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Home Buying in Forest Hills : Real Estate Advice

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

Activity 24
Mon Jun 12, 2017
Jack4 answered:
Here is the correct answer. Nyc will require a permit for a conversion like that. If there was no permit and the work is done, then when the city learns of it, they will fine the current owner, either you or them, it doesn't matter who, it's the owner at time of discovery. This fine starts at 5000. You must pay that before the hearing or you will owe interest. Of not in original you lose that hearing period. Then you need to apply for permit which could cost a few hundred or 1k. Then you need to make sure the building is to code, if not more fines and a correction order. You then need to get a nys licensed architect and engineer to approve the work done or work to be done to correct whatever was done. This is why the bank won't finance the loan once discoverd. Correcting this could cost 30 plus thousand. I've seen as high as 45k for one of these. Also the owner who did the conversion probably didn't pay much as they got someone who was willing to NOT get the required permits and inspection for code violations by the city. This way he is able to charge a reasonable price and make a big profit. Unfortunately it's the owner who will pay tripple now. Only hope that it's an easy conversion as they left the garage door and didn't change structural walls. Buyer beware. Good luck. ... more
0 votes 9 answers Share Flag
Mon Mar 20, 2017
Keto8888 asked:
Tue Sep 27, 2016
Filsaime.philippe answered:
How much will my closing cost be for coop I buy for $30,000 in Spring Valley New York?
0 votes 6 answers Share Flag
Thu Aug 14, 2014
Richard Lovell answered:
Once you find the home that you are looking to purchase and are ready to sign a Contract of Sale, yes you will need to make a down payment. This is usually 10 percent of the purchase price but can sometimes be a little less. If you need the money from the proceeds of the Co-op sale in order to make this down payment then you will have to sell first. Of course, you will need a place to live after you close on the apartment but before you can close on your new home purchase. ... more
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Mon Jul 1, 2013
Anna M Brocco answered:
No link is visible; if looking to buy in the near future consider working with an agent of your own who can provide any necessary information....
0 votes 2 answers Share Flag
Mon Jun 10, 2013
Michael Richman answered:
You are correct about it being a seller's market because of the low inventory in Forest Hills and elsewhere. The first thing you should do is get pre-approved by a lender so you know exactly how much you can afford to spend. Next, start working with a real estate agent. When they show you something you like in your price range, be aggressive in immediately making an attractive offer to the seller. Don't hesitate or try to negotiate too much. You need to be taken seriously and outsmart your competition. ... more
0 votes 6 answers Share Flag
Fri Mar 22, 2013
Alo webb answered:
No you absolutely cannot use the rental income from a single family to help qualify for a mortgage. This is only allowed on 2 or more units. If you need to discuss what can be done to help you qualify or find homes in your approval range please contact me anytime @ 914-299-0420 ... more
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Mon Mar 18, 2013
Lucky Davidson answered:
Yes.you can buy with tenant. I have 4 apartments in the same building. Tetants pay from $1200 to 1450 rent
0 votes 8 answers Share Flag
Tue Jan 29, 2013
Rhona Magelowitz answered:
The Dorian Co op was converted years ago by The Parisi family. The managing agent will be able to provide a shareholder with the financials.

I am the Treasurer of the co op in which I have resided since 1972 on 73rd Road in Forest Hills.
I also managed 11 buildings in Forest Hills, 3 of them, in Forest Hills Gardens.

In my position, we had to prepare the financial statements for the co op board.
... more
0 votes 5 answers Share Flag
Mon Jul 18, 2011
Joseph Hastings answered:
Hi Milagros. You downplay your experience by saying you're "pretty aware." Obviously, there is no state wide law that compells a Coop board to give a reason for a rejection. I don't necessarily agree with the "arbitrary practice" aspect as I've only encountered one rejection. In that case I knew if my customer got past the board, it was on a wing and a prayer as their financials and work history were less than stellar. I'll never know for sure but those two aspects make it darn likely. I would think there are many other agents/brokers who have had similar situations.

Even if a law is enacted state wide, I would think Coop boards might ratchet up their financial requirements and DTI ratios. I would also think as a board member for a dozen years, you might have come across instances where an application is rejected without an interview if the board felt the contract price was well below market value. So now what could be the consequence of giving a reason for a rejection? Peace of mind to the rejected party(ies)? I doubt it. A lawsuit? Probably. Would any board find that beneficial? I don't have those answers but it will be interesting to see what develops in Suffolk or Nassau counties when the inevitable lawsuit rears it's ugly head and at some point, it surely will.
... more
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Sun Jul 17, 2011
Jerry Feeney, Esq. answered:
Well, the answers below are accurate, with two exceptions. (1) There are a few boards whose by-laws require that they give an answer, in such a case a shareholder would be entitled. And (2) if sued for a fair housing violation a coop would be required to cooperate and provide accurate answers to the question of reason if presented with a prima facie case of discrimination. But, generally, coops have no affirmative obligation to provide a reason. ... more
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Tue Apr 6, 2010
Robin Silverberg answered:
I would get the financials on the building and ask more questions. Also, choose your attorney now and see if they will look over them. The last time that Citimortgage did a loan in the building, which was in April of 2008, the building needed a Fannie Mae waiver. This means one of a few things, such as the owner occupancy rate wasn't high enough at that time, or there were too many investor owned units. It does look like someone might be getting the building updated though, because the insurance is current, so this may change. However, waivers are harder to get now than they were 2 years ago, and there are certainly enough buildings in the area that have no problem getting approved. ... more
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Sat Mar 13, 2010
For Ever Urs answered:
Dear Kathy! I know this blding well/, Its to expensive for this area and this street for Jr 4 apartment. Apartments just sold in this area recently for 230k and cheeper. Negotiate the price , itys way too much money for Darmoth street.. Good luck, and do not listen to real estate people , do your homework yourself. Good luck. ... more
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Tue Feb 16, 2010
Joseph Hastings answered:
Hello Orange. Yes as stated below, you can get a 90/10 loan to value. The thing here is you need to be squeaky clean with income, assets and credit score. The bigger problem with Forest Hills (Rego and Kew) is there are so few Condo buildings.

In FH, it's the Pinnacle, The FH Windsor, Novo64, Park Manor and a few others. If transportation proximity is needed, Kew Gdns may not be the best solution and Rego will also have few options. Inventory will be limited based on the size and amenities you may want and I might think you know that Condos out-price similar sized Coops by (at least) $100K+

If you would like to discuss availability, prices, etc. I'm glad to offer a free, no obligation consultation in my office or your home if it's more convenient for you. I can also offer an excellent referral for a Condo loan as we are a full service brokerage. Please feel free to call me anytime. Regards!


Joseph C. Hastings
Prudential Douglas Elliman Real Estate
Cell: 917-579-1502
... more
1 vote 4 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
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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
... more
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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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