Your Weekly Newsletter from Michael McGivney - Mortgage Updates/News - 08/30/09 01:28 PM
 
 
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First-Time Buyer Tax Credit Extension Possible - 08/30/09 12:40 PM
Daily Real Estate News  |  August 24, 2009  |  First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate. Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000. Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun … (2 comments)

An Offer Accepted, but can Open Houses Go On??? - 08/23/09 09:41 AM
An Offer Accepted, but Open Houses Go On By Jay Romano  
Can a seller’s real estate agent legally and ethically hold an open house after a contract to buy an apartment in New York State is issued? I’m the buyer, and my lawyer is reviewing a contract sent by the seller’s lawyer. I have just found out that the seller is having an open house for the apartment that I am in the process of buying.
Edward I. Sumber, a White Plains lawyer who is counsel to the Westchester County Board of Realtors, said that whether or not a contract … (2 comments)

Condos vs. Co-ops: The Monthly Charges - 08/23/09 09:36 AM
Condos vs. Co-ops: The Monthly Charges  
By Jay Romano  
While I understand the fundamental differences between a co-op and a condominium, I am curious about the monthly charge. If one were to compare the maintenance charge in a co-op with the condo’s common charge (plus real estate taxes) in identical buildings, would the maintenance and common charges be different, and, if so, why?
Steven Sladkus, a Manhattan co-op and condo lawyer, said that co-op maintenance is typically a function of the building’s operating expenses, the real estate taxes assessed against the entire building and the debt service — that … (0 comments)

Co-op Tips: Co-op Board Repeatedly Rejects Potential Buyers - 08/23/09 09:26 AM
Co-op Board Repeatedly Rejects Potential Buyers By Jay Romano I own a one-bedroom co-op in Yonkers, and the board has rejected four buyers for my unit in the past two years. The mortgage is paid for, so I am paying the maintenance for an empty unit. The board is unsympathetic. What happens if I just walk away from the apartment? “Most co-op proprietary leases allow a tenant-shareholder of an apartment to cancel the lease and relinquish possession of the apartment,” said Alexander Suslensky, a Manhattan real estate lawyer. Typically, Mr. Suslensky said, the cancellation right is available on only one date … (1 comments)

Co-op Shareholder Tips: Failure to Pay Maintenance - 08/23/09 09:23 AM
Failure to Pay Maintenance
By Jay Romano
What happens when co-op shareholders don’t pay their monthly maintenance fees? Are the fees charged to the other shareholders? Are there legal avenues that the board or the management company can pursue?
“When a shareholder fails to pay the maintenance, the portion of the building’s expenses attributable to the delinquent shareholder will ultimately be borne by all other shareholders,” said Alan L. Kazlow, a Manhattan co-op and condo lawyer.
 
Usually, Mr. Kazlow said, the co-op will have operating or working capital to cover temporary shortfalls in maintenance. “The amount available for this purpose … (2 comments)

Co-op Buyer Tips: Buyer Inspections of Co-ops - is it costumary after offer is accepted?? - 08/23/09 09:18 AM
 
Buyer Inspections of Co-ops  
By Jay Romano  
I recently made an offer on a co-op, which was accepted. I assumed I would need to get an inspector to look at the apartment and the building in general, but I have heard that this is not necessary in a co-op. Is this true?
“Under normal circumstances, there is no need for an engineer’s inspection when purchasing a co-op apartment, since the purchaser is not actually purchasing the apartment itself, but rather shares of stocks of a corporation that owns the building,” said Lior Aldad, a Manhattan co-op and condo … (0 comments)

Co-op Buyer Tip: Why Some Fees Are Not Negotiable - 08/23/09 09:14 AM
Why Some Fees Are Not Negotiable
 
By Jay Romano  
In today’s market, is it possible to negotiate on co-op maintenance fees?
“No,” said Richard Siegler, a Manhattan co-op and condominium lawyer. Maintenance charges under a co-op proprietary lease are customarily determined by multiplying the co-op’s annual cash requirements by a fraction that represents the shareholder’s proportionate ownership interest in the co-op corporation. (Mr. Siegler said that the fraction is determined by dividing the number of shares allocated to the apartment by the total number of shares of the co-op.)
Under federal tax law, he said, in order for co-op … (0 comments)

Co-op Buyer Tips: Contract Price not in line with Appraisal, what happens?? - 08/23/09 09:09 AM
A Loan Contingency and a Buyer’s Rights
By Jay Romano
Does the financing contingency in a contract to buy a co-op allow the buyer to back out of the deal if the appraisal of the apartment does not come in at the contract price?
 
