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Home Buying in Nyack : Real Estate Advice

  • All45
  • Local Info6
  • Home Buying15
  • Home Selling4
  • Market Conditions2

Activity 22
Tue Jan 3, 2017
James Baker answered:
Hi Kathy, Thankyou so much for the reply and advice. I will start our bank and see what the options are- the apartment in brooklyn is such a great asset it would be amazing to keep as well.
If we end up selling is the Nyack area as good as an investment as Brooklyn for property? If our apartment most likely will only appreciate a certain amount maybe it makes sense to put whatever money we make on the sale in a bigger and better house with the view that an apartment and smaller house will add up to the same as a bigger house in the future..
In regards to travel etc I've been working up in Nyack over the last year, commuting from Brooklyn- so have a good idea on costs etc- it's a lot but quality of life is going a long way too-
Thanks!
James
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0 votes 2 answers Share Flag
Thu Dec 10, 2015
Kathy Burgreen answered:
You have several issues:
1. Visit the county's tax records department and find out if there are any liens, any property taxes owed, etc. You need to know what the county has on file before submitting an offer.
2. Suppose you bought the property, invested money for repairs, did you review the comps to analyze what similar properties have sold for? Comps are comparable properties that have recently sold, currently pending or active. You will need a realtor who has access to the MLS
3. If a bank owns the property, all they care about is getting as much money as possible from a buyer. Banks have no interest in discounting their asking price. They are willing to wait for a financially qualified buyer who can pay at or near the asking price. If there are no buyers after several months, it's possible the bank will reduce the price.
4. You stated that IF you can borrow enough from family & friends... You need a firm commitment on whether your family and friends will give you the cash. IF doesn't mean they will give you the cash.
5. After you analyze the comps, you need to calculate your net profit (purchase price + closing costs + money for repairs + as an owner - realtor's commission + closing costs + property taxes, homeowners insurance, etc. = your net profit.
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Sun Nov 22, 2015
Karen Peyton answered:
What you should have is a Buyer's Agent to represent you and your interests in the transaction. The listing agent represents the Seller's interests, not yours. It sounds as though the home qualifies for HomePath financing and is a foreclosure owned by Fannie Mae.

You need a Buyer's Agent who can tell you all about HomePath financing and tell you if the price of the home (you want) is indicative of market value for the area. Some times HomePath homes aren't, yet offer financing incentives to compensate.

Know what's going on before making an offer...

Best of Luck!
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0 votes 1 answer Share Flag
Sat Feb 21, 2015
Danielle Russodivito answered:
Most people in Manhattan- since the price of living is so high and just a 2 bedroom can be 3 million!
0 votes 10 answers Share Flag
Sat Feb 21, 2015
Aaron B. Lewis answered:
Rule of thumb 3-4% of sales price.
0 votes 5 answers Share Flag
Sun Mar 23, 2014
allan erps,ABR,SFR answered:
Need my help please call me at 845-304-3040 or email to allan.erps@randrealty.com. No cost to you & excellent recommendations to the right people to help.

Allan Erps
BHG Rand Realty
WebSite: allan.erps.randrealty.com
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0 votes 3 answers Share Flag
Fri Mar 7, 2014
Annette Lawrence answered:
Why?
Well Renee, what we have here is a failure to communicate.
Every organization that publishes a number labeled as 'market value' is using their distinct lexicon.
Then you come along with the lexicon of the citizen believing that all things labeled 'market value' must be related. THEY ARE NOT. Yes, I know, it looks like a duck, it quacks like a duck however, in this situation...IT IS NOT DUCK!
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AND, if you invest the time to read the waterfall of words all of these sites provide that explain the process of these calculations, you can walk away with the idea the poor tax paying citizen is being abused by EVERYONE.They are all basicy random number generators.

Now, let's not leave out Trulia and Zilllow who also spew out meaningless numbers that quack sounding like Market Value..

What you need to do is determine the purpose for which you intend to use those numbers.

Are you needing 'market value' in order to price your home accurately for sale? You need to call someone who helps buy and sell dozens of homes every year. Your local Remax REALTOR. Ok, you can also write a check for about $300 and have an appraiser complete an analysis. The appraiser will need to know the purpose for the appraisal. Purpose....it keeps popping up.

