Frequently Asked Questions
Q. I am thinking of putting my home on the market. How do I determine the value of my property?
A. An agent from our company will be glad to visit your home and perform a complimentary market analysis to help you determine the highest price you should expect to receive and the correct value of your home.
Q. Where do I get a list of foreclosed properties in NYC?
A. While Manhattan Network does not currently provide such a list, our bank owned units, when available, will be listed on our website. Just look for the words “Bank Owned” in the listing results heading. Don’t forget to check back often!
Q. I am interested in purchasing but I need a mortgage. How much can I afford to spend?
A. The general rule of thumb, similar to what a bank uses to qualify an applicant, is the 33/38 rule. Simply stated: The amount you can afford to pay on a monthly basis. A bank will generally allow you to borrow an amount of money that equals 33% of your monthly gross salary. Example: If your combined income is $120,000, that’s $10,000 per month! Your housing expenses should not exceed 33% of that figure or $3,333 per month. The 38% figure is the same calculation but you must include your other obligations, i.e. car payments, loans, credit cards, etc.