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Home Buying in 10039 : Real Estate Advice

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  • Local Info3
  • Home Buying6
  • Home Selling1
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Activity 1,351
Tue Feb 12, 2013
Elena Ravich, Esq. answered:
Hi Milo,

to answer your question, one would need to know if you intend to use this coop as your primary residence or a pied a terre. You mentioned that you are not a US resident, which means that you spend less than 180 days in the country, unless you meant that you work here full time on a work visa and do not have a permanent residency. If you are not going to use it as a primary residence, you would have to find a coop that allows pied a terre (buying as a second home). Also, if you would like to rent out the apartment later on, some coops have very limiting sublet policies(for example, have to use the apartment for 2 years and then can rent 2 out 5 years). However, some coops have more liberal rules and you have to look hard to find the right one. Coops also have a number of financial requirements post-closing - to have 2-3 years of mortgage and maintenance payments in liquid assets and debt + maintenance payments not to exceed 30% of income.

Another important question would be financing. If you intend to finance your purchase and are looking to get a loan in the US, as a non resident, you would have to put 40-50% down and expect a 3-4 month process. If you have a permanent job in the States, it may make things a little easier. I work with a mortgage broker who has loan programs for non-residents.

I would be happy to discuss all related issues and help you find the right place.
Elena Ravich
Rakita Realty
646 593 7207
elena @rakitarealty.com
... more
0 votes 7 answers Share Flag
Tue May 6, 2014
Alan May answered:
I think some form of "earnest money" (or consideration) is pretty typical, here in the states.
0 votes 20 answers Share Flag
Thu Feb 7, 2013
Eric Detelich answered:
Hi Cosmo_katya,

My firm, Nestseekers, works with various mortgage brokers who can help you to find the best mortgage for your ideal home. I can put you in contact with them in order to preapprove you for a loan while also assisting you in finding a great condominium or co-op. Feel free to contact me at anytime.

Eric Detelich
Nestseekers International
Phone: 631 662 5579
Email: Ericd@nestseekers.com
... more
0 votes 4 answers Share Flag
Tue Feb 5, 2013
Tracy Hoyt answered:
Viv,

If you have not been able to locate an Agent to help you in the Manhattan area or Brooklyn, I would be happy to refer you to a friend of mine. She works in NYC and could help answer your questions. I know looking for information sometimes can be difficult even with all our technology. The human connection is very important and working with an Agent who you trust in imperative.

Please let me know if I can help. Just review my profile on Trulia and send me a message and I can send along the information or email me directly at THOYT@prutropical.com if that is easier.

Good Luck with your search. Please don't hesitate to ask me any questions, I will do my best to find you the right answer.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
... more
0 votes 9 answers Share Flag
Tue Feb 5, 2013
Tracy Hoyt answered:
Viv,

If you have not been able to locate an Agent to help you in the Manhattan area or Brooklyn, I would be happy to refer you to a friend of mine. She works in NYC and could help answer your questions. I know looking for information sometimes can be difficult even with all our technology. The human connection is very important and working with an Agent who you trust in imperative.

Please let me know if I can help. Just review my profile on Trulia and send me a message and I can send along the information or email me directly at THOYT@prutropical.com if that is easier.

Good Luck with your search. Please don't hesitate to ask me any questions, I will do my best to find you the right answer.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
... more
0 votes 11 answers Share Flag
Wed Aug 27, 2014
Anoop Punjabi answered:
Hi Cornic,

What you do with the property depends on your financial status and goals. If you are in need of the funds, you should seriously consider listing your apartment for sale. However, if the rental income is higher than your monthly expenses (positive cash flow or passive income) and you are not in need of the funds, it is a way to grow your wealth through equity buidup as well as income.

Hope the answer was not too confusing. If you wish to discuss in person - feel free to give me a call.

My best
Anoop Punjabi
apunjabi@ccrny.com
212-994-3247
... more
0 votes 9 answers Share Flag
Fri Feb 3, 2017
Janet Nation, CBR answered:
They are based out of NJ and provide financial assistance and guidance to first time home buyers. I can only speak from my experience but I find their process painfully slow, which can kill a transaction easily. Be prepared to spend many hours with them on the phone or make personal trips to NJ to get a response to your file. I wonder if it's worth the savings. What was your husband's client experience?

