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HDFC Co-op in Brooklyn? Anyone with experience?

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JoeGermade

Junior Member
Joined
Oct 4, 2004
Professional Status
Certified Residential Appraiser
State
New York
I came across a thread from last year an it didn’t have much information in it. I was curious if anyone else came across one of these? I am doing a HDFC in bed-sty and actually have 2 resales in my building and a few in the immediate neighborhood. All of these buildings are self managed which is the plan of the HDFC co-op. It is impossible to find out any information on the other properties.

My biggest problem is that I can not confirm the owner as the owner. Acris only gives the president of the co-op board on the original deed. The 2 recent sales are on acris with the new owner’s names but I have no owner for 3 of the additional units.

It is also to my understanding from much research on many RE forums that people are blowing of the low income rules and subleasing these properties for market. HPD is not enforcing the rules. If you look in Manhattan they are listing studios for $499K and stating in the ad that you can not show more than a $60,000 income.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
HPD is not enforcing the rules.

In years past I spent half my year doing nothing but HPD but much has changed. I did one a few years ago in Harlem, It was a fixture on my desk for a month, and I swore I would never accept another one. All I can offer is to give HPD a phone call (if you have a few extra hours) and pray for the best. Good luck Joe.
 

Eli Weiss

Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
Bed Stuy is not a typical co-op neighborhood, and even with a regular co-op you will have a tough time, then add in the HDFC factor, I did not long ago a HDFC co-op in the Lower East Side however I was able to find plenty of similar HDFC sales.
 

JoeGermade

Junior Member
Joined
Oct 4, 2004
Professional Status
Certified Residential Appraiser
State
New York
I am not comfortabke because the borrower is part of the co-op board and is filling in the questionairre. He also filled in the one for the bank. Says no flip tax and than writes 70/30. He also checked no to the sponsor being in control of the coperative board.

I have 2 sales and a listing in my building and some HDFC sales in nearby Crown Heights. The ones in crown heights are 2xs the size and sell for 200 - 215k. The ones in my building are 160K, 170K, and a listing for $199k.
 

MBD

Member
Joined
Jan 10, 2005
Professional Status
Certified General Appraiser
State
New York
These units don't transfer frequently. If no prior sales are recorded, there's nothing you can do about it, and just state so in the report.

If Crown Heights is the best available, then use one of those and adjust it out. The way I see it is that you basically have no choice but to use those.

For the subject, make sure you verify the income restrictions, as well as the re-sale restrictions based on what the potential sales price could be based on prior sale and costs of upgrades.
 

esturni

Sophomore Member
Joined
Dec 31, 2003
Professional Status
Certified Residential Appraiser
State
New York
I did some on the LES too, which had a bunch.

If you can't confirm the owner, just state that, and say exactly the research you did. Or better yet, ask the lender if they have any proof of ownership. If not, state that. If I'm remembering correctly, ACRIS will only show the co-op owner if there was a refi or transfer of the unit. In the past I've stated something like "owner of public record was not available per reasearch using.... According to client, and borrower, the borrower is the legal owner of public record"
 
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