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Reserve funds by condo's - Howard Hershberg Sep 27, 2012

Are reserve funds required by Fannie may , freddy Mack For loans by them to purchase a condo. Will I get a loan if they do not have a reserve fund?

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Pests - Michele Sep 25, 2012

Hi all...I just discovered that a unit two floors below mine is infested with roaches and rodents (unfortunately...and this is another conversation -- there are way over the number of allowed resident in this unit...and we have addressed that --however, this pets problem raises the ante, a bit).

The roaches are traveling up, and landing in the unit below ours...and then ours. Our neighbor, an exterminator who exterminates at the complex, said the owner has asked for services. And our exterminator will recommend regular continued service. But, I wonder whether the board can step in at some point, since this poses a health problem for other units?

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Con Edison's MFEEP - Eric Michaels Sep 20, 2012

Con Edison just cut a check to a management company in NYC for $54,600.00. This is 70% of the total project cost for the installation of four (4) Building Energy Management Systems. Broken down: Each system cost $19,500, with a 70% incentive per system of $13,650 the total investment per building was $5,850. This $5,850 will be paid off BEFORE the end of this heating season. CALL AEA; THE ASSOCIATION FOR ENERGY AFFORDABILITY...they are the implementing contractors for this Con Ed. program.

DONT CALL OR EMAIL ME.

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condensation on pipes - Pat Sep 19, 2012

Has anyone had a problem with condensation in the "chasing" and how they solved it? Our building is 44 yrs old and the copper piping is going. Not sure if best to go with copper again or PVC with proper insulation. We think there is quite a bit of warm air from outside building getting into the space where the pipes are and in the Summer when the A/C is running, the chases (sp?)start to show water damage. We are experimenting with expensive insulation, but still no luck. Any suggestions? We are an 11 story building with 150 units.

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The correct insulation with a vapor barrier to prevent condensation is a must. You should call IDC Corporation @ 1-800-327-8432 for more information for sweating cold water piping within a sheetrock chase.

If you are heating your building with steam it might be worth considering converting to hot water heat via a hydronic system and replacing all the risers. The cost to replace could make sense depending on the price/headache and stress associated with extensive repairs.

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Thank you, Eric, for the info!

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condensation on pipes - Pat Sep 19, 2012

Has anyone had a problem with condensation in the "chasing" and how they solved it? Our building is 44 yrs old and the copper piping is going. Not sure if best to go with copper again or PVC with proper insulation. We think there is quite a bit of warm air from outside building getting into the space where the pipes are and in the Summer when the A/C is running, the chases (sp?)start to show water damage. We are experimenting with expensive insulation, but still no luck. Any suggestions? We are an 11 story building with 150 units.

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when hiring a new property manager, where to look? - pk Sep 17, 2012

Can I ask those Boards that do not work with a management company, where they look for a new property manager when the need arises? We are a 150 unit coop in NJ and our property manager will be retiring in the near future. Just how near we aren't sure but we want to be ready if it should hapen. we have a live-in Super. Our property manager is a FT position.

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Management - America's Seller Realty Sep 07, 2012
Hello Michelle.
We are a management office you are more than welcome to check the website i will provide you with all the information you will require. We supervised the property regularly, overseeing work-in-progres if you have any question give us a call (347) 219-0155 or (347) 698-0490
Reply

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PK,

Here are a few resources to post your open position:
http://selectleaders.com/ - a real estate focused job board
http://atarid.com/ - a property, hospitality and asset management recruiter
YREPNY - Young Real Estate Professionals of New York has a job board
NYARM (New York Association of Realty Managers) www.nyarm.com

When the time comes your Board of Managers should speak also with property management companies.

Best of Luck.

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thank you all for the responses!

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bringing a new Coop board member up to speed - pk Sep 10, 2012

Can I ask what most coop Boards give newly elected members to bring them up to speed?

We don't have a management company, which sometimes offers classes for newly elected Board members, but I will be looking into . Three months in and I've figured out a few things, ie to get a copy of the By-Laws and a copy of the Proprietary Lease so that I can be familiar with these items. Our building manager has offered to sit down and run me through whatever I need to know, but what should I be asking for? Do most boards have a binder of info they give new members to read? I've also requested, monthly financials, etc How do you welcome your new Board members?

