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Financing in Rockland County : Real Estate Advice

  • All35
  • Local Info2
  • Home Buying14
  • Home Selling1
  • Market Conditions2

Activity 10
Wed Jan 25, 2017
Kathy Burgreen answered:
You're nuts! I'm a local resident and what you don't understand is investors who would buy the house, will lease it to you at a high rental amount, then demand that you pay a high purchase price to buy the house. Your lender will insist on an appraisal and that appraisal will come in at a much lower price than what this investor is asking you to pay.

Well, guess what - your investor will demand that you pay the difference between the appraised price and what the investor is asking. Obviously, the investor knows you don't have the cash, so he/she will either keep the house for themselves, have you live there and pay the high rent, or sell it to somebody else for the appraised price. Meanwhile the investor is collecting your high rent and making a nice profit with it.

Sorry but investors are not stupid - they want to make a profit. The stupid one is you because you are the sucker. What you forgot to include is you will sign a contract with the investor and the terms will favor the investor - not you.
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Wed May 13, 2015
Ellen Kippel answered:
Hi Dotty,

Although you asked this way back in 2010, I have just started to use Trulia as a realtor and thought I'd answer your question. It would always be prudent for banks to consider what percent of the condos in a condo complex are rentals. Many condo complexes have a percent that they will allow for rentals in order to keep the community in good condition. It would also be important for mortgage lenders to consider the reserves of the condo complex, since this, in part, defines the condo development's viability. This being said, I'm sure there are some lenders that are more careful about this than others. It would depend on the particular lender.

If you need any help in real estate, to buy or sell a condo, townhouse or home, please feel free to contact me at 914-588-2365.

Take care,
Ellen
Ellen Kippel
Licensed Real Estate Salesperson NY and NJ
Weichert Realtors
Mutli-Million Dollar Producer
Website : www.dreamhomesrocklandandorangeny.com
Website: www.ellensellsrealestate.com
Email: eskippel@aol.com
Cell: 914-588-2365
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Sun Jul 28, 2013
allan erps,ABR,SFR answered:
Answered your question below but do believe in most cases you will need 80% equity after refinancing.
0 votes 4 answers Share Flag
Fri Jul 12, 2013
Carmen Di Biase answered:
John,

You say the gutted area was a bedroom and small den. By gutting it you made it uninhabitable and decreased the home's value by one bedroom. From an appraisal standpoint the bedroom is worth 8-10K. While that may not seem like much, the bank views it as the difference between say a 3 bedroom house vs a 4 bedroom house. I would get the sheetrock up as soon as possible so the appraiser can count the bedroom and possibly the bath. Don't forget to get permits and a certificate of occupancy for the bath.

Good Luck,
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0 votes 4 answers Share Flag
Sat Jun 1, 2013
Ellen Kippel answered:
Hi Patrick,

I hope by now you have found a home within a half an hour of NYC. The southernmost section of Rockland County which includes Orangeburg, Palisades, Tappan, Pearl River, Piermont, Blauvelt, Grandview, South Nyack, Sparkill and Upper Grandview are ideal areas to live when looking for a short commute into the city. Of course, that also depends on the time of day you travel and what mode of transportation you choose. If you have found a place in Rockland County or Northern NJ which is also ideal for such a commute, but are thinking of investing further in the US, please contact me and I will be glad to help you.

Take care,
Ellen
Ellen Kippel
Licensed Real Estate Salesperson NY and NJ
Weichert Realtors
Mutli-Million Dollar Producer
Website : www.dreamhomesrocklandandorangeny.com
Website: www.ellensellsrealestate.com
Email: eskippel@aol.com
Cell: 914-588-2365
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0 votes 13 answers Share Flag
Sat Jun 25, 2011
Christopher Pagli answered:
There are different types of appraisels and a few methods. The cost approach which is used to deterine what it would cost to rebuild the home in todays market, the income approach which is used mostly for investment properties, and the sales comparison approach which is most commonly used. The banks use the sales comparison approach. Keep in mind it is a professional opinion and can be challenged. Just because a property doesn't appraise for the asking price doesn't mean it's not worth that number, it means there isn't enough supporting sales data to justify the number. You have to ideally decide what it is worth to you and also how long you will stay in the home.

Chris

Chris
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Sun Feb 6, 2011
Maureen McEnroe answered:
Hi Hopeful Homebuyer,

It sounds like you might be of the generation that does everything online--thats great. Technology is a wonderful thing. As a Broker, where the money comes from is not an issue. Buyers, sellers and realtors aim for a smooth and timely contract to closing process. There is no way to definitively say an online or dot com lender is going to process the application slower than a local lender. However, if the borrower doesn't have perfect credit or has some other blemishes, the appraisal comes in low, the home has a lien, or any other of a myriad of problems that tend to crop up during the purchase/sale process, it is easier for the realtors to work things out with a local lender. Given the pace of consolidation in the banking industry and the increase in qualification standards for morgages, it is becoming increasingly difficult to get a mortgage. When or if problems do arise, it is simpler and quicker for the realtors to contact the local lender and work out the issues.

If you are one of the buyers with great credit, no negatives items in your history, at least a 20% downpayment, your purchase has no problems, and the purchase price is near the appraisal price, a dot.com lender may work for you. Once you have identified the home you want to buy, I would suggest getting a quote from the dot.com lender and also getting a quote from a local mortgage broker. Chances are the rates and terms will be pretty similar. If the broker and the dot.com offer similar terms, why not use your local mortgage broker and help stimulate yor local economy.

Good luck with your purchase in Nanuet.

Maureen McEnroe, eCertified
Licensed Real Estate Broker
Prudential Joyce Realty
914-588-1873
mmcenroe@prudentialjoyce.com
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0 votes 5 answers Share Flag
Wed Dec 22, 2010
allan erps,ABR,SFR answered:
Hello Hopeful, Just curious to see if you were successful using your VA status for a home loan. Know Mrtgage Brokers that would be honored to help you! I thank you for your service for our great country. Happy Holidays and Best Regards Allan ... more
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Mon Jan 4, 2010
Barbara Van Duyn answered:
Hi Zacky ~

It's a good question and better answered by a Certifed Financial Planner and/or your CPA who will review your entire financial picture in order to give you the best advice.

Without knowing the motivation for your question I would say this. If you can afford your monthly mortgage payment, there is a tax benefit to having that mortgage. Even though the note rate may be 6.5%, depending on your tax bracket, your mortgage is actually costing you less when the mortgage interest deduction is factored in. Also ... the money you withdraw from your IRA is going to be taxed as ordinary income (assuming it's not a ROTH account). A CFP or CPA can break it all down for you.

All the Best!

Barbara
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1 vote 2 answers Share Flag
Sun Jan 25, 2009
Marty Remo answered:
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