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New York : Real Estate Advice

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  • Home Buying1K
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Activity 5,399
Thu Jan 26, 2017
Todd asked:
Sun Jan 22, 2017
Jerydaplumba answered:
Using chase for refi now. It is the worst experience ever. New jersey branch. Mortgage broker Fred Shapiro, he is incompetent and unreliable. Going on over 7 months now. He does not even answer phone calls. When he does answer the phone he is rude as hell. I have filed complaints with chase cooperate, the cfpb, federal reserve, BBB and several others. I will never recommend or use them again. Shopper beware. STAY AWAY FROM CHASE BANK. ... more
0 votes 86 answers Share Flag
Thu Jan 19, 2017
Sally Grenier answered:
YES! You may want to consult an attorney. If you both own the house (and are both on the deed), then you both need to agree to sell the house.
0 votes 1 answer Share Flag
Tue Jan 17, 2017
Abdulrafaylahore99 answered:
It depends upon the distance. If you want to move within 5km it cost 60$ per truck if the distance is more than 5km it cost 100$ per truck.
0 votes 22 answers Share Flag
Sun Jan 15, 2017
Info answered:
Connect with the Blooming Sky Team at:

www.bloomingsky.com
info@bloomingsky.com
646-847-9053

They have significant experience working with clients in Battery Park City both on the north and south ends of the neighborhood. ... more
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Sun Jan 15, 2017
Kathy Burgreen answered:
Do you have a real estate license? If you don't have a license, you cannot work as an agent. You can only work as an administrator. Assisting other agents depends on how successful they are and whether they will pay you.

If you do have a state license, brokerages hire agents based on whether you can close deals for them. Brokerages will hire part time agents ONLY if you will work full time within 6 months. The reason is it costs money to start a real estate career and brokerages will expect you to use your income from your other job to pay for real estate expenses until you close a deal. This should take about 6 months in New York City.

My advice is don't start a real estate career because it's expensive and the brokerage takes 1/2 your commission. Remember, you need to pay the full income taxes on the money you take home + reimbursing yourself for the money you spent + health insurance, etc. You end up taking home very little money.
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Sat Jan 14, 2017
CKnyc answered:
If you don't have a pre-nup then you're in trouble .. speak with your attorney. If you do end up having to sell, try to minimize your closing costs (see link below) at least and do a flat fee RLS or agent managed FSBO to avoid the traditional 6% broker fee.

Otherwise, if you get lazy and just call up a traditional broker to do it for 6%, you'll quickly eliminate roughly 1/3 of your home equity and any gains you accumulated over the years.

Good luck!
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1 vote 3 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
For condo's you will get a mortgage. For co-op's you will get a shareholder loan or note. Regardless, payments for both loans are completely separate from maintenance.

In a condo you will have to pay common charges and taxes separately. For co-op's they are bundled together under "maintenance."

See the article below for a much more comprehensive guide to your question and the differences between condo's and co-op's. Must read before you decide to buy!
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1 vote 9 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
The easiest first step is to choose a broker who can offer you great advice plus provide you a split of their commission (i.e. buyer's broker commission rebate).

Having a buyer's agent is free to begin with, and they're a great point person to direct you to other experts like mortgage bankers who will tell you how big of a mortgage you will be pre-approved for.

Work with a trusted local commission rebate provider like Hauseit etc. to pair up with a top rated local broker who has already agreed to provide you with a rebate.

Start there and good luck!
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1 vote 4 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
If you just want to put his name on the stock certificate yes you can do a transfer. Ask your real estate attorney it should be straightforward.

If you are asking because you are getting divorced without a pre-nup ... well definitely consult your attorney.

If you do need to sell, definitely make sure you cut down on your closing costs by doing a flat fee RLS listing or agent managed FSBO vs paying the standard 6% broker commission. The latter will quickly eliminate 1/3 of your home equity and much of your gains. I recommend working with a local FSBO company like Hauseit if you're in NYC. Good luck!
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Sat Jan 14, 2017
CKnyc answered:
I think Ben's answer is very comprehensive and highlights many of the differences and dangers of buying a co-op. Moreover, a co-op will be a more time intensive process to purchase as you'll need to do a length purchase app (see link below) and pass a board interview.