Perhaps ;the purpose is you are want to BUY a house and need to know the market value.
YOu will also find beneficial knowing the obstacles that will pop up in the process of buying this real estate.
Beneficial Knowing if your financing is compatible with this real estate.
If your lender will make your offer less competitive. (BofA, Wells Fargo, Chase)
Will the seller become over burdened with the complexity related to your offer.

Perhaps you would like to get a 'Clear-to-Close' financing commitment BEFORE you spend money on having a home inspected and paying the bank for an appraisal.
Or, perhaps you qualify for purchase options that allow you to save nearly 40% of the purchase price.

All of these issues are covered and addressed by your local REALTOR.
Rather than chase the make believe number you see, call a professional and get yourself equipped with REAL numbers related to your real estate.
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0 votes 3 answers Share Flag
Thu Dec 26, 2013
Anna M Brocco answered:
When it comes to legal questions your attorney can better advise; the seller can sell without c/o's to any cash buyer...
1 vote 6 answers Share Flag
Mon Nov 4, 2013
Maureen McEnroe answered:
The seller's agent assesses the market sentiment, past sales, and supply and demand characteristics so that you can price your home optimally for a prompt sale. Marketing your property in the MLS, their website, their franchise company's website, and a multitude of other Real Estate related websites. The realtor helps the seller get broader marketing reach and exposure for their property. Studies have shown that homes represented by Realtors get premium pricing and sell in a more timely fashion.

For buyers, especially first time buyers, they walk the buyer through the very complicated process from home searching to closing. The realtor can be instrumental in getting buyers in to see homes, negotiate price and terms based on the current market conditions, evaluate the engineers report, and find an appropriate lawyer and mortgage professional. Since the buyer gets all this professional experience and knowledge without having to pay the realtor directly, why wouldn't the BUyer want this professionals assistance.

Maureen McEnroe
Licensed Real Estate Broker
Prudential Joyce Realty
914-588-1873
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1 vote 2 answers Share Flag
Mon Sep 23, 2013
George Ferguson answered:
Jamie,

Your story is a story heard too often in the Real Estate Profession. The agents below have provided very useful and hopefully, helpful information to you. One additional comment before I add my thought/suggestion - your response to the one agent is (in my reading of the answer) very accurate. You are our business and our income.

A couple of thoughts: (1) Even if a lawyer is not required in your area to complete the real estate transaction, you might want to consider retaining one for the following reasons - [a] a lawyer can present your offer to the seller/seller's agent and represent your interests [b] if there were to be an "exclusive buyer representative agreement" (you said NO, so this is hypothetical), the lawyer can seek to void the agreement.

Good luck and best wishes for success in your search for your next home. If you want, I am available to discuss your situation on a more confidential basis - my contact information is on my website - http://GeorgeC21.com
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1 vote 7 answers Share Flag
Wed Sep 4, 2013
Jamie22 answered:
So now I'm reading around, and "reassessment upon sale" is not legal in NY, except in areas that re-assess everyone annually. Which Clarkstown and Orangetown do not. Again, weird that no real estate agent we've talked to seems aware of this? ... more
0 votes 4 answers Share Flag
Mon Jun 3, 2013
Ellen Kippel answered:
Hi Nancy,

So we meet on Trulia now. At several Suffern Rotary meetings the engineers said that they may plan to keep the TZ bridge up, but not the whole bridge. The design was to have part of it available for pedestrians to walk along. I hope they do this, it sounded like a nice idea.

I hope to see you at a closing table this month!

Take care,
Ellen
Ellen Kippel
Licensed Real Estate Salesperson NY and NJ
Weichert Realtors
Mutli-Million Dollar Producer
Cell: 914-588-2365
Email: eskippel@aol.com
Website : www.dreamhomesrocklandandorangeny.com
Website: www.ellensellsrealestate.com
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0 votes 2 answers Share Flag
Fri May 31, 2013
John Patrick Schutz answered:
That's a rather complex question. The Nyack 10960 area is rather large, covering all of the village of Nyack, and all of the village of Upper Nyack, the village of South Nyack, the village of Grandview on Hudson, the hamlet of Central Nyack, the hamlet of Upper Grandview, and even part of the hamlet of Blauvelt!

