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Thanks so much @pass_the_tadigh Glad you found it helpful 😊😄🙌

Hi Kevin👋, thanks so much for watching our video! To answer your question, no you don’t have to do anything to the coop before selling, but sometimes that can hurt you. For example, if the apartment needs work and you sell it as is, the offers will most likely come in lower and it will most likely take longer to sell. It usually makes sense to do cosmetic updates but nothing major. For instance, if you have creaking floors, that’s not a big deal. If the floors are beat up, then you can always refinish them to make them look good again. No need to replace electrical circuits/panels, just make sure that electric is functional. Fresh coat of paint in all rooms is always advisable. There are a lot of things you should do before selling a coop, if you want to go over some of these, feel free to call us at 718-968-5538. And yes, there are fees that you have to pay coop when you sell. Some coop fees are more than others. Hope that helps! Thanks again for watching 😊🙌

@@QueenshometeamI work for an insurance company and I can tell you that if your co-op apt has an FPE (Federal Pacific Electric) brand of Circuit Breaker panel that would be a problem. They have a horrible track record and a high rate of failure. A lot of insurance companies won’t insure apts with them.

Hi Sofia👋, no worries at all. Glad you found the information helpful! 😊

Hi Janette👋, thanks for watching! Glad you found it helpful :)

Thanks June! Glad you liked it 😊🙌

Thank you for your comment @rebekahwhite2939 - Do you need assistance with your search?

Hi Rebekah, thanks for watching our video! There are a lot of options in NYC. If you give us a call we can better guide you. Our phone number is 718-968-5538. Thanks again 😊

Thanks Paula, glad you liked it 😊🙌

Thank you for your comments @adelinalopez-yt6vq 😁

Thanks Adelina, we totally agree!

Thank you for your kind comment @gerberjoanne266 😊

Hi, there and thanks for your question! This was a condo unit for sale, not for rent. As of today (3/26/24), rents for 1-bedroom apartments in Astoria are ranging from $1800 on the low end, all the way up to about $4000+. The median is roughly $2600/month.

Hi @anexchan5261, thank you for your question! We'd suggest to do the following at the very least: - Request a copy of the Coop's resale/purchase application and house rules to understand any rules which are stated by the Coop's requirement to sell/purchase - Contact the Coop's management company to request other details which may be looked into (there are a variety of items to this list so feel free to contact me directly for further questions on this, abigail@queenshometeam.com). Some examples of what Coop Mgmt./Board's look into are income requirements, debt to income, reserves, down payment, occupancy, and much more... - Ask Coop Mgmt. if there is anything specific that the Coop Board may be looking into that is not listed on the application We've handled Coop sales since 2010 and there are a lot of details which you would not be aware of until you have loads of experience handling this type of sale/purchase... Hope this info helps you! Feel free to reach out if we can provide other helpful insight... Thanks again!

Thank you very much for your information!

@@anexchan5261 Absolute pleasure to help you! Thanks again 😁

Hey Gene👋, yes we agree completely :) 👍🙌

Hi @dr.maggiesandmangalasand5161 Thank you for your comment and for viewing our video! You can find either the deed or the recorded mortgage document on Acris site. If you have any further questions please don't hesitate to reach out as needed.

Hey Michael, thanks for watching our video! In our experience, SONYMA loans are not a problem as long as the buyer can make the coop’s minimum down payment and as long as all of their financials look good. The length of time has never been an issue for coop management companies or boards in our experience. What they care most about is generally the soundness of the buyer(s) financials. They want to make sure that the buyer(s) will not have a problem making their mortgage, maintenance, recurring debts, etc. Usually buyers obtaining a SONYMA loan have smaller down payments and/or higher DTI ratios so if the financials don’t look strong, then that can be a reason for denial. In my opinion, the SONYMA loan itself wouldn’t deter a management company or board as long as the financials look good. Hope that helps :)

