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Home Buying in 11235 : Real Estate Advice

  • All98
  • Local Info3
  • Home Buying58
  • Home Selling15
  • Market Conditions1

Activity 54
Mon Dec 11, 2017
Eagleheart001 answered:
Whose responsibility is it to make sure the house is up to code, manufactured home before selling/buying the house?
0 votes 18 answers Share Flag
Mon Nov 27, 2017
Megatron Delux answered:
I received permission from the selling agent to protect the home as the owner is in a nursing home and being represented by some one over a 1000 miles away. I installed cameras and new locks on the house. The farm has current renters, they dont live in the house but farm the surrounding area. The renters keep adding things to the list of their property like Fencing that was listed in the property add and fuel tanks that have been on the property for 30 years. As well as old equipment and tin that some one obviously removed from the barn and list goes on and on. Do I have any legal standing here or will I be robed blind? ... more
0 votes 1 answer Share Flag
Sat May 13, 2017
Kathy Burgreen answered:
The seller should pay. However, in NYC, if you are looking at a listing that's real cheap, odds are the reason it's cheap is because either there are liens, taxes or some other payment that's due or it's a foreclosure and needs major renovations and repairs.

In NYC, if there are taxes, liens, etc. due, you will need to pay for it. Obviously the seller doesn't have the money and is looking for a buyer who can afford to pay the bill. What you can do is negotiate the price down low enough so you can pay the tax bill.
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0 votes 1 answer Share Flag
Thu Mar 23, 2017
Bibs743 answered:
Selling property in NYC, just found out their is a lien on the address due to a tenants unpaid parking. Can a lien be assessed to my property because of the renters resided at my address? ... more
0 votes 8 answers Share Flag
Tue Nov 8, 2016
Lilianebary asked:
Sat May 7, 2016
Paul answered:
Use InBedrock.com to fully understand + analyze all real costs of homeownership, including purchase price, down payment options, closing costs (title insurance, bank fees, inspection/appraisal, legal), mortgage financing- interest rate, term, points, pre approval requirements, RE Taxes, HO Insurance, utilities/maintenance/condo fees, selling costs (broker commission, capital gains tax, state transfer taxes). InBedrock.com is educational, in-depth, easy-to-understand. Invaluable especially for serious first-time homebuyers. ... more
0 votes 2 answers Share Flag
Sat Apr 30, 2016
beatrice nemirovsky asked:
Thu Mar 31, 2016
Nunya Bidness answered:
depends if the new home owner accepts this at the price they offer to purchase the home for.

You're simply trying to sell your home, every short coming can typically be solved by price. But you have to find someone willing to accept that short coming.

Some people buy a home because there is little to no work that needs to be done. The more you fix yourself, the higher the offer you may get and the quicker the home may sell.

It's a sales transaction, some people are motivated by money, others by what they are getting for the money they are spending.
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0 votes 1 answer Share Flag
Thu Mar 31, 2016
Nunya Bidness answered:
House, apartment or condo.

Apartments are rentals, you pay the rent and everything is included in that rent except for utilities usually. Some perks with apartments may be club house with work out equipment, community pool, play ground, picnic areas and things of that nature. You rent an apartment, when something breaks you call the maintenance department of the apartment and they come and fix it. If the repair is due to normal wear and tear there is typically no cost to the tenant. If they deem the repair was not due to wear and tear like for example trying to flush tampons, bathroom rug, hand cloth etc. down the toilet they typically charge the tenant for things like that.

Condo: you own the space, you pay a mortgage not to mention fees of the condo associations up keep of the grounds, exterior painting, roofs and up keep of common areas. Some condo's may include up keep of plumbing systems and HVAC systems depending on the type of systems those condo's operate. This isn't always the case, because some condo's when built may have individualized plumbing and HVAC systems and the condo owner would repair those things as needed. So the devil is in how the condo was designed and built. (if a condo is built with an on site chilled water system for HVAC they won't let just anyone work on that, same thing with a commercial grade hot water heater.)

Owning a free standing single family home the decision comes down to who you want to hire, while this gives you more choices it doesn't necessarily make it easier. Then you have to vet those who are going to do the work. If you choose the wrong company (usually because you think you are getting a "bargain" or "good deal") then picking up the pieces and finding another company is all on you. The other side of this is the purchase of a home warranty, thinking this will some how save you from major repair / replacements, even though the home warranty company makes the decision of which 3rd party contractor will come to your home, they also decide whether they will cover or deny your claim. There are a lot of unethical companies masquerading out there as the greatest bargain since sliced bread. Reality is that the grass only looks greener on the other side of the fence until you get over there.

Personally the reason I own a freestanding single family home is less noise, I don't want to hear my next door neighbor running up the stairs, vacuuming their floors at 3pm every after noon. I view mowing the lawn as needed exercise and killing fire ants by the mound as a power granted to me by God himself. Certainly I get the occasional nasty letter from the HOA yard natzi's but that's the price to pay to make the neighbors keep their yards up as well.

