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Home Buying in Yonkers : Real Estate Advice

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  • Home Buying118
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Activity 203
Fri Sep 29, 2017
Kathy Burgreen answered:
I'm a recently retired realtor and sold several coops (North Broadway, Central Park Ave.) and 2 family homes all in Yonkers. You should NEVER be afraid of mortgage lenders. They need business and are happy to work with all types of buyers. I have personally seen buyers with the same income as yours get pre approved AND move into their new coop. So if they did it, you can too.

Now for some tips / advice / hidden truths:
With your income, you can only afford a 1 bedroom coop apartment. Your best bet will be Bronx River Rd., North Broadway and maybe the side streets off Central Park Ave. although those coops tend to be a bit more than the ones on Bronx River Rd. and North Broadway. With North Broadway, stick closer to Ashburton because the streets further north are more expensive.
You need to review your monthly budget and make sure your income will cover the mortgage, monthly maintenance (the average for a 1 bedroom in Yonkers is $500 - 700. per month), Metro North if you work in Manhattan, a parking space (figure $20 - 50. per month in addition to the maintenance), utilities, food, etc.
You will need to be approved by a coop Board after you sign a purchase contract and before you close on a coop. The coop Boards in Yonkers are not as strict as other Westchester towns because they know they can't get high income residents to live there. However, they do want to see buyers have some money left after the mortgage and maintenance fee to pay your other monthly expenses. That's why I said review your budget now.
Your FICO credit score should be 620 or higher. This is so lenders will give you a loan. Lenders in Westchester generally don't give loans if your FICO credit score is below 620. Especially if you're buying a coop. It's too risky for the lender.
As for borrowing from your 401K - don't do it. I know you can, but I would rather see buyers save their own money or borrow from family members, etc. than taking money out from your retirement account. You can also contact Yonkers or Westchester County and find out if there are 1st time homebuyer down payment assistance grants. This would make more sense than taking money out of your 401K.

As for gaining equity in a coop, as a general rule, you do BUT it depends on location. Unfortunately, coop owners in Yonkers don't gain as much equity for their units as coops in other Westchester towns do. You gain some.

One final thought - You need to check out the garden apartment style coops on Richbell Road in Mamaroneck and Pelham Rd. in New Rochelle. These coops are in much better neighborhoods than Yonkers and they are CHEAP!!! I think you have a shot at getting approved by the coop Board. The only negative with the Richbell Rd. in Mamaroneck is parking. It's pretty much street parking and it can be tough finding a space. The good news for both places - they are on a bus line and the bus stops in front of the buildings or at the corner. It's also a reasonable walk to Metro North. The best news - the neighborhoods are much better than Yonkers.
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Thu Sep 28, 2017
Faith T answered:
Hi,

Pending means an offer has been made on the home and it is in the process of closing.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/ ... more
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Sun Sep 17, 2017
Mjackson answered:
I know of a website service that will email you local MLS comps, without hiring or signing up with a realtor. Very inexpensive...$15. Well worth it!
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Wed Sep 13, 2017
Biged79er answered:
I HAVE 120.000 DOLLARS IN MY ANNUITY AND I WANT TO BUY A CO OP
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Thu May 11, 2017
Kathy Burgreen answered:
As a former realtor in Westchester, you need to explain a few things because your question doesn't make sense.

1. You stated "House price is $70K." Is this a co-op? A house in foreclosure? There are no houses in Westchester for $70,000. Even a foreclosed house that needs major repairs would sell for about $300,000. At $70K, it means a studio or 1 bedroom co-op in Yonkers. It's not a house.

2. You stated "20 percentage down". Why 20%? Most co-ops in Yonkers only require 10% down - not 20%. If this is a house, you can get an FHA loan which just requires 3.5%.

3. If this is a co-op, you will need to fill out an application and be reviewed by the co-op Board. Most co-op Boards do not accept a co-signer. Even if your lender approves a co-signer, the co-op Board won't.

4. You stated "Offer accepted and inspection done." Did you and the seller sign a contract yet? Why did you have the inspection done if there is no contract? An accepted offer is not a contract. You may have wasted money on an inspection fee.

5. Do you have a real estate attorney? Real estate attorneys are required to close a real estate transaction. Also are you working with a real estate agent?

6. If your 2016 income is $40K, you will not qualify to buy anything. It doesn't matter what your co-signer's income is, because lenders go by your income first. At most you will qualify for a studio or maybe a 1 bedroom co-op in Yonkers. However, as I mentioned above, the co-op Board may not approve you because of your low income.

