When you negotiated the price on the unit, did they disclose to you anything about closing costs? If you were given a copy of their offering plan to look through, which would contain this information, then I would say that you most likely will not be able to negotiate. The offering plan is generally in the form of a soft cover book, and is rather lengthy, so you may not have even read it if you were given it for review. If, however, the selling agent did not give that document to you, and did not disclose to you the costs that you would have to bear, I would say that in this market, you could still negotiate. I don't think that a selling agent should expect you to know that a buyer is typically required to pay the NY State and City tranfer taxes for the seller on new construction, plus additional costs for attorney fees, sewer hook-ups, you name it, it could be in that document.
Keep in mind, you have not signed a contract yet, so anything can be worked out.... more
Finding a loan for a condo in which the community is predominantly tenant occupied may be difficult. Most lenders require that a certain percentage of the complex be owner occupied (more owners than tenants). Keep in mind, even if you are purchasing this condo using all cash (no loan contingency), when you go to sell it, a potential buyer will face the same challange you face now - owner vs. tenant occupancy and lendability.
Coldwell Banker - Folsom, CA
(916) 622-7337... more
Before making any purchase - whether a home or condo, new, old whatever - you have to evaluate why you are purchasing. Generally speaking, if you plan on staying in a particular property for at least 5 years and you can get a good deal, it's a good investment. Keep in mind also that an older unit will probably have lower property taxes because of the age of the unit. At the end of the day, a good deal is a good deal. Even if the prices continue to decline, they won't do that forever. Trying to time the real estate market is almost like trying to time the stock market; next to impossible. You should hire a buyer rep to work FOR you instead of merely WITH you to help you make the decision. You're paying a commission already so why not take advantage of the market conditions. If I can assist you in some way, please feel free to contact me.
Certified Buyer Representative
Century 21 Princeton Properties
I'd recommend you contact Adam Waldman of RE/MAX Best in Suffolk. He is excellent, highly professional and knows the Island. As a former Long Islander and fellow RE/MAX agent, I can vouch for his integrity. He's in a class by himself!
Sag Harbor is a lovely old whaling village. Full of quaint whaler's homes, a small village with good restaurants, stores and located on the Long Island Sound it is less trendy than the Hamptons and somewhat more afordable. Everything on the east end of Long Island can be rather expensive but it is definitely worth huntington for a bargain. The bicycle riding is second to none, the scenery is fantastic.... more