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Home Selling in New York : Real Estate Advice

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Activity 260
Sun Nov 27, 2011
Anna M Brocco answered:
Contact the building's department with all your questions....
http://www.nyc.gov/html/dob/html/home/home.shtml
0 votes 6 answers Share Flag
Mon Dec 5, 2011
Ron Thomas answered:
This is one of those things that are negotiable for each Listing.
We rae seeing 90+ days for some listings, so any less than that is pretty much nonsense.
Your Realtor can speak for himself (herself).

Good luck and may God bless
... more
0 votes 17 answers Share Flag
Sat Nov 26, 2011
Kelly Killian answered:
Hi Jon:
Yes, we will allow a right to terminate provided that an agent has not done their duty and the new agent provided for the exclusive is not satisfactorily performing either. In the end of the day, you are really writing the contract with the brokerage house and the agent is "only" servicing the account. At any time that broker (in the true sense of the word i.e. Bond, Corcoran, Halstead) could decide to take the listing from the agent...usually only when the seller has indicated that the agent is underperforming. I, in fact, inherited a listing last year from an agent that was underperforming, and know that when that happens, usually the underperforming agent will not last long at the brokerage.

Kelly Killian
Manhattan, Brooklyn, and Queens
954-675-9915
... more
0 votes 7 answers Share Flag
Thu Nov 3, 2011
Dan Tabit answered:
Bella,
Trulia does not currently accept For Sale by Owner listings. If you are listed with an agent, they can take care of this for you. If you are not listed, please consider it very seriously. A good agent brings value and adds value to a transaction. We use multiple tools, experience and the law to provide valuable service. ... more
0 votes 6 answers Share Flag
Tue Nov 1, 2011
David Rosen asked:
The property is in NYC and the 1st position lender previously approved a Hud including this exemption but the net proceeds did not pencil in line with the second loan. My hunch was no s...
0 votes 0 Answers Share Flag
Sun Oct 4, 2015
Gannon Forrester answered:
Its always better to list with a broker. We have the ability and the resources to do an extensive marketing campaign. I know that i make sure that every newspaper, being a free source or a paid source has your listing as well as send it out to every broker in Manhattan. We can make sure to keep track of all the feedback as well as find someone who is qualified and not just "shopping." If you have any more questions or want to go over over some things, please email me at gforrester@trumporg.com or call my cell at 917-623-0787. Thanks ... more
0 votes 23 answers Share Flag
Tue Oct 11, 2011
Anna M Brocco answered:
If you need to sell, are ready to sell, no reason not to condider the idea...
0 votes 1 answer Share Flag
Sat Aug 27, 2011
Jenet Levy answered:
This is something you really should discuss with your accountant. Flip tax is generally paid at closing.
0 votes 4 answers Share Flag
Fri Aug 26, 2011
Nick Rafello answered:
Send me your email and I will send you a seller's closing cost sheet.

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
nrafello@corcoran.com
646-221-8321 cell
0 votes 8 answers Share Flag
Fri Feb 1, 2013
Roberto S Jimenez answered:
Great question the broker can take a fee from 3 percent to 6 percent but in this market you can say 3.5 or four would be fair
0 votes 17 answers Share Flag
Sun Jul 31, 2011
Anna M Brocco answered:
The potential buyer will have access to the building's financials before the contract, therefore if he/she wishes to back out of the purchase, not much can be done....
0 votes 3 answers Share Flag
Sun Jul 31, 2011
Mitchell Hall answered:
Hi Lea,

You should contact a tax attorney or an accountant particulary one experienced in Mitchell Lama, HDFC or other limited equity subsidized properties that privatised. If the property was gifted or inherited pror to privatisation, I believe it is calculated from the new contract or if you were issued new stock or a deeed.

Most buildings that were limited equity or subsidized housing that became private usually have a "flip tax" (hence limited equity) A portion of your equity/gain usually goes back to the coop/condo. The amount you have to pay back to the coop/condo may be deducted from the basis as a cost of transaction or because it really isn't your gain.

The formula the coop/condo uses for their "flip tax" may help. If they use net profit that would be similar to calculating cap gain tax. The board or managing agent will probably know if you use the prior or post privatisation value.You really should seek tax and financial advice from a professional.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
... more
0 votes 1 answer Share Flag
Sun Feb 26, 2012
Anna M Brocco answered:
Consider consuting with an attorney who specializes in real estate, have all related paperwork reviewed, the Certificate of Incorporation, the Proprietary Lease and the By-laws, then go from there. ... more
0 votes 5 answers Share Flag
Mon Jun 6, 2011
Jenet Levy answered:
Joseph,
You should consult your attorney. You really want to make sure this is done correctly. You have been asking questions about 1031 exchanges, and it is really important that these transactions are done exactly as specified in the tax code. You should be using an attorney experienced in 1031s and also should be consulting your accountant. ... more
0 votes 2 answers Share Flag
Mon Jun 6, 2011
Sami answered:
Probably not, a 1031 exchange is an IRS code which does give you certain benefits however it has no control over coop regulations which you agreed to contractually when you bought in. However, the flip tax can be viewed as a liability in the exchange and you may be able to get some offset from the IRS. Depending on the nature of the exchange, i.e. you are if you are the legal owner as both the buyer and seller you might be able to work something out with your coop board, bearing in mind its a negotiation and a compromise, not a right. ... more
0 votes 5 answers Share Flag
Wed May 25, 2011
Mitchell Hall answered:
Hi Anti Flipper,

Not that I know of but I think a de=escalating flip tax is a fair way to impose a flip tax. The flip tax was originally introduced back in the 70's/80's when buildings were converting to dissuade insiders from "flipping."

The longer a shareholder has held their unit, the longer they have contributed to the coop through maintenance and assessments.

Mitchell Hall, Associate Broker
The Corcoran Goup
mhall@corcoran
... more
0 votes 3 answers Share Flag
Sat Nov 26, 2011
Christopher Pagli answered:
Hi, this all depends on the type of listing agreement you have with th agent. The time period is supposed to be mutually agreed upon and depends heavily on the absorbtion rate in your market. Your agent has the right to market your property and if you choose to you will have to direct buyers to your agent, that is if you have an ... more
0 votes 14 answers Share Flag
Wed Mar 20, 2013
Billy Chacon answered:
Just liability. How much can you afford to loose? Trying to do things on you own without the best informed decision can cost you lots of money.
0 votes 17 answers Share Flag
Tue May 24, 2011
Sally Grenier answered:
Talk to a local Realtor who knows your market. He/she will be able to do a comparative market analysis (CMA) which looks at recently sold properties that are similar to yours. They will also look at what is currently on the market, what is under contract, etc. Do not go off sites like Zillow.com or your county assessor's office. They aren't necessarily accurate. ... more
0 votes 4 answers Share Flag
Mon Apr 11, 2011
Jennifer Chiongbian- 917-250-2284 answered:
The owner pays the maintenance (co-op) or common charges (condo) and not the renter. It is pretty complicated applying to a co-op where the board approval can take up to 4-6 weeks. A condo is much simpler but you are subject to the individual owner getting things fixed, etc. You will also want to consider rental buildings that have management companies running and managing the buildings.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty
917-250-2284
212-688-1000 x 189
... more
0 votes 15 answers Share Flag
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