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Cohoes : Real Estate Advice

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  • Home Buying5
  • Home Selling1
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Activity 15
Sat May 7, 2016
Khuslenk asked:
Hello,

I'm Khuslen from Flora Gobi Properties. Is it possible to create my real estates in Mongolia on your application.
0 votes 0 Answers Share Flag
Thu Apr 7, 2016
Guy Rochelle asked:
I have good job for NYS which I have had for going on 9 years. I have never been evicted nor have I ever been late ion my rent. but still I have to spend application fee for credit check…
0 votes 0 Answers Share Flag
Thu Aug 20, 2015
Scott Godzyk answered:
It depends, if you are buying a home an dgetting a mortggae, then the appraisal comes in lower, then you can pay the shortfall cash at closing. You should check with your buyer broker for answers ... more
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Thu Aug 20, 2015
My NC Homes Team answered:
Yes, if you want to move forward on your purchase and the seller isn't prepapred to reduce the price to meet the appraised value (which is what you and your buyer broker should be pushing for) then you'll have to make up this $4000 difference. You won't actually be paying the Seller, you'll be paying the closing attorney or escrow agent. All funds go to them aand they will dispurse funds out to the Seller, his lender if there's a mortgage, etc. ... more
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Thu Apr 9, 2015
Taryn B. Morvillo answered:
Yes, but only if you are willing to sacrifice an extra hour to commute to work, or, if you work from home, the feel of belonging to a community - I personally love areas like Delmar and Saratoga Springs, which have a very high "Walk Score", as does the nicer portions of downtown Albany - but that's going to cost you an extra $250 - $600 per month. Also, because the catch-all of security once known as "investing in real estate" - AKA owning your own home - is now and forever will be a false sense of security, as the cost of owning a home - including the phantom or shadow costs like roof replacement and repair, regular maintenance and reasonable updates to keep your home relatively energy-efficient, modern, and in good condition (windows, water heaters, low-flow showerheads and toilets and new pipes and weatherproofing or replacement decking, mold inspection and mold-retardant everything, keeping your HVAC system clean and running smoothly) all adds up to an expensive proposition that carries NO GUARANTEE of your ever recouping your expenses when you sell the house - in fact; all over the Capitol Area, even in the nicer suburbs like Ballston Spa, housing prices have been on the decline ever since the bottom fell out of the housing market in the early 2000s and will never, ever be the a "good investment" in the way we have traditionally been taught to understand: I believe Trulia estimates between 5% - 12% just over the past couple of years, and this is technically AFTER the recession. Owning your own home is not a safety net - it's a liability. The popularity of rent-to -own programs ONLY SERVES TO HIGHLIGHT how far homeowners are haaving to go to just break even when seling their houses. There's no middle class with good credit and and a sizeable chunk of money to put down from their savings, and banks aren't lending it to anyone but the wealthy. So homeowneers are turning to exploitative programs (for both renters and owners) in the hopes that they won;t have to sell their home at a loss of 12% - and that's not adjusting for inflation or "shadow/phantom" costs. There's NO SECURITY in owning a home, and unless you are flipping real estate in a knowledgeable way using money that isn't yours (this happens a lot more than you would believe), real estate is a crappy investment. The idea of of the American Dream, a phrase coined by none other than Fannie May in the mid-1900s - when we DID have a middle class, and the average family could afford to live in a home that was a good investment - is now and forever an antiquated notion...

An expensive apartment for which you are not ultimately responsible when the price drops by another 12% in five years is a better investment than buying a home or renting-to-own: the one reason to buy a house is because you love it so much and don't care wht it costs to live there or maintain it. Houses are the new boats. No one ever made money from investing in a boat, but they might have had the time of their lives going fishing every weekend, in which case the money was well-spent.
... more
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Sun Jul 6, 2014
Annette Lawrence answered:
I don't see much of a question here.
You made a purchase in 2002. That has no relevance to 2014.
You replaced the roof. It is now 12 years old.

If you MUST MOVE now, call a Cohoes REALTOR.

If you are staying put until your son is out of college, then it's time to do the stuff needed to prepare the house for sale. You know the long term stuff....get the grass green with no patches of dirt. Paint, Paint and Paint. Yep, your son will look exceptional assisting in the transformation of the house. Time to lighten the load and sell everything you haven't used in six months. Consult your Cohoes REALTOR regarding what buyers in your area value and expect.

When the place looks so good you don't want to sell...that when it's ready for Prime Time.

Start defining the new life style ahead of you as you move into the legacy stage of your relationship.
You owe it to those around you to share what are the attributes attending a long endured companionship. How did you over come the struggles? What was the greater vision that enabled each to endure the preceding stages of great peril? People do not know this stuff. Don't make it a secret.

Your Realtor will discuss the implication of selling 'As-Is" in your market. In my region of FLorida most homes are sold this way to eliminate any obligation of the seller to make repairs.

Best of success,
Annette Lawrence, Broker/Associate
REMAX
Palm Harbor, FL
727.420.4041
... more
1 vote 1 answer Share Flag
Wed Mar 19, 2014
Nina Lee answered:
My coworkers have used a short sale closer who shortens the time to close. I haven't had to work with her yet.
1 vote 1 answer Share Flag
Tue May 14, 2013
qbu65 asked:
--
This question was asked from this property: http://www.trulia.com/rental/3077502089-25-31-Ontario-St-Cohoes-NY-12047
0 votes 0 Answers Share Flag
Mon Jun 6, 2011
Victor E. Franco Jr. answered:
The real question is "Whay are you renting, when you can own?" Maybe you can help me understand the rest of your situation. Good luck!!
0 votes 4 answers Share Flag
Mon Jun 6, 2011
Anna M Brocco answered:
As long as the landlord is the owner, he/she can collect rent from his/her tenants, no matter; for any legal advice needed consult with an attorney who specializes in real estate ....
0 votes 1 answer Share Flag
Mon Jun 6, 2011
Bill Eckler answered:
If you have an agrement that allows you to rent a property, it is your responsibility to maintain your rental agreement regardless of whether or not the owner is in the process of being foreclosed on.

You asked the same question 13 times...a bit excessive!
... more
0 votes 1 answer Share Flag
Sat Jul 25, 2009
Grace Morioka answered:
Hello Chengiz:

To qualify for a FNMA (Fannie Mae) or FHLMC (Freddie Mac) loan, most banks will require the buyer to put down at least 20 percent of the purchase price. At $270,000, a 20 percent down payment would be $54,000. Since you are only putting down a $15,000 down payment, the home is obviously being purchased through an FHA backed loan, rather than a "conventional" loan with 20 percent down.

While you certainly could have put down much less for your down payment (FHA requires only 3.5% down or $9450 on a $270K purchase), since lenders tend not to like FHA loans for the purchase of REO and short sale properties, I can only assume that to make your offer more attractive to the lender, a larger downpayment was suggested. Putting down more money toward the purchase of the home is one way to "strengthen" the offer on a desirable property. Since this home is less than 2 years old and in fairly good condition, it might be that there were multiple bids on this property and to get the home, you'd need more down payment. To get the full story about why the larger downpayment was needed, you need to talk with your agent.

However, as Lynn pointed out below, if you are uncomfortable with the down payment and have trepidation purchasing the home, then you can always rescind your offer before it is signed or accepted. You might also check with your agent to determine if your offer was accepted or was "bested" by another buyer.

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
... more
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