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Home Buying in Palisades Park : Real Estate Advice

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  • Local Info3
  • Home Buying7
  • Home Selling2
  • Market Conditions2

Activity 13
Sun Sep 18, 2016
Robert Spinosa answered:
I realize this is an old post, but I wanted to comment on it because we are seeing more and more of these scenarios here in California. Specifically, jumbo loan requirements for a duplex (2-unit). If the property is a legal multi-family and the buyer will be occupying one of the units, we can finance up to 90% of the purchase price (10% down payment) up to approximately a purchase price of $1.6MM. The buyer can use the rental income generated from the other unit to qualify as well.

For 3- and 4-unit properties, we are limited to a maximum loan-to-value (LTV) of 85%, thus requiring a 15% down payment, but we can get to a purchase price of approximately $2.35MM in those cases. Again, assuming that the buyer occupies one of the units as a primary residence.

Certainly get in touch if you have questions about true investment properties or other aspects of these types of dwellings. We also offer all of the common Fannie, Freddie and FHA options.

Thank you!
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0 votes 5 answers Share Flag
Tue Oct 27, 2015
Barbara asked:
Loan Costs
A. Origination Charges
% of Loan Amount (Points) Origination Fee $1,798
B. Services You Cannot Shop For
Appraisal Fee $499
Credit Report $50
Flood Certification $21
HOA…
0 votes 0 Answers Share Flag
Sun Aug 31, 2014
Debra (Debbie) Rose answered:
I suggest you use Trulia's "Find an agent" option located at the top of the page to find a local NJ agent, and NOT rely on a stranger, an agent from VA who wants to refer you to someone she doesn't even know in NJ (and will be paid a fee for that referral!).

Find a local agent.
You can also google "Realtors in Bergen County.... or Palisades Park or Ft Lee area))
... more
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Tue Aug 7, 2012
Chul Pak answered:
Have you ever ride a roller coster ride in six flags. It's going up and down..(^:^;
0 votes 30 answers Share Flag
Tue Aug 7, 2012
Chul Pak answered:
Town of Fort Lee, Edgewater and Palisades Park properties are always in big demand.

http://en.wikipedia.org/wiki/Koreatown,_Palisades_Park
1 vote 3 answers Share Flag
Tue Aug 7, 2012
Chul Pak answered:
Some older half duplexes are on the market for less than $500K. New constructions are bit more than $500K. I specialize in Half duplexes in Palisades Park, Fort Lee, Cliffside Park and Fair View. Our company http://ridgecoproperties.com/ work with many reputable local builders which specialize in Half Duplexes...(^;^; ... more
0 votes 2 answers Share Flag
Tue Aug 7, 2012
Chul Pak answered:
Windsor Square townhomes are not all facing southern exposure so it all depens on the which unit...(^;^;
0 votes 1 answer Share Flag
Tue Aug 7, 2012
Chul Pak answered:
Town of Fort Lee, of cause. It's right across from the George Washington Bridge. 15 minutes +- to get to express "A" train in 175 st N.Y. subway station...(^;^;
0 votes 8 answers Share Flag
Tue Aug 7, 2012
Chul Pak answered:
You must be able to afford monthly mortgage with 1/3 of your current proof income minus current monthly debts(credit card interest and car payment) after 25 % down payment...

You should talk with mortgage pro for exact figures...(^;^; ... more
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Tue Aug 7, 2012
Chul Pak answered:
I highly recommand purchasing 2 bedroom w/ 2 full bath with parking. If you plan to purchase them for investment purpose...
0 votes 3 answers Share Flag
Sun Oct 31, 2010
Anna M Brocco answered:
Unfortunately, a decision only you can make and it's really a matter of preference--choose the one that would suit your needs best.
0 votes 1 answer Share Flag
Mon Sep 29, 2008
Kenneth Verbeyst answered:
you have nothing to lose, go for it. With all the uncertainty in the market and mortgage industry you never know.
0 votes 5 answers Share Flag
Sat Sep 6, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
Hi james:

What does your agent say, and why? Like others said below, your agent should have prepared a comparable market analysis for you and, I am sure, by looking for homes up till now, you have a pretty good idea of what is out there, for what price and the condition of the homes.

Days on Market does not necessary translate to an automatic % reduction on making an offer. How long has the house been offered for that price? Are there improvements made? What's the 'current' market condition - we are seeing a surge in Novato, Marin market at certain price range just recently. What's the motivation of the seller?

A good agent who understands the 'CURRENT" market and LOCAL situatioin with great negotiation skills will be able to get your the best deal. What does your agent say?

Best,
Sylvia Barry
Marin Realtor
... more
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