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Home Buying in New York : Real Estate Advice

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Activity 2,285
Yesterday at 2:09pm
UpNest answered:
It depends on who you are dealing with. Did your realtor look into the seller and their history. A good realtor can ensure the 15% down is not risky. I would try www.UpNest.com. You can compare realtor fees and ask brokers whether they have experienced this type of situation for free. You should consult with someone who has dealt with this before. ... more
0 votes 14 answers Share Flag
Sat Feb 18, 2017
Gregg Pomeroy answered:
Hello, I'm actually a banker and broker.

So when you put an application in with us we actually can go through our list of investors and select whomever we want to invest in your loan at the lowest rates available.

Since we are a mortgage bank and are not limited to one investor we have access to just about every program available.

This gives you and us a big advantage.

The best part is even though we select who invests in your mortgage we are the ones who actually underwrite and fund the loan.

We can underwrite in house within 24-48 hours. (That's fast)

I focus most of my attention on lower NY and can lend nationwide.

I would love to help you. If you have any questions or need help with this you are welcome to contact me. I'm available almost 24/7.
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1 vote 1 answer Share Flag
Fri Feb 17, 2017
Cesar.cabrera.1221 answered:
I work for realtywarehouse. Number one short sale platform that's backed by the better business bureau. Feel free to contact me ccabrera@realtywarehouse.com
0 votes 68 answers Share Flag
Sun Feb 12, 2017
Meme119ny asked:
Is thosthe ture mrketvlue of the houses listed
0 votes 0 Answers Share Flag
Wed Feb 8, 2017
Mik answered:
this isn't the point and any gain not worth it. invest elsewhere this is housing.
0 votes 4 answers Share Flag
Wed Feb 8, 2017
Jennifer Okhovat answered:
This is a very popular question. Though co-ops are less popular in the Los Angeles area, they do exist. I think that Kathy does a great job of explaining the differences below. Think of a condo as owning "real property," where in a co-op, each owner owns "shares," similarly to owning an apartment complex with partners in the building, or stock. ... more
0 votes 5 answers Share Flag
Mon Feb 6, 2017
Mbautista2111 answered:
A standard deal sheet in NYC usually includes the sale terms (price, % down, contingencies, etc.), information about the unit and building (flip tax, monthly taxes, etc.) and the contact details of buyer/seller attorney, both brokers and the managing agent.

Please note that the listing agent usually completes the deal sheet and sends it around to the attorneys as well as both brokers. The deal sheet itself is mostly ceremonial and simply serves the purpose of connecting everyone on a deal and reminding all parties of the terms of the proposed transaction. The deal sheet itself is not contractually binding in any way.

If you do not want to make a deal sheet from scratch, you can easily find a template online (Hauseit has one). Simply fill out the template with the relevant details of your specific deal.
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1 vote 7 answers Share Flag
Sat Feb 4, 2017
Shonica Jaques answered:
Hey there! If you need help finding the RIGHT place, your best bet is to work with a real estate agent who knows the area. If you would like, I am part of a real estate company that can set you up with a top agent in the area you are looking, there is no cost to you for our service. Go to my website http://www.ParkPlaceConnects.com/sjaques for more details. Let me know if you have any questions ... more
0 votes 1 answer Share Flag
Sat Feb 4, 2017
Shonica Jaques answered:
Hey there! If you need help finding the RIGHT place, your best bet is to work with a real estate agent who knows the area. If you would like, I am part of a real estate company that can set you up with a top agent in the area you are looking, there is no cost to you for our service. Go to my website http://www.ParkPlaceConnects.com/sjaques for more details. Let me know if you have any questions ... more
0 votes 5 answers Share Flag
Sat Feb 4, 2017
Shonica Jaques answered:
Hey there! If you need help finding the RIGHT place, your best bet is to work with a real estate agent who knows the area. If you would like, I am part of a real estate company that can set you up with a top agent in the area you are looking, there is no cost to you for our service. Go to my website http://www.ParkPlaceConnects.com/sjaques for more details. Let me know if you have any questions. ... more
0 votes 1 answer Share Flag
Fri Feb 3, 2017
Myhomes09 answered:
I have not really experienced bad customer service and the wait for me was not really waiting. In between appointments I was following the action plan which included ordering tax returns, IRS account since I have a payment plan with IRS, waiting for the tax stuff to come in the mail, gathering all of my bank statements, working on the budget, reading the workbook to become familiar with the program, get familiar with my responsibilities, what to expect and thinking of questions to ask at my appointment and keeping everything organized. While I was doing all of that, I had time to save the money that I needed to buy down the interest rate, pay for the inspections and the earnest money deposit.

I do not know the circumstances for others but my experience for the most part has been smooth. The only time I would panic and get upset is when I read negative reviews because if one little thing does go as planned in my progress towards homeownership, I would think about the negative comments and start believing that those negative things were happening to me. For your own good, do not read the negative comments. The program moves at a pace according to each individual situation. I believe if I had everything that is required when I first started with the housing counselor, I would have been through faster. I met two couples who both spent only three months preparing. It took me 11 months because I saved $14,000 for my buy down.
Hope this helps
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0 votes 72 answers Share Flag
Wed Feb 1, 2017
Jackie R answered:
Hey there, if you're in NYC you're going to need to fill out a REBNY Financial Statement (http://www.hauseit.com/sample-rebny-financial-statement/) which is basically an excel file that shows your assets, liabilities and net worth.