Hi Slimmgoody41👋, thanks for watching our video! That’s awesome to know that these were your neighbors :) If you ever need any real estate help, want a free valuation, or need a home pro recommendation, feel free to reach out to us at www.bklynhometeam.com. And if you like, you can check out our blog for recent homeowner articles :) Thanks again for watching 😊🙌 www.bklynhometeam.com/blog/

Ok thank you so much

Hi YaraCapybara👋, thanks for watching our video! To answer your question, yes you can just appeal the market value and you don’t have to do both. You can appeal the market value with department of finance. The process is pretty simple, all you need is the comps to attach with the appeal. If you need some comps, feel free to reach out to George and he can send you comps. His email is george@nyhometeams.com. Also, for your reference here’s the link to appeal with DOF: www.nyc.gov/site/finance/property/property-forms-assessments-and-valuations.page

Hey Gene, thanks as always for watching :) Yes you’re right, cash only coops and boards that respond quickly definitely help to expedite the process. Always appreciate your input! Have a great week 😊🤩

Hi thanks for the information. What obstacles you met by selling coop?

Never sold my co-op so I don't know of any obstacles that I may face when it's time to sell. I know that top units must have carpet and cannot have tile or wood flooring.

Hi @@anexchan5261 , thank you for your comment! Apologies, I am unsure of your quesiton... could you repost so we may answer for you? Thanks for your time...

Hi@@genew5758, whenever that time comes or if you are ever curious and need to prepare in advance, please don't hesitate to reach out... Happy to provide you any help and insight that could be beneficial. To your comment about carpeting, most coop's have a carpeting rule which is often 85% of the apartment and sometimes 100%! Some buildings are getting more strict with other "noise cancelling" material requirements too. You can look into this with your building by requesting a copy of the Coop's House Rules...

Greetings @anonymoussource7999 =) Thank you for taking the time to watch this video and we will be happy to prepare a video on this particular request (thanks for the suggestion)! Keep an eye out for that one... Aside from that, would you like one of our Buyer's Realtors reach you for further guidance? Happy to help you as needed...

Hi Chafickjurado👋, thanks for watching our video! The shortfall at closing is pretty much just a term used when the buyer doesn’t have enough money to close (i.e. short of funds). If someone is putting a higher down payment, then yes the shortfall can be bigger because the closing costs are higher, and as a result, if the buyer doesn’t have all the funds to close, they can possibly have a higher shortfall. This is why we tell people to estimate 5% of loan amount for closing costs, if you have that set aside then you should be okay. If you don’t have enough money for the closing costs, all you have to do is negotiate a seller concession :) If you want to learn more about buying in NYC, feel free to sign up for our monthly NYC Homebuyer Newsletter… www.queenshometeam.com/nychomebuyerconnect/

Hi Lisa, thanks for watching our video! I believe you already spoke to Abi and she answered your question. We'll be sure to add this to a future video or podcast though so that other people can get our take on this kind of situation :) Thanks again for tuning in!

Hi Hyun👋, thanks for watching! Glad you find the information helpful :) Now you can use this information to provide people good advice so that they can make well informed decisions 🙌🙌🙌

Hi Peter, thanks for watching our video! Yes when it comes to NYC, there’s a lot of red tape. The key is making sure you have the right pros on your side to help expedite things and avoid any major issues. If you ever need help with something, feel free to contact us at info@queenshometeam.com. Thanks again!

Hey Gene, thanks so much for the helpful insight!!! 😊🙌

Totally agree Gene! Thanks as always for watching 😊😊😊

Hi @lewispatterson9223 👋, thanks for watching our video! Unfortunately our team doesn’t do rentals but if you need some help finding a place, you can call the front desk of our office and they can connect you with a rental agent. The office phone number is 347-846-1200. Good luck and happy hunting :)

