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Home Buying in Rochester : Real Estate Advice

  • All355
  • Local Info32
  • Home Buying135
  • Home Selling26
  • Market Conditions15

Activity 167
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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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
Tony Grech answered:
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
Tony Grech answered:
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.
... more
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Thu Sep 17, 2015
Shannon Hooper asked:
Mon Aug 10, 2015
Jonskslska asked:
Real Nitro A lot of men can not be bothered working out because they reckon that they'll be sentenced to life behind bars: barbells, that is! The men who work out for 6 hours a day…
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Sat Jul 11, 2015
USMortgageRanger answered:
Thanks for your post & congratulations on your decisions to purchase a home. I would suggest you get APPROVED not just pre-qualified. Let me explain the difference. When you start shopping for a home, most Agents and Builders want you to get pre-qualified, before they spend any time with you. However, being pre-qualified doesn’t mean you are ready to buy. In this market, property is moving faster than ever. So if you are ready to buy, you should get APPROVED by a competent Lender. Approval is similar to having cash in your pocket and this tells the seller you are truly ready to buy. In fact many listing Agents and Builder won’t even look at your offer unless its attached to a real pre-approval with FHA, Fannie Mae, Freddie Mac, VA or USDA Approval.

I would be delighted to provide you with some options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Capital One Bank
Phone 469-315-1709
... more
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Mon Jun 22, 2015
Kathy Burgreen answered:
Are you planning to buy in upstate NY? you can't expect home prices to be similar to NYC. In NYC & nearby suburbs, buyers pay a premium to be near a major city.
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Wed Jun 10, 2015
Nora Moore answered:
Have they had any trouble with the foundation since they put in the piers? It's hard to say if the house would be a risk or not. I'd probably have the house inspected and then ask the professional their opinion on the structural integrity of the building. It's better to play it safe when it comes to buying a home. ... more
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Thu Apr 23, 2015
Kathy Burgreen answered:
Don't even think of doing this. This is illegal. Any mortgage lender will find out in seconds that the disability benefits belong to your sister and you are not entitled to use these funds to purchase a home. If you can't qualify using your own income, the best advice is to save some of your income every month and in a year or two, hopefully you will qualify for a loan. ... more
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Thu Apr 23, 2015
Elizabeth Mills answered:
It depends on what part of Melville Street that you are talking about. The area between Culver road and past Merchants Road are nice and quiet also just down the street from the North Winton area. The area that you speak of isn't too nice and that's probably why the price on the home is so low. ... more
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Thu Apr 2, 2015
Sally Grenier answered:
The only way to know for sure is to talk to a local lender. There are many different factors involved in qualifying for a loan. They'll look at your credit score, income, debts, savings, job history, tax returns, paystubs...etc. ... more
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