The only benefits besides being more affordable is you can have a more closed environment. After all, the co-op board screens buyers and only allows in people they effectively like. This can lead to some screening and there are no laws that dictate what a board can do. They do not have to give a reason for rejection for example.

So perhaps if you are a close minded person, it can be helpful to you and you only want to live segregated with a certain type of people. Not for me .. but that's the only other benefit I can think of!
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1 vote 4 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
A good rule of thumb is 25-35% available even if you plan on only putting 20% down. This will help cover closing costs (see link below) and give you post closing liquidity (sometimes required by co-ops).

You should get a buyer's broker commission rebate through a local FSBO/rebate provider like Hauseit if you want additional cushion / liquidity post closing.
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1 vote 2 answers Share Flag
Sat Jan 14, 2017
Miss.leona.brown answered:
Are you looking to buy or sell by the way?

If you are buying in NYC, you can save money by requesting a buyer agent commission rebate through discount real estate companies like Hauseit.

If you want to sell in NYC you can either go the FSBO route or list with a discount full-service offering. Again, you can work with a highly reputable team like Hauseit to cut down on the total commission bill. They offer a 1% full-service listing option.

I do agree that there are a number of unscrupulous real estate agents running around the city who may charge less but will do a terrible job of marketing your apartment. So before you hire a discount real estate agent, I suggest you do your homework and only consider working with a reputable team in NYC.
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0 votes 10 answers Share Flag
Fri Jan 13, 2017
Frank Rodriguez answered:
You could do a simple web search for a locksmith and hope for the best. However, if you are looking for a skilled locksmith that offers a professional service at an affordable price you will need to do some research on google. http://www.emilylocksmithcoralgables.com/ ... more
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Thu Jan 12, 2017
Edith Rivera answered:
I want to buy a sponsor unit bcs board they too strict.
0 votes 24 answers Share Flag
Thu Jan 12, 2017
Trevor Curran answered:
Yes it is possible to use a VA loan to purchase a condo in NYC. BUT...the condo must be a VA approved condominium. If the condo is not on the list, you cannot use a VA loan to purchase the condo.

Find VA Approved Condos here: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

Everyone wants an affordable home...but there are other considerations you must take into account when considering a Condo.

As an advocate for First Time Buyers, I always give this advice to clients who are considering purchasing a condo. First, consumers often have the mistaken impression that condos are "cheaper" or have lower monthly payments than you would have for a home purchase, say of a Single Family Home.

While this may be true on the overall price of the property, in terms of the monthly payment, a condo can often be nearly equal to that for a single family home. This is because the monthly expense for a condo is not only Principal, Interest, Insurance and property taxes (and mortgage insurance depending on the loan program if other than VA), but also the monthly expense for the Homeowners Association. This "HOA" cost can be prohibitively expensive. When I prequalify a client for a condo in NY Metro area, I use an average monthly HOA expense of $650. Obviously HOA fees vary from one condo to another, but this is a fair average cost based on my experience.

So,when factoring that $650 into a monthly housing expense, the overall monthly expense for a condo can be almost or exactly equal to that of a single family home.

Therefore, I advise first time buyers to look at the other aspects of condo living to make a determination as to whether this is a good "fit" for their home buying experience. If a condo is considered as a "starter home" experience, then I would caution a first time buyer that a single family home is probably a more reasonable property to accomplish that goal.

Other factors with condos:
-When real estate markets turn "down" Co-Op, Condo, and 3 and 4 Family homes tend to suffer sooner rather than later in potential for resale. So, if you own one of these properties, and you MUST sell, but the market has turned south, you will face significant challenges in getting your home sold.

-Living in a condo means you will often be living "up close and personal" with your neighbors. Very much similar to living in an apartment building, even if the condos are townhome style properties.

-Condo living comes along with restrictions---more often than not---on what you can and cannot do to your property.

-Overall costs for a condominium can increase dramatically if the condo is poorly-managed, or if an unexpected major incident---such as a heating system failure or roof collapse---occurs and winds up costing the condo monies in excess of their "capital reserve" account.

