Elimed16, Renter in New York, NY

I'm looking at the new construction townhomes at highrose ridge. Is $279,000 too much for a town home right now in middletown? Can I negotiate?

Asked by Elimed16, New York, NY Wed Jan 16, 2013

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Some questions to ask are How many are Sold? What kind of financing can they do? If a new development then usually no FHA loans, are you doing a 20% down loan?
Its a bigger risk for a Bank to give you a loan on a New Development, rather than one that has a Board of Homeowners that have a Reserve of $ for Common grounds,snow removal,etc.
Negotiations are always available.
Good Luck Ask Questions
0 votes Thank Flag Link Wed Jan 16, 2013
I'm doing a 3.5% down, my main concern is if I'm getting all I can get. For example, I've read that some developers pay some or all of the closing cost, also I'm using their preferred lender, should I be getting a discount for doing so?
Flag Wed Jan 16, 2013
Can you negotiate? Everything is a negotiation. Depending on your situation, the owner’s situation, the current market environment, current pricing compared to current value and timing are some factors involved to finding your answer and or how much negotiation will be reasonable or advantageous.

Is now the right time? The answer to this question is... it depends. Are you ready, willing and able to purchase now? Have you discovered and exercised your purchasing options? Why do you want to buy at all? How much will your mortgage be? How much would it cost to rent a similar property? How long do you plan to live there? Why a townhome and not a home? What are your concerns in purchasing now? Will prices go lower? Interest rates higher? What will that do to your purchasing power?

Not trying to be difficult here. Finding the right time to buy is dictated by your very personal situation and circumstances because no one knows what the short or long term future will hold. Without putting the time to analyze whether now is the right time for you or not, the short answer will be... the right time is when you are ready.
0 votes Thank Flag Link Wed Jan 16, 2013
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