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Home Buying in Jamaica : Real Estate Advice

  • All38
  • Local Info4
  • Home Buying14
  • Home Selling0
  • Market Conditions2

Activity 13
Mon Jun 5, 2017
Kathy Burgreen answered:
If you owe child support / arrears, NO lender will give you a loan for the following reasons:

1. Lenders need to be in 1st position when financing a home to buy. This means if the buyer defaults or pays late on the loan, your lender has the authority to take legal action against you and foreclose on your home. When buying a home, technically you do NOT own it. Your lender owns your home until the loan is paid in full.

2. If a buyer owes money to the county, state or IRS for taxes, child support, etc. then your lender is automatically in 2nd position because the state, county or tax authority is automatically in 1st position. This means if you fail to pay child support, New York State will take legal action against you and foreclose on your home or put a lien on it. Your lender is using your home as collateral for the loan. If the state takes your home, your lender has nothing to guarantee the loan with because the lender just lost control of your home. Typically what lenders do is they will pay your arrears and then charge you the amount of the arrears as part of your mortgage payment. So your monthly mortgage payment will increase for the life of the loan. Your lender will also charge you additional fees for this.

3. At this point, you cannot afford to buy anything. You need to learn that in addition to a mortgage, you will need to pay property taxes, homeowners insurance, higher electric bills, etc. Sorry, but paying child support has a higher priority than buying a home. You should have thought about this before you had a child.
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Mon Apr 24, 2017
Cecil Bramble asked:
Sat Dec 21, 2013
Anna M Brocco answered:
No link is visible therefore not sure, but you can try contacting the listing agent directly...
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Tue Nov 26, 2013
Winta Marshall-Crawford answered:
yes you can find a property in this area for that price, I specialize in the southern part of queens.
Your budget is realistic !
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Tue Nov 26, 2013
Winta Marshall-Crawford answered:
The Best place to start in purchasing in a home if you are first time homebuyer research course and see the speacial grants and infomration that maybe available in your area, create a budget, go to a financial insitution and see what you can afford based on this information select a neighborhood find a realtor who specializes in the area and let them help you find the property that best fits your budget and needs ... more
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Wed Jul 3, 2013
Belal Mohd answered:
"In a transaction involving a federally related mortgage, the loan originator is required to provide a GFE to the borrower. Failure to provide a GFE as required is a violation of Section 5 of RESPA."

If you are absolutely sure that the loan officer never gave you the GFE than you should at least report it to his / her supervisor because:

a) Like Javier said, it is an inexcusable mistake, which may continue to happen unless corrected. or
b) The person is simply dishonest.
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Wed Jan 9, 2013
Ross answered:
Either Best Buy Homes is the most successful listing agency in the history of this part of Queens or it is just a SHAM. FYI i would go with the latter. a telltale sign is that they will have 20 listings in a 4 block radius ALL with very atractive prices all with 1 or no pictures and NONE with valid MLS numbers. these hacks and con artist just wnat to get you in their offices and get your info (probably for sale) and take you to see a bunch of properties so far removed from what you are requesting its mind boggling. and guess what..... none of the properties they take you to see look ANYTHING like the ones they have posted.

ugly truth is that these open forums like Trulia are a haven for con artists and hack jobs because there is no real viable quality control for listing put up on here. in fact as long as i sign up i can take a picture of YOUR house and post it on here fwith a asking price of $99 and a bag of doritos.
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Sat Sep 22, 2012
Martina Ryan answered:
Sometimes it takes the builder time to get the CFO as the work is completed in stages. Finance can't be obtained until the CFO is ready. You can write it into your contract if you have concerns about it. ... more
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Mon Nov 22, 2010
Bhupinder Singh answered:
give me a call and set up meeting so i will work with you, my phone is 718-406-5005.......singh
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Wed Feb 10, 2010
Ralph Windschuh answered:
Hi Claskio,
Rent to own properties often give the non-traditional buyer an opportunity to purchase a home. What usually happens is the seller/landlord makes a deal with the tenant/potential buyer where a portion of the montly rent may be applied either to a down payment and/or mortgage payments. Each transaction could be dramatically different. If you have such a potential situation, I would highly recommend discussing the lease with a real estate lawyer to ascertain whether all the "i's" are dotted and all the "t"s crossed. If I can be of further assistance, please contact me.

Ralph Windschuh
Century 21 Princeton Properties
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Thu May 21, 2009
Anne Glaser answered:
Foreclosed properties can be viewed by appointment, like any other property "on the market" . BUT chances are you will not be able to get the Listing agent to call you back for a showing, that is the agent/agency on the sign in the yard.
Call a Realtor in your area, and have him or her show you the property. Based on condition, comparables, and price you can make an informed decision. I had a buyer who purchased a move in condition foreclosure...those, however, you have to move on fast. Get your Realtor to start looking for props and alert you when they come up. They are vacant, so very easy to show.
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