Home Buying in Fishkill>Question Details

Stuckinpok, Home Buyer in Fishkill, NY

Buying an older house

Asked by Stuckinpok, Fishkill, NY Mon Nov 22, 2010

The Dutchess county real estate market seems to be saturated with raised ranches, split levels and colonials built in the 60s and 70s. I think there may be some gems among them..houses that are well maintained and that we will be able to sell in 5 or 10 years without taking a beating. But how does one go about finding such a diamond in the rough?

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It is not my intention to monitor Trulia for legal compliance, but far too many people fail to fully consider the consequences of their words and actions. Any buyer, seller, landlord or tenant can seek advice from an agent even if he or she is already working with one. You obviously didn't start the conversation. But that doesn't mean you can say whatever you want. And Brokers more than anyone should know that.

"If the only "advice" your agent has given you is to Buy New, I would suggest replacing your agent."

You advocated breaking an agency relationship. What if "stuckinpok" has an exclusive buyer's agent contract? What if changing agents results in "stuckinpok" paying an extra commission?

If someone tells a doctor that he has a bad headache, the answer isn't take 2 aspirin and call me in the morning. There are a number of questions which precede the diagnosis and prescription. Previous occurences, other symptons, medicine allergies, etc.

Let's all remember that buying a house is the biggest financial decision most people make in their lives. As professionals we need to remember our fiduciary obligations to put their best interests first.
1 vote Thank Flag Link Mon Nov 22, 2010
There are still a plethora of "move in ready" properties out there, which are undervalued due to the vast inventory currently on the market (supply/demand). I suggest you sit down with your agent again and really focus in on exactly what you are looking for. They're out there and pretty easy to find. Best wishes!

<>< Jim
Web Reference: http://DutchessRE.com
1 vote Thank Flag Link Mon Nov 22, 2010
Gregory,
you are absolutely correct, since Stuckinpok has stated below that they are working with an agent--not sure why some of the posts below appear to be violating of the Realtor Code of Ethics-- Duties to REALTORS Article 15 REALTORS® make only truthful, objective comments about other real estate professionals. Article 16 Respect the exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with their clients.
1 vote Thank Flag Link Mon Nov 22, 2010
For those practicing law without a license:

Tortious interference, in the common law of tort, occurs when a person intentionally damages the plaintiff's contractual or other business relationships. This tort is broadly divided into two categories, one specific to contractual relationships (irrespective of whether they involve business), and the other specific to business relationships or activities (irrespective of whether they involve a contract).
1 vote Thank Flag Link Mon Nov 22, 2010
There are plenty of good buys to choose from, and if you are not yet working with an agent, consider it--your agent can keep you informed as new listings arrive on the market, price changes, provide comps, etc.; try not to worry too much about the market down the road, as none of us knows for sure where it will head--instead focus on finding a property that will suit you financially, and fulfill your wants, needs, lifestyle, etc.
1 vote Thank Flag Link Mon Nov 22, 2010
You are 100% right Gregory, especially your last line! Now lets hope the advice he has received is taken to heart so he can make an informed decision on purchasing his first home.
Web Reference: http://www.slpnyct.com
0 votes Thank Flag Link Wed Nov 24, 2010
Dutchess County offers plenty of charming antique homes. I specialize in historic residential properties and would be more than happy to send you homes available based on your criteria.

Contact me for assistance by e-mail or phone. Find my full bio and contact information by clicking on the link provided.

Have a Happy Thanksgiving!

-Kym
0 votes Thank Flag Link Wed Nov 24, 2010
Thanks for your answer James. Unfortunately we are not in a position to do any renovations or work on a house and I suspect anything that remains undervalued would not be in move-in condition.
0 votes Thank Flag Link Mon Nov 22, 2010
Just to add to Larry's answer, which was a very good one ..... there are a LOT of great values right now in Dutchess County with the inventory being so great (I think I've seen most of them ;-). I've sold some that had instant equity and some that with just a little sweat equity will be a real blessing when resold. Case & Point: One of my buyers purchased a great split level on 5 acres near the beginning of the year for $234K. He invested approximately $12K in renovation material (plus his own labor) and just refinanced at a lower interest rate. His new appraisal came in at just under $380K.

If I were you, I would have your agent very seriously look for those undervalued properties that meet your needs and pretty much disregard what the unprofessionals are saying. Prices have just started ticking up here in Dutchess, but the opportunities are still plentiful. If you need a second opinion on anything I'd be glad provide.

<>< Jim
Web Reference: http://DutchessRE.com
0 votes Thank Flag Link Mon Nov 22, 2010
Larry, Thanks for your answer. Indeed it is not our agent who is advising to only "buy new" but just about everyone else. We do not have an endless amount of cash and there is just no way to truly know what hidden problems that nice looking older house has..I keep getting visions of us as the couple in that old movie, "The Money Pit".
0 votes Thank Flag Link Mon Nov 22, 2010
Anna, We are working with an agent, but ultimately the decision will rest with me.. The only advice we've received is "buy new". I feel may we miss out on good values in the existing home market if we only stick to new houses. My primary concern is actually with resale. It's not clear if the Dutchess County economy has a real future, so I have to consider the possibility that we will need to get out within a few years..at which point our 40 year old house will be 45 years old and possibly out of the running.
0 votes Thank Flag Link Mon Nov 22, 2010
HI Stuck, We are huge fans of older homes built in the 40's, 50's, 60's, and some 70's. The construction and quailty of materials used far exceeds whats typically used today. Lisa had an older home that had 45degree tongue and groove board instead of today's ply wood. The home was so sound proof,leak proof, and definitely built to last. Learn styles of homes to help you find your diamond in the rough. Cape Cods, ranchs and dutch were the ones most built to last. standard colonials seem to have narrow halls, uneven flooring, and lower ceilings we don't know why but thats what we've found to be the case in the NJ homes we've seen.
Learning the styles of the era's will help you in addition you must look at the home today because of renovations that may have been done and additions to the home. Remember the additons may have to come down as some were put up with a lick and a promise.

All the Very Best
Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Mon Nov 22, 2010
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