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Home Buying in New York : Real Estate Advice

  • All639
  • Local Info71
  • Home Buying346
  • Home Selling51
  • Market Conditions15

Activity 13,209
A few hours ago
Kathy Burgreen answered:
As a former NYC area realtor and long time resident, you need to know that NYC real estate agents are ruthless, aggressive, back stabbing liars. It's the wild wild west so to speak. Even though I left because it was costing me more money than I was making, I was starting to become one of them which I did not intend to happen. So..

To answer your question, the seller's agent is representing the seller. The agent can work with the buyer in a dual agency role BUT in NYC - never let this happen to you. You need to learn that the seller's agent will do everything to get you to pay the highest price and have the best terms that are good for the seller - not you. They know every trick to undercut you.

You need a buyer's agent to represent you only. However, you want a buyers agent who has recently sold or listed homes in the neighborhood that you are buying in. Do NOT get a buyers agent who sold 5 homes in Brooklyn or Manhattan and nothing in Queens. You need to ask your agent to show you the FULL LISTING sheets that prove the homes were sold by your agent. Your agent's name should be listed as "Selling Agent" or Buyers Agent" If your agent refuses, find somebody else. It means your agent just lied to you.

Also make sure your agent will do everything to fight hard to make sure you get the best deal. You don't want your agent to be scared of the listing agent.
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A few hours ago
Patrick Jonas answered:
Hi, my name is Patrick Jonas and I saw your advertisement to sell one of your houses and it looks like you are a wholesaler and you are selling properties at a discount. Is that correct? ... more
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Yesterday at 7:57pm
Jonathan Lahey answered:
I Agree, Please give the specific place so we will know where it is located ! Thanks
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Yesterday at 9:52am
Smoothk answered:
I must say that the customer service is not the best. But the caveat to that is the fact that they are under paid and over worked. They must do double the work of a regular loan officer with half the pay. However, the he program is incredible!!!! But you must change the way you view your mortgage and the home buying process. There is no monthly fee. There is no requirement to attend meetings. There is a one time membership fee is 25$ and a charge for credit reports of 25$. Funny thing is people are stuck on those stupid charges. The reason for the membership fee is it allows them to offer things to their membership that you can't offer to the public. Much like Sam's Club or CostCo. The cap is different based on your location, it's 400,000 in Vegas. I had to wait 2 years to finish my purchase, but I also had a short sale which a conventional loan company would of made me wait 4/5 years then charged me more because of my bad credit. NACA doesn't use your credit rating to prove your credit worthiness. They use it to see your debts and based upon the combination of your provable income and debts they'll see what you qualify for. Also a lot of the waiting people do is because of themselves. Have your paperwork ready!!!!! The most important thing in the entire program is your information/ paperwork. ... more
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Yesterday at 6:46am
Vica_mirzoyan asked:
The buyer accepted the counter offder the seller had made, and the seller agreed. Two days after, the seller wants to cancel te contract. There is no atteroney's approval yet. Can he…
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Sun May 21, 2017
Dennisjshea asked:
Sun May 21, 2017
Diane Christner answered:
Are you looking to buy a condo in Florida? Condo buying in FL is different than NY. In Florida, every condominium complex I am familiar with does require Board approval of buyers. The criteria for approval, however, does vary from complex to complex. Credit scores, criminal background checks, references are some of the criteria used by Boards to review prospective buyers in their communities.

Your agent should be able to help you obtain a copy of the application form for any condo community you are considering, it will give you a good idea as to what information is required. You can also ask specific questions of the condo manager for the community.

So there is no one specific answer that applies to your question, it depends on the criteria used by each individual condo community.
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Sun May 21, 2017
Sally Grenier answered:
I think maybe you meant to say "Seller" in your question about why does the downpayment matter? Sellers are not just looking at the price you are offering, but also other terms of the contract, as well as your financing situation. They want to an accept an offer that not only gives them the highest "net", but also the the offer that is likely to close. Many first time buyers don't have the greatest credit scores, or much money for a down payment. Unfortunately, sellers (and listing agents) view that as being not as strong as a buyer who is putting 20% down. But this is where you need a great team working for you. You need an agent AND a lender who are going to make you and your offer look very attractive. Your lender needs to be calling the listing agent and explaining how well-qualified you are, how great their underwriting team is, etc. Your agent can put other things in the contract that makes your offer more attractive. You could have the inspection be within 24-48 hours of contract acceptance, rather than 2 weeks. You could get the lender to assure them they'll get loan approval within 3 weeks instead of 4 or 5. You can put in an "as-is" clause saying you're willing to buy the home as-is and won't ask sellers to fix anything. (Not quite "waiving" the inspection, but at least saying you plan on getting an inspection, but agree to buy as-as, as long as there aren't any catastrophic issues). to the pros you have on your team and find out what THEY will do to help you be successful in buying a home. If they aren't doing any of those things, you need to hire someone else. ... more
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Sat May 20, 2017
Vickil1826 asked:
Thu May 18, 2017
Nrath72 asked:
I can show source of funds. LO said only 70% of 95K counts, because it's from stock and volatile. but it's already cash in the bank!!! why is this?
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Thu May 18, 2017
Kathy Burgreen answered:
Are you buying or renting? As a former NYC realtor and life long resident, you need to learn that a 1 bedroom 1 bath apartment in Flatlands / Mill Basin rents for $1,500. - 1,650./month and a 3 bedroom, 3 bath house to buy costs $689,000. - $2.4 million in the same neighborhood.
I got the above information from which is exclusive for NYC.

On your budget, you need to apply for vouchers with NYC Housing and it will be impossible to find anything for $425. - 450. You might find something in the Bronx but don't get your hopes up.
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Wed May 17, 2017
Kutas answered:
I would not recommend them, They use lowest bidders to finish work and there is no supervision.
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Wed May 17, 2017
Denellemanick answered:
I'm looking at a 1923 English Cottage style house and the current owner did disclose that it has asbestos shingles but that's as forthcoming as the current owner is. Now I also found out that it's been on the market for 2 years and it has lake views. So I am not sure what questions to ask, how much it would cost to remove, is there more asbestos in the house I should worry about or should I run for the hills on this. ... more
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Mon May 15, 2017
Rony asked:
The surveyor inspection reports read natural Doggie dormers (Gable dormer windows) as an addition to the house. This statement stopped my closing schedule as the Bank is looking for CO on…
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Sat May 13, 2017
Kathy Burgreen answered:
The seller should pay. However, in NYC, if you are looking at a listing that's real cheap, odds are the reason it's cheap is because either there are liens, taxes or some other payment that's due or it's a foreclosure and needs major renovations and repairs.

In NYC, if there are taxes, liens, etc. due, you will need to pay for it. Obviously the seller doesn't have the money and is looking for a buyer who can afford to pay the bill. What you can do is negotiate the price down low enough so you can pay the tax bill.
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Fri May 12, 2017
Fl_trekkies asked:
We would like to purchase a home paying cash. We found a hud home just on the market and have done research. I understand the process but am confused about how they seem to work through…
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