Monthly Archives: February 2012

I want to make an offer on a Fannie Mae property, but it needs work, so I plan on offering less than they’re asking. What do you think?

Q:  I have an opportunity to purchase a Fannie Mae property that needs work, 75% of which I can do myself. I plan to make an offer of about $40,000 less than they want, because the house not only needs a lot of work, but I won’t be able to sell right away, I will rent. Is there anything I should check out beforehand? I know the house is offered AS IS, so I think I have a chance. Thanks. Read More.

Can the HELOC loan on my current house affect the approval for an HELOC on a second house?

Q: Can the HELOC loan on a first house affect the approval for HELOC on the second house? Read More.

Do your driving records affect your credit scores?

Q: I recently attended a Driver’s Ed course, and the instructor mentioned that your driving records could affect your credit. Is this true, and if so, how much does it affect it? Read More.

What do I need to know about renting or buying in co-ops versus condos?

Q: What do we need to know about renting or buying in co-op? Versus a condo? A. Subletting in co-ops is generally discouraged. Co-ops that do permit subletting often limit the lease terms and will ask the prospective tenant to submit a lease application, which requires full financial disclosure, references, rental history and often a personal interview. Condo leasing, on the other hand, is an accepted part of the condo’s policies and procedures. While the process does require financial disclosure, there is no personal interview. There are application fees with both types of properties, as well as other associated fees such as credit check fees, move-in and move-out fees, and so on. Often, in both co-ops and condos, certain policies, like permitting pets, apply to purchasers only, and do not apply to renters. It is best to check each rental … Read More.

Can you help me find a home that I can rent to use as the set for a student film?

Q: I am a Brooklyn College film student looking for two homes to rent for two films I am producing. However, because it is a student film, we are on a tight budget. I learned from the webpage that you work with film productions. Do you work with student productions as well, or only studio productions? Thank you. Read More.

What types of relocation services do you offer?

Q: I was wondering what you offered in terms of relocation services. Read More.

Have there been sales in the luxury market on the North Shore of Nassau County in the $2 million plus price range?

Q: I’m interested to know of any recent sales in the luxury market on the North Shore of Nassau County in the $2 million plus price range. Read More.

What is the price for studio in the Upper East Side?

Q: Can you tell me what is the price for a Studio in the Upper East Side? Around 80th Street to 90th Street, 300 sq ft? What is the difference between condo and co-op/rental in term of price? Read More.

Can you tell me what the different types of credit are?

Q:  I was listening to your radio show and heard Tracy (Credit Expert) talk about different types of credit.  Can you tell me what they are? Read More.

Do co-op charges include real estate property taxes in their quoted rates?

Q: Do co-op charges include real estate property taxes in their quoted rates? And if not, how much should I estimate taxes to be on a $170K 2 bedroom condo? Read More.