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Forest Hills : Real Estate Advice

  • All72
  • Local Info10
  • Home Buying24
  • Home Selling4
  • Market Conditions5

Activity 56
Mon Dec 28, 2009
OLGA MAYAYEVA answered:
Hi Vickie!
Double check with your management what is a sublet policy in your building. Usually its after 2 years, but some buildings has even after 1 year. You can request from them the sublet application. Pay attention to application fee and the amount of documents they require from potential tenant and how long the management take to review the application. I can help you to determine what is better for you to rent or sell in todays market. Right now a lot of people looking to purchase because of first time home buyer tax credit but still some people looking for rent.
Feel free to contact me for highest price analysis directly: 718-781-3074
I'm a Realtor from Exit Kingdom Realty.
I Help People To Buy or Sell Real Estate
Looking forward to hear from you soon.
info@realtorolga.com
www.RealtorOlga.com
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0 votes 3 answers Share Flag
Mon Dec 14, 2009
Mehmet Realtor answered:
Leo,
Please let me know what you are looking for!
Location:Forest Hills
Price?
Condo or house?
are you ready to buy?
pre-approved or cash deal?
thanks
MEHMET (718)530-2771
info@MehmetRealtor.net
Certified Buyer Representative
... more
0 votes 2 answers Share Flag
Sun Dec 13, 2009
Therese L Korahais answered:
Hi Curious- the 1st 5 years of your loan you will be paying all the interest on your mortgage so your tax deductions will be higher( so far mortgage interest is still deductible). The building maintenance is 35%-50% deductible - (deduction is for taxes allocated to your shares portion ) I doubt that maintenance or taxes will ever go down...what about down payment requirements?.Take everything into consideration and buy location and square footage that will suit you. If you want a list of available apartments Terry K 718-614-3167 cell or email me therese.korahais@elliman.com ... more
0 votes 1 answer Share Flag
Thu Oct 22, 2009
Therese L Korahais answered:
Hi, there are 3 1 Bedroom units that are available around $300K and 1 2Bedroom available for $339K. If interested in viewing give me a call Terry K 718-614-3167 cell or email me therese.Korahais@elliman.com ... more
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Sun Oct 11, 2009
CFCAM2013 answered:
Silly me...I didn't even answer your main question of being a good board candidate! My apologies...

That changes a few things. Though some lenders will be fine with less than 20% down + PMI, nearly all boards (as I had mentioned) want 20% minimum, while many of them want to see a healthy cash reserve in the bank so they feel comfortable with you (this is why I mentioned leaving your 25k untouched). Not to mention, boards interviews could be like a night out with friends or a tribunal of gestapo officers. Much of it depends on those men and women siting on the board. They will look at your financial history, housing references, job stability (60k is good, but if you started 2 months ago, it may not hold as much weight as a lower paying job you've held for years), character, etc. You're credit, at 770, should be cake. it's also how much they like you, a sad truth. You could be a great candidate for one board and hated by another...a major downside in co-ops. At first glance, you may seem like a good candidate. However, don't forget boards will dig deep! It's difficult to predict how groups of other people think.

The Upside: Have you heard of a sponser co-op? They're great. Basically, they are co-op apartments held by a "sponser". See: http://www.wallfly.com/review/manhattan_ny/glossary.php#s
They typically have a transfer fee/tax, but are exempt form board approval (if you buy a sponser unit, however, and choose to sublet/sell it later, the renter/buyer will then be subject to board approval). They aren't everywhere in FH, but not necessarily uncommon, either. My first apartment purchase was a sponsor. It was a breeze...no board, no hassle, just a 2k transfer that the sponsor agreed to split.

Anyhow, either way, if you have strong finances (less than 20% down, unfortunately doesn't put you in this category with most boards), good references and don't seem like a shady character, a board generally will vote in your favor, barring any other exigent circumstances, of course.

Good luck!

