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Home Buying in New Hyde Park : Real Estate Advice

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  • Local Info9
  • Home Buying14
  • Home Selling1
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Activity 14
Mon Feb 9, 2015
Allycindy78 asked:
Sun Jul 6, 2014
Malgorzata Ringston answered:
The closing costs on a real estate purchase or sale can add up considerably, regardless of which side of the table you will be on.
List the buyer closing costs that are required and selected by the lender. The lender must provide you with an accurate list and estimate of these charges.
An appraisal of the property is required by the mortgage lender in order to ensure that the loan amount is in line with the property's value. This appraisal is likely different from the tax assessor's appraisal.
Some lenders may charge you for fees incurred in pulling your credit report from the 3 major reporting bureaus. You can request a copy of your credit report, complete with score, for about $15 per bureau. Question your lender if their charge greatly exceeds this amount.
A flood certification is required by lenders in most cases, adding to the buyer closing costs. Your lender may require additional flood insurance if it reveals that the property in question lies within a flood zone.
A tax service fee is required when your mortgage payment will include an escrow account for property taxes and homeowner's insurance.

Government recording fees also vary by location and are paid to record your title with the appropriate government offices as part of your buyer closing costs.
Shop for the services that you have some control over and compare before selecting your provider.
A property survey is required for most real estate transactions. The survey shows you exactly where your property lines are. Most lenders and brokers can recommend reputable survey firms or professionals.
Determine the annual property taxes for your buyer closing costs.
Local property taxes can vary wildly due to the area where your house is located. You can get a history of the property taxes on the house from your real estate agent or from your city or county tax office.
Request estimates for your homeowner's insurance.
Your auto insurance agent may be able to give you a package discount if you add homeowner's insurance.
Homeowner's insurance should include coverage for loss of the building, personal possessions and contents and liability.

Compute the buyer closing costs needed for your initial escrow deposit.
Taxes are paid in arrears, but homeowner's insurance is paid in advance.
Your initial escrow deposit should include enough to pay for any taxes that will come due in the current year (less the seller's credit for unpaid taxes, if any), 2 months of property taxes and 2 months of homeowner's insurance.
Good Luck!
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0 votes 6 answers Share Flag
Wed Oct 2, 2013
Johnson John answered:
My buyer was in the same situation.
Since home prices have increased it would explain why the lender is not moving forward at the original accepted offer. Look at the recently sold prices of homes in the area you're buying and see how far your offer is from those prices. You will most likely have to pay more than your current offer or may get lucky if you can dramatically change your terms to an all cash offer. ... more
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Thu Jun 13, 2013
virgi31151 answered:
need a copy of my property tax
0 votes 3 answers Share Flag
Sun Jun 9, 2013
Michael Milligan answered:
You can find tax information for any property by going to the county's website. Tax info is public information and a 10 year tax history should be easily found.
Mike Milligan ... more
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Sun Mar 10, 2013
Anna M Brocco answered:
Property taxes do vary, therefore consider working with an agent of your own who can provide any necessary information, or directly contact the local tax assessor's office.
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Sun Mar 10, 2013
Mike Mcdermott asked:
Thu Mar 7, 2013
Yubelly Santos answered:
The difference is time and certainty. The CASH OFFER is faster and stronger , the buyer has the money in the bank. If the Seller likes the offer the buyer is ready to sign contract and go to closing right away, if there is not an inspection or something else. Really faster, like a month.
In the MORTGAGE OFFER the buyer could be pre-approved or not, still he has to do the papers with the bank, then wait for the appraisal at least a week or more to see if the value is want the seller is asking for. Sometimes the appraisal coincide with the price, and sometimes is no deal because the loan is not approve or in the case of pre-approved buyer the appraisal is lower to what the Seller is asking for.
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Wed Feb 13, 2013
Tilak Shah answered:
If you are looking to flip houses you have to know what you are doing. Flipping houses is a good business however you need to know how much profit you can make off the house. The best place to look for houses like that are bank owned properties because you can get them for really cheap and make a good profit off the houses and also put in some money to fix them up. ... more
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Sun Mar 25, 2012
Reema Sharma answered:
Thu Jan 7, 2010
Dan Chase answered:
Since this was asked almost 2 years ago what was the resolution of your concern? Did you get the house?
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Mon May 11, 2009
Anna M Brocco answered:
Did you mean North Hempstead and exactly how major will the renovations be--will any walls be coming down, if so yes-- for a more accurate answer call the town yourself and hear firsthand.

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