I am loong for a old house to buy and fix it can anybody guide me on whats the best way to go about these deals.

Asked by bafarooq, Great Neck, NY Wed Aug 22, 2012

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Apr 25, 2013
Good afternoon bafarooq,

I've been helping First Time Buyers for 23 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.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes
Janet Nation,…, Agent, Baldwin, NY
Wed Aug 22, 2012
You should consider a 203K/renovation loan. A cool product where the loan amount will be incorporated with your mortgage payments and I think will be become more popular in the next few years due to aging inventory and deferred maintenance.
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Thomas Brady, Agent, Plainview, NY
Wed Aug 22, 2012
It depends on a few things. Many people think that foreclosures are the best oppurtunities for getting a good deal; I think that's generally wrong. Right now short sales are offering strong value; but you need a buyers agent that knows what questiond to ask so that you have a good idea if the deal will go through or not. Estate sales offer another oppurtunity, many are vacant and costing the owners money every month for taxes, utilities and maintenance. Try not to limit yourself too much in area and a good buyer's agent should be able to come up with a few possibilities for you. Are you looking to live in it or flip it?
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes
Iraj Kashani, , Great Neck, NY
Wed Aug 22, 2012
I am a real estate broker working exclusively in Great Neck area.
I would like to speak to you so I can provide you accurate information.

Iraj Kashani
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Aug 22, 2012
Consider working with an agent; also check http://www.mlsli.com
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Arlynn B. Pa…, Agent, Roslyn Heights, NY
Wed Aug 22, 2012
Consider working with a Buyer Broker - this is an agent that will work FOR YOU and help to find you exactly what you are looking for in a home. This agent will go out of his/her way to educate you, search homes for you, put you in contact with other professionals that have your best interest at heart and guide you along the way to closing on the home YOU want!

Certified Buyers Representatives (CBR) are educated and knowledgable in working FOR a buyer!

If you have any questions, please don't hesitate to contact me by phone, text or email.


Arlynn B. Palmer, ESQ, CBR, SRES, CMS, CNS
Licensed Associate Broker
Daniel Gale Sotheby's International Realty
Cell: 516.410.3594
Office: 516.484.1800 ext 252
Email: Arlynn@ArlynnPalmer.com
Email: ArlynnPalmer@danielgale.com
Website: http://www.ArlynnPalmer.com
0 votes
De Vonte Wil…, Agent, East Point, GA
Wed Aug 22, 2012
You should consider working with an Agent who specializes in the area you are looking in.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Best Regards,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
0 votes
Robbie Vaughn, Agent, Mineola, NY
Wed Aug 22, 2012
Call my office to discuss...516-777-0146.
Web Reference:  http://www.bverealty.com
0 votes
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