Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Newburgh : Real Estate Advice

  • All86
  • Local Info8
  • Home Buying34
  • Home Selling1
  • Market Conditions4

Activity 36
Tue Jun 20, 2017
Chris asked:
Veteran, law grad w/ accepted job offer for $180K w/ $25K signing bonus (beginning 9/17). $10K avail. for out-of-pocket, looking to mortgage ~$350K
0 votes 0 Answers Share Flag
Sun May 7, 2017
Counselorjs asked:
interest in buying a property for renovation
0 votes 0 Answers Share Flag
Mon Apr 17, 2017
Kathy Burgreen answered:
You need to work with a local realtor who can email you listings directly from the MLS. Unfortunately real estate websites like Zillow, Trulia, etc. do not allow listings for cabins, short term rentals, seasonal properties, etc. ... more
0 votes 1 answer Share Flag
Thu Nov 24, 2016
Frenchie asked:
why is the google photo different than the actual house? there is a 91 liberty and a 91 liberty wh in newburgh...

https://www.trulia.com/property/3255767452-91-Liberty-St-WH-Newburgh-NY-12550
0 votes 0 Answers Share Flag
Sun Aug 16, 2015
Eric Hiltner answered:
Be careful. Read the contracts and ask lots of questions before you do it. They usually require that you fix it up to code within a couple years. If you are sure you can comply with the contract you want and it fits your business plan-you can make money-then do it. Usually its faster with less red tape and delays to buy it from the owner. With the city, you are more likely to get delays that can undermine how fast you get the work done. Eric Hiltner 347 470 3133 text first please akaphrates@hotmail.com ... more
0 votes 4 answers Share Flag
Sun Aug 16, 2015
Eric Hiltner answered:
I have experience in Newburgh, feel free to contact me.

It depends how you manager your property. If you maintain it up to code and repair problems fast and select good tenants, its very high 7% or less. If you do the opposite, rent out an apartment with code violations, don't fix the problems, and don't screen tenants well, the vacancy rate will zoom up to 100% very quickly, and you're on the fast route to loosing your property. You must respect tenants and treat them decently. Eric 347 470 3133 text if you want or akaphrates@hotmail.com ... more
0 votes 1 answer Share Flag
Thu Jul 9, 2015
Arlene Campbell answered:
Price right, Well marketed equals SOLD!
0 votes 5 answers Share Flag
Sun Feb 22, 2015
George Koudounas answered:
A home where a potential buyer made an offer and signed the Purchase and Sale Agreement, but a successful closing is still contingent upon financing and some times
inspections.
0 votes 5 answers Share Flag
Sat Jan 3, 2015
Diane Christner answered:
REO stands for Real Estate Owned, meaning the ownership of the property was transferred involuntarily to the lender through a foreclosure sale. The lender now has title to the property and is selling it directly, usually through a listing agent in the local MLS but sometimes through an auction site on the Internet.

When you make an offer on a REO, the bank's asset manager, not the listing agent, makes the decision on how the offers are handled. Even if you are told your offer is being accepted, it is not binding until both buyer and the bank's representative have both signed and initialed the contract AND all riders and addendums. It sometimes takes days or even weeks for the bank to get a fully signed contract back to the buyer's agent. During that waiting period, other offers can come in. Each bank sets their own policy as to how additional offers will be handled. Your offer should be accompanied by a Proof of Funds letter if paying cash or your Pre-Approval letter from your lender if getting financing.

When you do get an offer accepted by the bank on a REO property, the bank/seller will generate it's own addendums to the contract, which the buyer must accept without changes in order for the transaction to move forward. These addendums frequently alter the inspection period, modify the sellers warranties to reduce seller's liability, add mold or other environmental disclaimers and frequently change deadlines within the contract. Often they include language that makes the buyer's deposit nonrefundable after the inspection period. There's typically a disclaimer that buyer is responsible for obtaining any HOA or condo docs at buyer's expense. Most have specific waivers of certain buyer rights, such as filing legal action against the bank for failure to close (specific performance). They also put language in that allows the seller, at seller's sole discretion, to extend the expiration date on the contract.

For all of the above reasons, it's a good idea to seek out your own real estate attorney that is familiar with REO sales to review the bank's addendums with you BEFORE you sign and accept the terms.


Find an agent that is experienced with REO sales to guide you through the process
... more
0 votes 6 answers Share Flag
Thu Feb 20, 2014
Suzanne Papke answered:
Hi Lionel,

I have a similar home in Tuxedo............if you have not yet purchased I would love to show it to you. You can see the pictures on 25 Table Rock Road, Tuxedo or call me at 845-753-5903. ... more
0 votes 5 answers Share Flag
Fri Feb 14, 2014
Gail Jeter answered:
You should decide whether the problem is due to your credit history. If your credit is a problem, do you currently have delinquent accounts? It may take six months of working on your credit. Mortgage professionals can and will give you suggestion for free. ... more
0 votes 3 answers Share Flag
Wed Feb 12, 2014
leocandoo answered:
John J. Lease REALTORS: 5020 Route 9W Phone: (845)565-2800 …
0 votes 1 answer Share Flag
Sun Jan 19, 2014
Pelicanesque answered:
Sat Dec 7, 2013
Tom Gildea answered:
Hi Nubian Queen; I do not see any responses here. From the little I can see here, I can give you a path to follow to someday buy a home. Give me a call if you would like.
Tom Gildea
Prospect Lending
914-213-3892
NMLS # 62958
... more
0 votes 1 answer Share Flag
Mon Apr 29, 2013
answered:
Good afternoon Rafael,

First steps:

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.

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.

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.

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.

As for your wife's credit score, if it is less then outstanding here are some steps to help fix it:

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
1 vote 9 answers Share Flag
Mon Apr 29, 2013
answered:
Good afternoon Barbosa.j,

First steps:

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.

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.

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.

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!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
0 votes 5 answers Share Flag
Mon Apr 29, 2013
answered:
Good afternoon Martin,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
0 votes 3 answers Share Flag
Mon Apr 8, 2013
Kerri Stretch answered:
Dear RoseColoredGlasses,

PLEASE contact your attorney, hopefully your attorney was not referred by the builder or builders Realtor? if you had a buyers agent Realtor, they should have know not to deal with this builder.
That is why every buyer should have there own representation.

Unfortunately, everyone has been hit by our economy that includes builders, as well as Landlords.!
Everyone has to be cautious, NY is a buyer beware state. Please call your attorney handling your deal, if they were not referred by the builder of course. Good Luck! Let me know if I can help you with anything else now or in the future.
... more
0 votes 8 answers Share Flag
Wed Jan 30, 2013
Frenchie answered:
Having done this for a brick townhouse in Newburgh, using licensed subcontractors it ran about 170k for a good quality job with close supervision. 1 kitchen, 3 bths, new electric/plumbing/walls. etc. ... more
1 vote 3 answers Share Flag
Sun Oct 21, 2012
Maria Gilda Racelis answered:
Hi. I would recommend that you call the town hall which has jurisdiction over the property you are interested in.

It will direct you the right department or company which can give or provide you with this information.

Good Luck.
... more
0 votes 3 answers Share Flag
1 2
Search Advice
Search
Home Buying in Newburgh Zip Codes

Followers

235