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Home Buying in New York : Real Estate Advice

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  • Home Buying1K
  • Home Selling217
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Activity 2,286
Thu Jun 30, 2016
June Buerkle answered:
The seller needs to have a title company walk them through the steps for closing.
0 votes 1 answer Share Flag
Tue Jun 21, 2016
Sally Grenier answered:
You really need to sit down with a good local lender who can review ALL of your financial info. Having savings is important, but not necessarily a "solid savings record." They will look at other things like your income, job history, debts, debt to income ratio, etc. You'll need at least 3.5% to put down for an FHA loan, plus extra $$ for closing costs and money to do the inspection, appraisal, and any other testing (radon, mold, termites, etc.). If you don't have a Realtor yet, time to start looking for someone to work for you as a Buyer's Agent. He/she can refer you to a lender if you don't have one yet. Good luck! ... more
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Mon Jun 20, 2016
Bpromise asked:
Thu Jun 16, 2016
Victor_emh asked:
Thu Jun 16, 2016
Ai Qin Mei Cai asked:
Tue Jun 14, 2016
Kathy Burgreen answered:
Yes it's rare because of several reasons:

1. The Board of Directors is authorized to approve or deny every potential buyer.
2. Every buyer that is approved to live in an apartment must obey all co-op rules. One of the rules states "no subletting allowed", If a co-op owner (shareholder) violates this rule, they are subject to a penalty and the Board of Directors has the authority to remove the tenant.
3. If the co-op owner (shareholder) chooses to sublet without notifying the Board of Directors, most likely the neighbors will report the tenant to the Board of Directors very quickly. Yes, the neighbors will notice you because they know the owner and if they see somebody else living in the apartment, it's very easy to notify the Board about it.

My advice - DON't DO IT!! If you need to rent or buy - do it the legal way and use a realtor.
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Wed Jun 8, 2016
Tonistolle answered:
Practical ideas . I loved the details ! Does anyone know where my assistant might acquire a fillable HUD FHA Disclosures Calyx Form version to fill in ?
0 votes 25 answers Share Flag
Wed Jun 8, 2016
Kathy Burgreen answered:
Northern New Jersey has exactly what you need. Take the GW Bridge and stay in the local lane. Follow signs for Route 4. Look at all the towns north of Route 4 - Englewood, River Edge, Paramus, Fair Lawn, Bergenfield, Oradell, Glen Rock, Saddle River - up to the New York State border (Rockland County).

If you're closer to the Lincoln or Holland Tunnel, take either one and follow signs for 95 North to I-80 West, then Garden State Parkway North. Once on the Garden State Parkway, get off at any of the exits before the New York State border and drive around the areas.
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Wed Jun 8, 2016
Kathy Burgreen answered:
The listing clearly states to contact Aldo Belony Jr. who is the Listing Agent for this property. It is not a fraud. Mr. Belony Jr. is in charge of fixing any mistakes since he represents the seller. This is not Trulia's fault. If Mr. Belony Jr. is lazy and letting mistakes stay active, then he is not representing the seller's best interests. He signed a contract with the seller to get the home sold for the best terms and price. Yes, there are plenty of realtors in New York who don't know what they're doing and/or lazy to fix any mistakes on their listings.

Obviously you caught one of them. You can use this to your advantage. If I were you, I would negotiate and state that since the realtor is too lazy to fix their mistakes, you are entitled to a lower asking price because you're smarter than the agent is.
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Wed Jun 8, 2016
Kathy Burgreen answered:
Technically you can borrow from your 401K to buy a home. The HUGE question is whether it's te right decision for you and your family. You need to discuss the following with your spouse/partner:

1.If you withdraw the money, you will owe penalty & taxes on the amount withdrawn. The penalty applies if you're under 59.5 yrs. old.

2. How long will it take you to replace the amount withdrawn to get your 401K back up to the amount it has now? You can use online calculators or speak to your HR representative.

4. Plan for some life emergency where either you need to withdraw more money or you can't contribute to your 401K. Example: job loss, medical crisis, another child, etc.

