Apartments for Cheap

Questions and Answers

Your Questions About Apartments In Queens Ny For Sale

February 22, 2013

Donna asks…

How to transfer home ownership from one person to another with out a sale or realstate agent?

Hi, a friend of mine is in a real big jam and can’t no longer take care of the house he now owns here in Paterson, NJ. He has come up to me with the oppurtunitty of taking over the house and property by just taking over what he owns. This way his name is free and clear to buy an apartment in Queens, NY. The only catch is that he is behind on his taxes and owes like $7,000.00 which I will have to cover. He purchased the house a year ago for $437,000.00 and the house is a money making machine. The house is a 3 family unit. 1st floor is tennat occupied 3 bedrooms one bath for $800 (in my opinion should be more). The 2nd floor is a 3 bedrooms and 2 bath apartment and rents for like $1300 and the 3rd floor is 2 bed and 1 bath rents for $1,100.00. My main concern is how can I make this work by taking over the property and having all transfer to my name. I have never owned a house before and this can be a little confussing. Please tell me if you have done something like this before.

Administrator answers:

Try donation…

Lisa asks…

I want to back out but it’s too late???

I am about to go to closing in 5 days for a co-op apartment in Queens, NY. But after looking at zillow.com just now I found that recently sold co-ops (that are of comparable size) in the same building and adjacent buildings in the same community sold for roughly 30% LESS than I am paying for this one.
When I was negotiating the price, I wanted to ask for lower price but the real estate agent told me that the board might not approve the sale of an apt there for such a low price— I feel I was lied to. But after speaking to my lawyer, he told me I cannot back out now because I already signed the commitment letter with the bank.

Is it possible to still try to negotiate price for this? What should i do?!?! I don’t want to overpay 30% for this…
What website could I get info on recently sold co-ops in that area? This is Queens, NY… I can’t find this info…

Administrator answers:

Your attorney is your best source of advice. What you can and cannot do is determined by state law and the terms of your contract.

However, you may be able to sue the Realtor (assuming Zillow’s price is correct – which is a big assumption). First, she will receive a bigger fee because you paid more than you should have. She is a professional who is supposed to look out for you. Second, boards almost never deny a sale due to price. In most states, that is an unreasonable restraint on alienation and unenforceable UNLESS the board itself offers to buy the house at market value. As a trained professional, she would have known that. You were given bad advice that benefited the person who gave that advice. Ask your attorney about this.

Sandy asks…

apartment Income requirement in NY?

1 made $50k in 06 $40k in 07 and expecting to make $50 k in 08 i work in sales for a national moving company so my income varies ,i have a 705 credit score with zero debt ,no creminal record ,evections ,etc
i have saving ,reffrences ,etc
will it be easy for me to get a studio in NYC ,brooklyn ,queens for up to $1200???
oh , im not looking to buy but to rent most likeley brooklyn queens ,or washington heights.
i have good credit – it is the income i was worried about.

Administrator answers:

It is extremely unlikely that you will be able to afford a property in NYC. You might find something reallly really small in Brooklyn or Queens, but there is also tax and insurance to pay each month as well, which could amount to several hundred dollars per month, which means that you would probably only have around 900 a month to pay towards the actual mortgage. Unfortuately, even at a good interest rate, the most you could afford towards the purchase would still only allow you a very very small studio, if at all.

Still, go search realtor.com and get an idea for pricing. Brooklyn and Queens are both very large, although you should be aware that generally the lower priced the property is the less safe these areas are.

Do not give up hope, though, and consider Nassau county or Suffolk county as well.

Hope you find what you are looking for.

Http://www.shortsaleservicesforagents.com

Susan asks…

I want to back out but it’s too late???

I am about to go to closing in 5 days for a co-op apartment in Queens, NY. But after looking at zillow.com just now I found that recently sold co-ops (that are of comparable size) in the same building and adjacent buildings in the same community sold for roughly 30% LESS than I am paying for this one.
When I was negotiating the price, I wanted to ask for lower price but the real estate agent told me that the board might not approve the sale of an apt there for such a low price— I feel I was lied to. But after speaking to my lawyer, he told me I cannot back out now because I already signed the commitment letter with the bank.

Is it possible to still try to negotiate price for this? What should i do?!?! I don’t want to overpay 30% for this…
What is Buyer’s Remorse? The Seller’s Lawyer is holding 14,000k (part of the downpayment) — I was told awhile back that if I want to back out I may not be able to get the $14k back–is that true?

Administrator answers:

You lose.

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