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11374 : Real Estate Advice

  • All37
  • Local Info0
  • Home Buying20
  • Home Selling6
  • Market Conditions1

Activity 35
Mon May 22, 2017
Kathy Burgreen answered:
As a former NYC realtor and local resident, I viewed your listing on Zillow and Trulia. My comments as follows:

1. You need to pay for professional photos. I was shocked that your listing has no inside pictures. Buyers skip listings with no pictures. Why bother to see a house if you can't preview it online? You need at least 10 pictures (kitchen, bathroom, bedroom, living area, dining area, front of house, back of house, separate entrance, laundry, main road in the neighborhood or your street).

2. Your description is WAY too long. It needs to be cut in 1/2. I agree that you need to keep "legal 2 family" in the first sentence and in all caps. The picture of the second entrance will enforce that. However, the rest of the description should be short - distance to nearest subway entrance; distance to nearest bus stop; what subway line is to Manhattan; what do you like about the neighborhood; favorite places to go in the neighborhood; if you had tenants, how much was their rent; if no tenants - do not mention rent amounts; nearest public elementary school; dates of any upgrades or improvements (if none - don't mention anything older than 10 years); etc. Your description does not excite a buyer to move to your neighborhood. Remember, buyers are looking in other locations too.

3. You are way overpriced. Go to and type in Queens County, NY. Use the filters to check: Listing type - For Sale (all); Potential (all), Sold & Pending. Check Houses and uncheck Land, Condos/Coops; Leave price blank - it should say "Min" "Max" in light gray. Wait until everything populates (it will take a while). Use the map on Zillow and zoom in to your neighborhood. This will focus on listings in your area. Now click on "List" and start reading all the listings for sale in your neighborhood. Compare each one to yours. You will see most homes are $700K - 1.5 million. You need to review your price. I think it should be priced at $1.3 million because you have no photos yet.

4. I would advise paying for a home inspection. The issue is buyers who need financing from a lender will be required to pay for a home inspection. As the seller, you don't want any surprises. It's possible your inspection will be fine but the buyer's inspection will have issues. Or it may be the opposite. In any case, it's better to be prepared than to have "Surprise". If your inspector finds issues, you can always fix it. If your buyer finds issues - guess what? Your buyer will have a clause in the Purchase Agreement that says, the buyer can cancel and walk,away. You are back to Square 1 - finding a different buyer. Well, that was a waste of time. You can get lucky and if the buyer really wants to move into your home, you can always negotiate on price.

5. Make sure every buyer sends you a pre approval from a lender or Proof of funds from their financial institution. This needs to be emailed to you BEFORE you show your home to the buyer. No exceptions. You live in a nice area. Ripe for criminal activity. It's NYC. As a former realtor, not all buyers are trustworthy. Many want to see homes to rob them later. Buyers that are pre approved by lenders have given their personal information and had their finances reviewed. Lenders can track them down. You will Google the lender and use the phone number online to verify the pre approval. Pre approval letters can be fake. Do not use the phone number on the letter.

6. Make sure you buddy up for all showings - no exceptions. If you have nobody available, go to St. John's Univ. or Queens College. Students need cash and have flexible hours. Pay about $25. to have students be available for showings.
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Thu Dec 29, 2016
Kathy Burgreen answered:
As a former realtor your attorney should have noticed this and questioned it. Both riders need to be signed. Either it's a case of the seller didn't see the 2nd rider had to be signed or perhaps their attorney told them not to sign it. This is why your attorney needs to contact the seller's attorney and get that 2nd rider signed. The question to you is how important is that 2nd rider? Are you comfortable purchasing the co-op without the 2nd rider? Are you aware of the consequences without the 2nd rider? ... more
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Sun Sep 11, 2016
Cliffton Kok asked:
Is this form legally binding? Can i go to the leasing company and avoid the broker fee with out any repercussions?
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Sun Jul 10, 2016
Kathy Burgreen answered:
I'm on the co-op Board of my building in Westchester County, so I understand your situation perfectly and I agree that your realtor did a very poor job. Fire her.

You need to know the following: (I'm also a former realtor)

1. Speak to as many of the Board members as possible. Ask them what their criteria or guideline is to approve buyers for the co-op. Don't accept a vague answer like "it varies" or "each buyer is different", etc. All co-op Boards look for specific criteria and they all have guidelines as to what is acceptable and what criteria gets rejected. You don't need specifics - just average guidelines to go by.

2. All licensed NY realtors do not have access to co-op Board members. Exceptions are if a realtor has listed and/or sold several apartments in the same building, they will have some idea of what is acceptable but it's only an educated guess. It's rare if they know any Board members personally.

3. Your realtor should have advised you that he/she is not familiar with the co-op building and should have asked you to get the information in #1. This would have saved plenty of time and aggravation. This should have been done at the time you signed the listing contract. As a former realtor, I would have told your agent, "Yes, I will get the information BUT I want a 1% reduction in commission fees." Any agent would have accepted this because it saves time on having a buyer get rejected.