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Adding person to coop ownership - Thomas J Sep 06, 2012

Any board members know how the process goes to add my wife's name as a owner of our coop that i currently own? Can the board do it legally with no lawyers being involved or does a lawyer have to get involved and anyone know what they normally charge if thats the case? thanks

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Thomas - I was informed by our co-op lawyer that to add a person to a share certificate the board needs to approve it as it is like going through an accelerated 'admission process'. The person to be added to the share is assuming responsibilities with regard to the corporation, lease, etc. I made a request at one of the board meetings (in our co-op all shareholders are on the board) for approval and it was put to a vote. In my case, the other shareholders had met and interacted with my husband on many occasions and he was a regular attendee at meetings so the decision was not debated. If he had been an 'unknown' then it is likely that they would have required a short interview. I sent those minutes in a letter to the co-op lawyer requesting a new certificate and lease. Our charge was minimal. There may already be a basic charge in place at your co-op to cover replacing a lost lease or certificate. Hope this helps. NJ

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Hi, the management company that is employed by my coop said i would have to pay around $800 to have a family member added to the ownership lease. I don't know if i should believe them or not because I've caught my coop board members and management in numerous lies as I'm dealing with an "entrenched coop board" and i know the management company is a puppet for the board at this point. I have a feeling they are trying to discourage me by saying it will cost $800 in fees so i don't have it done. The family member wants to join the board and try and correct the building problems and the board is aware of this. please let me know if anyone thinks that $800 is a legitimate fee to have a name added. thanks

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There is usually a fee for this service since it does involve paperwork and issuing a new stock certificate and proprietary lease. This fee might be just a little high, but if it is important to you, pay it and get on with improving the board of that is your goal. Remember that when you add a name to the shares there are ownership rights involved. Be sure to seek legal advice on how to handle this.

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My addition of a family member cost $1000.

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does your proprietary lease or by laws specifically state that a board member has to be a shareholder ? does it state that the board member must live in the building,or any wording along these lines.
unless the by-laws and proprietary lease state limitations, as long as the individual is 18 years old, i believe that is all that is necessary to hold office
it could be a good situation since they don't have to live there and deal with the annoyances that a landlord who rents out part of his home faces with a bad tenant. In this case it would be dysfunctional board..

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I believe if we are talking a legally licensed marriage or domestic partnership no interview or approval would be required. Because a disapproval would be against public policy and state law for legally non-differentiable spouses. However many coops would charge fees for a new stock certificate and proprietary lease made out in both person's names (normally JTWROS but sometimes not).

That does not mean both persons of a married couple couldn't be evicted (but not one without the other) if the actions of one of them create an evictable situation.

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just a couple of comments, NY does not recognize domestic partners, so they have no legal standing in ownership unless a joint tenancy or tenancy in common is specifically created. Second, ownership should not be jtwros, it should be tenants by the entirety which automatically gives right of survivorship as does joint tenancy. Adding with right of survivorship is just a flourish, and can't hurt, but there are differences between tenancy by the entirety which is available to spouses only and joint tenancy which is available to two or more not married to each other.

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our prop lease from 1985 states that same sex-partners are considered the same as spouses for rights of survivorship concerning passing of ownership of the co-op.
one of my neighbors said she paid to put her daughters on the proprietary lease,so there would be no problems for their right of ownership.
however she said her shareholder certificate was never changed to reflect this.
Does she need this updated stock certificate in order for her daughters to not run into problems if she passes,her husband predeceased her.
I orry since when searching for UCC, i only found about 10 out of 60 for this building. I ran the names of the owners, and used my name and others as checks that i was doing it correct, I know they charge for UCC filings and would not put it past them to pocket the money and not file the UCC papers.

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So far I have been told my co op will be charging spouse and domestic partners who want to be added to the certificate over $2,400.00. Does this send a negitive message that they do not want anyone added to the certificate? Or is the managing agent trying to cash in on this new gold mine?

