If the properties are located in the City of Buffalo, and they are in foreclosure. They will be located on the cities in rem list. That auction is usually in early or late October. Click on the link I provided to see if homes are still in foreclosure.... more
She should show proof of funds (savings or checking account statement) with her rental application and offer to prepay a few months rent if necessary. She shouldn't have too much of a problem as long as the landlord is pet friendly. Offering to buy renters insurance or liability insurance naming the landlord as an additional insured could help with them accepting pets.... more
I live in the North Buffalo Area, and can tell you there is a good inventory of doubles in the area. Converting a single family home into a double could cost get very pricey. Factoring in the age of the homes in this area, dormers, boilers and any joist replacement get expensive. Reworking a classic double with the hardwood, and natural woodwork you probably want, is really the way to go. Good luck on your retirement, and I hope to see you in the Neighborhood soon!... more
Section 8 and Belmont are government subsidies for low income rental applicants. In most cases the price of Rental is frozen and can not go up, and rent is paid directly from the housing program. I have provided a link for you below on Belmont and Section 8.... more
All of the answers here have merit, but what this probably comes down to is how bad you really want the condo. I agree with the fact that the seller should have the repair done and in a perfect world it would be. But we unfortunately don't. So here is a way to try to get in the condo and appease the lender. Maybe ask if the agent can have the seller pay with a check, and you could pay the other half yourself to have repair done. I will say that I'm surprised at the lenders response, it's not fraud in my opinion and a credit is usually an easier solution than repair, because of time spent to repair, or get a repairman out there. In some cases, however it would require the mortgage transaction to have to start from the beginning. VA Loans also go through a separate appraiser who handles those loans because they're 100% backed by the government, so that puts you in a tough position. Your best case scenario is the personal check from seller and you have the issue resolved before you early occupy. Otherwise you would be probably be stuck fixing it yourself, seeing as though once you take possession it's hard to have seller have things done. Good luck, and keep us posted!... more
Naomi, their are many dynamics in play in regards to your situation. As others have pointed out, the bankruptcy will prove problematic which is why you mentioned that situation.
My advise to you is:
1. Contact a Buffalo Realtor to assess they type of real estate you are wanting to purchase. The type and price point are influencers that need to be recognized also.
2. Your Realtor will have an inventory of lenders who have a track record of delivering solutions on time under budget and without the hysteria.
3. Work with the referred lender to establish a path to a successful purchase. If not now, six month or 12 months from now.
Because the Realtor and mortgage broker have a symbiotic relationship, BOTH will be persistant in pressing to find a solution as soon as possible. New loan products come up at surprising frequency. All that will be required of you is LOYALITY and staying the course by reducing spending, saving a few dollars, paying on time and keeping that P/L in the black.
Does your business have receivables or inventory that can be applied to the lending process? Be sure to mention this when chatting with the mortgage broker. If the mortgage broker gives you the 'deer in the headlights' look, ask your Realtor for another referral.... more
Actually this property is located a few miles from Downtown Buffalo, and the Seneca Casino that was built recently in Firs Ward, or Cobblestone District as it can be called. The property on Briggs is located in Riverside. If you have any more questions please feel free to let me know.... more
It shouldn't be an issue at all, lower priced homes are selling quickly in the City of Buffalo, Riverside, West Side, and the East Side. Banks have been much more agreeable with terms, in regards to these lower cost properties, since they carry less risk. Have you contacted a mortgage broker yet? They should be able to give you a good idea if you can be Pre-Qualified for a home purchase. Also checkout Homefront in Western New York works in conjunction with First Niagara and M & T Bank. They have a first time home club that matches your deposits if you stay in the program. If you complete it they match it at 4 to 1 margin. It all goes to your closing cost's. The program can vary from 10-12 month's, in case you were looking to move quickly.
I also included a link for Homefront for you to check out. If you have any questions feel free to contact me.
Licensed Real Estate Associate
Keller Williams Realty
Web Reference: http://www.homefrontbflo.org/financial/index.php?id=13... more