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Home Buying in 10956 : Real Estate Advice

  • All23
  • Local Info0
  • Home Buying9
  • Home Selling3
  • Market Conditions1

Activity 8
Ellen Kippel, Real Estate Pro in Suffern, NY
Thu May 30, 2013
Ellen Kippel answered:
Hi Brian,

I would love to answer this question but realtors are not the ones to advise on your rights in this matter. Only a lawyer can help you with this. I am so sorry for your dilemma. There are so many steps along the way to purchasing a home and even when everything seems to be going smoothly there are times when there are unanticipated issues like this. I wish you all the best.

Take care,
Ellen Kippel
Licensed Real Estate Salesperson
Multi-million dollar producer
Weichert Realtors
... more
0 votes 9 answers Share Flag
Spirit Messi…, Real Estate Pro in Tucson, AZ
Tue Jun 21, 2011
Spirit Messingham answered:
-J-, Home Buyer in Rockland County, NY
Wed Jul 21, 2010
-J- answered:
Thanks all for your posts and suggestions. Sort of been on hold the last few months to see where the market shakes out.

But to follow-up on my original question: what is the loan process like for a new home? Just trying to get educated on this at the moment. Not necessarily looking at this development anymore as I have a personal view that it is overpriced, but am considering others. ... more
0 votes 6 answers Share Flag
Lois Berman, Other/Just Looking in 10956
Tue Apr 6, 2010
Lois Berman answered:
Not all homes are overpriced. Some homes are PRICED TO SELL NOW. Many times a homeowner is motivated and wants their home to sell quickly so they will price it under the last sale in the neighborhood. That creates a lot of buyer interest and sometimes the house might even end up selling above asking price. You need to be educated and know what the homes in the neighborhood have sold for so you can then make an informed decision on what to offer for the house. ... more
0 votes 11 answers Share Flag
Maureen McEn…, Real Estate Pro in Pearl River, NY
Fri Oct 23, 2009
Maureen McEnroe answered:
Hi J,

Depending upon the site preparation and permitting requirements a new home can take 8 month to 2 years to be built. If you are looking at a site with the utilities, sewer, improvements and approvals in place, most builders can build your home in less than a year. If you are looking at raw land, without building department approvals and site improvements in place, it will take much longer. When you buy from a builder and require financing you typically pay the downpayment up front and get a bridge or construction loan to start out --which later converts to a conventional loan. You have to have the downpayment and a sizeable amount of capital up front, because the bank will only make disbursements to you when you have demonstrated a certain percentage of the work has already been completed. To be clear you basically have to pay the builder up front, prove the work was done, then get a partial payout from the lender. The market for new construction has softened significantly in Rockland county and across the country. Some builders do offer owner financiing or other incentives. There are many good builders in Rockland County. We have a listing in south New City-- a new 5 lot subdivision with the site work, utilities and approvals in place. Two of the lots already have foundations installed and are ready to be built upon. If you are interested in looking at this site (MLS #464821 ). There are at least 6 listings in these 3 towns for available land, and 10 for homes built since 2007/to be built. If you are not already working with an agent, I highly recommend you work with one. The seller/builder pays the commission and you benefit from the guidance of a real estate professional who has extensive knowledge in the many steps required to build a home. Feel free to call me with any questions and good luck. This is a great time to build a new home. Interestes rates are low.

Maureen McEnroe
Lic RE Broker
Joyce Realty
... more
0 votes 1 answer Share Flag
T100smiles, Home Buyer in 10956
Tue Sep 1, 2009
T100smiles answered:
Thank you all. All of these opinions make a lot of sense. We are hoping to stay in there for few years, aproximately seven, if not more. We are definately working with an agent, who has been a great help. We made the offer knowing that the house is perfect for the time being, we just have to put a pretty good fence as soon as we move in because we have a dog and a ten month old. Thanks ... more
0 votes 4 answers Share Flag
E, Both Buyer and Seller in Rockland County, NY
Sat Nov 15, 2008
E answered:
I am selling my condo which is on the first floor of the building. The building can be accessed without using steps. A small blacktop ramp to the building door has been built for individuals in other buildings that use wheelchairs making it very easy to get in and out of the building and into your choice of transportation. This can also be done for my building should it be requested. I also have an assigned parking spot that is very close to the front door. Check out MLS 453298. ... more
0 votes 4 answers Share Flag
Carmen Di Bi…, Real Estate Pro in New City, NY
Sat Jul 5, 2008
Carmen Di Biase answered:
Dear Meg,

You say Rockland County is a declining area, did you mean declining market? Yes, our prices are declining but the area remains stable. Like our neighbors to the east and south, Westchester and Bergen County (NJ) we have felt the effects of the market but our proximity to NYC keeps us in demand. To be precise, the first quarter of '08 showed a 36% decline in the number of homes sold with a 3.6% average price decline and 4.6% median price decline. As a buyer, it is very important that your agent provide you with a Comparative Market Analysis on any home you have an interest in PRIOR to making an offer. These "comps" should be no more than 3 mos. old, 6 if there have been no recent transactions in the area. They should represent at least 3 closed transactions. "Under contract" transactions should also be taken into account with the understanding that they probably sold with 10% of the asking price. Most importantly, make an offer. Remain open minded. Know your financial limitations. Have a good rapport with your loan officer. Appraisors have become very tough. There is a lesser likelihood of overpayment. Most importantly, be easy with all of this. Don't over-analyse. Find an agent you feel comfortable working with and in whom you develop trust. ... more
1 vote 7 answers Share Flag
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