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FHA is not for 1st time home buyers at all. You need to go sit and speak with some lenders to get real answers. FHA just means the gov't guarantees part of the loan to protect a lender from you defaulting.... more
They appear to be the same, but are not; co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty. Simply put, the traditional housing co-op involves the formation of a corporation for the purpose of acquiring title to a multi-unit building and, in turn, leasing individual units (apartments) to the shareholders of the corporation; whereas condominium ownership involves acquiring title to individual apartments or units. In fact, condominium ownership is, for most practical purposes, only one form of cooperative housing and, like the co-op, must include provisions for management and maintenance of the building(s) and common areas, usually dictated by an elected Board of Managers, in the case of a condominium, and a Board of Directors in the case of a co-op. The condo advantage of individual unit ownership can be compared to the benefit of being able to choose your neighbors in a co-op setting, where the application process is very often quite selective. In the sale of a condo, once a price is agreed upon, the deal is done; whereas the sale of a co-op requires approval by the Board of Directors which can be (and often is) withheld based upon arbitrary selection criteria with no recourse to the buyer or seller if the sale is not approved. Again, co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty. You decide what's best for you.... more
You need to continue to make payment to the owner of record unless you have received some notification from the bank or an attorney stating there is a new owner. Failure to do so can result in an eviction.... more
West New York, North Bergen and Guttenberg are all really nice neighborhoods, especially the closer you get to BLVD EAST which offers breathtaking views of the NYC skyline. Also convenient 15 minute direct bus access to NYC. If you buy ON BLVD EAST it will be more expensive. If you buy just "off" BLVD East, prices drop as do taxes and maintenance.... more
As for my mentioning "other factors", here's a few other situations that can cause a short sale to be denied.
If there is more than one lienholder ( ie: first and second mortgage), then technically there are two investors looking for their piece of the pie, and this adds an additional level of negotiating and problems with getting the short sale approved. Primary lienholders get "first dibs" at payment. Often times the second lienholder will not accept even less of a % of what's owed them than what the primary lien holder is getting.
I had a situation with just one lien, where the home appraised (by a licensed appraiser) at $196,000...offer was $196,000. Amount owed was $234,000. Bank said they would only allow short sale IF the seller came to closing with $32,000 AND signed a note for payment of $75/month for 90 months. This was because the bank was not willing to take such a hit (18% less) than what was owed to them and basically wanted the seller to pay the difference (no forgiveness of the debt so to speak)
Well obviously if the seller had $32,000 laying around the seller would not be in a short sale situation. I was able to successfully negotiate with the bank to remove the contingencies. However, sometimes this negotiation cannot or does not happen and the seller has to walk away from the short sale and let the bank go to foreclosure.
There are so many reasons a short sale can go awry. Most times it's not the sellers fault, but the banks.
I do agree with John, that you should have been told that there is ALWAYS a chance the short sale will not be approved. I wrote a blog about the short sale process. It's a good primer on how the process works, although it talks about the process going from beginning to an actual approval :
That's a great question. There are several new condos and some resale of condominiums.
It is very imortant to know what are you looking for?
On new construction the formula is approximately 2% of the sale price and here are the good news: As of now the City of West New York has a five year tax abatement on some of the new projects like the Discovery Plaza II on 62nd street. You can contact the tax department at 201.295.5117 for more details.
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Thanks and all the best
We bought a private home on Fairview Terrace which is considered the best block in West New York. You cannot beat the commute to Manhattan or the proximity to other really nice towns in NJ. The downside is the unstable tax situation. Our taxes were raised 47% in one quarter within a few months of moving into our home there. Also we bought just before everything really dipped so we overpaid and unfortuanately our realestate agent was not looking out too well for us. But, you cannot beat the prices and eventually this area will go up because of its location.... more