The other option is to buy a chunk of land... 1 acre or more and build your house in the middle of it with a moat around it if you like then no one will likely tell you what to do or not do. All the decisions you make will be your own.
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0 votes 1 answer Share Flag
Sat Dec 12, 2015
Alan May answered:
You should have hired your own local Realtor as your own buyer's agent, and s/he would have made sure you had all the information you needed regarding the new condos, and if possible, s/he would have gotten you the opportunity to put in an offer (if you wanted to) on one of them, before they were sold out.

Sometimes, some of those "under contract" don't actually go through with the transaction... if you want to be "in line" if that should happen... contact a local Realtor now, to work with them so that you're aware and in position if that should happen.
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1 vote 1 answer Share Flag
Thu Oct 29, 2015
Lmyork3 answered:
It's the buyer's lender requiring info on the (2) conditions are inspected/repaired. This can especially be the case if the lender is providing the buyer with a VA or FHA mortgage which do not allow certain repairs to go unaddressed before closing.

The contract the buyer submitted with his/her offer should have provided the details as to the access to your home needed to do inspections and repairs over a specific period of time and beyond those terms, requests must be made in writing and signed off (an addendum) by the seller AND buyer to extend the timeframe for inspections/repairs.

The same contract will indicate that your failure to comply with allowing timely access and the ability for the buyer to have something repaired (to be in compliance with lender terms/conditions) would be the equivalent of you cancelling the contract at which time the buyer would be refunded earnest money s/he put down. Read what you signed - it contains the information you seek.

If the buyer incurred expenses that, as a result of you not being in compliance to the original contract agreement regarding any repairs/inspections -- and in doing so, the buyer incurred financial loss of some sort (inspections, repairs, survey, appraisal obtained thus far), that would be damages the buyer could possibly sue you for *so long as the original contract or addendums were not complied with*. Any new or additional terms/conditions not signed off by you also do not obligate you.

One consideration to have the sale go thru is that the buyer could pursue a conventional mortgage that perhaps would not have as stringent requirements for repairs/inspections. But as someone else pointed out, your next buyer may hit the same snag in trying to buy your property - so it's best to navigate this through if you ultimately want to sell the property.
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0 votes 2 answers Share Flag
Fri Mar 6, 2015
answered:
Pavel, we offer an 80/10/10 1st & 2nd mortgage combo so you can avoid PMI. 80% of the sales price on the 1st, 10% on the 2nd (termed as "subordinate" or "secondary" financing), and you put 10% down. When your 1st mortgage LTV is between 75.01% – 90.00%, and your 2nd mortgage CLTV is between 76.01% – 90.00%, you can get the same interest rate who isn't using subordinate financing BUT you have to pay an additional 1.000% to .750% in points (with the determining factor being if you have a 720+ score or not).

There are alternative PMI options on 1st mortgages too - including single premium, split premium, and lender paid MI.

If you are purchasing in NY, NY has slightly different rules on PMI than other states do. In NY the LTV is based on the appraised value, even on a purchase transaction. So if you are purchasing a home for $500k and are putting down $50k, and it appraises for $562,500, then you have 20% equity and PMI isn't required. Rare to happen, but interesting to know.

Feel free to contact me with more questions (replying here will not notify anyone of new responses, Trulia hasn't fixed that yet).

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans.com | 949-273-4161 direct
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0 votes 2 answers Share Flag
Sun Mar 1, 2015
Rhonda Holt answered:
Hello, I'm not sure what area you live in, but there are options for you if you and your wife are first time home buyers. If you qualify and plan to buy a house you can apply for an FHA loan which is only 3.5% down payment. You can also apply for a First Time Home Buyer's Program and get assistance with closing costs or down payment if you both qualify.

If you don't want a house you can purchase a co-op, there are so many buildings in nice areas that only require 10% down payment and some that want 20%, but you do have options.

If you're income cannot quality for an FHA loan or First Time Home Buyers Program, then you will have to step back from buying and find ways to accumulate more savings.

Make sure you exhaust all your options before tapping into your 401K, but if its your last resort and buying is something you feel ready for emotionally and financially then seek some advice

But I can definitely say that paying $2,900 in rent is extremely high and it is worth more to buy a property and gain equity.
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0 votes 3 answers Share Flag
Mon Feb 23, 2015
Austin Partain answered:
If there is no visible damage, the inspection will tell all. If you see any patches, or areas that look new/newer than others, request for the permits pulled to complete repairs/renovations/updates. Your local Building Department should also have all records of permits pulled. You can also do as Anna mentioned and ask for an insurance report. In Massachusetts there is a clause for the inspection. The home inspection must meet the satisfaction of the prospective buyer. You can add clauses/contingencies in the "Offer to Purchase" to protect yourself from any surprises. ... more
0 votes 4 answers Share Flag
Sun Nov 16, 2014
My NC Homes Team answered:
Not sure what your question is, but rest assured you're already finding out why no buyer should ever get involved with a lease to own property.

Rent or Lease to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.

In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?

The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process.   I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own" 

At this point in time I would suggest you consider walking away from the house and possibly speaking with an attorney.
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