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Lake Grove : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling0
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Activity 7
Tue Jan 13, 2015
Kunaal Patodia answered:
Would be very helpful , if you could explain how this process works , as it seems , it is quite different for a new construction than a re-sale. My specific questions :

Facts :

1. Builder wants me to go with their preferred lender and wants me to get a mortgage commitment from that lender.

2. Tentative closing Date is in 3 months.

Questions:


1. Do i shop for Lenders/Rates now or later when i need to lock down the rates (This would be done when i get exact dates from my builder on closing date ) ?

2. If i get a Mortgage commitment now and then want to switch the lender at the time of closing , based on who gives me the best deal , is that allowed ? I understand that i might lose on the fees that i paid to get a mortgage commitment.
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0 votes 11 answers Share Flag
Mon Sep 8, 2014
Javier Meneses answered:
Chanel, please do yourself a favor and speak with a Loan Officer. You're getting some bad advice here. If your rental history shows you have had late housing payments, you could pretty much forget about the possibilities of getting a mortgage, and even more now that you have been denied for a mortgage and it's posted to HUD. The next lenders will HAVE to also verify rental history.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
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0 votes 2 answers Share Flag
Tue May 5, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
You can contact an buyers agent that understand the process and access to the information or check the public records in the court house or contact a service like realt trac or foreclosure.com. It depends on what you want and what you will do with the information when you receive it.

If you are going to purchase a pre-foreclosure property and do not know the process, you need to get a buyers agent that knows the process. I have seen people make big mistakes and for no reason because the buyers agent will not cost you anything. The seller will be paying the cost for you being educated and assisted.

Good Luck


Keith Manson
First WeberGroup
Certified Distressed Property Expert
Greenfield, Wisconsin
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0 votes 3 answers Share Flag
Fri Mar 27, 2009
Jaishree Zilpelwar answered:
Hi Janetta,
You could go to the Brookhaven Town: 1 Independence Hill Dr, Farmingville, NY (631-451-TOWN) directly and find out the detail. If you can get the plan from the builder, bring to the town in Planning Dept or call that this ph# and they will direct you.
Do you have a Buyer Agent who is working for you? If you need any help please call or email me. I work in this area and I am very familiar with. I can help you find the house you are looking for. Good Luck..
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0 votes 4 answers Share Flag
Fri Mar 27, 2009
Anna M Brocco answered:
We as Realtors are not permitted by law to answer any school questions; you may want to check with each district directly or you can look at MLSLI.com under schools or Newsday.com, under Real Estate, under neighborhood. ... more
0 votes 14 answers Share Flag
Thu Mar 19, 2009
Joanna Lane answered:
Chris Murphy,
You say "The fact of the matter is that no area is above the fundamentals of economics. Home prices must come into alignment with income levels." That's just not true. I can cite numerous examples of real estate markets all over the world that have in the past defied the fundamentals and the alignment with income levels to levels beyond belief. You have an admirable grasp of some quite complex issues, but you are missing some elements of the bigger picture, hence your conclusions are flawed IMHO. Theory is all well and good, but it doesn't beat experience where the rubber meets the road. To that extent, rely on Carol Bromm's response below, she is working her sector of the market, all day, every day. I would add to that real estate is never going to be worth nothing. Unlike stocks and bonds, you are investing in real property - which is land, bricks and mortar, where the cost of construction is also a factor in market value, o what someone is willing to pay for it. I wish you well, but a little knowledge is a dangerous thing ... more
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