I often say to first time buyers that Condo living differs from owning a single family home not in the monthly payment, but rather by asking this question: "Do you mind shoveling snow?"

BOTTOM LINE: Approach a CONDO purchase by reviewing ALL variables in the experience and don't focus solely on cost.

Happy House Hunting!
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0 votes 7 answers Share Flag
Fri Jan 6, 2017
Kathy Burgreen answered:
The reason co-ops are coming up in your search instead of condos is because you indicated prices between $300,000. - 500,000. Condos are more expensive and start at $500,000. The average condo in New York City is about $1 million. Obviously you cannot afford a condo. If your price point is between $300 - 500,000. all you can afford is a co-op.

You need to face reality that you cannot afford a condo. Co-op buildings are just as nice and you can still build equity and sell it on the open market. The difference is with a co-op you own shares of a limited housing corporation that gives you ownership in a specific apartment. In a condo, you receive a title or deed like a single family house. This is why condos are more expensive than co-ops.

On real estate websites (like Trulia and Zillow) if you were to set your price point from $800,000. - $1 million, your search results would show condos - not co-ops.
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0 votes 1 answer Share Flag
Tue Jan 3, 2017
Jonathan Lahey of The Lahey Group answered:
Do you have a friend Agent who can assist you making a discission? Its a big help help if you have..
0 votes 1 answer Share Flag
Tue Jan 3, 2017
Scott Godzyk answered:
Chances are they will not see your post in Q and A. If you go to the top of page click on For professionals and PRO
0 votes 3 answers Share Flag
Sun Jan 1, 2017
Kathy Burgreen answered:
I'm a former realtor and life long NYC area resident so I get your situation. You should qualify to buy a co-op. Save renting as a last resort. My advice as follows:

1. The big issue is your dog. Most co-op and condo buildings have restrictions - if they allow pets, they restrict the weight or they refuse pets outright. Other buildings are pet friendly. How much does your dog weigh?

2. Expand your search outside of New York City. You need to learn that living within NYC is very pricey. If you move to the suburbs (Nassau County), you can get more living space for a lot less money and in good neighborhoods. There are commuter railroads - Long Island Railroad is direct to Penn Station in 30 minutes. MetroNorth from Westchester County is direct to Grand Central.

3. You need to contact a lender or start at your bank and ask to speak with a lender. They will pull your credit, verify your employment, income, savings, investments, your debt to income ratio and tax returns. After that you will be issued a pre approval letter. This tells you how much of a loan you qualify for. Your credit score will drop a few points BUT you need to understand that realtors will refuse to show you any homes without a pre approval letter. This is for their safety and for sellers who do not want people in their house without a pre approval letter.

4. Once you are pre approved, you can have a realtor send you listings in pet friendly buildings. Beware - down payment requirements for co-op buildings in NYC are typically 20 - 30%. In Nassau County (Long Island) down payments are typically 10%. If you have $72,000. in savings, this means you can afford a $600,000. condo (10% = $60,000.) in Nassau County (Long Island) but in New York City you can only afford a $300,000. co-op (20% = $60,000.). See the difference? You will have a lot more money to spend in the suburbs than you will in the city. Remember you don't have to spend the max that your lender will approve you for, but it's food for thought.

5. Beware that realtors should be local. Do not use 1 realtor for both New York City and Nassau County. Even though realtors are licensed by New York State, a realtor who works in Manhattan or Queens does not know Nassau County very well and vice versa. You can use multiple realtors - just keep your mouth shut and don't tell either one. Briefly, realtors need buyers to close deals so they can get paid. They don't like it if you use multiple realtors because it means if you buy a home with a different realtor, the first one loses out. The secret is in the rest of the U.S.realtors can check their MLS systems to find out if a buyer ditched a realtor and bought a home with somebody else. However, in the New York City area, this is impossible to do because of the high population and the millions of co-op and condo buildings that close deals every day. There is no way that realtors can check their MLS systems to track buyers. This is why only in the New York City area that buyers can get away with it. It happened to me as a realtor so I know first hand it is difficult to track buyers.

Hopefully all these tips helped you.
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