org/issues/housing/buying-and-owning-a-…

Advice for Buyers:
http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Advice for Sellers:
http://www.realestateabc.com/homeselling/

Tax Concerns:
http://www.tax.ny.gov/pit/property/
... more
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