Mitchell Feldman's Q&A

I placed one of my new listings on Zillow, the address is 1501 Royce Street #2A, Brooklyn, NY 11234 and the neighborhood is Bergen Beach. When I input the listing I entered is as such. However, when the homeowner conducted a search on Zillow under that address, it showed the neighborhood as "Georgetown" as opposed to "Bergen Beach." I double checked that I input it correctly and when I view the details of the listing it does say Bergen Beach, but prior to clicking on the details it states the neighborhood as "Georgetown." This is problematic and worrysome to myself and the homeowner because Bergen Beach is much more expensive and desirable area than Georgetown (no offense to Georgetown which in it's own right is a great neighborhood). I tried to find a way to fix this issue to no avail. Why is this happening and how can it be fixed? This is a big issue because everyone here in Brooklyn knows the difference between Georgetown and Bergen Beach. Can you help me Zillow? :)

Dear dcyn720:Interest rates vary from bank to bank, you have to shop around and see what the best deal its that you are qualified for. 4.25% on a 30 year fixed with 5% down it pretty much the going rate right now here in Brooklyn. In the end the rate you receive will be based on your qualifications which include income, debt, credit report and down payment amount. Usually the 203K will not be higher, but even if it is it would be nominal.Your best bet is to speak to several mortgage bankers and ask these questions. If I can be of further assistance, please let me know. Good luck!Sincerely, Mitchell S. Feldman Associate Broker/ Director of Sales Madison Estates & Properties, Inc.

Dear Gracemarie:I do not work for Zillow but I think the best explanation would be that your listing may have previously been on Zillow with another real estate agent. You may have to resubmit your listing or just log onto Zillow and edit it.The forum in which you sent this question does not go to Zillow directly, you want to go to the Zillow "Help" tab for better assistance. Good luck!Sincerely,Mitchell FeldmanAssociate BrokerMadison Estates & Properties, Inc.

Dear ferraralalawrence:I do not work for Zillow but as a licensed real estate agent here in Brooklyn I can tell you that I have had many conversations with homeowners stating that the Zillow "Zestimate" is far below the market value of their home. This is especially the case when the home is not your typical "cookie-cutter" type house.Homes are like babies, no two are alike, but when I say "cookie-cutter" (and not that there is any thing wrong with that) I mean homes that where pretty much identical when they were first built. As an example, on some blocks here in Brooklyn, you have a row of 30 attached brick homes which when they were first built in 1935 were all pretty identical. Over the following 75 years that passed they became more different based on the condition and how the house has been renovated and updated during the years. If you take a house like that, the "Zestimate" that Zillow gives can be fairly accurate because it is based on a computer algorithm that calculates average square foot property values within a zip code. Hence, if you have an average type of house in an average type of condition the number can be fairly accurate. On the other hand if you have a house that is in very bad condition, the Zestimate can be very high. Conversely, if you have a totally gut renovated house with a $75,000 custom kitchen, the Zestimate can be very low.Having said that, if you have a home that is not "cookie cutter" such as a custom built house  or simply a home that is somewhat different that the majority of homes in the area (condition also plays a role), the Zestimate can be WAY off, either high or low depending. The City of New York does a similar type of estimate. They evaluate the value of your home for tax purposes in the same fashion. If you research how the city assesses your home you will probably find that the city uses numbers that are very similar to Zillows "Zestimates." If that city's estimate is low, that is good because you pay less real estate taxes! :)In the end the "Zestimate" is only an estimation spit our by a computer program and it is not the same thing as a real live person viewing your home and formulating an opinion of it's value. If you are curious as to how much your home is worth or thinking of selling I would love the opportunity to help you. If the property is in Brooklyn and you would like, I can get together with you to pre-view your home and share with you my opinion of it's true market value (no cost or obligation). If you have further questions please do not hesitate to contact me, I would love to help you any way I can. Good luck!Sincerely,Mitchell FeldmanAssociate BrokerMadison Estates & Properties, Inc.

Dear Alexander:The term "mother/daughter" has no true legal definition, it is a slang term. As a matter of fact, licensed real estate brokers and sales people in New York are prohibited from using the term in marketing efforts because it implies that the house is a two family or has two apartments. A two family house is a two family house and a one family house is a one family house. There are no gray areas, you either have a one family or a two family. Because it is a slang term "mother/daughter" can be interpreted in many different ways (as you can see by the previous answers).Real estate law varies from state to state, so this answer may or may not apply to real estate matters outside of New York State.Sincerely,Mitchell FeldmanAssociate Broker/Director of SalesMadison Estates & Properties, Inc.

Dear auntmichele:It is very strange that your brother stopped paying 25 years ago and the bank never came after him for the money. You need to hire a real estate attorney and do a lein search on the property to see if there is or how much money is currently owed. Whatever that amount is, theoretically you would have to get a letter of satisfaction on that lein in order to close. If the lein is a mortgage, the debt would have to be taken out of the proceeds of the sale and the lein would be satisfied on the spot.Hopefully whatever you are able to sell the co-op for will be enough to pay off the lein (if there is one) plus have some left over for your brother to walk away with. If when you sell you are not able to sell for a price that would allow you to satisfy the lein, you would have to pay the difference out-of-pocket. If you did not have the funds to do that, you would then have to try and negotiate a "short sale" with the mortgage holder and hope they are willing to accept a lessor amount as payment in full.Your brother should not walk away because he may have equity in the co-op and if he walks he would be potentially throwing money away! I would suggest you have a professional real estate agent meet with you and/or your brother at the co-op and give you an estimate of it's value. After you do that and the lein search, you will be able to figure out if you can walk away with money when you sell. Most real estate agents including myself will offer such a service free of charge!If I can be of further assistance, please let me know. good luck!Sincerely,Mitchell FeldmanAssociate BrokerMadison Estates & Properties, Inc.

Dear Broadwaylover:Always be cautious when something sounds too good to be true! In my opinion this is a scam. Real landlords do have keys, they or their real estate agent meet you at the property to show it to you and you do not give any payments until you sign a lease. There are many scams like this on the Internet, in the end they try to have you send them money without ever showing you the house or meeting you in person. Don't fall for it!Also, when researching properties to rent or buy, you can usually find out a lot by "Googling" the address! If I can be of further assistance, please let me know. Good luck!Sincerely, Mitchell S. Feldman Associate Broker/ Director of Sales Madison Estates & Properties, Inc.

Dear JoniMacaroni:Yes, you must have a lawyer in Brooklyn, no if, ands or butts about it! No deal in Brooklyn is that straigtforward that you don't need a lawyer. When selecting a lawyer you should try to find one that is located in Brooklyn, specializes in real estate and also that has some experience. Make sure you ask them how much they will charge you for their services cost and remember that cheapest is not always the best. If you need further assistance please let me know. Good luck!!Sincerely,Mitchell FeldmanAssociate BrokerMadison Estates & Properties, Inc.

Dear Khristy:I grew up in Canarsie and I am very familiar with the Brook Club Condos as I have sold many units there over the past 18 years. Generally speaking, one bedroom units like yours typically will sell for anywhere from $65,000 to $130,000 depending on the condition. If you want to get together and show me the unit I can give you a more precise estimate and I can even help you sell it if you want. Please contact me and we can discuss it further. Thank you and good luck!Sincerely,Mitchell FeldmanAssociate BrokerMadison Estates & Properties, Inc.

I think your best get would be to simply delete the listing completely and resubmit it as a new listing!