Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in New York : Real Estate Advice

  • All4K
  • Local Info434
  • Home Buying1K
  • Home Selling225
  • Market Conditions94

Activity 2,328
Thu Sep 29, 2016
Ben answered:
It's most liked because it's priced way too high (is it a FSBO?) and/or the photos look terrible (were they snapped by a cell phone camera?)

Regardless of what you decide to do, make sure you understand that closing costs can be quite substantial in NYC (http://www.hauseit.com/closing-costs-nyc/) ... even if buyers don't pay the broker fee!

Speaking of which, you should make sure to get a rebate of the broker commission from your buyer's agent to help cover your closing costs.

A buyer agent doesn't add enough value these days to deserve 3%. You should get some of that back. The typical rebate is 33% of what they earn, or 1% to you at close.

Since the average NYC home sale is $2 million, you're looking at a $20,000 check on average handed to you at closing. What a housewarming gift!
... more
0 votes 20 answers Share Flag
Thu Sep 29, 2016
Ben answered:
You may be best off going for a HDFC co-op. You can find reasonably sized ones even in Manhattan for that price range. But everyone wants one these days especially after that recent NY Times article about HDFC's.

To maximize your downpayment, I would recommend working with a buyer's agent who can rebate you back some of that broker commission.

Typically that's 1% of the purchase price to you in a check at closing. That 1% cash equity is equivalent to 5% more in downpayment for free (assuming 80% loan to value on a mortgage)!

Definitely do everything you can to minimize your closing costs (http://www.hauseit.com/closing-costs-nyc/) and make sure you have enough money to cover several years of maintenance.

Good luck!
... more
0 votes 2 answers Share Flag
Thu Sep 29, 2016
Ben answered:
Shalom, it sounds like you might be a perfect candidate for a HDFC co-op if you're buying with gift money but are a student yourself (or otherwise have low income on your tax returns currently!).

Regardless of what you do, make sure your family understands what closings costs are (http://www.hauseit.com/closing-costs-nyc/) before you begin as they can be quite substantial for buyers as well as sellers in NYC.

I would also make sure to pick a buyer agent to help you who will also provide you with a broker commission rebate.

The only way to legally get some of that commission back (always paid by seller) is through a buyer's agent. As a customer incentive, your buyer's agent can rebate back to you a portion of the commission he or she earns.

The rebate is typically 1/3 of the commission earned by the buyer's agent. Since the typical commission paid by the seller is 6% which is split half and half between the listing agent and the buyer's agent, that means you will get 1/3 of 3% which is 1%.

That 1% is still quite substantial in NYC where the average home value is $2 million. That's $20,000 in your pocket at close :-)
... more
0 votes 2 answers Share Flag
Thu Sep 29, 2016
Ben answered:
I agree with the sentiment here, real estate agents are not uber drivers and you should not expect it. This is especially true in NYC.

In NYC where there is readily available and easily accessible public transportation, the real value add for having a buyer's agent is NOT having them send you listings.

That's often quite useless as you'll usually have seen the listings they send already. The real value add for a buyers' agent is free advice/guidance throughout the home buying process PLUS rebating you a portion of the commission they earn from the seller to you.

You can typically expect 1/3 of the commission rebated to you by a buyers' agent. Since the typical commission is 6% which is split 50/50 between the listing agent and the buyer's agent, you would get 1/3 of 3% which is 1% off your home purchase price.

Typically you'd receive a check at closing after your agent has received his commission check. 1% on a $1 million home is $10,000 ... what a closing gift!
... more
0 votes 3 answers Share Flag
Wed Sep 28, 2016
Andrew Simmons answered:
First of fall agent will not tell the problem of outside if it tells than the buyer would automatically rejects the area, He will also think about his income not thinking about the people. I think you should take help from here >>> http://www.asanduff.com/royal-depot/ ... more
0 votes 22 answers Share Flag
Tue Sep 27, 2016
Christine.woods32 answered:
This is a question that only you can answer. The decision should comes down to your lifestyle, and your wants and needs.
For instance, if we talking about money aspect, you should take into account that if you buy a house you will be responsible for insurance costs. But, when you buy a condo you need to pay monthly fees that usually include water and sewage. If you buy a house, you won't pay that fees.
For other aspects, it's better to contact a real estate agent, as Don wrote.
... more
0 votes 3 answers Share Flag
Sat Sep 24, 2016
Cogentanalytics.info answered:
Get the best business advisory services along with business management consulting, strategic planning, development planning, industry specific planning, profit engineering, sales performance, etc. from the Cogent Analytics now. ... more
0 votes 16 answers Share Flag
Thu Sep 15, 2016
Enonina asked:
I am being told the garden is the same price per square foot as the inside of an apartment although it is only earth and not habitable. This escalates the price of the apartment significantly.…
0 votes 0 Answers Share Flag
Sat Sep 10, 2016
Kathy Burgreen answered:
You cannot use your Florida license in NY. The rules and laws are different.
0 votes 3 answers Share Flag
Fri Sep 9, 2016
Kathy Burgreen answered:
I serve on my co-op Board and until you review applications, nobody has any idea why buyers are rejected.