Steven Troup, a Manhattan real estate lawyer, says the standard co-op sales contract provides that if a lender’s commitment to make the loan is conditioned on obtaining an appraisal satisfactory to the lender, this is not considered a firm loan commitment until that condition is removed.
“If the appraisal eventually comes in at a number that … (1 comments)

Renter Tips: Paying the Rent in Advance in roomate situation - (only 1 paying in advance - is this acceptable?) - 08/23/09 09:04 AM
Paying the Rent in Advance
 
By Jay Romano  
I am applying for a one-year lease for a three-bedroom apartment in Midtown that I will share with roommates. I would like to pay one year’s rent upfront (for my share of the apartment, not for the entire apartment). Is there an incentive for one tenant on a lease to pay one year’s rent in advance? Would I be able to use this tactic to lower the rent, waive the security deposit, or negotiate one month or more free?
“In most cases, there is no advantage for a tenant to pay … (1 comments)

Co-op Interviews - DELAYED Interview - what do I do??? - 08/23/09 08:58 AM
July 31, 2009, 2:05 pm
Board Interview Is Delayed
By Jay Romano
Q
We are trying to buy a Manhattan co-op. The board of directors has had our package for nearly two months but hasn’t yet scheduled an interview. Our apartment lease is running out and it is too late to renew it, so we have to find a new rental within the next few weeks and sign a new lease. As buyers, do we have any recourse against the board?
A “The purchasers have no claim against the board,” said Howard Schechter, a Manhattan co-op lawyer. He explained that a … (2 comments)

Co-op Board Members Qualifications - did not know this!! Read! - 08/23/09 08:54 AM
Co-op Board Qualifications By Jay Romano Q. I live in a co-op in Manhattan. A major shareholder, who owns several units in the building, is also on the board. Is this a conflict of interest? A. “One of the basic rights of any shareholder of any corporation is to vote and have their voice heard,” said Andrew P. Brucker, a Manhattan co-op and condominium lawyer. “If this shareholder votes himself onto the board, he has every right to do so.” Mr. Brucker says the state’s Business Corporation Law has only one qualification for a director: he or she must be at … (1 comments)

NYT Q & A - Tenants’ Rights in a Sublease - 08/23/09 08:51 AM
Tenants’ Rights in a Sublease By Jay Romano
Q.
 
I am subleasing an unregulated apartment on the Upper East Side. My rent is under $2,000 a month and my income far below $175,000. I am over 65. My landlord is the owner of the apartment. Do I have any rights at all as a tenant?
A. Sherwin Belkin, a Manhattan lawyer who represents owners, says that if the apartment is not regulated, any rights the tenant has are governed by the sublease agreement and state and city laws.
The $2,000 rent and $175,000 income relate only to the deregulation of … (0 comments)

NYT Q & A - Strict Requirements and High Maintenance - 08/23/09 08:48 AM
Strict Requirements and High Maintenance
By Jay Romano Q I am thinking of buying a reasonably priced co-op that has a relatively high maintenance fee. The financial requirements for potential buyers seem quite strict; buyers must have at least two times the purchase price and four times the maintenance fee in liquid assets. Will these requirements be a hindrance when I try to sell?
A. Sandor Krauss, a Manhattan co-op and condo lawyer, said that a “relatively high maintenance” charge should be scrutinized by a buyer. “The letter writer should be careful to analyze the reasons for the high maintenance and … (0 comments)

NYT: Q & A - Gift Taxes in Transfer of Co-op Shares - important, great info! - 08/23/09 08:42 AM

Gift Taxes in Transfer of Co-op Shares  
By Jay Romano  
Q. Last year, my mother entered a nursing home. We have removed her name from the shares and lease of our co-op for estate reasons. Our C.P.A. now says that she should file a gift tax return since she gave her shares to me and my brother, and that we have to determine the cost of the shares when the co-op was purchased. Is the C.P.A. right?
A. “A transfer of stock of a cooperative corporation between family members for no consideration constitutes a gift,” said Eliot Zuckerman, … (0 comments)