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Management company for small building - Michele Sep 05, 2012

I know there have been recs before, but I ask again (and I want referrals not a response from a management company...sorry)...we are a 15-unit company that needs to upgrade its management company...we need more than just back office. I have one bid...need two more. Again, we are a small complex with multiple needs. Thx.

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Hi Michelle,

I am a President of a 111 unit co-op on the border of Inwood and Washington Heights in NYC. We like Blue Woods Management. They are honest, reasonable (both in fees and the ability to reason with them) and proactive. They have two offices: one in Manhattan and one in Westchester.

I do not know where you are located but I think you should consider them.

Steve

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Steve, thanks much...I will reach out to them. Michele

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Michele,
I am President of the Board of an 11-unit co-op. We've used HSC Management for at least 10 years (that's as long as I've been in the co-op). They are responsive and attuned to small-building needs but have a broad array of services and contacts, which is very helpful to the Board and to the individual shareholders.
Best of luck.
William

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William...many thanks. Michele

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Hello Michelle.
I represent one management you are more than welcome to check the website i will provide you with all the information you will require. We supervised the property regularly, overseeing work-in-progres if you have any question give us a call (347) 219-0155 or (347) 698-0490

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Michele,

We are a 200+ unit condo. I would recommend KW Property Management. They are managing a few condominiums that are your size (4 - 40 units). I have spoken to their presidents when we researched them. They are all happy with the service, responsiveness and backend staff.

Best of luck.

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Thank you so much. Michele

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Reverse Mortgage - Richard J Russell Sep 04, 2012

Today, a Reverse Mortgage is becoming an increasingly popular way for seniors ( 62 or older) to supplement their retirement offering a secure option for accessing cash based on the equity in their homes, condo's and 1-4 family homes - we are working on coop approval with FHA ! .
We have a dedicated team here who specialize in this product and will answer any questions without a fee. We are planning to give free seminars catered here if there is a good amount of interest!
Richard Russell
mortgage@richlandequity.com
212-681-9888

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A reverse mortgage should be an income source of last resort. There are a lot of pitfalls with taking out a reverse mortgage in its current form, not the least of which are the high fees to the banks and mortgage brokers. Here are links to two articles describing some of the cautions and drawbacks of a reverse mortgage, and what will hopefully be done in the future to remedy the abuses:
http://www.wggb.com/2012/09/04/stronger-oversight-of-reverse-mortgages-needed-to-protect-seniors/
http://www.smartmoney.com/spend/real-estate/the-pitfalls-of-reverse-mortgages/

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FACTS:

Established by Congress over twenty years ago, reverse mortgages are still a fairly new family of financial products. Though most seniors and retirees are familiar with reverse mortgages, a great many myths still exist that cloud the important and relevant facts. The list below will help you dispel the common misconceptions about reverse mortgages.

Common Reverse Mortgage Misconceptions:

1.) When you obtain a Reverse Mortgage; the bank owns your home.
False: You will maintain the title as long as you live in your home, keep it maintained according to FHA requirements, and pay your property taxes and homeowners insurance.

2.) Reverse Mortgages are very risky.
False: Reverse Mortgages are widely regarded as a safe financial product. The federal government has placed strict regulations and safeguards on Reverse Mortgages to protect seniors. Additionally, the National Reverse Mortgage Lenders Association (NRMLA) was created to develop and promote best practices in the Reverse Mortgage industry. Genworth Financial Home Equity Access Inc., is a member of NRMLA and strictly adheres to its Code of Ethics and Professional Responsibility.

3.) Your home must be paid off to qualify for a Reverse Mortgage.

False: As long as there is sufficient equity in your home, you may be eligible for a Reverse Mortgage, even if you still owe money on your existing mortgage. However, the existing mortgage balance must be paid off at closing. You may be able to use the funds from your Reverse Mortgage, or another source to pay off that balance.

4. )You could end up owing more than your home is worth when it is sold.
False: You or your heirs will not be required to repay more than the value of your home at the time of sale to repay the loan the loan even if your loan balance exceeds the sales proceeds.

