Milton Johnson, Associate Broker, Bronx NY

Is An All Cash Deal Good For You?

The investors that I use buy properties all cash , in 30 to 45 days, no mortgage contingencies, in all 5 Boroughs of New York City. Offers are made within 48 hours.

Homes

Is your property in need of of a tremendous amount of repair?
Is your property fire damaged and your unable to make the repairs?

Foreclosure

Are you behind in mortgage payment and close to foreclosure?
Do you want to step away from the property with money?

Lots

Is your land is vacant or has a garage?
Do you have 1 more more lots next to your home that you are willing to sell?

Contact me for a FREE Evaluation or if you need to know if all cash deal is good for you.

www.milton4realestate123.com
www.facebook.com/milton4realestate123
www.twitter.com/milton4re123

Buyer 101: COOPS -Who's Your Foe, The Board or The Banks?

This is a great question to ask while the mortgage turmoil is occurring across the US.Prior to the turmoil Coop Boards were typically harder to get an approval from, much harder than than banks. Well, as of Fall 2009 the banks are taking the lead and are making COOP buyers work even harder to get a mortgage commitment.

COOP REQUIREMENTS

If you are interested in buying a Coop apartment, there COMMON requirements that you may know of. Some are:

• Board Approval which is a review of your application (your basic profile, work family). If you fortunate you may have a sponsor unit which do not need Board approvals but have there own pros and cons.
  (Please view my next BUYER 101:COOPS PURCHASE-SPONSOR UNITS PROS & CONS)
• Minimum Down payments are typically at 10%, but less frequently, some Coops have higher minimums as high as, 20% to 25%, or more
• Income Requirement restrict individuals with incomes too low or too high depending on the Coop. Minimum income requirements are usually control the ability of buyer to afford the unit; Maximum income impairments are usually for starter Coop to promote ownership among those with lower incomes

BANK REQUIREMENTS

• PRE-TURMOIL Banks followed the 10% down format and left it up to the individual Coops to require higher down payments. As long as the person was credit worthy and had reserves in the Bank.
• MORTGAGE CRISIS is causing the banks to more restrictive than the Coops Boards. If buyer credit SCORES are not close to 700, the banks may require the buyer to have 20% down. So a basic rule to use now is if any of your scores is below 700 serious consider 20% or you may an increased likeliness to be denied the loan. Even if you have the reserves in the bank and enough income.
  
  Of course consult a mortgage professional familiar with Coops Sale in Your Area to See Best Your Option

MILTON D. JOHNSON
Licensed Associate Real Estate Broker
917.676.6421
www.milton4realestate123.com
www.facebook.com/milton4realestate123
www.twitter.com/milton4re123

Why Do Sellers Rush Buyers to Sign A Contract While A Buyer is Reviewing A Home Inspection?

Please understand in NYC A Seller can entertain as many offers as they wish until there is a signed contract. So, you can lose any money invested prior, for example home inspection, terminte inspection, plummers etc.

My Response:

Home Inspection:Scheduling and Review

A lot of times buyers take a long time scheduling inspection, reviewing the results and then at the end decide not to go ahead with the deal. As a result, sellers end up losing deals with other qualified and motivated buyers. Just think if you were in their sellers shoes.
Usually New Buyers do not want to make an offer and do home inspcetion when some else is doing the same

Giving The Buyer Adequet Time

On the other hand, the seller has to give the buyer enough time to do the inspection, a week is fine, and another week review and negotiate the results of the report. The review time and negotiaton time may be longer in case you need estimates for major repairs. Any longer is a waste for both parties especially if the delay is caused by both not agreeing to 1 or more terms. Move on, there are more homes out there or give in to the term(s), waiting a month to come to this realization does help anyone. Who knows, the seller may come back and say they agree after you moved on or you as the buyer may reconsider and take the deal later.

Signing The Contract

Now if the both the parties agree to certain terms have your attorney add the terms (usually called addedum) to the contract, sign it and send it to the seller attorney to be signed ASAP. Once the seller signs you have a deal, the terms of the agreement have to be met prior to closing.
Some terms to be added to the contract maybe- New Appliances, a new boiler, fixing the roof, etc.

If you delay and someone offers more money and better terms to seller and you can loss the deal and all your effort and the money you spent.

So moving quickly, but cautionously, is in the Buyer's best interest.
If the price is right move forward, if it doesnt feel right, let it go!

Buyers and Brokers, have You experieced a simliar problems? Tell Me how You Handled it?

Milton D. Johnson

Licensed Assocciate Real Estate Broker

www.milton4realestate123.com
www.facebook.com/milton4realestate123
www.twitter.com/milton4re123

Toddler Time Tuesdays, Presented by Fisher Price
Mid-April–October 28
Take your little ones on a two-hour tour of child-friendly exhibits each Tuesday using our Toddler Time map. With purchase of an adult admission ticket, toddlers through age 4 will receive free admission to the Children’s Zoo. Wildlife Theater performances will take place there every 20 minutes from 10:30 a.m.–12:20 p.m.

Earth Week, Presented by UBS & UTC
April 21–27
Meet Earth Day animal ambassadors and get helpful tips on what you can do to help our planet stay green. Enjoy theater performances, crafts, and more.

Courtesy of www.Bronxzoo.com

Contact me For More Information

Milton D. Johnson

Licensed Associate Real Estate Broker

to see listings (For Sale/For Rent) & for Free Bronx and Westchester County MLS Search

www.milton4realestate123.com

milton4realestate123@yahoo.com

A Buyer recently asked a question, " What is the average price of a studio apartment in the Bronx 10467 zip code?

I realize that many people prefer a zip code because of familiarity and comfort, but in the Bronx that may limit your selection TOO much. There maybe equivalent or better housing available across the street which may happen to be another zip code. being specific definitely helps the agent find narrow his search for you and the amount of time wasted. But still explore opportunities that are good second choices just in case. You never know.

My recommendation was:

"The average studio in the Bronx are under $100,000. (550 sqft or less). I am assuming that you meant Coop apartments because there many more choices for coops than condo in the Bronx, especially in 10467. There are others that sold for $120.000 to over $200,000 in Riverdale but I know you specified 10467. I recommend expanding your search to included more zip codes to increase your likelihood of finding an apartment. If you want to see the MLS yourself, feel free check my website FREE MLS Home Search http://www.milton4realestate123.com/"

Good Luck with your search.

Contact me For More Information

Milton D. Johnson

Licensed Associate Real Estate Broker

to see listings (For Sale/For Rent) & for Free Bronx and Westchester County MLS Search

www.milton4realestate123.com

milton4realestate123@yahoo.com