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Mitchell Hall's Advice

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  • 11 Contributions
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Mitchell Hall wrote:

Lending for Non-Standard Building

Answer
You will probably need portfolio lender and put 30% down. Try Ridgewood Savings or contact a mortgage broker.
November 12 2013
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HOW DO YOU FIND OUT HOW MUCH YOUR HOUSE IS WORTH

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Hi Doreen,You can get the appraised value from an appraiser or you can find out the market value from a real estate broker. Appraisers are usually hired by lenders. The appraised value of your house determines the amount the lender will loan to a borrower purchasing your house.The market value is how much your house is worth to a buyer not a bank.The price you get for your house is a function of the marketing you choose.Best,Mitchell Hall, Associate BrokerThe Corcoran Group[email removed by Zillow moderator]
May 19 2012
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If a seller accepts a buyers offer, does the homes status changeon mls and what does it mean if th

Answer
In NY the status doesn't change until there is a fully executed contract. Some agents may update staus to "Accepted Offer" or "Contract Out"  but nothing is binding and neither party has any legal obligation toward the other until there is an executed contract.
March 31 2012
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Shady buying experience in Queens, NY - Help

Response
Hi User 438038,The listing agent is not breaking the law disclosing prices of other offers as long as the seller, the listing agent's client instructed agent to disclose that information.In NY state all buyers are entitled to their own representation. You should have a buyer's agent and your buyer's agent should be with you when you are viewing properties particularly when you're viewing a property for the third time. Whether the listing agent is "shady" or not is irrelevant. A buyer should never rely only on the information the listing agent (seller's agent provides) The agent may not have known about the certificate of occupancy at the time the property was listed. In NYC all property records are public information and can be viewed on NYC.gov website via department of finance or buildings department. In NY one of the guiding principles of real property law is "caveat emptor" meaning let the buyer beware. Due diligence is very important for a buyer in NYC. That is why you need both an experienced local buyer's agent and an experienced NYC real estate attorney. Your agent should be advising you about a strategy and pricing regarding making an offer. After an offer is accepted but prior to signing a contract your lawyer is supposed to conduct due diligence that includes title search, investigating certificate of occupancy, zoning issues, renovations, encroachments or any other issue that is relevant to the purchase of the property and he/or she is supposed to advise you and represent your legal interests.Good luck. My advise is make sure you have a good local buyer's agent that will represent you throughout the entire purchasing process including be present at showings rather than having you in discussions with seller's agent who's fiduciary duty and loyalty is to seller not you. You also need a good NYC real estate attorney.
March 26 2012
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What is the percentage down payment these days for 1st time buyers? Thanks, Ed

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Hi Ed,In Battery Park City most condos will require you to put 10% down and will only allow up to 90% financing. A lender may require a larger down payment. 1 Rector Park, a condo conversion in Battery Park City has received FHA approval. At 1 Rector Park 3.5% via an FHA loan.Mitchell Hall, Associate BrokerThe Corcoran Group[contact information deleted by Zillow moderator.  Please see our Good Neighbor Policy]
March 20 2012
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how many townhouses are in New York City?

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New York City? All 5 boroughs/counties? Or do you mean Manhattan?There were 201 Manhattan townhouse sales in 20112011 Manhattan Townhouse Market Report
March 14 2012
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how much value does changing a half bath to a full bath add to a home??

Answer
A full bath has more value than a half bath. The actual amount depends on location and comparable properties. In Manhattan in a prewar building a 2 bedroom 2 bath apartment is much more desirable than 1.5 bath since the 1/2 bath does not function like a full bath. It is only a "powder room" since there is no shower or tub. Link below to an article from Matrix/ Miller Samuel a leading appraiser in the New York area.Mitchell Hall, Associate BrokerThe Corcoran Group[hotlink removed by Zillow moderator]
August 04 2011
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My locked-in rate going to expire in three days. My Lender is going to charge us $1400 per week fee,

Answer
I have heard this before and usually it is the lenders fault for delaying the closing. If all parties are ready to close except lender you should fight the fee. Contracts have dates for a reason. A good lender/ loan officer will give a 1 time extension without charging. If the seller is delaying the closing and you are and your lender are cleared to close your attorney should negotiate the $1400 extension fee with sellers attorney. The seller should pay your rate-lock fee or issue a credit if they are holding up the closing. Unless you got such a spectacular low rate it may not be worth locking in or paying for the lock-in extension. Rates are still at an all time low and they don't move up that quickly.
August 04 2011
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How's the area in Hamilton Heights NY? I'm looking to buy and want to know if the area is safe & dev

Answer
hamilton-heights-historic-neighborhood-reportCourtesy of:Mitchell Hall, Associate Broker, The Corcoran GroupReal estate questions and referrals are always welcomed.
February 11 2010
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what is a first home buyers grant ?Does anyone have any information on it?

Answer
The first home buyers grant is a grant from a lender for first time home buyers. It has nothing to do with the federal home buyers tax credit from the IRS.It is a matched savings program. The program allows qualified first-time home buyers to earn $4 in grant monies for every $1 saved over a 10 to 24 month period. As a result, potential home owners can obtain a maximum grant of $7,500 for opening an account at HSBC Bank USA, National Association and saving$1,875 through regular monthly installments.HSBC-first-time/first-home-grant
February 11 2010
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