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New York : Real Estate Advice

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Activity 5,447
Yesterday at 3:06pm
Housesalequestion asked:
0 votes 0 Answers Share Flag
Yesterday at 8:03am
Classioptions answered:

I am looking for Bulk buyers.
Whom, can buy from 50-1000 plus. A person who can buy in Volume.

Contact me anytime

I have Reo tape list daily.

Marian Campbell
0 votes 62 answers Share Flag
Wed Apr 26, 2017
Rhonda Holt answered:
Hello, here in New York we use attorneys for real estate transactions and it is required that the sellers attorney deposit the buyers down payment into his or her separate escrow account, this is not the same as his or her business or personal account. I hope this answer helped you . ... more
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Wed Apr 26, 2017
Scott Godzyk answered:
If you were living there, you would be added. You can ask a local lawyer who can explain NY law regarding why
0 votes 1 answer Share Flag
Wed Apr 26, 2017
Solomonjohnson911 answered:
Depends on the property type, size, location and much much more. Try to rent with lease agreement. It will be easier for you and guarantee your rights.
0 votes 3 answers Share Flag
Wed Apr 26, 2017
Nina Dela Vega answered:
0 votes 13 answers Share Flag
Tue Apr 25, 2017
Kathy Burgreen answered:
Debra is being kind stating "Your price range will be a bit of a challenge". Since I'm a former realtor in Westchester County and life long NYC area resident, here's the truth of what you will face. I can say this now since I'm not an active agent:

1 Anything within a 30 minute commute will require you to buy a co-op. Condos and single family houses are outside your budget.

2. Within a 1 hour commute, you can probably qualify for a condo. Co-ops are non existent outside of the immediate NYC suburbs.

3. Within a 1.5 - 2 hour commute, you can qualify for a single family house.

In #1, I'm referring to Nassau County, southern Westchester County (up to White Plains) and New Jersey towns along the Hudson River.
In #2, I'm referring to the border of Nassau / Suffolk Counties, Westchester County - White Plains and north; Rockland County (NY), New Jersey - west / north / south - away from the Hudson River towns.
In #3, I'm referring to Suffolk Coiunty, Putnam County, Connecticut, Orange County (NY), western / southern New Jersey.

BEWARE: The longer your commute to Manhattan is, the more expensive it gets. Also pay attention to property taxes - NY & NJ have high property taxes.
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Mon Apr 24, 2017
Mary answered:

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0 votes 1 answer Share Flag
Mon Apr 24, 2017
Solomonjohnson911 answered:
Look for an appropriate apartment here. I've found flat in NY, so it's my recommendation for you
0 votes 2 answers Share Flag
Sun Apr 23, 2017
Kathy Burgreen answered:
No, why? Lenders across the U.S. are required to follow U.S. laws and regulations - no matter what state you are buying in. All lenders carefully review the following:

Employment & Income
Savings and Investments
Credit score and Credit history
Debt to Income Ratio
Tax Returns

All a lender wants is proof in writing that you have the financial ability to pay the mortgage loan on time every month. If something happens (job loss, medical crisis, etc.) that prevents you earning an income, do you have cash savings to pay the mortgage loan?

If you can't afford to pay the loan on time every month, yes lenders will reject you.
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0 votes 1 answer Share Flag
Thu Apr 20, 2017
Kathy Burgreen answered:
I'm a recently retired realtor and still in contact with lenders. I hate to start off with bad news but unfortunately your budget is low. You can scratch off condos because you can't afford them.

The good news is you CAN AFFORD to buy a co-op. You need to look in the suburbs (Nassau County, Westchester County, New Jersey). For most towns the rush hour commute is 30 minutes to either Penn Station or Grand Central. From there you take the subway if needed. The further away from Manhattan, the commute will be longer but then your monthly ticket price will be higher.

The difference between a co-op and a condo is the structure of ownership.
A condo - you own the unit outright and you pay a monthly HOA fee which covers maintenance of the building, personnel, etc. You pay property taxes separately. Therefore, when looking at condos, you need to add the monthly HOA fee + divide the annual property tax by 12 months and add the monthly portion to the HOA fee. Then add the monthly mortgage amount and this equals your total monthly housing cost.

A co-op - you are buying shares of a limited housing corporation that gives you a proprietary lease / ownership of a specific apartment unit. You do NOT own the unit outright like a condo. However, you have every legal right of ownership like a single family house and you have the legal right to sell the shares for your co-op on the open market. Owning a co-op gives you the rights to itemize your portion of property taxes paid on your annual tax return, apply for the New York State STAR rebate, allows you to build equity and sell your co-op for more money than you paid for it. As for your monthly expenses - you pay a monthly maintenance fee that includes your portion of property taxes. You do not receive a separate bill like a condo. The building pays the entire property tax bill and each apartment unit pays their fair share. Therefore, the monthly maintenance fees for co-ops will SEEM higher than a condo BUT remember it includes the property taxes. If you do the math for the condo's HOA fee + property taxes, it equals the monthly maintenance fees for co-ops (give or take $100.).

Given the above differences between condos and co-ops, the prices for condos is roughly $100,000. higher in the suburbs for the same exact size apartment and about $300,000.+ higher in NYC for the exact same size apartment.

So your bottom line - In a safe / desirable neighborhood / town, a 1 bedroom condo in the suburbs averages $400K and a 2 bedroom condo averages $600K. I know - above your budget. The good news - a 1 bedroom co-op in a safe / desirable town averages $200,000. and a 2 bedroom averages $300 - 400,000.

