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Home Buying in Lake Lincolndale : Real Estate Advice

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Activity 16
Tue Feb 13, 2018
Kathy Burgreen answered:
If you are employed with an employer and receive a W2, you just need 1 month of pay stubs to qualify for a mortgage loan and 1 year of tax returns. The reason is lenders can easily verify employment and income by computer.

If you are an independent contractor, self employed or your salary is commission based and you receive a 1099, you need 2 years employment + 2 years tax returns. Lenders cannot verify income by computer, so they need to average out an annual income based on your 2 years of tax returns.
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Thu Apr 28, 2016
betousa10 asked:
I would like to buy a property in NY state for a rehab and flip.
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Wed Feb 6, 2013
answered:
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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Wed Feb 6, 2013
answered:
Good afternoon D,

Here's my advice about "RENT TO OWN:" Don't Do it!

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

If you thought my answer was useful, please give me a "Thumbs Up." Thanks!
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Mon May 21, 2012
Carol answered:
it is possible to grieve your taxes. It changes by town, call the tax assessors' office to find out their process. It is based on comparable home values, so if a home is overtaxed compared with neighbors, you may get a reduction.
It may also have something to do with STAR or other discounts.
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Wed Nov 9, 2011
Joseph Runfola answered:
Under the Superfund Amendments and Reauthorization Act there is a concept called innocent landowner immunity. The innocent owner must show that due care was taken when the land was purchased (the landowner made a reasonable search by way of an environmental assessment.) All parties to the real estate transaction should be certain to ascertain that due diligence has been conducted on the property by having an environmental screening done before the purchase of the property. ... more
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Fri Dec 3, 2010
Donald Mituzas answered:
The property taxes will vary depending on the assessed value of the property. This is set by the town assessor. You can call the assessors office and find out what is the "mill rate" for Rye. They will give you a figure that is so much per thousand of assessed value. As an example if the mil rate was $30 per thousand, then a house assessed at $500,000 would have taxes of $15,000 per year. 500 x $30. This would not include a STAR exemption available to New York State homeowners on their primary residence. You could also ask the assessor what the basic STAR exemption is for Rye. In order to find the actual amount of taxes on any property you would need the assessed value and the mill rate. You could also call the receiver of taxes on a specific property.

I must stress, the only problem with the mill rate formula is that some towns have special districts for water, sewer or whatever. The overall mill rate would not include special districts if there are any. I'd also like to add that the assessed value of a home does not usually represent it's current market value. Many towns have not updated their assessments for years or decades and they have some convoluted way of calculating the current assessment.

Don Mituzas
Licensed Associate Broker
Prudential Serls Prime Properties
Cell: 845-222-0114
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Thu Sep 2, 2010
Donald Mituzas answered:
The answer is clear...NO! An agent's legal obligation and fiduciary duty is to present any and all offers. Any agent that does not do this is putting their license on the line. You can't read the mind of a seller and to turn away an offer without submission to the seller is a grave mistake. I once sold a house that had an accepted offer and engineering inspection done. The seller happened to be home when I went for a second showing, she liked my buyers and thought the community would be perfect for their 4 children. The first buyer was stalling to sign contracts and she decided to go with my buyers. Keep in mind, my buyer also had a contingency for the sale of their house in another state. This would have been a big NO in most instances. When I presented my offer I also submitted a copy of the contract of sale on their other home as well as an unconditional mortgage commitment from their buyer. An agent should NEVER withhold the submission of any offer. It could come back to haunt you and cost you more then money, it could be your reputation and your real estate license.

Don Mituzas
2008 PCAR Realtor of the Year
NYSAR Professional Standards Committee
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Fri Aug 27, 2010
Donald Mituzas answered:
Although there has been much debate about a different way to fund our school systems in NY, this is the way it is. It's kind of like income tax, the more you make the more you pay (in theory).

What most people in Putnam County do not realize is their home is over assessed. When home prices and assessment went up everyone ran to tax grievance day to get their assessment reduced. When prices started coming down and assessments came down nobody showed up. The problem is if your home value went down 20-30% and you assessment went down 10% then you are paying too much. I grieved my own assessment a few months ago and had my assessed value reduced by $110,000! Needless to say, I'm saving a couple of thousand dollars a year in taxes. I've helped others get similar reductions in the past.

Don Mituzas
Prudential Serls Prime Properties
2008 PCAR Realtor of the Year
Cell: 845-222-0114
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Wed Feb 10, 2010
William Butler answered:
dear Adam

IF you are looking in putnam or northern westchester give me a call. I am with Better Homes and Gardens Rand Reatly in our Shrub Oak/Yorktown Office. Give me a call to help you find this house you would ike to know about and any others. Looking at your other postings, sounds like you need some help and guidance on the proccess. I work very hard for my cleints and negotiate the best deal as well. Give me a call Adam i would welcome the opportunity to help you!
William Butler
845 612 9479
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Mon Aug 24, 2009
Donna Bruno CRS, ABR asked:
Your opinion helps us decide what services to subscribe to? Do you email or call the agent once you locate a property? Do you like video or multiple pics? What gets your attention- banners…
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Mon Aug 24, 2009
Donna Bruno CRS, ABR answered:
Sounds like you have an ethics issue.
If the listing agent has not returned a declination of offer letter from the sellers stating that they would not counter or accept your offer, I would ask my agent to have his/her manager call the listing agent's manager to open discussions. If there is still no recourse, please know that all agents have to treat buyers and sellers fairly. All agents should answer offers as soon as they can but no longer than within 24 hrs. If you feel that you still have a problem, you can call the local Board of Realtors and file a complaint...but please know that should be the last course of action. ... more
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Sat May 30, 2009
Donna Bruno CRS, ABR answered:
Hi Mark,
Yes, I agree.

Computers or internet programs can be way off. Contact an experienced RE professional if you want to know the value. It pays to have three opinions.
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Thu May 21, 2009
St. Lawrence Properties, LLC answered:
Almost forgot; What is PMI? That is one I have not heard of yet and when I did a search for it, I got a lot of interesting results, but the only thing close was an Financial Group on Yahoo.

Please Be Aware that there are thousands of Investment Schemes out there. If everyone could really get rich through Real Estate Investing, then everyone would do it. It is in fact, one of the most difficult businesses to be in. Your chance for gain is as great as your chance for loss. ie: If you can make $100k in a few months...you can also LOSE $100K in a Few Months. Not many can deal with risk like that.
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Mon Apr 21, 2008
Toni Addonizio answered:
When you find a house that you're interested in have your agent call the town to confirm the taxes. As Donald said there could have been an Enhanced STAR discount on the property. The Enhanced STAR program is for property owners 65 yrs. of age or older and is equivalent to a discount of approximately 1,990 in the Mahopac area.
Toni
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Tue Apr 1, 2008
CM1225 answered:
Thanks all. We bought a house in Brewster in July of 2008, but this is good advice for anyone else who may be considering a FSBO.
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