Men, Women Vary on Home Shopping - well, duh! but quick read for sure... - 08/23/09 08:26 AM
Daily Real Estate News  |  August 19, 2009  
Men, Women Vary on Home Shopping When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche. Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1. Here are some key findings:
When asked how long it took before they knew their home was … (0 comments)

Selling Homes One Facebook Friend at a Time - interesting..quick read - 08/20/09 04:57 PM
Daily Real Estate News  |  August 20, 2009  |   Selling Homes One Facebook Friend at a Time
A June survey by the NATIONAL ASSOCIATION OF REALTORS® shows a jump in the number of members using social networking sites for business purposes to 84 percent from 33 percent a year ago. Ron Pearman of Long & Foster Real Estate says Facebook and Twitter help sales associates reach prospective home buyers, but the offline qualities that attract consumers might not apply as much in the online world. "A lot of people aren't interested in how many years of experience you've had, or how many awards you … (1 comments)

Average Buyers Can Afford Most Homes!!! CNNMONEY.COM - 08/20/09 04:55 PM
Daily Real Estate News  |  August 20, 2009  |  
Average Buyers Can Afford Most Homes
Housing is remarkably affordable these days. A family earning the nation’s median income of $64,000 a year could afford to buy 72.3 percent of all homes sold in the United States during the second quarter of 2009, according to the National Association of Home Builders and Wells Fargo. Sellers are the ones who are paying the price. More than 30 percent of all homes sold during the second quarter sold for less than the sellers paid originally, according to Zillow.com. A significant percentage of owners who bought within the … (0 comments)

From the mouth of Barbara Corcoran... Financing Requirements in Co-ops - 08/19/09 05:24 PM
Q2 - I am a first time buyer looking to buy a coop apartment and have good credit and a decent salary.  I only have 10% to put down but many places require 20% down.  Is there any way around that? A - No, there isn't. Coops are a different animal than single-family homes, and they create their own rules that you have to follow as a buyer. These days it's almost impossible to get 90% financing anyway, so think about buying a smaller place.
 
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From the mouth of Barbara Corcoran - Co-op Flip Tax - 08/19/09 05:22 PM
 
Q5 - Is there a cap on the flip tax a coop board can require on the sale of a coop? A - A coop can impose any fees it wants and the so-called flip tax has become common in New York City coops as a way to shore up the building's reserve funds. The fees are structured as a percentage of the sale price or of the seller's profit, or in some cases a per share dollar amount or a fixed amount. But flip taxes can hurt the marketability of the apartments because if it's too high, buyers can … (0 comments)

Buyers Rush to Beat Tax Credit Deadline - 08/19/09 05:18 PM
Daily Real Estate News  |  August 17, 2009   Buyers Rush to Beat Tax Credit Deadline
Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30. Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September. The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, … (0 comments)

Men, Women Vary on Home Shopping - 08/19/09 05:15 PM
Daily Real Estate News  |  August 19, 2009  
Men, Women Vary on Home Shopping
When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche. Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1. Here are some key findings:
When asked how long it took before they knew their home was … (0 comments)

Mortgage Applications Rise on Falling Rates - 08/19/09 05:14 PM
Daily Real Estate News  |  August 19, 2009  |  Mortgage Applications Rise on Falling Rates
Mortgage applications bounced back last week with the Mortgage Bankers Association market index rising 5.6 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the index increased 4.8 percent and was up 25 percent compared with the same week a year ago. The recent seesaw of mortgage rates has affected refinances more than purchases. The refinance index rose 6.9 percent last week after falling 7.2 percent the previous week, reflecting declining mortgage rates. The purchase index, which has trended upward gradually, rose 3.9 … (0 comments)

NYC: First-time Buyers Get State Incentive - 08/16/09 12:34 PM
Daily Real Estate News  |  August 11, 2009  |   First-time Buyers Get State Incentive
First-time home buyers in New York have an added incentive for entering the ownership market, thanks to a new tax credit equal to 20 percent of their annual mortgage interest. The New York State Mortgage Credit Certificate, which lasts for the life of the loan, is projected to save some borrowers as much as $30,000 over the years. Eligible buyers must meet income criteria, take out a fixed-rate loan, and occupy the home as their primary residence. Because the incentive can be used in conjunction with a federal tax credit … (0 comments)

New York City's Largest Free Database of No Fee Apartment Rentals Adds a Classifieds Section - 08/16/09 12:32 PM
New York City's Largest Free Database of No Fee Apartment Rentals Adds a Classifieds Section Due to popular demand no-fee apartment rental resource UrbanSherpaNY.com set to add classified section in New York City
New York, NY (PRWEB) August 11, 2009 -- For years, apartment hunters have been fed up sifting through different websites and tons of ads trying to find a good deal. Sift no more; Urban Sherpa, New York City's largest database of no fee owner direct apartment rentals has developed a classified rental section which utilizes among other things web based viral marketing through social media outlets.
 