It's true, the majority of rejected buyers is for financial or credit reasons. However, in the case of financially qualified applicants with good credit scores, it's usually for reasons that the buyer never disclosed to their realtor or lender.
Example: we had a qualified buyer that was rejected because she was buying a 1 bedroom apartment for herself only. However, on the application she stated she was paying for a second car loan and her daughter's student loan. Apparently she lied that both of them would be moving in. Co-op Boards need to know how many people will be living in the units. Trying to hide a person on a co-op application is never a good thing.
... more
0 votes 13 answers Share Flag
Tue Sep 6, 2016
Maricris A answered:
Hello,

If you want to know more information about the foreclosure property, you may check the county record where the property is part of or you may also contact a foreclosure specialist near your area for assistance.

You can take advantage of our vast network of agents here on Trulia. You may found the link below.

To search for a foreclosure specialist using our site:

1. Go to the link that I provided, enter the location where you're at and click enter.
2. Click the 'More filters' button and choose 'Foreclosure' under specialties.
3. Click the 'Search' button.

We hope your experience with Trulia is memorable and thank you for using Trulia for all your real estate needs.

Regards,

Maricris
Consumer Care Advocate
... more
0 votes 1 answer Share Flag
Fri Sep 2, 2016
Yeraldy.sosa answered:
Yes same property the guy is also asking for 500 and it only by email to supposedly arrange a meeting with trulia agent. Thanks for your help. Now I know it's fake.
0 votes 2 answers Share Flag
Mon Aug 22, 2016
Atxaviermartin answered:
Sure! You can look over a house before pre-approved a home loan, on the contrary, you should keep on the loan pre-approval process. If you need the contact of a loan consultancy, I suggest VALoansFinance.com. ... more
0 votes 30 answers Share Flag
Tue Aug 16, 2016
Kathy Burgreen answered:
The biggest Jewish communities in the New York City region are:

Rockland County - Monsey, Spring Valley, New City
Westchester County - Scarsdale (Weaver Street & Stratton Rd); New Rochelle (Quaker Ridge Rd. north to Scarsdale border); also there is an othodox shul on North Ave. near Pelham Rd.; White Plains (Old Mamaroneck Rd)
Nassau County - Great Neck, Hewlett, Woodmere, Jericho, Syosset

I know there are synagogues in Bayside (Queens County). Also northern New Jersey has a sizable Jewish population.

You should go to www.walktoshul.org to locate neighborhoods.
... more
0 votes 2 answers Share Flag
Thu Aug 11, 2016
Don answered:
I have encountered your situation and far worse. Have you ever heard of heirs property? Tracking down past title conveyances takes time and if the conveyance cannot be found then you must locate the past owners and secure quit claim deeds - in other words establish a viable chain of title. It can be a mess or it could go smoothly. It could take weeks or months to be resolved but usually it is resolved. What does the title company say? I assume you are financing and the lender is requiring a lenders title policy or they won't write the mortgage.

If you have an understanding seller and lender, you could get a move-in agreement but there are several risks involved that are out of your control, so consult with an attorney before going down that path.

If you have a good, tight and well written purchase contract then you can get out of this without losing anything but time and/or "the house of your dreams." Hopefully, this is just a routine blip on the way to closing soon. Good Luck!!

I wonder how many listing agents ask the seller for a copy of their title insurance, or if there is no title insurance, a copy of their deed? And, what do they do if there is no deed? These types of issues need to be addressed earlier rather than later. These are potential deal breakers and time wasters.
... more
0 votes 1 answer Share Flag
Thu Aug 11, 2016
asgj1978 answered:
No, it does not--but there are mortgage calculators all over the web that will give you a good idea of your monthly cost--just google 'mortgage calculators'--or if a house you are looking at is listed here on Trulia or Zillow, or some other site, the have calculators right on the house listing page, that can include those costs. ... more
0 votes 3 answers Share Flag
Thu Aug 11, 2016
Don answered:
Are you buying a manufactured home that is properly "attached" to the land? A manufactured home that is not on a foundation or permanently tied down is not considered real property and will not qualify for a mortgage. Further, if the manufactured home is not part of a piece of property such as a land lease, then it also won't qualify for a mortgage. There are lenders who do finance manufactured homes as if they were personal property, like a car or rv. Without knowing specifics, it is hard to answer specifically, however I would start by asking the current owners, manufactured home dealers, a real estate agent, or mortgage brokers. You could do a search online. If you have sufficient income and assets and good credit, someone, somewhere will lend you money.

I'm certain that your age will not be considered, however income can be an issue (more strict ratio's) and sufficient liquid assets can be considered, particularly with retired people.
... more
0 votes 1 answer Share Flag
Fri Aug 5, 2016
Kathy Burgreen answered:
Understand lenders take a risk when financing mortgage loans. This explains why there is a waiting period for foreclosures, short sales and judgements. Lenders need to lower their risk and you need to prove you can pay bills on time and in full every month.

You are not ready to buy yet.
... more
0 votes 1 answer Share Flag
... 5 6 7 8 9 ...
Search Advice
Search

Followers

1263