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Home Buying in Saugerties : Real Estate Advice

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Activity 9
Fri Jul 28, 2017
Kathy Burgreen answered:
I'm assuming you're talking about foreclosures and homes sold at auction? These types of homes generally require 100% cash because these homes have major issues and lenders will refuse to finance them. Getting a mortgage loan will be extremely difficult.

In NY especially, these types of homes will either have past due property taxes owed (expensive) and/or major renovation work required (expensive). You will be required to pay past due taxes owed and renovation work + the price for the home. Do you have a budget to pay for this?

Another issue is the Hudson Valley and Ulster County. Since this is far from New York City, homes sell for much less than further south. This means that any money you spend buying a foreclosed or auction home may not give you the return you need because you may need to spend more than what the home will sell for whenever you do sell it. Also if you intend to rent it, the rental amounts are much lower than New York City so the rent amount may not be enough to pay your investment.

If you were buying in the NYC metro area, I would say go for it, because any foreclosure or auction home will reward you with a nice return. The same is not true for upstate NY. All I can say is research everything before you move forward.
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Sun Jul 31, 2016
Em asked:
Thu May 14, 2015
Jeri Patrick answered:
You can contact a local property manager to see if they can help with your search. Best of luck
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Fri Dec 19, 2014
Roseplace1962 asked:
anyone with pets my pets are fixed and declawed I need someplace fast and not too expensive 700-850 a month I've been searching and need help my son and I need an apartment ASAP any…
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Tue Sep 9, 2014
miamaione answered:
Few owners would do this. Bascially the person you 'finance' can tear your house apart, it's nearly impossible to foreclose on them if they don't pay which is quite common. I watched a friend do this and it took two years, and a ton of money to get the person out. It's nothing like an eviction. I flip houses and the only owner finacing I do is vacant land- and that is with a big down payment. I suggest you rent to buy if you need to clean up your credit. ... more
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Thu Aug 16, 2012
Anna M Brocco answered:
Consider working with an agent; also check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
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Wed Feb 16, 2011
Thomasine Helsmoortel answered:
Hello Ali,
My Agency just listed a home in Saugerties, and the seller will rent with an option to buy.
Most "rent w/ option" will ask for a down payment, credit references. There will be a contract and a closing date. You can negotiate a portion of the rent going towards the purchase price, or possibly a balloon
payment. There is no set rule, both parties will have to agree on the deal that is structured.
This can work for both the Seller and Buyer...the buyer has a chance to save some money
and the seller doesn't have to leave his home vacant, and has money for the mortgage or
maintenance.
... more
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Mon Oct 4, 2010
Anna M Brocco answered:
Keep in mind that there are no set bargain rules as to how much below list can one offer--you need to be aware of comps--recently sold similar properties in the immediate area--review the data and make a determination as to a fair offer--keep in mind that if a property is listed on target for today's market or slightly below, multiple offers may occur. What is your agent suggesting...... ... more
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Fri Jun 6, 2008
Janine Bowen answered:
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. ... more
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