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Don't give up. Sometimes things just don't work out. If you and your daughter like her attorney, then go ahead, trust him or her again to help get your daughter into the right home this time. If not, then by all means, suggest your daughter shop around for an attorney who specializes in real estate transactions.
It makes good sense to protect yourself with the single biggest purchase of your life by hiring an attorney
who specializes in real estate transactions.
It is common here in New York to have an attorney represent the Buyer in a purchase transaction. I know elsewhere in the country this is not necessarily the case. Frankly, I canâ€™t understand how anyone could proceed with signing important legal documents without an attorney present to review and advise.
Here's a nightmare example of what can happen to a Buyer who doesn't have an attorney protecting her best interests. This is a story of an actual client I met:
A Buyer signed a contract to purchase an apartment without an attorney representing her. The Buyer is not the least bit qualified for the mortgage loan. There is no way possible this Buyer can obtain financing to purchase this apartment.
Normally, you might think, â€œWell, alright, Buyer makes application to the bank, is denied for the loan, presents the denial letter to the Seller and gets the downpayment back.â€ Seems simple enoughâ€”and very common, indeedâ€”but, not in this case.
The contract of sale has no mortgage contingency. And the Buyer put 10% of the purchase price down on signing.
If the Buyer had an attorney, at the very least the attorney would have made provision for a mortgage contingency in the contract. If the Seller refused to provide such a contingency, the attorney would have advised the Buyer of this deficit and the potential loss of downpayment. If the Buyer insisted on proceeding with the purchase minus the contingency, then an attorney could have advised the Buyer to be absolutely certain that mortgage financing was possible before signing the contract.
No attorney. No mortgage contingency. No mortgage loan approval. No way to get back the 10% downpayment.
Have your attorney on your â€œteamâ€ before you get out there shopping for a home. Your team of professionals should be at your disposal to advise you before you open up the paper to look at the â€œHomes For Saleâ€ ads or contact a Realtor to show you homes.
A good real estate attorney seeks to do two things in a purchase transaction:
1. Protect her client. This includes a review and revision of the contract of sale to remove any harmful language/requirements. Also a review of the title report to verify there are no obstructions to you, the Purchaser, receiving a good "clean" title at closing. Lastly, a thorough review and explanation of the closing documents.
2. Help the Purchaser accomplish the goal of homeownership. A good real estate attorney understands that buying a home is a happy time: someone's dream is about to come true! Thus, the adversarial nature of the contract transaction gets toned down to a matter of reasonable conversations betwen the Purchaser's and Seller's attorneys. This isn't a lawsuit or divorce case, so the good real estate attorney has to tone down the rhetoric and find reasonable compromises---while still protecting his client---so that the goal of the contract is achieved: a home purchase.
Hope that helps!
NMLS #40140... more
Only you can decide when it is the right time for YOU to buy. Some people try to "time" the market, but
I take the approach of preparedness and persistence, instead. That's how a HomeBuyer sets the BEST time to buy a home.
Prepare to buy:
Get Prequalified for mortgage financing: focus on monthly payment.
Understand your price range: determine your price limits for making offers.
Know the location where you want buy your home: when you do, find an experienced Local Realtor.
Have your "wish list" ready with the preferred features of the home you want: the "Dream Home" exists in our minds. Knowing your preferrred features of the home you most want helps you compromise when you find the right house at the right price that meets most of your preferred features. You can always add a fireplace later!
WHEN you go out there, shop 'til you drop. It's perfectly normal to be nervous: Buying the right home is hard work. Looking at homes, then giving concise feedback to your Realtor helps you find a home that meets your needs and a Seller willing to sell at the price you're willing to pay. You'll be disappointed a few times, that's part of the process. Stay with it and you are sure to make your own "BEST" time to buy a home.
It's not clear from your post whether or not you are a first time buyer, but I'd like to offer you some advice that may be relevant, no matter what your experience.
I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
I'd love to sit down and chat with you to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.
In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."
I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Due to privacy reasons, unless it's bank owned, not sure an owner's name will be posted on an online public forum; you can however check local public records, tax records, ask any local agent offline...... more
I deal with a program that I send a lot of my clients to that will lend you 100% LTV (Conventional) 1-4 family homes (must be owner occ) No PMI, No Closing Cost. Feel free to give me a call. Ive been dealing with them since 99. The max they will lend on a 3 family is 561k & a 4 family 697k
Licensed Real Estate Agent
SFR Certified, RSSP
Charles Rutenberg Realty
516-740-2050 Fax... more
Feel free to call Doug Meyer at Bergen Basin Realty at 718-763-4110 for any questions you have for Brooklyn homes, Condos, and Co-Ops. We specialize in the areas of Mill Basin, Old Mill Basin, Bergen Beach, Marine Park, Madison, Sheepshead Bay, Gravesend, Homecreast and more. Check out our website for listings, details, and pictures.
Bergen Basin Realty
5817 Ave N
Brooklyn, NY 11234
I would strongly suggest that you have you Realtor map out the whole complex and have her email all the sales for the last 3 months. I do this so my clients can actually see the condition of the property they are comparing prices to. When you Realtor pulls it from the MLS, you can still view the pics and detail about the property. That should give you the best representation of the current values in the area.
HomeSmart Real Estate... more
If you are referring to the first time buyer Federal Tax Credit--consult with your tax professional for IRS qualifying codes--also see IRS link for additional information--
This is all great information. You may want to check with a lender to see if the development meets the new mortgage guidelines. For more information on buying a Condo go to my blog www.brooklynrealestateblog.com.
or the link below.... more
It is always to your advantage as a buyer to have a buyer's agent vs. dealing directly with a listing agent. Even though it seems you have already located a property, it is always helpful to have a professional in your corner. A good agent will negotiate for you, link you to good mortgage people and attorney and deal with all the little bumps in the road that seem to come up in almost every deal these days. Any good agent, however, to address part of your question, should not be looking out for their commission but rather for the best interests of their client. That is our fiduciary responsibility.
Hope this helps.
Halstead Property, LLC
212 381-4268... more
Hello, to qualify as a first time home buyer you must not have had interest in purchasing a home where you reside more than 50% of the time in the last 3 years from the date you purchase a home this year.
Since this is an estate property you may still qualify if you do not reside at this property or own a previous property. Check with an accountant or simply call your nearest IRS office.
Click below for your link to http://www.irs.gov... more
I don't way to be a naysayer, but since I personally worked last year to get my son in his first home by purchasing a bank owned property when it was available then assisting him in getting to a position he could get financed, he ended up purchasing the home from his mother, he does not qualify for the tax credit. Please read the answer below taken from the Internal Revenue Website and make your own determination or contact a tax professional to assess your personal situation.
If you are purchasing from an "immediate family member" then the answer to your question appears to be NO. You can go to the Internal Revenue Website (www.irs.gov) do a search for First time homebuyer tax credit and read all of the question and answers, but most importantly go to the form you would use to file for it and read it carefully. Hope this helps:
Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a new home:
Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.... more