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Home Buying in Smithtown : Real Estate Advice

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  • Local Info5
  • Home Buying8
  • Home Selling4
  • Market Conditions4

Activity 15
Wed Oct 21, 2015
Tony Grech answered:
Sorry George, No income verification loans don't exist any more because the federal government has made laws forcing lenders to verify a borrower's ability to repay the loan. Uncle Sam feels (rightly so) that a large reason the real estate market collapsed was because thousands of borrowers were given loans that they had no realistic hopes of affording long term.

With that being said, there are some specialized loans out there that will document your ability to pay based on:
-an asset depletion model where if you have a very large amount of assets they use this as proof you can afford to pay, OR
- a model where they review bank statements for 24 months for a self employed borrower, and if your regular deposits reflect a sufficient amount to qualify they can use that.

These programs are generally going to require a large down payment (check) and the rates are going to be higher than for a conventional loan.

Feel free to give me a shout and I can fill you in on how these work

Tony Grech
Sr. Mortgage Loan Originator – NMLS #977416
Luxury Mortgage Corp
29200 Northwestern Highway, Suite 300
Southfield, MI 48034
Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522
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Fri Mar 20, 2015
Anna M Brocco answered:
Sun Feb 9, 2014
Lisa Corwin answered:
Hi Yes the homes were built in 2003 in a nice tucked away cul-de-sac. If that is what you are looking for I can assist you in Smithtown & St James (right across Middle Country Road). There are many different locations of NEW construction popping up with a variety of different qualified builders. For more information call your LOCAL Real Estate Agent - Lisa Corwin @ Coach Realtors (631)360-1900 x152 to answer any/all of your questions or concerns. I live and sell in the town - so who better to call ... more
0 votes 3 answers Share Flag
Wed Nov 13, 2013
thesilkee1 answered:
Unfortunately none of the answer is coming from non-agent people who bought the house. Agents obviously will encourage you to hire agents to keep their job market up.

My brain (probably falsely influenced by conspiracy attitude) does not understand the math.

If you have a buyer's agent and he is paid from sales then why should i not be skeptical that both of the agents ("buyer's and Seller's") will in fact like to see house being sold at high enough price so that they can get most out of it because their fee comes as % of sales price. So instead of 3% only for seller now sale price should also accommodate 3% for buyer's agent. Am I missing something ?
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0 votes 11 answers Share Flag
Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
If you accept the house with the fence as it currently exists, and if it truly is illegal as is, then the town could eventually hold you responsible to correct the issue. If your attorney cannot come up with a solution, and you really want THIS house, then you need to decide if you’re willing to take the house with this blemish. If you want the house, but not the risk, hire a handy man to rip it down. That doesn’t cost much at all. ... more
0 votes 7 answers Share Flag
Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
I'd suggest calling a few reputable and established real estate attorneys in your area and ask their opinion on who they have come to find to be good buyer’s agents.
0 votes 20 answers Share Flag
Mon Aug 19, 2013
Ronald S. Cook, LLM, JD, MBA answered:
This question is unclear. If the buyer has delayed the closing date, then different kinds of things need to be adjusted at closing. For example, there are extra days of property taxes now involved. Most lawyers I know would push that cost to the seller because they still had title up until the closing. ... more
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Thu Aug 1, 2013
Peter Mckenna answered:
If you're asking for firewall reasons, it is a requirement for all conventional condominiums to have some sort of firewall installed, typically a two hour separation wall constructed of gypsum board. ... more
0 votes 1 answer Share Flag
Thu May 16, 2013
Lisa Corwin answered:
New homes of all styles are coming on the market everyday. Please contact me to discuss your home search in more detail so we can locate the right home for your needs. Lisa Corwin @ COACH Realtors Office (631)360-1900 x152 & be sure to visit my website: LisaCorwin.com
Looking forward to the opportunityto find you a home
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Thu Jan 24, 2013
Adelio answered:
No - You can have your lawyer add a - subject to inspection clause to your contract. I would recommend doing one 1st but I am not sure of your circumstances.
0 votes 10 answers Share Flag
Wed Dec 12, 2012
Javier Meneses answered:
I wish I can explain all these things you over the phone. There's several things going on. First, rental history is always a plus. In your case it's a double plus because, even though it doesn't appear in your credit, it'll also serve as a trade line. Second, is it possible that your scores are low due to high balances? When your scores are where they are, it's usually not something that stands in the way of qualifying. DO NOT CLOSE ANY ACCOUNTS it will hurt you big time. Also don't open anything else. Third, only the income of those applying will be used as effective income to qualify you. If she is a part of your household income, it can be used solely as a compensating factor.

The best thing you can do is meet face-to-face with a loan officer and let him/her pull your credit and take a look at your paperwork and go from there. Will you qualify TODAY? Maybe not, but it doesn't mean that if you're willing to take the necessary steps to improve your credit that you'll be ready in just a couple weeks.

I encourage you to call me or any other loan officer and go over all these things in detail. You should have everything in order as far as financing and obtain a pre-approval letter before you start working with a Realtor, which I can also give you some names an numbers depending on where you're looking to buy.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
jmeneses@snb.com
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1 vote 6 answers Share Flag
Thu Jul 12, 2012
Thomas Brady answered:
Check out the statistics that are readily available on line. I wouldn't go by opinions of people you don't know, what makes a good school for them might not for you. Research a few different sites and you should be able to develop a clear picture, it's to big of a decision to leave to chance.
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
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Thu Jun 7, 2012
Martina Ryan answered:
According to the IRS, monetary gifts that exceed an exclusion of $13,000 may be subject to the gift tax. If a gift you receive is less than this amount, it will not be subject to the gift tax. Check on the IRS website for more updated information on this. Your friend may be better off getting smaller amounts from more people. ... more
1 vote 2 answers Share Flag
Thu Sep 1, 2011
Lisa Leib answered:
The simplest approach, go to mlsli.com and check off or choose "gated communities" and 55+and older - it helps to know the scope of locations you would consider. Or shoot me an email/call I can set this up so that you receive all the properties available each morning and any price changes that come out. If your selling your home in Smithtown, I can also send you a market analysis for what your home is worth today.
Enjoy the excitement of a new beginning and I am here to help, Lisa Leib, Broker Associate - 631-678-5794,lleib@optonline.net
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0 votes 6 answers Share Flag
Sun Jul 27, 2008
Chris Capitelli answered:
I'm not sure of your situation.. But if your buying the home and it hasn't closed yet and your commitment needs to be extended because the seller needs more time normally you would be responsible for the extension. ... more
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