5. If the home you plan to buy will have a higher monthly cost than what you have now, will you need to change your contribution amount to a lower percentage? If yes, then it will take longer to bring your 401K back up to what it is now.

6. If you develop some health crisis later in life and forced to retire early, will you have enough cash in your 401K to pay for your monthly bills?

Hoipefully this scenario helps with your decision.
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Tue Jun 7, 2016
Susie Kay answered:
I would suggest that you pick up the phone and call a couple local realtors and interview them.
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Mon Jun 6, 2016
Adam Feinberg answered:
If you are buying in NYC- the advice will vary widely from buying anywhere else in the country- so please take any of the suggestions with this in mind. If you are buying a condo- the advice below aligns well. If you are buying a co-op (which represents the vast majority of the housing stock available for purchase), then it is a different story. When buying a co-op and needing a mortgage you need 2 sets of approvals- approval for the loan from the bank and approval from the co-op board. Don't move any money into your account without understanding the nature of co-op's first. Many don't want to see large transfers into your account right before purchase. You would want the gift letter from your in-laws, with proof of funds available to show the co-op board. Otherwise, you risk raising eyebrows from the co-op board if they think you are playing games to afford the apartment. ... more
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Sat Jun 4, 2016
Sixg06 asked:
So if I buy a foreclosed home about 60,000$ than it needs about 20,000 in repairs , I would get a regular loan for the 60,000$ than another loan like a 203k loan to pay for repairs ?
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Thu Jun 2, 2016
Ivanialeung asked:
need to add a wall on my bedroom and remodel my kitchen
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Wed Jun 1, 2016
Yankclip10 answered:
If you are looking for a mortgage company that will treat you with professionalism and respect then Silver Bay Lending in Smithtown New York, is not the company for you. When I arrived for my closing their was no one downstairs to greet us. However, Chelsea Croft and Sophia Leteri were working upstairs. My wife and I (this was our first closing - we had just been married) sat down on the couch and we heard the Chelsea and Sophia talking and said "(insert my last name) the dumb ass decided to transfer jobs to the NYC DOE). My closing was delayed because I decided to become a Special Education teacher with the NYC DOE (how dare I) and Chelsea and Sophia were offended.

When I discussed this with Michael Braun and Donny Schulze they shrugged it off. Michael Braun said I should be thankful for the mortgage rate they got me and that in his office, the staff develop special relationships with their clients. In fact, he said the girls were talking to me as if I was one of their sisters (I am a male mind you) and that I needed to learn to grow up (I am 31 years old)

Finally, I called and spoke with the woman who works directly for Donald Maita - Chief Executive Officer at NJ Lenders who Silver Bay works for. At the time, Donald was out of the country but his number two (a very nice lady) assured me she had spoken with Donald and that he would be in touch. Upon Donald's return a few days later. he called and he apologized up and down, spoke with the staff at Silver Bay and even sent my wife and I a gift card for our new home. I would definitely recommend not working with Silver Bay but would suggest you consider working with NJ Lenders.
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0 votes 4 answers Share Flag
Sat May 28, 2016
Silvia Amrein asked:
Mon May 23, 2016
RBman answered:
The question you should be asking is whether you can trust your agent. One way to find out is to see if any of them will voluntarily tell you and offer you a buyer agent commission rebate in NYC. I guarantee you none of them will. What does that tell you about their honesty?

I've included a link below to a guide with pretty epic tips on how to choose a buyer's agent in NYC. Good luck on your search and choose wisely!
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1 vote 12 answers Share Flag
Sun May 22, 2016
Kathy Burgreen answered:
The important thing is whether you had a financing contingency and earnest deposit contingency in your contract. If you had these contingencies, you can walk away and get your money returned.

The broker has no responsibilities or duty in this situation. The only issue is whether the broker advised you to include these contingencies in your offer. If they did not advise you to do it, then you can go after the broker. You should also seek legal advice.
... more
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