Urban … (0 comments)

Wall Street Journal - Boomers to This Year's Grads: We Are Really, Really Sorry! - ouch! - 08/11/09 10:18 PM
Boomers to This Year's Grads: We Are Really, Really Sorry By DOUGLAS BELKIN In 1969, baby boomers took podiums at college graduations around the country and pledged to redefine the world in their image.
Forty years later, they have, and now they are apologizing for it. Their collective advice for the class of 2009: Don't be like us.
Alan Petersime/The Indianapolis Star Indiana Gov. Mitch Daniels
Indiana Gov. Mitch Daniels, 60 years old, told the graduating class of Butler University last month that boomers have been "self-absorbed, self-indulgent and all too often just plain selfish."
New York Times columnist Thomas Friedman, … (0 comments)

Economists' Commentary: Market Outlook for August - By Lawrence Yun, Chief Economist - 08/11/09 02:46 PM
 
Economists' Commentary: Market Outlook for August August 11, 2009 By Lawrence Yun, Chief Economist
Ah, the dog days of summer.  Many are taking advantage of their last chance this season to sit on the beach, hike in the mountains or laze by the pool before the kids go back to school and everybody has to go back to work.  Well, while a lot of us have been on vacation, the housing market has been relatively busy compared to earlier this year and even last year at this time.  Indeed, recent figures on home sales – both pending and closed – … (0 comments)

Real Estate Video: U.S. House Prices Haven't Bottomed Yet Turnover in the American real-estate market may be bottoming, but prices are... - 08/06/09 11:14 AM
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Top Real Estate Sites Compete for Shoppers - 08/06/09 10:59 AM
Daily Real Estate News
| August 4, 2009 |
Top Real Estate Sites Compete for Shoppers
Hitwise, which tracks online traffic, points to REALTOR.com as the top site for online shoppers, garnering 9.47 percent of all U.S. online visits in the real estate category in the week ending July 25. Zillow.com and Yahoo Real Estate came in second and third with 3.23 percent and 3 percent of visits respectively. ZipRealty, Rent.com, ServiceMagic.com, and Trulia.com each had at least 2 percent. Factors that drive traffic include quality and usefulness of the site as well as the site’s strategy for attracting users, says … (5 comments)

The New Culture of Desire = here is the preview, free ebook link (the other one I sent seemed to be not working) - 08/05/09 04:35 PM
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Top Real Estate Sites Compete for Shoppers - 08/04/09 02:32 PM
 
Daily Real Estate News  |  August 4, 2009  |  
 
Top Real Estate Sites Compete for Shoppers
Hitwise, which tracks online traffic, points to REALTOR.com as the top site for online shoppers, garnering 9.47 percent of all U.S. online visits in the real estate category in the week ending July 25. Zillow.com and Yahoo Real Estate came in second and third with 3.23 percent and 3 percent of visits respectively. ZipRealty, Rent.com, ServiceMagic.com, and Trulia.com each had at least 2 percent. Factors that drive traffic include quality and usefulness of the site as well as the site’s strategy for attracting users, says … (1 comments)

Board Interview Delayed? What do you do? Jay Romano, NYT, Answers: - 08/02/09 07:36 PM
Board Interview Is Delayed
By Jay Romano  
Q We are trying to buy a Manhattan co-op. The board of directors has had our package for nearly two months but hasn’t yet scheduled an interview. Our apartment lease is running out and it is too late to renew it, so we have to find a new rental within the next few weeks and sign a new lease. As buyers, do we have any recourse against the board?
A “The purchasers have no claim against the board,” said Howard Schechter, a Manhattan co-op lawyer. He explained that a prospective buyer and a … (0 comments)

 
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