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Selden : Real Estate Advice

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  • Home Buying8
  • Home Selling0
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Activity 29
Thu Jul 14, 2016
Maricris A answered:
Hello,

To start, I would like to note that the Trulia estimate is an estimate derived from our proprietary algorithm. Our estimates use a ton of info, including recent sales of similar homes and home facts like number of bedrooms and bathrooms, square footage, and more to provide insight into what a home is worth. This data is compiled from public records and other sources for counties across the US. Please know that we do not intend for the estimate to replace a comparative market analysis as they can take into account market intricacies that the Trulia Estimate cannot. The Trulia Estimate is really meant to be a starting point in determining a home’s value and is not an official appraisal. To learn more about the Trulia estimate, we encourage our users to follow this link: http://www.trulia.com/trulia_estimates//.

Please also note that we do not directly edit or remove Trulia estimates. While we monitor customer feedback for systematic issues with the algorithm, we do not change individual estimates in response to customer feedback. We understand however, that some homes may be unique in ways that are not well captured by existing data. To provide more information on your estimate, we encourage you to claim your home and update its facts if you notice any information is outdated.

Updates to your home facts will be factored into your home's Trulia estimate, however, if the updates are not significant enough to impact the home's value, your estimate may not change.

If you're looking for a precise value for your home, we recommend you talk to a real estate professional.

http://www.trulia.com/directory/

One thing to consider is that when you do put your home on the market, the Trulia estimate will disappear as it is a feature only available for off market properties.

I hope the information I provided today was helpful in addressing your concerns.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/
Regards,

Maricris
Consumer Care Advocate
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0 votes 1 answer Share Flag
Wed Apr 15, 2015
Anna M Brocco answered:
You can check www.mlsli.com the consumer version of MLS where additional information is given.
0 votes 2 answers Share Flag
Sat Feb 1, 2014
Anna M Brocco answered:
Most co-ops do not allow renting; those who do have their own rules that must be met in order to rent the unit and each building is different; the tenant would still need board approval and meet all specified board requirements; therefore if purchasing for investment purposes, condos and single family properties may be a better option; for available area properties check www.mlsli.com ... more
1 vote 3 answers Share Flag
Wed Jan 15, 2014
Javier Meneses answered:
Probably not, but it is possible that the house has a permit. You would have to check with the Town of Brookhaven and see.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
... more
1 vote 7 answers Share Flag
Sun Jan 12, 2014
Thomas Brady answered:
Hi Maria, commons charges are $642. Please e-mail me if you have any other questions.
Thank you
Tom Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
www.BradyFamilyRealty.com
www.SuffolkFreeCMA.com
www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
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1 vote 3 answers Share Flag
Fri Nov 15, 2013
Dawn Noak answered:
As Paul had mentioned, if you are purchasing a coop or condo you can expect to pay maintenance on top of your mortgage.

If you are purchasing a private house you can choose to pay your taxes in with your mortgage or you can pay them 2-4 times a year on your own. The majority of my buyers choose to lump it in with their mortgage.

Best of Luck to You,

Dawn Noak, REALTOR
Gladstone Group
631-827-7373
DawnSells@verizon.net
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0 votes 5 answers Share Flag
Wed Jul 10, 2013
Sibongile Yancy answered:
I am an investor who is wholesaling a property in Connecticut.
I am buying the property and reselling it.
0 votes 2 answers Share Flag
Mon Jul 8, 2013
Melissa Goss answered:
0 votes 6 answers Share Flag
Sat Jun 1, 2013
Joan Hanson answered:
No, taxes are not on line. Best to call Town of Brookhaven to get up-to-date tax info. 631-451-9009
0 votes 5 answers Share Flag
Tue May 7, 2013
Javier Meneses answered:
Tammy, what happens is that most banks are running searches not just on CAIVRS but on government excluded list, on all parties involved in the transaction. I have ran into cases where one of the attorneys were in the excluded list and the buyers were told that they had to find a new attorney. This attorney had an issue with FHA on some files they were investigating, so they added his name to the list.

