All Forum Posts by: Jason Lee

Will she be able to return to NYC to complete the search? If not, she should work with a broker. Yes, there will be a broker fee, but even if she doesn't have her own broker she could end up paying a broker fee at any apartment that has a fee. If she wasn't successful finding a place while she was here she's going to have an even harder time from the west coast. A good broker will FaceTime on site or send video walk throughs and will help shepherd the application process through, in addition to having specific local knowledge. FYI streeteasy started charging brokers to list rental last year and so it's not complete, particularly at lower price points. I would try nytimes, or nybits for no fee listings.

They could be asking all-cash for a variety of reasons. Most likely the co-op is non-warrantable, meaning Fannie will not lend there or waive the building. It could be it's one of a small percentage of co-ops that does allow investors and there are too many units rented, or the sponsor still owns too many units, or it could be the reserves are too low, or not enough insurance, or a lawsuit, etc. All not good signs.

Most co-ops don't allow investors to purchase.

Read this epic thread by @John Hickey

Here are suggestions in no particular order. As some others have said paint the bathroom with a color that is going to provide some contrast (interest) and then add some accessories for pops of color, add shower curtain, etc. Ask your realtor to stage some rooms and have the listing photographed again. Right now most of the room photos look the same and you can't tell the difference between the bedrooms, living room, dining room, etc. That should re-fresh your listing and bring in new buyers or buyers that glossed over it in the first place. Get the fridge and w/d, and panel in the w/d with millwork, maybe have it enclosed entirely so it looks built in along that run of kitchen cabinetry... with doors and shelving above, etc. Right now it's sitting in the middle of the eat-in-kitchen naked (or gasp, is that the dining room?)... buyers are envisioning entertaining next to laundry. Not a good look. Lastly, I can't speak on price but if many are saying it's over priced you need to get the price down to market asap. If you can break even, great. If you have a slight loss than think of it as tuition.

This is not accounting advice and you should consult a CPA or tax attorney. Having said that, I have had many buyer clients that receive money from non-US persons for down payments, to show post close liquidity, or to pay all-cash for real estate. None have had any gift tax issues. My understanding is non-US persons have no US gift tax liability for gifts of non-US situ assets (cash in US bank accounts).

Anything that negatively affects affordability will have an impact on prices. Higher rates (they can only go higher), and the new limits on deductibility of state, local, and real estate tax, will make it more expensive to own. That typically affects the entry price point (your condo's price point) the most. 

Depending on how long you've owned the condo, and how much it's appreciated, you could sell it now without having to pay any capital gains on the appreciation. My guess is that savings could probably be worth a few years of rental income? If you put that equity into your new house you could pay off the loan faster or have a much lower monthly housing expense, and you can take out a Heloc to invest with. Many parts of Queens are still appreciating so there could be some upside to hanging on, but interest rate hikes and the limit on SALT deductions will have a negative impact on housing prices (it's already started to in Manhattan). You have an opportunity to sell at or very close to what is probably a peak in prices. I would take advantage of that.

1) Appraisers go inside the property in NYC. The longest I've had an appraiser in a property is about 20 minutes, the shortest was less than 5 minutes. They mainly take measurements, photos, and make note of different features that might affect the price. They often have a printout of the floor plan and the listing if it's for a purchase. They don't go inside the comparable apartments used in the appraisal.

2) Creating an additional bedroom by dividing a large room, closing off a dining alcove, etc.

3) This is out of my wheelhouse but I would say mortgage recording tax and title insurance but you can avoid much of the recording tax by doing a CEMA. Maybe a banker can weigh in.

Yes, it can be very confusing, including for agents.

If Mary holds the open house she would have an agency relationship with the seller, and the buyer would be her customer. Or, she could do seller agency with advance informed consent to dual agency which would cover her if she ended up representing the buyer or if the buyer is already an existing client. You can have a client sign more than one disclosure (for example, the same client is selling and buying at the same time, or you've been representing a buyer and then you list a property they become interested in), and your agency relationship can change with the same client over time.

The easiest way to figure out if you have an agency relationship is if the principle is your client then you have agency, if the principle is just a customer then you do not.