When first announced, the Thruway Authority had plans to acquire 6 properties located on South Broadway, Smith Street and Cornelison Street in South Nyack. Those plans have since been rescinded and no additional plans for the taking of homes have been presented. There is the likelihood that the Bradford Mews apartments may lose some parking spaces, the Salisbury Point cooperative apartments will not lose any property. At least, those are the plans at present, and as construction has begun, it appears that plans will remain this way. It is best to check with the NYS Thruway Authority for certainty and not the Real Estate community, but this is what we have been informed are the facts as they stand today.

In terms of property values? Who can say? The project as a whole should by all rights raise property values across the very large 19060 area, and any losses to value should be those properties directly affected by noise and other by-blows of the construction process, and then only for the time period of the construction itself. While some values in the direct area of the bridge landing in South Nyack do appear to have dipped around the time of the major announcements and votes regarding the bridge, not all have done so oddly. Amazingly, of late, prices and sales at the Salisbury Point Cooperative apartments appear to be increasing, not decreasing so it appears that all bets regarding which properties may find this project deliterious and which find it a blessing are off - who could predict an uptick in sales at Salisbury at this time after all?

During construction, most of the area will not be negatively affected and the influx of workers may positively affect a good number of properties. In the long run - after this 5 year construction period, it seems there is little reason to imagine any negative affect on the area's properties and property values - so in the long term it should be good for the entire area. I'm a realtor, not a psychic, but this does seem to be the most likely outcome.
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Wed May 29, 2013
Ellen Kippel answered:
Please call me at 914-588-2365. I have several names of excellent mortgage brokers, Dalilah, who can tell you about first time homebuyer loans and down payment assistance. I can also show you condos, co-ops, townhouses and homes in Nyack that will meet your needs and your budget. You can also use my website www.dreamhomesrocklandandorangeny.com to view homes in Nyack and to communicate with me about the ones that you like the most.

Take care,
Ellen
Ellen Kippel
Weichert Realtors
Multi-million dollar producer
www.dreamhomesrocklandandorangeny.com
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0 votes 4 answers Share Flag
Tue May 28, 2013
Ellen Kippel answered:
Hi Suzy,

The view of the Tappan Zee Bridge and the Hudson River from many homes in the Nyack and Grandview area can be wonderful. It is not necessary to be right on the river to enjoy the ambiance of a river town such as Nyack and Piermont. I do agree with the others who have written that during superstorm Sandy there was a great deal of flooding in these river towns but of course that was an unusual storm. Still, it is important to decide whether you are willing to take the risk in order to be "up close and personal" with the might Hudson, should another disastrous weather pattern occur. Please call me at 914-588-2365 if you are interested in buying a home in one of Rockland County's great river towns and I will be delighted to help you buy one.

Take care,Ellen
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0 votes 3 answers Share Flag
Tue Dec 11, 2012
Gail Gladstone answered:
Dereck,

If it were your primary residence, you may be able to get a residential loan.

This really is an investment property and there are differences.

Gladstone Group has a subdivision that handles commercial loans. Please call Doug or Curt Gill at 201-638-0821 or email at curtgill@msn.com or Doug Gill 201-321-5398 doug.gill@msn.com.

Either Curt or Doug will be happy to answer all of your questions.

gail@GladstoneGroupRealty.com
845-522-5808
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0 votes 2 answers Share Flag
Mon Oct 8, 2012
sprid99 answered:
I have a home to sell in nyack ny. It is a cape cod. 2 bedrms and 1 bathrm. Check 12 w broadway nyack ny 10960 on weichert. I have another home I am buying, need to sell first.
0 votes 11 answers Share Flag
Mon Aug 13, 2012
Anna M Brocco answered:
Your tax professional, and or, attorney can best advise, consider a consultation....
0 votes 6 answers Share Flag
Fri Aug 26, 2011
Mikel DeFrancesco answered:
Yes, but the only way to be sure is to price out another reputable Lender. If they come in at a similar level... you'll know it's a fair deal. Also ask for a copy of your Good Faith Estimate to review the charges yourself, ask your lender or R.E. atty to explain any to you that you are not sure of. Once you've gone through line by line you should have a good feel for it. ... more
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Sun Mar 27, 2011
Nancy Blaker Weber answered:
Hi Judy
My name is Nancy Blaker Weber a Wright Bros. R.E. Associate Broker my Office is located in Nyack, NY. Please contace me on my cell (914) 263-3403Office:or email me at nancybweber@verizon.net. for assistance with any of your real estate needs. Website: www.nancybweber.com. ... more
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