As for specific towns:

Nassau County - anyplace is good. Just avoid Hempstead & Freeport as there are crime issues and welfare residents.
Westchester County - anyplace is good. Avoid south Yonkers and Mount Vernon as both have crime issues and welfare residents.
New Jersey - sorry but I'm not that knowledgeable to know about specific towns.
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Wed Apr 19, 2017
Kathy Burgreen answered:
I'm a retired realtor (recently) and co-op Board Vice President in lower Westchester and I know exactly what you are talking about because I'm still in contact with lenders.

To start, please read (and learn) the following:

1. Your agent lied to you BUT it's not their fault because as a licensed realtor, unfortunately we are trained on what we can tell buyers and things that we need to keep our mouths shut on. So now that I'm not an active realtor anymore - go to #2 (spilling the beans)

2. I hate to admit it but the truth is realtors do NOT visit all the different co-op buildings and do NOT know any of the Board members. Realtors will only visit a building if they have a listing or if they have a buyer who is interested in seeing a unit, otherwise to a realtor, every co-op building is the same as the others.

3. When realtors need information on a specific apartment, they call the property management company - not the Board members. When a listing agent takes a listing from the seller, that agent calls the management company - not the Board members. As a rule, co-op Board members do NOT want to deal with realtors and they keep their distance from them.

4. As for getting approved by the co-op Board, the truth is if a co-op building is located in a lower income neighborhood (think anything below Fordham Rd., Mount Vernon, south Yonkers), the Board will be lenient and approve buyers that have poor credit, high DTI, low cash reserves, etc. The reason is co-op Boards in poor neighborhoods know they can never get better qualified buyers because of the neighborhood. On the flip side, co-op buildings in higher income / better neighborhoods are stricter and insist that buyers have higher credit scores, lower DTI, more cash reserves, etc.

5. The issue is that realtors are prohibited from steering or telling buyers which neighborhoods will have co-op Boards that have stricter requirements and which neighborhoods or co-op Boards have easy requirements. This violates Fair Housing laws and agents will lose their license. Therefore, all agents (including yours) are required to tell buyers that co-op Boards require a high DTI, high credit scores, cash reserves, etc. - no matter what neighborhood the co-op building is located in. This way, agents do not violate the Fair Housing law and cannot be caught "steering". Unfortunately, agents do know what I wrote in #4 is accurate but they are not allowed to tell you this.

6. Another issue you need to be VERY concerned with is the co-op Board's financials. When I was working as a licensed realtor, I learned that most co-op buildings in south Yonkers, Mount Vernon and the Bronx have low or no cash reserves, poor financial management and in some cases, co-op buildings would only accept cash buyers because lenders refused to give loans to buildings that are too risky. On the flip side, most (probably all?) co-op buildings in the better neighborhoods (residents with high incomes) have fantastic cash reserves, excellent cash management and lenders love these buildings. Therefore, these co-op Boards can be picky when buyers submit their applications to get approved.

Sorry to give you the above, but I feel it's better you know the truth and what you're getting into now BEFORE you submit your application. There is an application fee, so why waste money. From what I know based on what you wrote, co-op Boards are well aware of student loans and that will not be a problem. What co-op Boards are VERY concerned with is prove to them that if you lost your job (hypothetically) or had a major medical crisis and could not work, how will you pay the maintenance fee on time every month? Co-op Boards want to see that you have enough cash reserves to pay the mortgage, maintenance fee and utilities on time every month - in the event of a crisis that you lost your income and you would be on unemployment. Get it? Boards do not want to start an eviction proceeding against you if you fail to pay the maintenance fee. This brings you back to location. In the low income neighborhoods, the co-op Boards are not as strict with this, however, in the more expensive neighborhoods, the Boards are very strict with this.

And where does this leave your agent? Now you get why your agent told you what he/she did - she/he can't afford to lose their license.
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Tue Apr 18, 2017
Eric answered:
If you are looking for a stated income loan in NY or NJ, then check out Dream Home Financing for more info.

You will find a lot of good info there and then the ability to find a lender who can help. Great information about closing costs and other references.

Keep in mind that you will need a substantial down payment for a stated income loan. Possibly up to 40% down. Banks are nervous about lending money to people who cannot document their income.

Remember, you need to be self employed for a stated income loan
... more
0 votes 5 answers Share Flag
Tue Apr 18, 2017
Coskun_minkcoat asked:
Sat Apr 15, 2017
Scott Godzyk answered:
You should look at all types so you can compare what they charge, what they pay and what they offer. Big companies may have more tools, but less hands on training. Small companies have less flash, but more hands on training. Also once you do choose, promote yourself using a blog, such as Active Rain.I put a link below to sign up for free. It is a great way to reach new clients ... more
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Fri Apr 14, 2017
Lindacwells answered:
Can I purchase land and put a cabin on it or only purchase a previously build home with NACA?
0 votes 77 answers Share Flag
Wed Apr 12, 2017
Barbarag19 answered:
I'm going through a divorce as well as a foreclosure , My husband just hired an attorney for the house, I don't know where that leaves me . Who keeps house etc., If he starts paying the mortgage May 1st, Can I stay with kids.. ... more
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Wed Apr 12, 2017
Ran Chen asked:
Tue Apr 11, 2017
Jonathan Lahey answered:

Have you find a place already to rent?
0 votes 2 answers Share Flag
Tue Apr 11, 2017
Jonathan Lahey answered:
Well, if you are ready to face any challenges for your new carrier then take it as a good thing. Moving in into a new place is not easy but one must have true courage to reach goals. Good Luck! ... more
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