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Dottie Herman, CEO - Prudential Douglas Elliman Real Estate (New York)

Dorothy Herman, Dottie, is the quintessential New York success story. In only two decades, she climbed to the pinnacle of the housing industry – CEO of Prudential Douglas Elliman (www.prudentialelliman.com), the #4 ranked real estate company in the United States.

Today, under her leadership, Prudential Douglas Elliman is the top ranked residential brokerage in the nationwide network of Prudential Real Estate Affiliates, with over 3,800 real estate professionals and 675 employees working in more than 60 offices in Manhattan, Brooklyn, Queens, Long Island, the Hamptons and the North Fork.

Dottie created a company that serves the customer’s every real estate need. In addition to leading New York’s largest residential real estate brokerage and rentals, she also controls a portfolio of real estate services, including commercial and retail leasing and sales, relocation and settling in services, new development consulting and also Manhattan’s largest residential property manager, Douglas Elliman Property Management, as well as PDE Title, and DE Capital Mortgage.

Dottie began her career on Long Island, and purchased Prudential Long Island Realty in 1989. After turning the company into the powerhouse brokerage operating on Long Island and in the Hamptons, she purchased Douglas Elliman, Manhattan’s largest and most prestigious brokerage firm, with her partner Howard Lorber in 2003. Since then, Prudential Douglas Elliman has become the largest and fastest-growing real estate firm in New York, stretching from Manhattan to Montauk.

In recognition of her leadership in the industry, Dottie was named one of the 100 Most Influential Women in New York for 2007 by Crain’s New York Business. She was honored by Adelphi University as the 2007 Outstanding Executive on Long Island and was invited to participate in the Festival of Thinkers held in Dubai and Abu Dhabi in 2007. Dottie took a leadership role in this year’s Cutting Through the Red Tape: Building Long Island Today and is a long time supporter of the American Heart Association, the Tilles Center for the Performing Arts, the Southampton Hospital, and the North Shore Long Island Jewish Hospital.

Dottie is also an honored contributor to The Sunrise Fund at Stony Brook University Medical Center, a program established to raise awareness and funds for pediatric oncology programs. In the summer of 2008, Dottie was honored at the 12th Annual Heart of the Hamptons Gala, receiving the Distinguished Community Leadership Award for her continual support and contributions.

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Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - What is the process and what are the fees for renting a house in the Hamptons? (broker fee, application, necessary paperwork) A - Finding the perfect Hamptons rental can be a difficult process, which is why having a knowledgeable real estate agent to guide you through the process from start to finish is important. In selecting your agent, make sure you pick someone who understands your needs. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I own a three-family home in Massachusetts, and would like to use it as a rental/income property and purchase a home in a more rural area. Can you help me find a lender? I spoke with a lender who said that they would not consider the rents from all three apartments because it wasn't on my taxes as such. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Dottie Herman Q1 - My friend applied for a mortgage and the bank told her she didn't have to do an appraisal.  I applied for a mortgage with the same bank and they told me I had to pay $370... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - What is Title insurance? A - This is an insurance policy that insures against errors in the title search, essentially guaranteeing you and your lender's financial interest in the property. It checks for any defects, liens or encumbrances on the property that may affect the rights of ownership, possession or use of the property. It is issued after a complete examination of the public records. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I'm buying a house and am currently in the process of getting a mortgage. Can I buy a new car now or should I wait? A - When you are applying for a mortgage you should NOT be opening any type of new credit. This is including but not limited to, car loans, credit cards (of any kind including store cards) student loans, personal loans etc.... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I am behind on my mortgage payments. Should I take money out of my 401K to stay current? Call my lender? What steps should I take? A - Taking money out of your 401K is probably not the best decision. You can be penalized and taxed. You can call your lender to inquire about modifying your mortgage, or find out if you qualify for a refinance. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Dottie Herman Q1 - I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn't settled.  Now, after trying to do a modification and not getting it, the house is on the... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I am retired and re-financed from 15 to 30 year fixed in order to lower my monthly payments. The interest rate was at 5.25 %. Is it worth to pay off the entire amount owed, which is $160,000 from my savings, or should I continue paying the lower monthly rate for the rest of my life? Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I have an opportunity to purchase a Fannie Mae property that needs work, 75% of which I can do myself. I plan to make an offer of about $40,000 less than they want, because the house not only needs a lot of work, but I won't be able to sell right away, I will have to rent. Is there anything I should check out beforehand? I know the house is offered AS IS, so I think I have a chance. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I am the seller. What can I ask for from a buyer before contract, besides a pre-approval? Can I ask for the loan officer number or for a contact at the bank? Or, can my lawyer request that they have a commitment within 45 days or else the buyer will be liable for $5-10 thousand of their $80k down payment? Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I am moving to New York City and I am going to need to find an apartment. What do we need to know about renting or buying in co-op? Versus a condo? A - Subletting in co-ops is generally discouraged. Co-ops that do permit subletting often limit the lease terms and will ask the prospective tenant to submit a lease application, ... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I am thinking of selling my co-op. Can you explain the process and where I should begin? A - The process of listing your apartment for sale has several steps, so finding out as much information as possible in advance is an excellent idea. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Are there any options similar to refinancing without the added costs? There are no-cost refinance options out there, but when a lender says that there will be no closing costs, they generally give the borrower a higher interest rate. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Dottie Herman Q1 - My son is currently renting in NYC. Assuming he has money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - I was thinking of closing credit cards and someone told me that can negatively impact my credit. Is that true? Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - The bank sold my mortgage loan to another financial institution without my permission. Can it do this? A - Yes. Federal banking laws and regulations permit financial institutions to sell mortgages, and/or transfer the servicing rights, to other institutions. Consumer consent is not required Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - Which is better - A piggyback, or a traditional loan with MI? A - Either method has both advantages and drawbacks. For example, MI may be cancelable after a fairly short period of time through no effort on your part, ... Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - What Is APR for Mortgage Loans? A - "APR" stands for annual percentage rate. The APR is a much better indicator (than just the interest rate) of the actual cost of a mortgage loan, as it estimates what you'll pay over the course of an entire year. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - What is a reverse mortgage? A - A reverse mortgage is a special home loan product that allows a homeowner aged 62 or older the ability to access the equity that has accumulated in their home. Read More

 
Q & A with Dottie Herman

Q & A with Dottie Herman

Q1 - What are discount points ? Read More

 
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