Janine Bowen

I know you asked this a while ago, but I've been incredibly busy in this crazy market. There are many questions that need to be answered before a useful answer can be given to your question. How long have you owned your home? How much equity do you currently have? What is your home worth today? What is your credit history? Are you carrying debt? What type of multi-family were you looking to purchase and where? How much did you want to spend? I'd say the first thing to do is to determine what your home is worth, so that you could decide how much you would might be able to rely on as a downpayment, and then to look at possible scenarios from there. Once you know where you currently stand you can make a more informed decision.. That said, if you currently have any car payments or credit card debt use the extra money to get rid of those high-interest items, make sure that your credit is stellar so that you can qualify for the lowest rate and make sure that you are currently paying the lowest rate possible on your current loan, which, hopefully, is not an ARM with a looming balloon payment. Call me at 845-616-6289 or send me an e-mail at janineb200@gmail.com if if you'd like my help in valuing your current property and I'll come out at your convenience. - Fri Jun 6 2008, 17:29

I think you are referring to locations in NJ, if I am not mistaken. This is appearing in the Marlboro, NY section of Trulia. If I could help, I would. :-) - Fri Jun 6 2008, 16:42

Hey Mark - are they both in the same subdivision? Are they located along the street or on a cul-de-sac? It really depends on the topography, the location, the type of utilities (well,septic, municipal) and the surrounding area. Let me know more details of the homes and I will give you my opinion of the price differential (if any). - Fri Jun 6 2008, 16:32

It depends on your motivation and ability. I agree that checking the courthouse is a great way. Keeping your eye on the Legals in the local paper, researching the proprty and attending the sale at the courthouse steps is another way, but I recommend you work with somebody skilled in this area before attempting to go this route, as there are many factors to consider, including the fact that you are bidding against the pros (usually) and that you are buying a property that you know very little about, including it's actual current value as opposed to it's repaired value. If you work with a Realtor that knows foreclosures and short sales they will be able to help you determine an asking price that might be considered by the bank and will also keep you posted as to the latest foreclosure listings and price reductions. This may be a better way to go, as you will be able to do inspections and possibly have the bank correct some issues before you get in over your head. - Fri Jun 6 2008, 15:52

There are express trains to Manhattan from both Poughkeepsie and Beacon as well as many other towns. You can find a map and list on the site shown below, as well as schedules and fares. Driving and parking in Manhattan is an expensive nightmare as anyone who has spent the morning stuck on the West Side Drive or the FDR thinking about their impending unemployment can tell you. That said, the best place to live will depend on your other needs as well. If convenience is the most important factor then my suggestion is to look at how much you have to spend, what you would like to get for that money and choose a location as close to Manhattan as possible. As a rule prices go up the closer you get. So if you are looking for a three bedroom, 2 bath home on a half an acre, you might find one in Poughkeepsie for around $300K, whereas the same home in Ardsley would cost $650K. My suggestion is to get a paper and pencil and write down the qalities that you MUST have in a home and location, those that would be nice to have and those that you could take or leave. For example you might want to live in a neighborhood, or to have privacy and seclusion. You might want to be close to major shopping or prefer a small-town atmosphere. Do you have a hobby that you'd like to continue to pursue in your new venue? Once you've narrowed down your needs it will be easier to decide the right location to call home. You might also be willing to drive a few extra minutes from the west bank of the Hudson River to get the train in Poughkeepsie, Beacon, or Garrison. My personal favorite places, if it is of any help, are Cold Spring, Rhinebeck and New Paltz. Good Luck and let me know if I can be of any further help. - Sat Nov 24 2007, 17:32