So why is your name there? You would know if there was a reason for it to be there, or it can also be a situation were someone else with the same name is in te list. They don't check by social security number or anything specific like that, but the list usually has a city and state along with it, does it match? If not the bank should be able to accept a letter from you stating that the person liste is not you.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
... more
0 votes 2 answers Share Flag
Sat Mar 23, 2013
Gregorio Denny answered:
Sat Oct 13, 2012
Anna M Brocco answered:
Sat Oct 13, 2012
Ralph Windschuh answered:
If you haven't spoken with a bank or lending institution, you should do so right away. With these crazy interest rates as low as they are, you may not get a better time to buy. I recently had a young couple who thought along your line of thinking and came to me looking to rent. They now live in their own home in Bohemia and all they put down was 3.5%. To save that kind of money may take years and if you're paying rent now that money's going towards paying your landlord's mortgage and not yours. Please feel free to contact me. ... more
0 votes 7 answers Share Flag
Sun Aug 26, 2012
De Vonte Williamson answered:
What is your price range, and rental period? You should consider working with an Agent who could assist you in the search.

I hope this answered your question.


Best Regards,

De Vonte Williamson, LSA
Coldwell Banker Residential
Proudly Serving Long Island
Office: (631)638-6193
Cell: (631)384-3695
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0 votes 2 answers Share Flag
Wed Aug 8, 2012
answered:
A short sale is a different kind of transaction than the normal real estate purchase. You are essentially going to wait while the Seller negotiates with their Lender(s) for approval to sell you the house at a price lower than what is owed to the Lender(s). This process can be lengthy, even stretching out to many months before you have a final answer.

You'll need two things during that time:

1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.

2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.

Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.


The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.

I hope that helps!
Trevor Curran
NMLS #40140
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0 votes 7 answers Share Flag
Wed Aug 8, 2012
answered:
Typically your Home Inspection will alert you to problems in five key areas, and these key areas directly relate to the contract of sale:

1. Foundation: sound and solid
2. Roof free of leaks
3. Plumbing working and leak-free
4. Heating system sufficient and operating
5. Electrical system sufficient and up to code

If there is a serious problem with any of these five items, typically the Seller has a responsibility under the terms of the contract of sale to repair the problem at their expense, not the Purchaser's expense. Sometimes a Purchaser will receive a credit at closing to repair one of these items (assuming the home and the defective issue has not compromised the Lender's appraisal). When the Purchaser receives a credit at closing, the amount of the credit is based upon legitimate estimates for repair and negotiations between the Attorneys representing each party.

Other items you discover are in need of repair/upgrade (i.e. diswasher not operating properly; air conditioner on second floor inoperable, etc.) can be negotiated for a repair credit or replacement at the Seller's expense. Again, these negotiations are handled by the Attorneys.

It is extremely RARE that a purchase price is reduced due to repairs from a Home Inspection. Best to consult with your Attorney for more detailed information in this area.

If you don't already have a good real estate Attorney and you're shopping for homes, you need to reverse your process. First, get properly prequalified for mortgage financing by a Local Mortgage Banker. Second, line up your Attorney. Third, line up your Home Inspector. Fourth, line up a great local Realtor with personal experience in the area in which you'd like to buy.

Trevor Curran
NMLS #40140
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0 votes 9 answers Share Flag
Tue Aug 7, 2012
Simon Harrison answered:
That's a question for a lawyer to answer. It is also possible to get more information from the NYS Banking dept, which has information hotlines, as this is a common question. Here's a link to more info...

http://www.dfs.ny.gov/consumer/mortg.htm
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0 votes 6 answers Share Flag
Tue Aug 7, 2012
Simon Harrison answered:
First, make sure this house is worth more than the mortgage, and not by a little. Include the cost of immediate and short term repairs.

Would the mortgage payment be similar to what the house would rent for? Not the MOST it MIGHT rent for, but the LEAST it would rent for, AFTER expenses. No need to read on if it does not meet BOTH of these basics. Everyone does this on some level, but don't let rational investment decisions be clouded by what you want, like signing and driving a car above your ability to pay for it.

If your Uncle is willing and able to help you do this, there are ways. IF your current savings and your current income allow you to bring the mortgage up to date, and you can share the house ownership with him legally, then a lawyer can draft an agreement where you go on the deed and then take over until you can refinance, and then remove his name from the deed. Please make sure that this is done with a written contract as you could end up destrying your ability to take in what might be an even better opportunity.
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