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Home Buying in Selden : Real Estate Advice

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  • Local Info3
  • Home Buying8
  • Home Selling0
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Activity 11
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.
#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
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0 votes 5 answers Share Flag
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
Wed Aug 8, 2012
Trevor Curran 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
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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0 votes 11 answers Share Flag
Sun Aug 5, 2012
De Vonte Williamson answered:
I am not sure what you are asking. I believe you are saying, "you put an offer on a property, and do not have representation." The "Agent" in question is working on the behalf and better interest of the seller, and you want someone to do the same for you. This is what I am assuming you mean.

If this is the scenario, all you have to do is find an Agent (of your choice) to work in your best interest, which includes negotiating the offer, aiding in property inspections, appraisals, etc. Of course you could just take the "Agent" the managing broker assigns to you. However, I would advise working with someone of your choice. Ask friends & family for recommendations. And PLEASE, do not avoid getting representation because you think it will cost you an arm and a leg. Typically, the seller pays most, if not ALL of the "Agent/Brokers Fee."

In my opinion, get an Agent that will represent your best interests, and someone that you are comfortable with.

I hope this answered your question. Should you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!"
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1 vote 4 answers Share Flag
Sat Aug 4, 2012
Anna M Brocco answered:
If you have no signed agreement, you are free and have the right to work with any agent you like...
0 votes 5 answers Share Flag
Thu Feb 23, 2012
Anna M Brocco answered:
You will need to apply for STAR, therefore contact the local tax assessor's office; see link below.
0 votes 4 answers Share Flag
Mon Jan 9, 2012
Rob Weber answered:
Since New York is an attorney state, I'm going to take a stab at this and say he's asking about wholesaling. If you're trying to wholesale, make sure you get some private/hard money (assuming you're financing) on the end transaction as no conventional lender will close this transaction due to the title seasoning issue.

Best of luck!
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0 votes 8 answers Share Flag
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