-MC
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Thu Sep 24, 2009
Dannylag answered:
I am selling my coop in Bayside Queens, if interested email me at etuinlfe@hotmail.com
0 votes 5 answers Share Flag
Sun Sep 20, 2009
Therese L Korahais answered:
Hi Apt buyer, most of them will. Most boards will look into your reserves- I have not found one that hasn't yet. If you want to be sure- call the management office of the coop you are interested in- or your Real Estae agent should be able to have or get that info for you. Terry K 718-614-3167 cell. ... more
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Fri Aug 14, 2009
Joseph Hastings answered:
I love this stuff. Seems like Pearl is trying to buy without the help of a Buyer's Broker. It's probably just as well. Buyers think sellers will drop their pants for any offer. The seller's Broker works for their client and not you but they are required by law to submit any and all offers. Of course an experienced Broker is going to require that you submit the offer with a letter of pre-qualification, proof of income, assets and credit history w/FICO score. Any offer received without this would probably result in the broker putting forth the offer with the recommendation that it is subject to review of such documents. You're out there in the world by yourself but you are entitled to representation. You should get some. ... more
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Thu Aug 6, 2009
Stanford answered:
try to look more before you decide one of them as follows:
Forest Hills One large Bedroom Coop For sales asking price only $219,000
380 sq ft living room, spacious bedroom,
Total about 820 sq ft, ,
All rooms have window
Two large wall-to-wall closets,
Very bright, updated kitchen,
Very low maintenance $499, (electricity excluded)
wall-to-wall new carpet,
close to F.E.G.R. located at forest hills
A must see

stanford
stanford10@yahoo.com
... more
0 votes 12 answers Share Flag
Thu Aug 6, 2009
Stanford answered:
we have a coop near this area if you wnat to look at. I am owner for this apartment. see below

Forest Hills One large Bedroom Coop For sales asking price only $219,000
380 sq ft living room, spacious bedroom,
Total about 820 sq ft, ,
All rooms have window
Two large wall-to-wall closets,
Very bright, updated kitchen,
Very low maintenance $499, (electricity excluded)
wall-to-wall new carpet,
close to F.E.G.R. located at forest hills
A must see

stanford
stanford10@yahoo.com
... more
0 votes 2 answers Share Flag
Sun Aug 2, 2009
Marco LaPadura & David Lau answered:
You can probably only afford a co-op that costs about $150K or so. As an agent in Forest Hills, I know that the majority of the co-ops here require a 20% down payment (which pretty much caps you at $150K if you only have $30K in the bank). Also, once you close, most buildings require that you have at least 6 months of mortgage plus maintenance left in the bank as reserve funds (they do consider $401K and retirement funds).

Also, most co-op boards look for a maximum housing debt of no more than 28% of your gross monthly income. At $55,000 a year, your gross monthly income is $4,583 - 28% of that would be $1,283. Your monthly payments on a $150K apartment, assuming maintenance of about $600/month would be right around that figure.

If you have any further questions, or would like assistance in your search, I can see what's out there for you. For my contact information, see my website www.teammd.net.

Good luck.
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0 votes 1 answer Share Flag
Mon Jul 27, 2009
Joseph Hastings answered:
Assuming no outstanding debt, your financial numbers are fine for just about any building (except Kennedy House, The Continental and any building that requires more than 30% down or more). The number you left out is your FICO score but we'll take a leap of faith that it's 740 or higher. You should be done with this about now. How did it all work out? ... more
0 votes 3 answers Share Flag
Mon Jun 29, 2009
Bjschwartz answered:
Thanks to those that responded. Most answers were basically in line with my own thoughts. We stayed and plan on sticking here for another year and a half. Research indicates housing markets historically take 6 years to recover after a major hit. So, it can only go back up. (barring a double housing dip). We set the coop market in FH at $249K over 2 years ago. That still seems to be the going rate. ... more
0 votes 8 answers Share Flag
Thu Mar 5, 2009
Shai Megiddo answered:
Hi Michael,
There are two new co-op buildings on Austin/Union Turnpike, the boarder of Forest Hills/Kew Gardens
Near the F,E express and the LIRR.

118-18 Union Turnpike, and 118-17 Union Turnpike. ... more
0 votes 2 answers Share Flag
Mon Dec 1, 2008
Stephen Mahabir answered:
Only Realtors can post on Trulia. You should hire one if you are serious about selling
0 votes 4 answers Share Flag
Sun Sep 30, 2007
Vernalie answered:
Anything is possible, since no one offers to prepay-it could be to your advantage.Seems you've calculated ~1000per month.You would most likely get a studio/share at that price.Have you talked with a Realtor?Do you have a parent that would sign with you? that's usually what's done, just to cover the board approval. Or perhaps look for a private house to rent from.Usually home owners just want to make sure the rent is paid and if you do so in advance they'd be thrilled! Also, being a MBA student shows maturity along with the professor reference, seems like you'd be quiet, studying. ... more
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