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
www.jnationproperties.com
... more
0 votes 72 answers Share Flag
Tue Feb 5, 2013
Jacques Ambron answered:
It is possible that they might deny you because of adverse information no matter how long. I believe that it is something for each indivicual coop board. You should make sure your agent is familiar with the boards in which you are applying. Generally if your bankruptcy is so far in the past it will not come up on a regular credit check. With a good history over the last 7 years I don't believe you will have a problem in any but the most stringent boards. ... more
0 votes 14 answers Share Flag
Sat Feb 2, 2013
James Furlong answered:
It's not unusual for lender to ask for clarification and explanation of things that come up in their review. You have satisfied them so far so keep the faith, provide all the necessary documentation, clarification and explanation. Stay positive and enjoy your new home. ... more
0 votes 10 answers Share Flag
Thu Jan 31, 2013
Nick Rafello answered:
Maintenance is tax deductible for the share owner. However, it goes off of what your current tax bracket is. And yes, if you pay cash on an apartment the maintenance can still be deducted. When you see a coop that is listed for sale and they say that the maintenance is 40% tax deductible, that 40% is all the maintenance combined in the building not the maintenance to the unit itself. ... more
0 votes 5 answers Share Flag
Thu Jan 31, 2013
Ella Chavers answered:
When you get your pre-approval from your mortgage banker ask them to recomend a realtor,
0 votes 1 answer Share Flag
Fri Feb 1, 2013
Christopher Pagli answered:
Hi, It's typically based on the amount of shares you have, the buildings overall property taxes, and cost to maintain common areas. You can see the financials by contacting the management company for the building.

Chris
... more
0 votes 5 answers Share Flag
Mon Jan 28, 2013
Scott Godzyk answered:
You need to check the condo docs, rules and bylaws regarding this. Many allow you to make alterations to the inside that do not affect the exterior or other units. Your bylaws should guide you. ... more
0 votes 11 answers Share Flag
Fri Feb 1, 2013
Debra (Debbie) Rose answered:
Well, no one should rush into buying a home, afterall, it' s not like buying a coat that you can return if you decide you made the wrong choice!

Basically, though, you answered your own question - you said: " I want to wait until..........etc.".

Ok - so wait!

I don't know how long you have been looking, or how comfortable you are with the buying process as yet......but no agent should rush you into makinf an offer.

That being said - it shouldn't really take that long to speak with, and be pre-approved by a lender, especially if you're working with an agent who can recommend some good mortgage reps.
I do suggest you use someone who is referred to you.

Overall - you may just not be ready to move forward, and that's ok.

It's fine to take your time before you jump in with an offer......just make sure you won't regret holding back if the house sells before you're ready.

If it does - there will always be another house!

Only you can tell if you're ready.

Good luck!
... more
0 votes 19 answers Share Flag
Wed Jan 30, 2013
David Son answered:
My name is David and I'm an agent at Nest Seekers International. I can most definitely help you in your search. Feel free to email me at davids@nestseekers.com with any questions you have. Thanks. ... more
0 votes 12 answers Share Flag
Wed Jan 30, 2013
Christopher Pagli answered:
Hi, It could just be a category issue, may not have been specified as a condo or coop. it could also mean that it isn't governed by a condo or coop board.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
914.406.9023
... more
0 votes 10 answers Share Flag
Mon Feb 4, 2013
Joseph Hastings answered:
At first blush, I thought this was someone's idea of a bad joke so I looked up the word. It is Spanish and means Redemption. I'm not sure what the legal sense of the word is in relationship to a real estate deal. You need to call you Attorney again and ask them exactly what they mean. In the interum, here's a link to the words meaning. Good luck.

http://www.wordreference.com/esenl/redenci%C3%B3n
... more
0 votes 2 answers Share Flag
Wed Sep 28, 2016
George Stroud answered:
It goes past being unethical. It's actionable by the NYDOS if it can be proved that the agent representing the buyer knowingly failed in his/her fiduciary duties.
0 votes 22 answers Share Flag
Wed Jan 30, 2013
Armen Meschian answered:
If the damage is VISIBLE no special disclosure needs to be made. If asked of cause, if the agent or the owner have DIRECT knowledge of it, they must answer truthfully! The law requires that they do so. ... more
0 votes 7 answers Share Flag
Thu Jan 24, 2013
Roland Vinyard answered:
2-3 years is my record. They discovered possible environmental problems and had to have some "proofs" before the bank would finish the closing. The buyer rented the place while this was going on. ... more
0 votes 6 answers Share Flag
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