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Home Buying in Brooklyn : Real Estate Advice

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  • Local Info196
  • Home Buying926
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Activity 1,216
Mon Dec 24, 2012
Anna M Brocco answered:
Consider working with an agent of your own; also check www.mlsli.com 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
0 votes 4 answers Share Flag
Thu Mar 14, 2013
Mitchell Feldman answered:
Dear Mendy:

At the bottom of this page are several links adjacent to the words "For Professionals." Click on those links and the rest is quite simple. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 4 answers Share Flag
Thu Dec 20, 2012
Luke Constantino answered:
Good morning Daisy,

The best way to find out about property that is in pre development is to call a Realtor (Like me). A good Realtor is informed about all new construction in their area and behond. This is what the good ones do Daisy... Give me a call anytime.

Cell: 212 300-3919

Luke Constantino
Realtor
Douglas elliman Cobble Hill
M: (212) 300-3919
F: (917) 369-2690
lukeconstantino@elliman.com
http://lukeconstantino.com
325 Court Street, Brooklyn, NY 11231
... more
0 votes 3 answers Share Flag
Thu Dec 20, 2012
Javier Meneses answered:
Well that depends. There are programs that provide down payment and closing cost assistance. These programs do have requirements. In addition, my bank can also offer a credit towards your closing costs as well. If you're interested, we can set a time were we can meet face-to-face and go over your financing options. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 2 answers Share Flag
Wed Dec 19, 2012
Madeline Padovano answered:
are you looking for a condo? to buy? if you send me your direct email I can do some research for you
0 votes 3 answers Share Flag
Sun Dec 16, 2012
Javier Meneses answered:
Why would you want to pay so much up front? What if you refinance out of the FHA in a year or two? You never really know for sure. Just my opinion!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 2 answers Share Flag
Sun Dec 16, 2012
Anna M Brocco answered:
See link for helpful information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory
0 votes 2 answers Share Flag
Thu Jun 13, 2013
Joseph Runfola answered:
Yes, assuming this is your main residence. The School Tax Relief program gives every homeowner who applies a permanent reduction in school taxes. Elderly homeowners with income of less than $79,050 in 2011 (adjusted periodically) can apply for enhanced STaR reductions, but must reapply yearly. ... more
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Wed Dec 12, 2012
Anna M Brocco answered:
Contact management for specific details, as each is different; generally the fee includes common area maintenance/upkeep, any amenities such as pools, spas, etc., waste removal, security, management fees, etc. ... more
0 votes 5 answers Share Flag
Wed Mar 6, 2013
Kathryn Lilly answered:
Hello;
I always tell my buyers to expect to pay approximatly 5% of purchase price to cover all closing costs: Appraisal, credit applications, Bank fees, your lawyer, the Banks lawyer, title insurance, mortgage insurance, mortage taxes, searches, recording fees, escrows and you might have enough to pay for a cab home after the closing!
Anything less and your holding your breath!
Yours,
Kathryn Lilly
Broker
Realty on the Greene, LLC
718-858-7600
... more
0 votes 3 answers Share Flag
Sun Mar 3, 2013
Bolex Realty Corporation answered:
Hello we have fully renovated home that you might be intrested in,it located in bed-sty,fully detached with parking and storage huge house, there is a open house on sunday from 130 to 330 call bolex realty corp (646)623-6750 or email rrubinov001@gmail.com Thank You ... more
0 votes 9 answers Share Flag
Thu Dec 6, 2012
Shanna Rogers answered:
Hi divalicious1124,

Yes, they can. You need to let your lender know you do not want them impounded. The property tax bill will then be mailed to you and you will pay them, not your lender.

Shanna Rogers
SR Realty
www.RealtyBySR.com
... more
0 votes 7 answers Share Flag
Thu Nov 7, 2013
Mitchell Feldman answered:
Dear Sam:

Based on the information you have given, I would suggest you purchase a property for about $417,000 and put down 20%. If you want to spend more you can add to your down payment, but you do not want to borrow more than $334,000.00.

This is for two reasons 1) if you go 20% down or more you do not have to pay for private mortgage insurance which would significatly increase your closing costs and monthly living expense and 2) when the bank qualifies you they do not want you to be spending more than 40% of your income on your real estate taxes, homeowners insurance and mortgage. Based on a 30 year fixed mortgage at 3.5% (today's prevailing rate for a qualified buyer) and your income of $60K a year (a portion of the rental income you collect will be counted as additional income) you cannot borrow more than the $334,000.00.

This is also assuming your qualifications are in order. The only way to find out for sure would be to get yourself pre-qualified by a mortgage banker. Once you know how much you can afford and how much the bank will lend you, you should look at each and ever property available in your price range and buy the one you feel offers the best bang for your buck.

If you want to discuss this further or if I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 8 answers Share Flag
Thu Jun 13, 2013
Mitchell Feldman answered:
Dear Yas:

The cost can vary greatly from property to property. When you make the change you have to fill out forms and pay fees to the city plus the city would have to come in and inspect the property to make sure it meets safety guidelines. If it does not you may have to do renovations which can be costly.

Your best bet would be to contact an architect to guide you through the process.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 5 answers Share Flag
Sat Sep 7, 2013
Pierre W. Dieudonne answered:
I don't know anyone who will be willing to partner with you in this transaction. However I can refer you to Joe Sabatino, he is a banker and you can reach him at 718-513-0610.
0 votes 4 answers Share Flag
Wed Nov 28, 2012
Kathryn Lilly answered:
There are many banks that do offer 20% no PMI requirement mortgages for a two family, this is were a good buyers agent can help you to guide you through the vaying options out there, not only in finding a house, but the best mortgage broker/banker/bank direct option for the house that you choose. Bare in mind it is not only people that need to qualifie for a mortgage but buildings that need to be matched with the right bank. Different Banks have different requirements not only for buyers, but what they will mortgage.
Feel Free to Call me; 718-858-7600 or e-mail: klilly@Realtyonthegreene.ecom
Realty on the Greene. LLC
Brooklyn, NY
... more
0 votes 5 answers Share Flag
Wed Feb 8, 2017
Charles Olson answered:
You should hire a home inspector after your offer has been accepted to make sure that nothing is wrong with the place that could potentially lower the price that you feel the house is worth.

Make sure to check references if any inspector and make sure he is familiar with the type of home you are contemplating.

Good luck!
... more
0 votes 11 answers Share Flag
Mon Dec 3, 2012
Charles Olson answered:
You have many agents to choose from. You should take your time interviewing them to make sure they understand your needs and that you get along with them. I would be happy to help you should you decide I am a good fit. ... more
0 votes 12 answers Share Flag
Sun Jan 6, 2013
Jacques Ambron answered:
I would say to wait until it is complete, or mostly. This will motivate the seller to keep things moving. If you do close prior to completion, keep some money in escrow to ensure a thorough and satisfactory job ... more
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Sun Jan 6, 2013
Javier Meneses answered:
Some mortgage statements have a part were you can indicate what you're applying the extra payments to. If it doesn't, you should include a note stating that the additional funds should be applied to principle.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 7 answers Share Flag
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