Home Buying in Albany>Question Details

Bill Todd, Both Buyer and Seller in 01201

I have an intrest in a property in Amsterdam on 292 guy park ave. the problem I have is the average comp in

Asked by Bill Todd, 01201 Tue Jan 20, 2009

the area on the high end is still 70 k less then the price of this house. How can I get a loan on a house with such a hi price in the area, or are they just asking to much . Plus I would be comming from Pittsfield Ma. and know nothing of the areas aroun as far as safety and school where can I find that info as well. HELP!

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Answers

4
Hello Bill,

The house is on the market. It came back on the market 8/27/08

Shelley Englert,
shelley@all-americanproperties.com
518 812-5510
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Bill,

My name is Tom McGroder, ABR . I'm Licensed Real Estate Broker and Owner of Thomas J. Real Estate Inc. I know the Amsterdam area very well and would be happy to assist you in your search. I just checked my records for 292 Guy Park Ave and found it was last sold in 2006. I would be happy to talk to you about this property and other listings in the Guy Park Ave. area. When you get a chance call me at 518-863-4691 or e-mail me tjm1@frontiernet.net http://www.thomasjrealestate.com
Tom
0 votes Thank Flag Link Wed Jan 21, 2009
Bill,

Guy Park Avenue is an interesting neighborhood consisting of massive mansion type homes down to smaller residences. It's a quiet residential neighborhood with St. Mary's Hospital being located on the west end of it. Because of the huge variation of homes in this area it may not be accurate to use some of these homes as comps. Be very careful that you are considering similar homes for your comparison.

Your concerns about being able to qualify for a loan on a home that does not appraise for the loan amount...banks can not entertain this consideration. They will base the ability to make you a loan on the amount this home will appraise.

Regarding community safety...the best source for this information is the local police department or county sheriff's department.
0 votes Thank Flag Link Tue Jan 20, 2009
Hello Todd,

Thank you for you inquiry. I will be happy to assist you in your property search and answer any of your questions. Looking at the MLS this is a Victorian home in excellent condition and has been recently renovated. Because of the condition of the home it does make a difference with comps. You can put an offer in on the property. It has been on the market for 146 days. The bank would make the ultimate decision before loaning the money. It must appraise at the amount of the loan or close to it, if you plan on contributing money towards the home. Before a bank will lend you the money. And if the bank appraises the home below asking price you have a bargaining tool. With today's market it is unpredictable how a seller will respond to a lower offer.

Please email me directly and I will be happy give you the information you requested about the area. and property. I look forward to working with you.

Thank you,
Shelley Englert
shelley@all-americanproperties.com
518 812-5510
0 votes Thank Flag Link Tue Jan 20, 2009
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