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Forest Hills : Real Estate Advice

  • All92
  • Local Info2
  • Home Buying35
  • Home Selling6
  • Market Conditions5

Activity 60
Mon May 8, 2017
Kathy Burgreen answered:
The rule is:
If you are salaried and receive a W2 from your employer, all you need is 1 month of paystubs to buy a home. The reason is lenders can easily verify your employment and income with a W2, so you do NOT need 2 years of work.

If you are an independent contractor, self employed, then you need 2 years employment + tax returns to buy a home. The reason is lenders can NOT verify your income easily so they average out 2 years employment to come up with an average yearly income.

You did not state whether you are a W2 employee or are you self employed. Also your employment abroad can count BUT the paperwork needs to be in English.
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Sun Sep 11, 2016
Mike Hughes answered:
how many percent is the commission Weichert Realtors charge to sell a townhouse in 22003 area code?
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Tue Jul 12, 2016
Kathy Burgreen answered:
Co-op buildings do not rent apartments. There are a few sponsor units but they are rare and get snapped up quickly - usually by insiders (people who know the sponsors).

Condos do allow rentals but as you discovered, they are extremely expensive to buy. ... more
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Sat Feb 7, 2015
Kate Garboden answered:
No. You are not obligated. Of course, the reason we do CMAs is to give you free information in the hopes that you will use our services in the future.

It is essentially a "free quote". If you are upfront in saying you don't want to sell right now we appreciate that. Though we also appreciate if you liked our analysis of your condo's market value, you would choose us to represent you later.

(This is WA law, I'm not 100% positive it is the same in VT)
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Sat Dec 6, 2014
Anna M Brocco answered:
If you are a for sale by owner the post is not allowed, you can however try blogging about the property; if and when you do list with an agent, ask; or consider any flat fee realty company that feeds into the site.... ... more
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Sat Sep 27, 2014
Don Tepper answered:
They're fairly accurate. Depending on what you're looking at, they'll show either principle and interest (which will be quite accurate so long as you have decent credit), or they'll show principle, interest, taxes, and insurance. Those are usually estimates, though the actual property listing will have the actual taxes. You take the annual taxes--that'll be what's shown--and divide by 12 to determine your monthly taxes.

The calculated prices won't include monthly maintenance, HOA fees, or condo fees. But if there's an HOA fee or condo fee, the actual listing will show that, too.

Hope that helps.
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Thu Aug 14, 2014
Anna M Brocco answered:
Unclear are you looking to buy/rent...regardless, perhaps consider working with an agent of your own, or check www.mlsli.com
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Thu Jun 12, 2014
Charles Schreyer answered:
Not necessarily, but one thing you can do is apply for VA housing. If you visit the NYS Veteran site, it will tell you all the benefits that the government would offer to veterans. This is the link to it: http://www.veterans.ny.gov/ ... more
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Fri May 16, 2014
anna basel asked:
High Floors, Windows In All Rooms. 18 Hour Doorman Building. Access to Courtyard. Close To Subway, and shoppig. No agents please. Call 347-421-2045.
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Thu May 1, 2014
Martina Ryan answered:
Thu May 1, 2014
Martina Ryan answered:
Sounds like the house needs work. Have you gotten an engineers report?
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Thu May 1, 2014
Martina Ryan answered:
What is your budget? Will this be a cash purchase? There may be some restrictions for purchasers with no income.
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Wed Dec 11, 2013
Mark Schulman answered:
Larisa..... Each Co-op has its own application procedure and attendant fees. The average application fee is $250......Respectfully, Mark Schulman,Associate Broker Vertex Realty Group LLC ... more
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Wed Dec 11, 2013
Maureen Brady answered:
Well will she advise you for free? I guess you can offer her agency a small fee to do this on your behalf or heck if you want to pick my brain for free while you do this i'm ok with that lol

Maybe she can just advise you the comps in the area so you know how well the owner priced it, then help you figure out what your max bid is, from there you can safely go in on your own with any owner.

I advise my own customers that on any purchase the perfect price for them is one that if they were outbid by say $500 and lost the home, they would have no regrets and if they win the bid they would feel good paying at closing.

Any realtor should be able to help you determine the approximate value of a coop especially, since there have been many sales recently and lines in the same building should have similar value once you know the recent sales and adjust for condition of the unit and current market climate and look at your own finances you should have enough info to determine your top dollar, go in with that and provide proof you can obtain financing and pass the board and that's the best anyone can do :)

When considering an offer, most owners i work with expect me to review their buyers proof of income, credit report, recent taxes and proof of funds, with those items we can get a preview of what the board will see and get a good idea of how well the offer will present

For coops, price is important but a buyer with strong financials, the ability to pass a board is just as, if not more important, any seller will most likely agree that getting their price is only a good thing if the sale gets through the board, a great price and a board rejection does not a happy seller or buyer make!

Hope this helps! Good luck!
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Wed Dec 11, 2013
Maureen Brady answered:
Tough call really, it depends on the building type. My office is in the Forester queens blvd and 75th ave, we are a fireproof building, full time staff, 18hr doorman. The K line here is across from the compactor room and next to the elevators but because this building is concrete fireproof construction i don't think the elevators matter (noise wise) and so i see that as convenient...
the compactor room is kept immaculate and has a large chute (not much gets stuck which might cause an odor) so i see this as convenient and less shared neighbor walls, rather than a negative as it might be in an older building. The soundproofing is best in fireproof buildings in my opinion.

If I knew which building you were considering in your question it would be easier to share an opinion of the nearby common spaces :)
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Tue Dec 3, 2013
Joseph Hastings answered:
No Annette, there isn't. You won't find 2000sf in a rental. That amount of space would be a large 2 or 3 bedroom flat. That goes for the garage as well. There is never a garage space that goes with a rental. Something that size would probably rent for at least $2500 and more. Even if the building has a garage you'll be on a waiting list. You might consider renting a house based on the space and garage. Now what does your Bank have to say? Good luck. ... more
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Mon Nov 11, 2013
Steve Duggan answered:
The best way to tell is via information from current tenants. In the absence of that, in Forest Hills most of the older buildings have a foot of brick or concrete in between that provides ample sound buffering. Its always best to get 'hands on' knowledge of the particular property. ... more
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Mon Sep 23, 2013
Anna M Brocco answered:
Check http://www.mlsli.com or consider working with an agent; check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
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Sat May 25, 2013
Belal Mohd answered:
It appears from your question that you are inquiring about Condo units because Co-op property tax is included in the monthly maintenance. Go to NYC.GOV and you can search by address or Block and Lot number of the property you are interested. ... more
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Tue Apr 30, 2013
answered:
Good afternoon M.kamra,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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