It's absolutely necessary for co-ops and expected for condo's. There's an excel version you can download in the link below. Good luck!
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0 votes 6 answers Share Flag
Sun Jan 22, 2017
Jerydaplumba answered:
Using chase for refi now. It is the worst experience ever. New jersey branch. Mortgage broker Fred Shapiro, he is incompetent and unreliable. Going on over 7 months now. He does not even answer phone calls. When he does answer the phone he is rude as hell. I have filed complaints with chase cooperate, the cfpb, federal reserve, BBB and several others. I will never recommend or use them again. Shopper beware. STAY AWAY FROM CHASE BANK. ... more
0 votes 86 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
For condo's you will get a mortgage. For co-op's you will get a shareholder loan or note. Regardless, payments for both loans are completely separate from maintenance.

In a condo you will have to pay common charges and taxes separately. For co-op's they are bundled together under "maintenance."

See the article below for a much more comprehensive guide to your question and the differences between condo's and co-op's. Must read before you decide to buy!
... more
1 vote 9 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
The easiest first step is to choose a broker who can offer you great advice plus provide you a split of their commission (i.e. buyer's broker commission rebate).

Having a buyer's agent is free to begin with, and they're a great point person to direct you to other experts like mortgage bankers who will tell you how big of a mortgage you will be pre-approved for.

Work with a trusted local commission rebate provider like Hauseit etc. to pair up with a top rated local broker who has already agreed to provide you with a rebate.

Start there and good luck!
... more
1 vote 4 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
I think Ben's answer is very comprehensive and highlights many of the differences and dangers of buying a co-op. Moreover, a co-op will be a more time intensive process to purchase as you'll need to do a length purchase app (see link below) and pass a board interview.

The only benefits besides being more affordable is you can have a more closed environment. After all, the co-op board screens buyers and only allows in people they effectively like. This can lead to some screening and there are no laws that dictate what a board can do. They do not have to give a reason for rejection for example.

So perhaps if you are a close minded person, it can be helpful to you and you only want to live segregated with a certain type of people. Not for me .. but that's the only other benefit I can think of!
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1 vote 4 answers Share Flag
Sat Jan 14, 2017
CKnyc answered:
A good rule of thumb is 25-35% available even if you plan on only putting 20% down. This will help cover closing costs (see link below) and give you post closing liquidity (sometimes required by co-ops).

You should get a buyer's broker commission rebate through a local FSBO/rebate provider like Hauseit if you want additional cushion / liquidity post closing.
... more
1 vote 2 answers Share Flag
Thu Jan 12, 2017
Edith Rivera answered:
I want to buy a sponsor unit bcs board they too strict.
0 votes 24 answers Share Flag
Thu Jan 12, 2017
Trevor Curran answered:
Yes it is possible to use a VA loan to purchase a condo in NYC. BUT...the condo must be a VA approved condominium. If the condo is not on the list, you cannot use a VA loan to purchase the condo.

Find VA Approved Condos here: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

Everyone wants an affordable home...but there are other considerations you must take into account when considering a Condo.

As an advocate for First Time Buyers, I always give this advice to clients who are considering purchasing a condo. First, consumers often have the mistaken impression that condos are "cheaper" or have lower monthly payments than you would have for a home purchase, say of a Single Family Home.

While this may be true on the overall price of the property, in terms of the monthly payment, a condo can often be nearly equal to that for a single family home. This is because the monthly expense for a condo is not only Principal, Interest, Insurance and property taxes (and mortgage insurance depending on the loan program if other than VA), but also the monthly expense for the Homeowners Association. This "HOA" cost can be prohibitively expensive. When I prequalify a client for a condo in NY Metro area, I use an average monthly HOA expense of $650. Obviously HOA fees vary from one condo to another, but this is a fair average cost based on my experience.

So,when factoring that $650 into a monthly housing expense, the overall monthly expense for a condo can be almost or exactly equal to that of a single family home.

Therefore, I advise first time buyers to look at the other aspects of condo living to make a determination as to whether this is a good "fit" for their home buying experience. If a condo is considered as a "starter home" experience, then I would caution a first time buyer that a single family home is probably a more reasonable property to accomplish that goal.

Other factors with condos:
-When real estate markets turn "down" Co-Op, Condo, and 3 and 4 Family homes tend to suffer sooner rather than later in potential for resale. So, if you own one of these properties, and you MUST sell, but the market has turned south, you will face significant challenges in getting your home sold.

-Living in a condo means you will often be living "up close and personal" with your neighbors. Very much similar to living in an apartment building, even if the condos are townhome style properties.

-Condo living comes along with restrictions---more often than not---on what you can and cannot do to your property.

-Overall costs for a condominium can increase dramatically if the condo is poorly-managed, or if an unexpected major incident---such as a heating system failure or roof collapse---occurs and winds up costing the condo monies in excess of their "capital reserve" account.

I often say to first time buyers that Condo living differs from owning a single family home not in the monthly payment, but rather by asking this question: "Do you mind shoveling snow?"

BOTTOM LINE: Approach a CONDO purchase by reviewing ALL variables in the experience and don't focus solely on cost.

Happy House Hunting!
... more
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