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Home Buying in Hampton Bays : Real Estate Advice

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  • Home Buying15
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Activity 21
Wed Feb 15, 2017
Decaropc asked:
Wed Feb 17, 2016
Sabrina Dvorski Mercurio asked:
Fri Jul 24, 2015
Dom Pensa answered:
I am a Realtor and life long resident of Hampton Bays and I would consider it a necessity. However, one doesn't need central air, window units may be used. Central air will increase the value of the home when the time comes to sell. It is an investment which will cost 3-5 thousand dollars for the average 3 bedroom ranch. ... more
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Fri Jul 3, 2015
dploves2sellhomes answered:
I hear this question a lot. I would suggest that you have a Realtor represent you so that he/she can search for investment properties for you, which can save you a lot of time. If you don't know the differences between foreclosures and short sales, the Realtor will be able to explain them for you. As Anna stated, make sure you have a pre-approval letter if applying for a mortgage. ... more
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Fri Jul 3, 2015
dploves2sellhomes answered:
First time home buyers should start their process by speaking with a loan officer/lender. There are a number of programs out there with different requirements. Some programs that were available in the past have expired. A loan officer will be able to assist you and let you know what you qualify for, as well as if you need assistance improving your credit score. I will add that is very important not to make any large purchases, such as buying a car, when you start your home buying process.
Best of luck to you.
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Sat May 16, 2015
dploves2sellhomes answered:
In most cases, an inspection is done prior to signing the contracts. I would consult with your Attorney to discuss any questions or concerns.
0 votes 19 answers Share Flag
Mon May 4, 2015
Lcarolan asked:
Fri Mar 20, 2015
ctroy answered:
Smaller older homes in Westhampton, in the 300-500k range north of Montauk Highway also North Water Mill, North Bridgehampton- but you have to go 7 figures to get in
0 votes 5 answers Share Flag
Tue Dec 30, 2014
Nicholas Campasano answered:
Hello Anna,
I have to agree with Diana and Debra. When purchasing a home the buyer will pay for the engineer inspection. I am sorry to hear that no one explained this to you before the inspection occurred. Best of luck. ... more
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Fri Nov 21, 2014
Diane Christner answered:
Sometimes home owners with older appliances, water heaters, AC/heat systems offer home warranty plans as an incentive to buyers.

These home warranty plans typically run about $350 to $500 for a year of coverage. The biggest issue I run into with these plans is failure on the part of the buyer to read the plan coverage and exclusions to know what will and won't be covered. The plans vary from company to company, some have more exclusions than others. All have very specific rules for what the home owner must do if an appliance or system breaks down.

I've read that most of the complaints about these warranties is disputes between the plan holders and the companies regarding what is and is not covered
the quality (or should I say lack of) of work done by the repair companies that do the contract work for these home warranty companies.

Knowing all of this, my thoughts are that being offered a home warranty is a plus, but I would not base a decision regarding the purchase of a home on a $350-$500 home warranty.
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Thu Nov 28, 2013
myndie f answered:
I will be selling my 2 bedroom/2 bathroom co-op in Hampton Bays after this summer. Interested in closing in Jan 2015. It is a 7 month unit and I am asking for $250,000. It is in an amazing development on the water and is highly desirable. There are no units for sale and only 6 units out of 60+ that have 2 bedrooms/2 bathrooms.

The unit is about 800 sq feet - renovated - the grounds are amazing - pool, volleyball, bocci -- it is a very close community - my twins grew up there. I am extremely sad to have to sell.

I will not be using a broker - so brokers need not contact me. I will have no problems selling this unit.
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Fri Sep 20, 2013
Anna M Brocco answered:
No link is visible nor address given; however when it comes to taxes it's always a good idea to verify by contacting the local tax assessor's office.
1 vote 2 answers Share Flag
Tue Sep 3, 2013
Darryl Shurgin answered:
hmm. I hear ya Melissa. But the items on an FHA appraiser's punchlist vs. a conventional appraiser's punchlist aren't so great a barrier to justify limiting one's potential buying pool to only conventional loan buyers.

what could the issue be? missing handrails? conventional would probably need that. exposed walls? missing floor coverings? loose/missing gutters? the usual stuff? Seller should fix that junk anyway before they list a property. Who is coaching this seller?

It is usually nuisance stuff that FHA wants to see fixed. Sometimes other more costly nitpicky items like roof inspection, but rarely something that would be a deal killer for FHA but not conv.

I can't think of one thing that an FHA appraiser would condition for that wouldn't be a problem for either a conventional lender or the buyer themselves. In which case it is not a buyer issue at all, it is a property issue.

Which doesn't make the property 'bad' just means the transaction needs a bit more understanding.

Agents need to have a firm conversation sometimes before taking a listing. pawning off a home with issues to unsuspecting buyers does not help any real estate agent or broker to establish and maintain a good reputation.

So I'd have to ask myself....was that listing perhaps in need of some cold hard reality?
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0 votes 9 answers Share Flag
Thu Aug 8, 2013
jravens22 answered:
13 Wakeman Rd sold and is just 2000 square feet, but the yard/lot is tremendous. This sold for $670k last year in May. There are a few others similar in size that have sold around $470k-$550k. 34 Wakeman sold around $450k in January which is roughly 2000 sq ft. 7 Mill Race sold for $550k almost a year ago and that is 2200 sq ft.
I'm a mortgage loan officer and actually own a similar home of 2200 sq ft. It was appraised at $555 in September last year.
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Sun Jul 14, 2013
Paul Cassella answered:
My lawyer says they can behave this way and there's nothing I can do about it. Very sad that a real estate would behave in this fashion. I hope some of you read my story and it touched a nerve because NO ONE deserves to be treated this way. I'll keep you posted on any developments. Thank you everyone for your insight I gained perspective from all of you ... more
0 votes 18 answers Share Flag
Wed Dec 12, 2012
Irene Shmerykowsky answered:
how much fixing does the house need. is it cosmetic or major heating, plumbing, roof, etc.
it would deepned on the amount and time frame. dont think fannie mae would let you touch the home for rehab before closing. you need to ask alot more questions as to why your lender wanst to put your money at risk. what happens if you lay out this money and then they are not able to close because of issues. What happens if a fire or catastrophe happens to your money that you laid out. This depends on how much money you need to layout to fix it. This is a gamble. ... more
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Fri Dec 7, 2012
Gerry Selya answered:
That 10% is customary and usual. Offer him whatever you can and make in not refundable.
0 votes 11 answers Share Flag
Fri Dec 7, 2012
Irene Shmerykowsky answered:
need to check the elevation, might need a elevation certificate. I this house on the water? Taxes are high on long island because 70 to 80 percent of the tax bills is school taxes.
0 votes 5 answers Share Flag
Thu Jul 5, 2012
Patricia DeLuca answered:
I have a listing in the Hamptons good location, 3 bedrooms 2 baths, garage, full basement, wood floors, fireplace in the living room, finished basement, needs some work. $339,000. Neg.

Please get back to me if you are interested. 631 903 2989
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