Manav Thaker, Home Buyer in 11209

What is the best way to buy a home that need renovations?

Asked by Manav Thaker, 11209 Sun Sep 8, 2013

Hello, and thank you in advance for your help.

My wife and I are first time home buyers and are looking for resources into buying a home that needs gut renovations. We know exactly what we want to do with our house, and do not want to pay more for a newly renovated property when we will end up fixing it up again.

There are not many sites online that cater to those types of properties, and looking through government sites are not streamlined and do not offer much.

Hope someone can help.

Thanks,
Manav

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Answers

5
Dear Manav:

Your best bet would be to speak to as many agents as possible and have them look for homes that suit your needs in the neighborhoods that you like. As a buyer you do not have to tie yourself down to one agent, you can work with as many or as few as you like. The more agents you speak to, the more eyes you will have looking for a property for you.

You should focus on agents that specialize in the neighborhoods that you like. You can tell which agents specialize in a certain neighborhood by looking at who has the most listings in the area. Also, when an agent calls you and tells you about a house that is good for you, don't ask too many questions, just go out and look at the property! Sometimes agents do not realize how hot a property is, especially in today's market. If you do not go out and view the property post- haste, you will miss the opportunity!

If I can be of further assistance, please contact me direct. I cover most of Brooklyn.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Mon Sep 9, 2013
does the house needs renovations or repairs if it needs both probably a 203k is the best way to go
0 votes Thank Flag Link Thu Sep 12, 2013
You would need to get a 203k FHA renovation loan. Wells Fargo has an excellent program. Contact me for more information at 917-272-4443
0 votes Thank Flag Link Mon Sep 9, 2013
You could consider working with an agent of your own....if purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore if you haven't done so yet, visit with any licensed loan officer for your mortgage options....
0 votes Thank Flag Link Mon Sep 9, 2013
For a first time home buyer; this tough.
Not only from the financial side, but the time, emotional and stress level sides as well.
But financially; in most of Brooklyn it is going to take a lot of cash. Sorry to be so blunt, but the few financing options there are; either the 203K FHA programs or hard money lenders, neither will work for a first time home buyer or within the budgets of a 203 K program for a "gut renovation". And frankly you will probably be out bid by the investors with cash for such properties in this market.
To get to your dream house normally takes at least 3 moves, to build up the equity (Cash) to be able to build or buy your dream house.
Depending on your personal recourses, other plans may be an option but no matter which way you look at it "gut renovations" always require a lot of cash, before a Bank will refinance and put a mortgage on it.
Feel free to call or e-mail for further help or assistance.
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Mon Sep 9, 2013
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