Q & A with Barbara Corcoran

---

Q1 - My husband and I have our house on the market in South Florida.  We want to buy a larger home and take advantage of the lower house prices.  Is it a good idea to take that loss now and be able to buy a larger home, or should we wait until prices come up so we make money on the sale of our house but have to pay a higher price to buy a home?

A - You're in a perfect position to make some money here, and making money in real estate doesn't happen much these days.  If you unload your smaller house at a steep discount, let's say 30%, you'll be able to buy a larger house at the same 30% discount.  And as the price will be considerably higher on your new house, the same 30% discount puts more money in your pocket! 

---

Q2 - Due to some recent health complications, I want to file for medical bankruptcy. Otherwise, my credit is good and I will continue to pay all other bills and credit cards.  My husband and I would like to buy a starter home soon.  How will the medical bankruptcy affect our ability to get a mortgage?

A - According to Al Fazio of Capuder Fazio Giacoia, LLP, you'll need to wait two years before you can get a mortgage on another home.  But the waiting period could be extended because of changes in the economy so you should double check with your lender first to learn the latest guidelines.

---

Q3 - I'm female, 62, living alone on Long Island and am interested in a home I've seen in Hendersonville, North Carolina, which I would buy for my retirement with a home equity loan.  It's been on the market for some time now and the owners have just lowered their asking price from $279 to $275.  What should I offer?  Do I bid below 20% and work up to maybe $215 or $220?

A - Before you bid on anything, go spend a week or two in Hendersonville and see if you like it.  While you're there, ask a local Realtor for a list of similar homes sold within the last two months and what they've sold for.  If you still want to buy the home, bid 20% below what it's worth, not what they're asking, and see what happens.

---

Q4 - We have a studio apartment in Ridgewood, Queens.  It's a regular studio but it has a FULL basement.  I think this would be a great place for an artist or a designer, i.e. someone who needs studio space.  Can you suggest where you feel it would be best to advertise this apartment?

A - Advertise it in the property section on Craigslist.org with the header "Artist Wanted."  Craigslist is a huge and powerful community board and it never fails to amaze me who it brings in.

---

Q5 - We are a retired couple that purchased 300 acres near Billings, Montana 40 years ago as a retirement supplement.  The property is beautiful and has a creek, cottonwood trees, tons of wild game, and overlooks coulees and bluffs.  It's zoned agricultural.  We've had it listed for one and a half years now with no real offers.  What do we need to do?  Re-list it?  Sell portions of it?  Wait till the market rebounds?

A - If you can afford to wait, you'll get more for your property in two to five years than you can now.  But if you want to re-list it you should ask three good, competitive brokers to give you their best estimate of value.  The best way to pose the question is, "At what price would I have to list my property if I want to sell it in 30 days?"  You might not like the answer you get, but you will have heard the truth.  If they tell you it can't be sold at any price, try putting it on eBay for auction.  Offers will come in, but you're not obligated to accept any of them.

---

Q6 - How can I find out who the top Realtor is in my area and who's sold the most houses?  Also, how do I find out what my house should sell for in this market? 

A - You can call your local real estate office and ask the owner or sales manager who their top broker is, but what you really need to know is who the best person is to sell your house.  Every real estate agent specializes in particular neighborhoods and price ranges.  Make sure your house matches their profile, which means it should be similar in location, size and price to the other homes they sell.  Being in the hands of the right top broker will get your house the attention and focus you deserve.  You can check out an agent's listings on their company's website and also at Realtor.com. 

---

Q7 - Where can I get a good deal on a cheap two-bedroom, two-bath in Brooklyn?

A - The best prices right now are in Sunset Park, Greenpoint and also the fringes of Clinton Hill and Bedford Stuyvesant.  You can get a two-bedroom in Sunset Park for around $1,500 or a three-bedroom for around $1,800.  Two-bedrooms in the Clinton Hill/Bed-Sty border will cost you $1,600 - cheap for Brooklyn.  But if you can come up with 10% down, you could buy a place for the about same monthly cost.  There's a great building offered by SDS Procida in downtown Brooklyn where studios and one-bedrooms start at around $350,000.  Snatching a good deal on a sale property is always a better idea than finding a good rental.

---