Greetings Kathy, Thank you for your question and for visiting our UA-cam page... Selling a Co-op can take longer for various reasons. Some factors to consider include evaluating market trends (Buyer's market versus Seller's market), strictness of requirements to purchase (which Bay Terrace has), condition/layout of the apartment, and also how quickly the Management or Coop Board take with their own processing timelines once the application is submitted... This applies to many coop's all over Queens county and so, it's important to evaluate these details with a good valuation and discussion on what to anticipate for that specific apartment type (ie Studio, 1-2-3 bedroom), for that area. Hope this helps! If you have any other questions feel free to reach out. We wish you all the best with the sale otherwise! =)

@@Queenshometeam - From your reply, I will check with my sister on Sat. about her building's strict requirements to purchase. I suspect that may be the only reason because in Westchester County, co-op Boards are not as strict as NYC co-ops are. This is for a 2 bed / 2 bath co-op which our mother owns. She will be 100 yrs. old Sat. and whenever she passes, the co-op must be sold. My sister who lives with her cannot afford the monthly maintenance fee + monthly bills, so she needs affordable housing. The co-op is worth about $400,000.+ which she will inherit outright. The apartment is in good condition.

Hi Kathy, that will be a good idea to request the coop's resale/purchase application along with the house rules (you will need this anyway upon selling). This will give you an idea of the requirements of this coop, and you can also ask other coop related questions such as any requirements relating to the following; D/I ratio requirements, income requirements, employment length requirements, reserve requirements, down payment, etc... And to comment, yes many coop's in NYC are considered strict when selling/purchasing... Good luck with your family affairs and enjoy the birthday festivities with your Mom! Feel free to reach out or comment should you have any other questions. =)

@@Queenshometeam - If you're curious as to co-ops in Westchester County, my husband and I have lived in our co-op for 12 years and I was a realtor for 2 years. Briefly, any real estate purchase - co-op, condo or house is based on 2 factors: school district if the buyer has children OR walking distance to the nearest Metro North commuter rail station. All Metro North stations have parking lots BUT there is a LONG wait list and when you do get a spot, it costs 💰💰💰 per month. Northern Westchester is much easier but the train fare is more expensive to Manhattan. As for co-op Boards and pricing affordability, they vary by school district. Example - Yonkers and Mount Vernon are the cheapest and easiest to get accepted because of the school district. Scarsdale, Mamaroneck, Rye, Eastchester and Harrison are more expensive and tougher requirements to get accepted because of the school districts. So a 2 bedroom co-op in Yonkers with the same layout and condition as a 2 bedroom co-op in Scarsdale, Rye, etc. would have about a $50,000. - 100,000. price difference.

Hi Vishal, thanks for watching our video! For advice on selling your home as a FSBO, you can check out our blog posts that are all about selling a property (see link below). One of our recent posts is actually called “47 Ways to Make your Home Sell Faster”, there are some really good tips there. If you want some personal advice, you can also call us at 718-968-5538. Thanks again for watching! www.queenshometeam.com/category/selling-a-home-coop-condo-in-queens-ny/

@Queenshometeam I'll check it out thanks!

Hi @RhoadesRealEstate 👋, thanks for watching… That’s a great point you make!

Hi @jjuarez83👋, thanks for watching our video! To answer your question, we haven’t heard of any homeowners having their taxes raised after appealing the assessment. Anytime they raise your taxes they have to send you a letter explaining why so they would need to be justified in such an action. Our suggestion is always to appeal the assessment if you feel that you have a good case for it. If you have any other questions feel free to call George directly at 718-869-0270… Hope that helps :)

Hey Gene, yes that’s very true. So many variables to consider. Thanks as always for your viewership and feedback :)

Hi Elsuper68, thanks for watching our video! Sounds like you dug out a separate entrance to your basement. That’s pretty common, however, it doesn’t make the basement a legal dwelling unless you get the proper permits and new C of O. That said, it sounds like you’re planning to live in your finished basement, is that correct? If you like, feel free to answer via email and George can get back to you personally. His email is george@queenshometeam.com and his phone number is 718-869-0270. Thanks again for watching!

@Queenshometeam Hello 👋 yes I will give you a call tomorrow morning, yes that is my purpose of live there . Thanks have a great evening.

