Larchmont/Mamaroneck/New Rochelle are great communities. They are all bordering long Island Sound with parks running along the water. Within a close radius of NYC, a heterogenous population from all over the country and all over the world, it reflects the "melting pot" feeling you get in NYC, yet the beauty of suburbia, great schools and especially in the case of Larchmont, a real walking community. The recreational facilities are wonderful as are the services.... more
Many of these REO homes are moving quickly in Excelsior. You should be ready to move quickly. We can find out who holds the mortgage, when it may be listed and with whom. You want to be first in line with an offer.
The owner (could be several depending on how the mortgage was pieced out) will do an appraisal and / or a Brokers Professional Opinion (BPO) of the property so they are aware of the condition.
Usually we work these problems backwards starting with market value if the home were in great shape. Subtract the cost of renovation (you need to walk through with a reno contractor). Subtract another 10% (at least) for contingencies. Now you have an idea of what a reasonable offer might be.
If there are mold issues this home may not qualify for financing. Are you paying cash? Some of our lenders may offer a construciton loan to fund you though the reno period then change to traditional financing.... more