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Home Buying in Forest Hills : Real Estate Advice

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

Activity 35
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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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 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 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: ... more
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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?
0 votes 3 answers Share Flag
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.
0 votes 1 answer Share Flag
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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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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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
2 votes 2 answers Share Flag
Tue Apr 30, 2013
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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Tue Apr 30, 2013
M.kamra answered:
I am looking to buy a coop unit and they supplied a financial statement for only 22010 and 2011 but not for 2012 .The existing mortgage for the coop is coming due in May.2013 and they have not given us any information if they have approval for new mortgage and their terms and conditions .Should I be concern
about it ora go ahead to purchase the unit .

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Sun Mar 31, 2013
Anna M Brocco answered:
If looking to buy, rather than relying at percentages that properties may have gone, review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there... ... more
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Mon Feb 4, 2013
Joseph Hastings answered:
Hello Caroline. What is the price range the customer had in mind? Have you talked with them about maintenance and what they are looking for there? Do you think a sponsor unit may not require 20% down?

Here's the thing, building management companies that may have unsold shares are less likely to allow exclusive listings as they feel the more brokers they can get to bring over prospective customers, the better. With that in mind, most brokers/agents who are aware of such coops are not usually interested to give away something they (possibly) can't co-broke and get themselves some commission. Your best bet is to pound the street and take down information as to who manages a particular building, then call them and ask. Be aware that some (many) sponsor units may need updating.

Lastly (and I don't mean to be flip), if you truly have a "qualified" customer, why are they concerned about a board interview? Interviews are mere formality as any board would have a board package with full financial disclosure of the customer prior to any interview. If you get an interview date, you're pretty much home free. Good luck.
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Sun Jan 13, 2013
Christopher Pagli answered:
Hi, Really bad credit typically won't fly with a coop and even buying a property in general. Much will depend on the reasons your credit is so bad, if you are on the mend, and for how long you can prove it. Start with a mortgage professional, they will tell you exactly what you can and cannot do.

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Mon Dec 31, 2012
Anna M Brocco answered:
Has your agent asked the seller for a copy; generally such documentation is provided to your attorney once an offer has been accepted so that it can be reviewed before contract signing..... ... more
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Tue Dec 18, 2012
Sam Rastogi answered:
Hi Gabriella, I don't think Trulia allows for sale by owners. Out of curiosity what is the reason you want to sell by yourself ?. Thanks.

Best Regards,

Sam Rastogi, ABR, CBR, OICP
Licensed Real Estate Salesperson
Team Synergy
Exit Kingdom Realty
68-56 Groton Street
Forest Hills, NY 11375
Cell: 347.556.0433
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Wed Aug 15, 2012
Antolin Du Bois, CFP® answered:
Assume you buy at ~349k, dp of 20% or ~70k, you will have a mortgage of 280k means PI will be around 1350 give or take, plus your maintenance of 860 means your base cost will be ~2200. Since your salary is 55,000, your monthly is about 4600, and a bank will only go to 28% for mortgage, 36% for all payments. You are cool at 1283 for the mortgage, the problem is with the maintenance you bypass the 36% of 1650 by $550. If you threw in your 401k, not only would that be unwise, it wouldn't really help, because then your payment would be ~1000/mortgage and 860 maintenance, which would still put you over the 1650 36% limit.

Even if you did find a bank to back you in this endeavor, and you ended up paying ~2200 with a 20% dp, you would be paying almost 1/2 of your salary to live, and if you are now in your 30's or forties since you have worked with the same company for 16 years, you would need to roomie up and live like you did in your 20's, or go in on this deal with your significant other.

And in Forest Hills, you basically have to beg them to rent it out or even sometimes take in a roomate, so those options are limited.

Seller understandably just wants to sell their expensive-to- maintain apartment, but I would pass on it. This apartment is not a good deal for you. 347-828-5732
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