Neiecy, it appears that you have a couple of things working against you. The first is Section 8. The second is that you have a family of 6, which limits the choices. There are landlords who are willing to take Section 8 tenants. If you would like assistance in finding a suitable home for your family in your desired target area, give me a call and I will gladly help you.
John A. Weber IV, Associate Broker
Bayview Estates Realty
(516) 777-0146... more
You really want to consult with your Mortgage Banker for the best estimate of closing costs on this transaction. Closing costs are ALL the fees you pay associated with purchasing the home including:
-Home Inspection Fee
-fees you pay your Lender to apply for the mortgage loan
-title fees including searches and insurance and Survey
-New York State mortgage tax
-County Clerk recording fees
-first year of Homeowner's Insurance
-your Attorney fee escrow deposits to create your escrow account with your Lender for property taxes and homeowner's insurance
-the oft-hidden closing cost in Nassau County: the adjustment to the Seller for property taxes already paid.
In general, if you're getting a NO POINTS loan from your Lender, then your total closing costs should be roughly 4-5% of the mortgage amount, not counting the property tax adjustments to the Sellers. Expect to pay roughly 8 months worth of property taxes at closing for your escrow deposits with your Lender AND the adjustments to the Seller.
As far as paying Realtor fees: why would you do that? The Seller typically pays the real estate commission, not the Purchaser. The exception to this rule would be if you hired a Realtor as your Exclusive Buyer's Agent and you are required to pay a portion of the real estate commission to your Buyer's Agent that's not covered by the Seller's MLS commission split with the Listing Agent.
Bottom line: for the best assessment of your closing costs speak to your Mortgage Banker, not your Realtor.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
A home is only worth what the market is willing to pay for it. Be careful and fully examing a REO owned property before investing in it. I do not subscribe to the notion that the homes are listed close to there value....unless they are in move in pristine condition.
Take in to account the money required to repair the home. (Banks as far as I know do not inspect the homes and the agent that list them probably doesn't either..I say this because several of the homes I have looked at had no fixtures, copper pipe removed, flooded basements, ect...and no mention of this in the listing).
I have looked at 30 REO properties in the past 3 weeks. I would not have deemed one of them move in condition. While the asking price of the homes would have met the comps in the areas, the amount of work required to get them to even pass an FHA inspection would have turned a bargain into a money pit..
I just recently put an offer in for a home. I offered about 15% below the asking price. Why...the asking price was comped to the area, however, the furnace doesn't work, siding was missing on the outside, there was mold that had to be removed, many of the light fixtures were missing, ect. My agent said I didn't have a chance in hell. My opinion on my offer... I took the emotion out of it and if the bank does take my offer, I will make the needed repairs and the total cost I spent will be somewhere in the current asking price range.
My final summary...If the bank doesn't accept my offer, let the bank keep the home, or let another sucker who doesn't take the time to inspect a property buy it. I don't really consider an offer that takes into account items that need repaired to bring a home to comps in the area a "low" ball offer.... more