If this is a co-op, you need to know that co-op Boards need proof that you can afford to pay the monthly mortgage + the monthly maintenance fee + utilities + other expenses. They also want proof that you have savings in case you lose your job or have a situation where you lost your regular income.
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Sat Mar 25, 2017
Kathy Burgreen answered:
As a Westchester resident for 30 years and a former realtor, allow me to provide you with facts:

1. Getty Square is located in zip code 10701. The area from Herriott Place (St. Joseph's Hospital) going north to High Street and from the Hudson River going east to Ashburton Ave. / Saw Mill River Rd. intersection has been a very poor neighborhood since around 1970. This includes the area around Getty Square. The area also has a high crime rate.

2. The city of Yonkers did invest money to improve Getty Square but they are limited with funding and Yonkers needs to spend money to improve neighborhoods and schools - money they do not have. Don't expect Yonkers to improve the area anytime soon. They don't have the money to do so. Yonkers has had money management problems for years.

3. Zip code 10703, 10701 (from Glenwood Ave. going north), 10704, 10710 and 10705 (by the Bronx border) are all average to very good neighborhoods to live in. They are safer than the area around Getty Square. Just be prepared for higher prices.

4. As for the foreclosed homes in the Getty Sq. area, what do you expect? The area has housing projects, welfare residents, rehab centers, halfway houses for released inmates, etc.
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Fri Feb 10, 2017
Claudia asked:
Thu Sep 15, 2016
Kathy Burgreen answered:
Are you buying a co-op or a house? Are you pre approved? You need to be pre approved by a lender before looking at any homes. Realtors will take you out 1x but after that they won9;t until they see a pre approval letter. ... more
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Wed Aug 31, 2016
Staff answered:
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Mon Aug 22, 2016
Atxaviermartin answered:
It is very hard to buy a house with a bad credit, because, lenders don't get trust on the borrower. If you contact with a loan consultancy (VALoansFinance.com), you have a big chance to buy a house with bad credit score. ... more
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Fri Jul 22, 2016
Christopher Pagli answered:
It is included in the monthly maintenance because you are paying your pro-rata share of the buildings overall property taxes.

Chris
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Fri Jul 22, 2016
Christopher Pagli answered:
Hi, Here is a link to a blog post I wrote a while ago about the process.

http://mrwestchester.blogspot.com/2014/02/steps-to-purchasing-coop-in-westchester.html

Coops are strict with financial and typically require a minimum down payment of 10%, very rarely 5%. Plus, they want to see you have at least 6 months to a year of reserves in the bank AFTER paying 3% closing costs. It doesn't sound like you will qualify for a coop.

Since you are a first time homebuyer, look into a SONYMA loan which allows for a 3% down payment and you can finance your closing costs. if you need a mortgage broker referral please feel free to reach out.

Chris
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Fri Jul 22, 2016
Christopher Pagli answered:
They are not. Here is the lookup tool for future reference. https://entp.hud.gov/idapp/html/condlook.cfm

Chris
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Fri Jul 22, 2016
Christopher Pagli answered:
Hi, The best way is to have an agent put together a comparative market analysis. This includes visual inspecting the home. No online app or website can accurately value a home without seeing it and having all of the facts. they typically use past sales and that is it. I would be happy to give you a general idea based on specific info and the past sales, no strings attached.

Chris
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Mon May 9, 2016
Melissa Colabella answered:
HI Lampert744,

I can assist you with this. There are several different train stations you can access. Please contact me to discuss what you're looking for and I can direct you.

Melissa Colabella
Licensed Real Estate Salesperson, NY
914-438-0139
Melissa.Colabella@juliabfee.com
www.melissacolabellahomes.com
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Wed Apr 20, 2016
Bnqmnchjns answered:
lucy......10703 is not ghetto...10701 is though......10705 is not ghetto either.......The problem with Yonkers is every other municipality in Westchester sends it's welfare, ghetto, no wanna work hood rat trash to0 Yonkers ... more
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Sun Feb 14, 2016
Spencer answered:
Have you considered 480 Riverdale Ave?
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Thu Jan 28, 2016
Sally Grenier answered:
Hard to say. There are so many variables in making an offer, and it's not always just about price. This is why you need to hire a Realtor as a Buyer's Agent. Nobody here knows what the market is like in your area, or how that house compares to other recent sold comps, etc.

A buyer's agent will be able to do a full market analysis to see how that home compares to others that have recently sold. It's possible that you're in a seller's market and homes are selling quickly, at full price or higher with multiple offers! Or on the other hand, maybe you're in a buyer's market and homes are sitting on the market for months, and end up selling at only 90-95% of list price. Who knows? We don't, but your agent will.

And there's more to an offer than just the price. There are many other terms of the contract that can be negotiated. Do you want the seller to pay your closing costs? Who pays for title insurance? When is your inspection deadline? Loan commitment deadline? Appraisal deadline?

Buying a home is a complicated process. You need a pro guiding the way.

Good luck!
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