Hi there, that sounds like a plan. George will be expecting your call. He’ll be able to guide you and/or give you some good advice about your situation :) Have a great day!

Hi there, thanks for watching our video! Not sure we can agree with you but we definitely appreciate the comment :) Thanks again for watching 😊🙌

Hi Rosemonde, thanks for watching our video. Unfortunately your scenario is not uncommon. Once DOB comes in your house, they can flag you for any violations they notice. You can try to take them to court but I’m not sure it would be worth the hassle. When you receive a violation from the city it’s usually because something was done or changed without the proper permits and/or sign offs. If you need a good expediter to get the violations cleared, feel free to send George and email and he can connect you with one. Thanks again for watching out video!

Hi @dcissignedon 👋, thanks for watching our video! To answer your question, no the NYC and NYS transfer tax does not apply when you inherit a property. It applies whenever someone sells a home and it each one is a percentage of the sale price. Hope that helps :) If you have any other questions, feel free to reach out to us at 718-869-0270. And if you’d like to stay in tune with local laws, news, etc. that affect NYC homeowners, feel free to sign up for our NYC homeowner newsletter. Link below for your reference :) Thanks again! www.queenshometeam.com/nychomeownerconnect/

Hey Gene👋, thanks for the comment! Those are great tips there 😊🙌🙌🙌

Hey Rubina, thanks for watching our video! To answer your question, the capital gain (i.e. profit) that you would have on the sale of your apartment will be dependent on the sale price and the original purchase price. For tax purposes, the capital gain calculation does not factor in number of shares. Similar to stocks, if you bought the $200,000 worth of shares and then sold them for $550,000, then the capital gain is $350,000. So if you bought your apartment for $200,000 and then sell it for $550,000, the capital gain will likely be around $350,000. This is an oversimplification because with a coop sale you get to deduct home improvements, closing costs, etc. from the gain so that reduces the overall taxable gain. In addition, if you've lived there for 2 of the last 5 years, you would qualify for the primary residence exemption of $250K if single and $500K if married. Hope this gives you more clarity. If you have other questions or would like to discuss further, feel free to call us at 718-968-5538. Thanks again for watching :)

Thanks for your comment. It’s always good to get independent opinions. However, “kickbacks” are highly illegal and agents cannot do what you describe (or risk losing their license or worse). And the flip side is that a team like ours that has done over 500 sales will have a lot of experience and know which vendors do good work and which ones don’t. On our team, we always provide at least two or three different vendors when referring, so that our clients can find the right fit for them, and all our referral partners are vetted for their customer service and their ethical standards. If they can’t deliver the highest standards of service, we stop working with them.

@@Queenshometeam I know that it’s illegal, however, I have witnessed it done and the fact of the matter is some people are shady no matter what profession you are in. Again, it’s ok to take advice from people who have expertise. But again, never one stop shop and never get into a bidding war.. EVER! Someone will always tell you who they know and who can do what, but you have to be extremely cautious because once you sign that dotted line, it’s a done deal. Honestly, you don’t need to find the right fit for your client, they can find it themselves. We live in a different time and age and nothing is hard to find. Again, it’s okay to take advise but use your head, don’t feel pressured to use some realtors people just because they work with them. Have independence when buying home and do what feels right. It may be easy to just do everything in one place, however, 9 times out of 10 you will wish you shopped around independently.

Thanks so much! Glad you found it helpful 😊

Hi Bbygrlpt2👋, thanks for the suggestion! We’ll work on that video and put it up soon 👍 The video will be for cheapest neighborhoods in central Queens.

Hi, Gene. That’s exactly right. Properties put into a trust avoid the Probate process. However, for all the details on how trusts work, one should always consult with an experienced trust and Estates attorney. If anyone needs a recommendation, we can always provide one! Thanks for watching and commenting.

Awesome! We’re very active in that area. If your aunt ever needs anything, have her get in touch with us!