4. I don't know about your co-op, but I know in Westchester County, most co-op Boards review the financials of buyers. The requirements are if the buyer has enough income to pay the mortgage (if any) + the maintenance fee + parking fee + ballpark average for transportation, food, utilities, etc. Co-op Boards cannot discriminate by law but they can discriminate based on finances only. If your buyer was paying all cash, is it possible that buyer had very little income to pay the maintenance fee, utilities, food, insurance, etc.? What was the buyer's income after paying for the co-op. This is weighed heavily in approving buyers. Remember, living in Nassau County is very expensive.

Ignore the reply from June below. It's obvious she has no clue what it's like living in the NYC area. Chattanooga, TN is a lot cheaper than where we live. I know my town lists Florida but I never lived there. Can't seem to fix it. I've always lived in NYC. Nassau County & Westchester County.
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Fri May 27, 2016
Dlg1000nyc asked:
Suppose you own an apartment with wood floors that were refinished when you purchased, and some years later a neighbor got a cat (you haven't had a single pet). Now the cat urine has somehow…
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Wed Apr 20, 2016
Kathy Burgreen answered:
Ask your condo association if there is a waiting list for garage spaces. In Queens every building has a waiting list. You should sell it to somebody in your building quickly. Are you allowed to put a notice in the laundry room or mailbox area?

If you don't have anybody in your building, try the buildings next to you. You will be surprised how many people have 2 cars and can only get a spot for 1 car.
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Mon Apr 27, 2015
Simon Watson answered:
One way for sale by owners to show up on the Trulia listings is to
post it on a web site called FIZBER.COM, it will show up on Truila within 24-48 hours

Simon Watson
Keller Williams Realty-East Bay
VA Buyer Experts
(925) 286-7112
(510) 859-4773
BRE 01881304
... more
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Tue Sep 30, 2014
Barbara Noel asked:
I've been subletting an apt. in Forest Hills, since Oct. 0f 2003. My daughter with DS, is now attending a very good school located @91-30 Metropolitan Ave, and I need to stay in the vicinity…
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Wed Apr 30, 2014
Hezrell Vasquez answered:
Good afternoon Vb,

If you are still looking check trulia and websites listed below as well
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Wed Jun 26, 2013
Kim Eisen answered:
Yes, you can apply, but I wouldn't. Talk to your ATTORNEY about the repercussions if any and how the court judge would look at that if you apply and/or get a new loan. You probably wouldn't get the loan anyway if your credit is bad.

ON another note, if you're just filing, but haven't stopped paying on all the other credit and your credit report is pretty clean, and, your ATTORNEY says it's o.k. (like o.k. with the court and not fraud, etc), then . . . ???? If you do get the loan, you may have to amend your filing by possibly 'not' including the new loan in the BK. Your attorney should have the answers you need. Good luck to you!
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Tue May 14, 2013
Anna M Brocco answered:
Ask people you may know for referrals; or contact and interview a few agents from different realty companies, then choose the one you like best. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
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Tue Apr 30, 2013
Fajardo Delacruz answered:
I work in your desired area and Would like to help you.
Please call me at.
Fajardo Delacruz
347 932-0609
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Sun Apr 7, 2013
Belal Mohd answered:
From what you described, it sounds like the Co-op is Park City 3 & 4 in Rego Park. Inspection and Appraisal is not warranted here unless you want it done, should be done before you sign the contract. There is no other tax involved but you will pay the pro-rated monthly maintenance charge for the remainder of the month at closing. Depending on the closing date, you may have to pay the following months maintenance charge in advance. You may also have to buy Co-op Owners Insurance HO6, costs about $12-$15 a month. All these should be verified by your attorney. Good luck! ... more
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Mon Mar 11, 2013
Sarbjeet Kaur (SFR/SRS/CBR) answered:
Some banks have "Closing Cost Estimators" which will give you a ballpark idea about the costs, but to get the most accurate estimates on closing costs you ought to refer to your Mortgage Lender and reference their Good Faith Estimates since these documents usually take into account title charges, escrow charges, prepaid items, insurance etc. thus keeping transparency throughout the process. ... more
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Mon Mar 11, 2013
Sarbjeet Kaur (SFR/SRS/CBR) answered:
Hi Michael, selecting a reliable Mortgage Loan Originator is one of the most crucial steps in the home purchasing process. With your scenario you're looking for a legal 2-family in which situation you'd be able to rent out the upstairs and utilize the rental income towards paying off the mortgage. ... more
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Tue Jan 1, 2013
Luis A Nunez answered:
Rent estabilization $1400 - to $1550 aprox, 750 S/F ( one bedroom - J-4)
2 bedroom goint from $1750 to $2500 aprox, for more info please email me-
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Wed Dec 26, 2012
Helen Kwai Chen answered:
If you are borrowing, work with your agent to make sure that the amount of your debt plus maintenance fee comply with the financial requirements stipulated by the Co-op Board.
0 votes 5 answers Share Flag
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