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Home Buying in Queens : Real Estate Advice

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  • Local Info63
  • Home Buying567
  • Home Selling52
  • Market Conditions26

Activity 991
regina, Renter in 11428
Sun Jan 22, 2017
regina answered:
hi i want to know if the house is for rent at 11120 208th street
0 votes 1 answer Share Flag
Donald D. He…, Real Estate Pro in Oceanside, CA
Tue Jan 3, 2017
Donald D. Hensel answered:
It will be difficult or impossible to qualify for a refinance with very little income due to Dodd-Frank federal regulations. It will be more expensive but a reverse mortgage may be the best option in this type of scenario. http://www.northcoastfinancialinc.com/refinance-reverse-mortgage-loans/ ... more
2 votes 13 answers Share Flag
Charlesfreels, Renter in Lanham, MD
Tue Dec 27, 2016
Charlesfreels asked:
have approximately $65K in child support arrears that began accumulating some 15 years ago (long story but the short of it is i lost my job an could not get one at the same income level).…
0 votes 0 Answers Share Flag
Grace Haye, Home Buyer in New York, NY
Thu Dec 15, 2016
Grace Haye asked:
Greetings,

I live in NY and currently have a 660 credit score. My partner and I are working on his credit score it's currently in the low 500's. Does anyone know of any home…
0 votes 0 Answers Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Sat Nov 19, 2016
Kathy Burgreen answered:
No options at all. You will need cash to pay for the down payment + closing costs. Your credit scores are great but if you need a lender to give you a mortgage loan, they will want to verify that your income is sufficient to pay the monthly mortgage, property taxes & homeowners insurance. Lenders also want to see at least 2 - 3 months in cash reserves.

Unlike the rest of the country, sellers in the NYC area refuse to assist buyers with closing costs. There are plenty of buyers who have the cash available so there is no need to help buyers. As for the down payment, if you are an active or retired veteran, you are eligible for VA mortgage loans with 0 down payment.

There may be Queens or Nassau County assistance for first time buyers. However, there may be residency requirements, credit & income requirements, so not sure if you qualify.
... more
0 votes 1 answer Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Fri Nov 18, 2016
Kathy Burgreen answered:
If you go next door to Nassau County you will. Co-op Boards in New York City require 20 - 30% down payments. It's rare to find any with less than 20%. However in the suburbs (Nassau & Westchester Counties), most co-op buildings only require 10% down payment. ... more
0 votes 1 answer Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Wed Nov 16, 2016
Kathy Burgreen answered:
All of the answers here are dead wrong. Nobody understands NYC and what it takes to buy a condo. First, because NYC is a huge co-op building market and every co-op requires 20 - 25% down payments, the condo sellers pretty much do the same thing. The minimum down payment will be 10% but many condo sellers require 10 - 20% down payments. So if you only have $18,000. saved, you can only afford up to $150,000. with a 10% down payment of $15,000. You will need at least $3,000. to pay for closing costs.

In Queens, there are no condos selling for $150,000. or less. What you need to do is forget buying a condo and start looking at co-op buildings. You should also expand your search into the suburbs. You will find that housing is much cheaper in Nassau and Westchester Counties. You also get more space for your money.
... more
1 vote 7 answers Share Flag
Prime, Both Buyer and Seller in Denver, CO
Wed Nov 16, 2016
Prime answered:
Nope, you do not need an agent when buying from a builder. In fact, when negotiating the purchase you have leverage by not bringing an agent into the transaction because the builder won't have to pay a commission to the agent. ... more
0 votes 1 answer Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Sat Nov 12, 2016
Kathy Burgreen answered:
At the time you submit an offer, you will be asked to have $xxx.00 for earnest money. The earnest money is given and put into escrow when you meet with your attorney and sign the contract. You can ask to pay a lower amount but your offer will be rejected because there is competition to buy real estate in NYC and the seller can easily accept a buyer who is putting up more earnest money.

