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Home Buying in 10703 : Real Estate Advice

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  • Home Buying10
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Activity 9
Sun Sep 7, 2014
Kim Benedict answered:
If you want to buy the home definitely have a home inspection done with a very well credited inspection company that knows their stuff, to make sure the home is sound and you don't have issues the former owner should have corrected before selling to you. ... more
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Sun Sep 7, 2014
Kim Benedict answered:
I would drive around the area both day and night, and see if there are any red flags that stand out to you.

All an agent thats in the direct area and see what they can tell you about the homes, and the builder if its a track project, take a look inside of them then decide. IT could also mean taxes have gone up and they can't afford the house with the new tax, or could it be in a new flood zone? Most times it means nothing, yet if it concerns you do your home work as the agent can only tell you so much and the rest is up to you to find out....

Hope this helps and congrats on being a new home buyer!
... more
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Sun Jun 22, 2014
Lissette Santana asked:
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Wed Mar 6, 2013
Jim Simms answered:
It is an acquisition and construction loan for building a custom made foreclosure.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes 3 answers Share Flag
Wed Oct 24, 2012
Martina Ryan answered:
40 years is a long time _ he may have grandfathered it in. Do some research before you make a decision. See what the local municipality requires & speak to a local Mortgage professional. ... more
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Fri Oct 12, 2012
Vernise Cardillo answered:
And why to you have to be a doctor, builder or investor to own a property like this?
Do you know about the 203K loan?
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Sun Sep 13, 2009
Rey Hollingsworth Falu answered:
When you go to SONYMA don't forget to ask for the NYS Mortgage Credit Certificate (MCC). It allows first time home buyers to claim a tax credit equal to 20% of your annual mortgage interest costs.

The $8000 Federal government’s tax credit which expires November 30th of this year. Gov. Patterson decided to keep the party going with the MCC, because it gives you a tax break even after the federal credit expires.

The MCC allows first time home buyers to deduct, dollar for dollar, 20% of the amount paid in mortgage interest from your federal tax return. According to the state, in the 1st year of ownership, a new owner with a $150,000 loan at 5.5% interest rate will likely pay $8,200 in interest. The MCC allows you to claim 20% or $1,640 as a direct tax credit. That’s $137 per month in savings.

New homebuyers should apply for the MCC when you apply for your mortgage from your lender. SONYMA will administer the program and more details can be found at

Buyers can still get the $8000 federal tax credit if you close before Nov 30th of this year. MCC applications should be ready by the middle of September 2009. Also buyers who already have commitment letters should be able to apply to their lenders for the MCC before closing. Time is a tickin, so if you haven’t found your dream home yet…AskRey.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
... more
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Mon May 11, 2009
Rey Hollingsworth Falu answered:
I do not have the document you are referring to, nor am I an attorney, so I can not dispense legal advice. I can say that sellers cover their butt with legal language to protect themselves from getting sued. This sounds like one of those cases.

Have the property you buy inspected by a licensed inspector and review all documents with your attorney before signing anything.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence

Direct 917-855-0277
... more
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Tue Feb 24, 2009
Jane Carmody answered:
I am guessing that the seller's disclaimer is either on the listing sheet or in some other advertisement for the house. I am also assuming that the disclaimer applies to the physical condition of the property and not to matters affecting the title. This distinction is important because if the seller is not making any representations or giving any warranties on title matters, you expose yourself to serious legal risks and I would advise you to proceed with caution. If the disclaimer applies only to the physical condition, then you want to be sure if and when you make an offer that the seller understands that the offer is contingent on an engineering inspection. You are not legally obligated to proceed with the purchase of the house unless and until you sign a contract of sale, and you should not sign the contract until you have completed the necessary inspections. The seller is putting you on notice that even if you find serious problems in the inspection that you will not get any protection under the terms of the contract. Normally, a contract of sale has certain basic representations and warranties that must be true as of the closing date, such as a representation that the heating system wil be in working order. A disclaimer, if contained in the contract, supersedes that standard language. You can certainly agree to buy a house "as is" without representations, but you should know that this could present a problem with getting a mortgage. Most FHA loans require that the systems (plumbing, heating, etc.) be in working order before the bank will agree to make the loan. The bottom line here is that you need to conduct a thorough inspection if the seller accepts your offer, and then you need to speak to an attorney before signing a contract. Your attorney will go through all of this with you and make sure that you are not taking on unreasonable risks. By the way, the condition of the house may be absolutely perfect and the only reason there is a disclaimer is because the current owner never actually lived there (for example, if the house is now bank-owned or if the seller's estate is selling it). So do your homework and make sure you talk to an attorney before you sign anything. Good luck.

Jane H. Carmody, Esq.
Associate Broker
Houlihan Lawrence (Pelham Office)
Ph. 646-228-1861
... more
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