5.) Reverse Mortgage proceeds are taxable and will affect your Social Security and Medicare.
False: Reverse Mortgage loan proceeds are not taxable because the IRS does not consider them as income. In addition, a Reverse Mortgage will generally not affect regular Social Security payments or Medicare benefits. However, certain need-based government aid programs, such as Supplemental Security Income (SSI) and Medicaid, may be affected. We recommend you consult with a qualitified professional to determine the specific rules.

6.) The bank takes your home upon your death leaving nothing for your heirs.
False: A Reverse Mortgage functions like any other mortgage with a lien placed on the property. When the loan becomes due it must be paid. Generally, you can pay off the loan balance two ways: You or your heirs can sell the home and use the proceeds or use other sources to repay the loan.

7.) There are restrictions on how you can use the money.
False: You can use the net proceeds of your Reverse Mortgage funds however you see fit—there are no limitations. However, if your home is in need of FHA-required repairs or you have an existing lien, judgment, or taxes that are due, those must be satisfied, either through the Reverse Mortgage loan proceeds or prior to obtaining a Reverse Mortgage. Whatever your circumstance, we recommend that you speak to a financial advisor.


Richard Russell
212-681-9888
mortgage@richlandequity.com

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You say working with FHA to approve reverse mortgages? And how are you doing that? I didn't know that a brokerage firm was also a lobbyist. Curious to know how you plan to circumvent a law that doesn't exist.

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Some brokers are trying to push reverse mortgages as the quick-fix for senior's financial concerns. Its the same pitch used to get people to re-finance fixed-rate wtih variable-rate mortgages so they could treat their homes like piggy banks and just keep taking cash out. Let me repeat myself, REVERSE MORTGAGES SHOULD BE AN ABSOUTE LAST RESORT FOR PEOPLE WHO ARE IN NEED OF CASH.

Did I say that loud enough? If you think your circumstances may be best resolved by a reverse mortgage, speak to a trusted broker, not some know-it-all who tries to push it on you without the slightest idea or notion of what would work best for you.

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I quiet agree Steve, and I can see that Richard Russell's entire explaination was plagerism.

I wonder how many points Richard Russell makes off a reverse mortgage? Could be his motivating factor?

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Quite*

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Further, the 'points ' earned was also of concern here. After bringing this very fact up to FHA they replied that it is a fee subsidized by the government and not only does it NOT adversely effect the rate, terms or the 'product' in ANYWAY it in fact it is a 'wholesale channel, ergo: all is LESS expensive.

FHA prefers these firms to handle these programs to properly promote this to seniors as consumers attempting this directly with lenders, which is fine, are not made aware of all the aspects of the program AND alternative ones as Reverse may NOT be good for all that inquire, etc.

'Retail 'lenders are only interested in bottom line (profit; IRR, etc.) and NOT the consumer.

Good Night Arthur

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Mom was approached by 2 different companies offereing Reverse Mortgages. They BOTH said that SHE COUL NOT GET A REVERSE MORTGAGE UNLESS THIS BUILDING WAS FHA APPROVED! The first wanted my mom & the business manager to split the cost of getting FHA APPROVAL. The sencond broker was willing to split the cost with the Building manager. We were led to belive for months that get FHA APPROVAL was a PIECE OF CAKE it was only at the last minute that we were told FHA APPROVAL is ot given for condo that were formally hotels.

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Any dedicated profesional person\entity is all that is required to achieve the goal for Coop Reverse Mortgages.The 'widge't that creates commerse for those firms who are trying to reopen this channel is irrelevant. With the proper connections on the Board of Fannie Mae and other professional entities that are tangential to this effort will, in aggregate, assist in reopening this channel for Coops.

FHA approved Reverse Mortgages for Coops in 2008-10. The present governmental agencies who are responsible for this simply do NOT understand these asssts but they are the VERY assets that kept this local market 'stable' after Lehman due to the most Coop Board guidlines in approving purchasers. For example, 20-30% down NO,100% financing and all that 'sub prime financing' which occurred was not allowed for Coop Board approvals

Cooperatives are the most discriminated asset by all financial institutuions due to Dodd\Frank, et.,al

The comment about 'brokerage firm's' by 'Arthur' is a bit naive,self serving and uncalled for. What is required is a dedicated group of authentic professionals, no lobbyists or 'freeloaders' here to succeed in this effort.