Bottom line - you can try and ask for a lower amount but don't get your hopes up.
... more
0 votes 3 answers Share Flag
asgj1978, Home Buyer in Chicago, IL
Thu Nov 10, 2016
asgj1978 answered:
40 % down should and an income to cover your payments should not be a problem---have you used a mortgage calculator to see what you should be able to afford with that? I would suggest contacting a lender to have them run you through a pre-qualification. ... more
0 votes 2 answers Share Flag
Kathy Burgre…, Home Owner in Westchester, NY
Mon Nov 7, 2016
Kathy Burgreen answered:
Try to get your credit score up to 620. You will have more options. Also a lot depends on your income and your debt to income ratio.
0 votes 1 answer Share Flag
Audreylee71, Home Buyer in Queens, NY
Sat Oct 22, 2016
Audreylee71 answered:
DON'T EVER BUY ANY APARTMENTS IN THIS COOP WHICH IS A SCAM! ANYBODY TELLS YOU OTHERWISE AND SAYS THAT IT'S A GREAT INVESTMENT IS MOST LIKELY ON THE BOARD, A RELATIVE OF A BOARD MEMBER, IN BED WITH THE MANAGEMENT COMPANY OR THEIR LAWYERS, WHO ARE MOST LIKELY SCUMBAGS. JUST TAKE A LOOK AT ALL OF THE PROPERTIES THAT THE SAME LAWYER REPRESENTS AND ALL OF THE COMPLAINTS AND PROBLEMS RESIDENTS HAVE HAD. SAME NONSENSE. IF YOU ARE NOT DONALD TRUMP, YOU CANNOT WRITE OFF YOUR LOSSES AND DECLARE BANKRUPTCY AND THE STATE WILL MAKE YOU PAY TAXES ON YOUR FORECLOSED APT. AND THE ANTIQUATED LAW THAT WE HAVE SAYS THE COOP BOARD CAN DO WHATEVER THEY WANT, NO QUESTIONS ASKED, BECAUSE THE LAW PROTECTS THEM. DO YOURSELVES A FAVOR AND DON'T EVER BUY A COOP, ESPECIALLY ONE AT THIS DUMP! THIS IS COMING FROM SOMEONE WHO ACTUALLY LIVED THROUGH THE OSHA DEBACLE AND THE INCOMPETENCE OF THE BOARD THAT SPENT $20 MILLION ON A NEW HEATING SYSTEM. I WAS A HOMEOWNER THERE AND WE WERE FORCED TO FORECLOSED BECAUSE THE COOP BOARD LIED WHEN WE FIRST BOUGHT ABOUT THEIR FINANCIAL SITUATION AND THEY DON'T HAVE TO BE HELD CRIMINALLY LIABLE FOR WHAT THEY DID. HAD WE AND OUR ATTORNEY BEEN TOLD THE TRUTH WE WOULD HAVE NEVER BOUGHT THERE. DON'T BELIEVE THE BOARD OR THE MANAGEMENT COMPANY, BELIEVE THE PEOPLE WHO LIVED THERE AND BOUGHT THERE. ... more
0 votes 18 answers Share Flag
Soymoayan, Home Buyer in Queens, NY
Wed Oct 12, 2016
Soymoayan answered:
I bought a 1bdrm unit at Boulevard Gardens almost 10 years ago. Early on I harbored the same concerns as those mentioned here: the dark walk from train, being close to not only the projects but a high school as well, and the parking challenge. But those cons were easily eclipsed by many pros: proximity to train and city, quiet serenity of garden grounds, 24-hr trade fair, a hop from bars and restaurants that may not be the hippest but just as enjoyable, maintenance office has always been prompt and efficient in my experience despite rumors of otherwise. One really doesn't have to walk far to have all needs met. Though I wish there could be a gym that is closer-by.
Up til now, I've never encountered any crimes or felt so much as a threat of one. Boulevard Gardens newsletter warned against assaults at one point, which is a good reminder that we are still living in a big city. It could actually slip the mind, that's how quaint it feels here.
This gem is best appreciated by those who've graduated from the fear of missing out by not living smack dab where the action is. Those who prefer a friendly, quiet neighborhood where you can hear birds sing while knowing that smack-dab isn't far from reach.
As for pricing, I've kept tabs over the years and it really varies depending on the condition and details. Overall though with the pros of the complex itself and the location, I think it's quite a steal when butt up against comparable properties. Oh forgot to mention that maintenance fee is lower than most as well. Beat that!
... more
0 votes 25 answers Share Flag
Filsaime.phi…, Home Buyer in Queens, NY
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
Alicia Garcia, Home Buyer in Queens, NY
Fri Sep 23, 2016
Alicia Garcia asked:
Buying a home
0 votes 0 Answers Share Flag
Karen Peyton, Real Estate Pro in Chandler, AZ
Wed Sep 21, 2016
Karen Peyton answered:
In my opinion... You may in fact be responsible. You said you sold the mobile home, fine. BUT did you cancel your lot agreement? I know you said you were not "contracted" at the time of the sale, but the only way you would have NO contractual agreement would be if you moved the home from the site...and "cancelled" your agreement with the mobile home park. You either initiated the lot agreement when bought new, or were named the lot renter if you were not the first owner. If the latter is so, you needed to do the same when it was sold.

On the other hand, why not call and ask them "how" they presume you're responsible for the debt. If you disagree, you can always take them to small claims court. Two thousand simply isn't enough a win or loss to engage an attorney.

Of course it never hurts to seek legal advice. Some attorneys will speak or meet with you for free.

Good luck!
... more
0 votes 1 answer Share Flag
Shelly, Home Buyer in Queens, NY
Tue Sep 13, 2016
Shelly asked:
Owner of a S corp business. Can I qualify for a loan in NY
have an S corp business and declares $60,000 yearly income on business and personal tax returns. I am a 100% owner of the corp.…
0 votes 0 Answers Share Flag
Brandi Rodri…, Home Buyer in Ithaca, NY
Thu Aug 25, 2016
Brandi Rodriguez asked:
So I showed my mortgage company that I have the deposit in my account for my down payment. I asked her how close am I to closing or what's next and I guess we're getting there.…
0 votes 0 Answers Share Flag
Dehne (danny)…, Home Buyer in Astoria, NY
Fri Jul 22, 2016
Dehne (danny) Ambatchew answered:
I have a two bedroom two bath coop 1200 sq. ft. for $330,000 maintenance $1350 includes everything doorman building, pool, terrace, briarwood, available immediately. Needs a little work. Call (917) 319-0964. Danny ... more
0 votes 7 answers Share Flag
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