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Forest Hills : Real Estate Advice

  • All92
  • Local Info2
  • Home Buying35
  • Home Selling6
  • Market Conditions5

Activity 76
Thu Mar 25, 2010
Anna M Brocco answered:
You can start as soon as you have possession--if it's a co-op/condo check the house rules, you may need permission for alterations if they involve structural integrity, and oftentimes work can only be done during certain hours of the day, etc. ... more
0 votes 4 answers Share Flag
Tue Aug 17, 2010
Joseph Hastings answered:
Hi Denise. Be thankful of your spouse. If you are pre-approved, why are you looking for a private mortgage lender?

Since you're rebuilding your credit (736 is quite good) and your spouse is golden, you should have no problem with a loan. Of course, you don't mention if you've found a coop to purchase. By the way, a pre-approval is not a comittment. The Lender will hire an appraiser (you'll pay for that) to make sure whatever you choose to purchase is not over-priced.

You appear to be in very good shape. Sure the bankruptcy will sit on your credit report for many years but your blended credit score with hubby should allow for a great rate. Best of luck.
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Wed Jun 1, 2011
Anna M Brocco answered:
Unfortunately it varies from complex to complex, boards use different formulas regarding financial qualifications--and not knowing your total debt/savings, etc., not easy to answer with certainty--if you don't have an agent consider the services--he/she can provide you with specific information on any given complex--or you can try contacting management of whatever complex you are interested in and ask. ... more
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Wed Jan 27, 2010
Robert Kaplan answered:
First, unlike condos and houses, co-ops are not considered real estate for purposes of calculating closing costs. Because a co-op is not real estate, there is no mortgage recording tax which is one of the highest cost. In addition, title insurance, although available, is not required for co-op purchases.

The majority of closing cost in a co-op purchase are determined by the lender. Generally speaking, most lenders charge an application/appraisal fee, lien search, and a bank attorney fee. Some also charge a processing fee, or an underwriting fee. The loan officer of the lender wioth whom you are interested in doing business should be able to give you a rough estimate of the bank fees.

In addition, there are co-op fees as well. Co-ops usually charge an application/credit search fee when applying to the Board and the co-op transfer agent charges a fee for reviewing certain loan documents if financing is applicable. These fees vary from Board to Board.

A ballpark estimate of all charges would be $3,500 to $4,000. Please feel free to call my office for a no-obligation consultation or see my website.
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Thu Feb 4, 2010
Anna M Brocco answered:
Speak to an attorney specializing in real estate--most co-ops don't allow a transfer.
0 votes 3 answers Share Flag
Sat Feb 6, 2010
answered:
Marjorie,

DTI stands for Debt To Income .

It is the ratio that helps determine if a lender would do a loan for a potential client.

The way DTI is determined is as follows:
First, the potential borrowers monthly obligations are determined by adding up all of the borrowers monthly payments (car payment, student loans, credit cards, etc.) then adding the amount of the proposed mortgage payment (principal, interest, taxes, insurance and hoa) to their monthly payments.

Next, figure out their monthly income.

Finally, divide the total monthly obligations by the income and you have your DTI.

For example, if the total monthly obligations are $3,000 and their income is $9,000, then you would do: 3,000/9,000=.33, so the DTI would be 33.


Feel free to call me at 908 415 3958 if you have any questions.
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Tue Jun 28, 2011
Robbie Vaughn answered:
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer
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Sun Jan 24, 2010
First Last answered:
Do you know someone who is on good terms with the board president who could inform her of your interest and assess her reaction? If so, the first thing I would do is send this scout. The idea is to find out if your perception of the situation is truly accurate--maybe they like the idea of your buying in after all!

The second thing I would do, right away, is to start looking at apartments right near your beloved building. Forest Hills is a great neighborhood with lots of opportunities. You might be very surprised to discover what's there and how inviting it is. This will help you evaluate your emotional tie to your current place.

I know from personal experience how it feels to love a building and even a block. But if you move nearby, you can still see your old friends very easily, and you'll make new ones in your new building.

If I can help you, let me know,

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell/text
kharby@rutenbergrealtyny.com
http://kharby.topproducerwebsite.com/home.asp
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888
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Thu Feb 4, 2010
Queensnrealtor answered:
Hi

I was looking into that area and I really don't see the so many foreclosures, this area is a good area. Sometimes the surrounding area might have some foreclosures but not Forest Hills. Do you have some specific houses that you see? The price in this area going forward will stay the same for now, not much increase going forward as well as no more decrease. ... more
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Tue Aug 18, 2009
Reshawna Leaven answered:
It depends on many variables. You may wait and the price of homes increase. Though if you buy and they decrease you will be upset that you decided to buy. Though renting won't provide you with any tax breaks at the end of the year. I believe that the best time to buy is now while interest rates are low. Rates could go up higher in future years. Thouh it is all uncertain where the market is really headed. We all must wait and see. ... more
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Sat Jul 18, 2009
Fred Griffin answered:
Hi, Aptbuyer


Verbal means Nothing.

You have no offer, you have no contract on the coop apartment.
_______________________________

As for your relationship or obligation to this Real Estate Broker:

If you do not have a signed written Brokerage Agreement with this Real Estate Broker, you are free to go.

If you do have a written agreement, ask them to sign a cancellation.

If they refuse, see an Attorney about getting out of that Agreement.


Also - when you get the New Real Estate Broker, advise her or him that you have worked with the other Broker,
and tell them what properties you have been shown.


-----------------------
Best wishes to you,
Fred
--------------------
... more
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Wed Jan 16, 2013
Kitsap answered:
It sounds like you have a multiple offer situation? Which is great. It just happens to be your listing agent and one of their co-workers bringing in the buyers? Interesting situation. ... more
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Thu Jun 3, 2010
SeattleHome.com answered:
First, there are a lot of factors we don't know about here, so you need to talk to your agent (hopefully you have one - this kind of situation is exactly why people need to use an agent).

As a general rule, if the seller is in breach of contract, you can back out and get your earnest money returned. There are far too many other possibilities in your situation that we haven't covered, though.
... more
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Mon Nov 29, 2010
Anna M Brocco answered:
Feel free to contact me, our website more often than not has higher internet traffic than MLSLI--and I would be happy to show you real numbers.

Anna
0 votes 2 answers Share Flag
Fri Feb 27, 2009
Bill Eckler answered:
Lina,

Your concerns are real. We highly recommend becoming involved. The HOA meetings are open to the public and owners are provided the opportunity to express themselves.

It is time for you to take advantage of this right and make your feelings public. We suspect you will not be alone in your cause.

Good luck
... more
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Mon May 3, 2010
Gail Gladstone answered:
Gary, If you contact me with your email address...I will be happy to send you the existing listings in Forest Hills so that you can see for yourself what asking prices are.

As an active commercial Realtor, I see that commercial leases are also coming down in price, along with residential sales. Gail@GailGladstone.com ... more
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