We do not need any further assistance but will continue to try as it simply is a misunderstood asset by these overregulated governmental agencies..

FACT: The people,shockingly and sadly, with the most objection to this Reverse Program, in general, are the children or other entities who will inherit the asset now with more debt against it, which this results in, but served ONLY to assist to better the standard of living of the current owner occupants over the age of 62 who earned it !~.

A truly repugnant FACT

Lets focus on a solution here rather than these irrelevant comments

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> Join the conversation Comments (1)

It isn't "naive" to ask a question about process -- I doubt a board member on FM would ever lobby on behalf of mortgage brokers as the two entities together is what created this debacle in 2008. So don't deflect answering the question by name-calling and superficial comments.

There is a reason that a reverse mortgage isn't approved for co-ops, the danger they present requires scenario management because regulations are, in fact needed -- just as regulations are needed in a company -- before deciding to lend into that market. You seem to be hung up on non-business people authoring the laws? How many business people wrote the laws that allow you to function as a broker? Probably not many, so let us give credit when credit is due and stop blaming DF for all the financial market "woes."

Rushing the process and framing the debate as a regulation issue, gets away from the real question of reverse mortgage effectiveness -- which I think Steve and I have shown them to be a very last resort.

The solution is clear -- don't allow brokers to lobby for a law when they are arguing that reverse mortgages are a great tool when they clearly can't see the danger in them. But, hey, these are irrelevant comments, right? advice: My Understand the product before you bolster some tangential relationship that you believe will "impact" a federally reviewed law process.

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not sure why the comments -- i try and help people.
If you have a legamant question\concern that is non biased and\or self serving please respectifully ask it
who are you by the way ARTHUR (??)-- that would be of interest i am quite sure

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I just returned from the New York State Realtor meetings and reverse mortgages for co ops were discussed. They are a long way from being approved. NYS Association of Realtors will be looking into the matter. They are definitely not available as we speak.

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There are loopholes to this reverese mortgage thing. I live with my 82 year old mother in a condo she owns. She was approached about getting a reverse mortgage which she really felt would help us - we are both struggling financially.

FIRST: In order to get the reverse mortgage the build MUST be FHA APPROVED. For the next almost 8 months the person wtih the reverse mortgage & the condo building manager worked to get FHA approval (they split the cost).

THEN mom was told it was only a matter of a few more signatures & it was a DONE DEAL!

As mom & I waited for things to be finalized we were hit with another brick wall - mom was REJECTED - why?

Condos that were at one time HOTELS then converted CANNOT GET FHA APPROVAL. We live in what is considered a well-known building with a long history as a hotel, a shelter for soliders returning from World War II the history of this building has NEVER been kept secret.

Why after what is now 9 months do we find out that condos that were formally hotels CANNOT GET FHA APPROVAL?

People need to be aware that though they may meet ALL THE CRITERIA to ge a reverese mortgage if their building (for whatever reason) cannot get FHA approval they WILL NOT get the reverse mortgage.

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Reverse mortgages can be a great idea for many seniors but you have to be cautious of some of the reverse mortgage pitfalls. Many seniors are going to find this ---
http://www.reversemortgagelendersdirect.com/reverse-mortgage-disadvantages/

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It is not a bad idea to find webpages detailing the many pitfalls of reverse mortgages that are *not* provided by companies trying to sell reverse mortgages. Here are two from sources not connected with selling reverse mortgages:
http://www.wggb.com/2012/09/04/stronger-oversight-of-reverse-mortgages-needed-to-protect-seniors/
http://www.smartmoney.com/spend/real-estate/the-pitfalls-of-reverse-mortgages/

If the same webpage that describes the pitfalls of a reverse mortgage also offers a "Calculate Your Eligibility" section, ponder how unbiased the information really is.

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