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Home Buying in Rochester : Real Estate Advice

  • All364
  • Local Info32
  • Home Buying141
  • Home Selling27
  • Market Conditions15

Activity 205
Fri Aug 25, 2017
Kathy Burgreen answered:
I'm an experienced retired realtor and you left out some important facts in your question. Most important - are you paying 100% cash or financing this purchase with a mortgage loan? If you intend to get a loan, lenders will consider you an investor instead of an owner occupant unless you will move into this home within 60 days from the closing date. This means as an investor, you will be required to pay higher interest rates, higher fees and have a larger down payment - at least 20%. If you intend to move into the home within 60 days, then you can qualify for the low down payment, low interest rate residential loans.

So don't ASSUME your strategy can be done. The truth is yes, it can BUT with conditions! Another issue is realtors need buyers to physically visit the home because there is a liability issue. Realtors do not want to be sued if you buy this home without physically seeing it, then discover something is wrong. You will need to visit this home before buying it.

As for Elizabeth's reply, if you look on her profile, you will notice she just got her license. Are you comfortable working with a brand new licensed real estate agent?
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Tue Jul 4, 2017
Gita Alirezaei asked:
I am getting email updates from areas that I no longer pursue. How do I stop receiving emails from areas I no longer want?
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Wed Jun 21, 2017
Rangeljulie51 asked:
My finance applied for an fha loan haven't been approved yet still waiting. My questions is if he gets approved in that county of New York is he only allowed to look for houses in that…
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Sun Jun 18, 2017
Alan May answered:
I dunno. WHO owns the house?
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Tue Apr 4, 2017
Cadillac162003 asked:
Back where Im from in the tug hill region, the taxes are half what they are here, and Houses actually come with land there.
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Tue Jan 10, 2017
manecut1 answered:
You can always look at local sales in the area of the home you are selling. Look at the same type of homes and size also the amount of bedrooms and baths. Total up the selling prices and divide by the number of homes and that will give you an average sale price. This is what the realtors do. Nothing complicated to it. ... more
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Sun Aug 28, 2016
Mrsshantegriffin asked:
My husband and I have recently relocated from South Carolina back to our home town of Rochester NY. With all well intentions we managed to "find" a rent to own(on craigslist) that…
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Sun Jun 19, 2016
Kiara Hughey asked:
Disabled yet employed, Need to work from home. Need ability to use internet that does not have arbitrary network administrator. Does not drive.
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Thu May 26, 2016
Judgej27 asked:
I did own a house for about 9yrs. Then it eeny into foreclosure due to a layoff. The economy
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Thu May 19, 2016
MCM_STL answered:
It really depends how much debt you have relative to your income and to your credit limit. Ideally, yes you want those paid off. Why would you want to take on a six figure loan when you're paying double-digit interest on credit card debt? Besides, your credit score will reward you nicely if you can get to a point where you use and fully pay your credit cards every single month. ... more
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Thu May 19, 2016
Grandma5207 asked:
I have credit cards with balances need to be paid off..
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Sat Mar 26, 2016
homefront asked:
Sun Mar 13, 2016
You should ask the seller to cover some of your closing costs. FHA permits them to pay up to 6% of the purchase price towards your closing costs and prepaid items like taxes and insurance (but not down payment) ... more
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Thu Feb 25, 2016
Sunny Mishra answered:
Thu Feb 18, 2016
For mortgages that are assumable, the person assuming the mortgage must be able to qualify for that loan. That means a review of income, assets, AND credit. You'll need to meet the lender's credit requirements just like if you were getting your own loan ... more
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Thu Jan 28, 2016
Kathy Burgreen answered:
As a former realtor in New York you have several issues:

1.After receiving your PhD degree, you will either have to sell the house or rent it. You will not be allowed to work in the U.S. without legal documents, so what are your plans if you buy a house in the Rochester area?
2. If you rent the house after you graduate, you will need to pay a Property Management company to keep an eye on it, screen tenants, collect rent, make repairs, etc. Are you willing to pay the fee involved?
3. If you sell the house within 5 years after you buy it, you may not get the full purchase price back and you may owe money on the house. The entire Syracuse-Rochester-Buffalo area does not have the growth potential that New York City and the suburbs have. Upstate New York (Syracuse-Rochester-Buffalo) always had lower incomes, lower economy and suffered during any economic downturn. The area also has a higher unemployment rate than the New York City area does. The State and Local Governments have always "promised" to do something to improve the area but it's always a campaign promise or a photo opportunity. After these politicians get elected, a little happens but not much - just enough for these politicians to claim they did something - which isn't much of anything. The entire region needs a major overhaul.- money wise. Unfortunately, the big money is down in New York City and the millionaires in New York City don't want to spend money in Rochester and they do vote.
4. If you have to sell the house within 5 years, you will owe a foreigners tax, attorney fee, brokerage commission, pro rated property tax and other seller expenses.
5. Mortgage lenders do give mortgages to foreigners BUT you will be required to have a higher down payment + cash for closing costs. The average down payment for foreigners is about 25 - 30% of the purchase price.
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