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Home Buying in Ulster County : Real Estate Advice

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  • Local Info1
  • Home Buying6
  • Home Selling1
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Activity 140
Thu Aug 17, 2017
Frisrael asked:
Fri Jul 28, 2017
Kathy Burgreen answered:
I'm assuming you're talking about foreclosures and homes sold at auction? These types of homes generally require 100% cash because these homes have major issues and lenders will refuse to finance them. Getting a mortgage loan will be extremely difficult.

In NY especially, these types of homes will either have past due property taxes owed (expensive) and/or major renovation work required (expensive). You will be required to pay past due taxes owed and renovation work + the price for the home. Do you have a budget to pay for this?

Another issue is the Hudson Valley and Ulster County. Since this is far from New York City, homes sell for much less than further south. This means that any money you spend buying a foreclosed or auction home may not give you the return you need because you may need to spend more than what the home will sell for whenever you do sell it. Also if you intend to rent it, the rental amounts are much lower than New York City so the rent amount may not be enough to pay your investment.

If you were buying in the NYC metro area, I would say go for it, because any foreclosure or auction home will reward you with a nice return. The same is not true for upstate NY. All I can say is research everything before you move forward.
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Tue Jun 6, 2017
Kathy Burgreen answered:
The issue is sellers need to keep ALL of the buyers information confidential so sellers can compare offers and determine which offer is in their best interest. Unfortunately this puts the buyer at a disadvantage and forces the buyer to make their best and final offer OR consider submitting an offer on a different home. You need to learn that it is the seller's home and you don't have any authority over what the other offers are.

Your best strategy is to have your realtor give you as many comps as possible and you can always use an escalating offer strategy.
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Sun May 28, 2017
Elizabethcaul answered:
Can I trade my home for another home that is more suitable for me
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Wed Aug 17, 2016
June Buerkle answered:
It depends on how badly you want the house.

From the seller's perspective, it is not their problem as it is your lender telling you that it has to be done. If it is a Buyer9;s market, they might prefer to pay for the work so that they don't lose you as the buyer. In a Seller's market, they will probably decline to pay for the changes, as they can probably find another buyer who won't have this issue (cash buyer) or is willing to pay for it.

From the buyer's perspective, this is an added expense you didn't count on (Welcome to home ownership!) and you probably think the seller should pay for it or reduce their price so you can pay for it. However, it is all negotiable. Check the language of the contract, usually inability to obtain financing is a clause which would let you back our of the deal without penalty.

1),Seller might pay (means he makes less $)

2) Buyer might opt to pay, in order to obtain financing (essentially, the house just cost more)

3) You agree to walk away from the deal & both parties start over with new partners.
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Thu Aug 4, 2016
Patricia Davis asked:
Banks know a single woman at 60 would be retiring soon so would they give a mortgage? On the other hand, the person would have to either pay mortgage or pay rent so why not?
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Sun Jul 31, 2016
Em asked:
Thu Jul 21, 2016
June Buerkle answered:
Then most people you know are buying more house than they can afford.

20% down is not excessive if you buy a starter home and then sell and buy your way up.

Lenders used to do piggy-back loans where you would close 2 loans on the property. 1 smaller loan was at a higher rate (but below PMI rates), in order to make the bigger loan below the 80% also threshold.

I am not sure if lenders have brought those back,yet like they have the 3% down loans.
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Mon Mar 14, 2016
P. Dallorso answered:
On all cash deal on a Condo from owner do I as the buyer need title insurance
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Wed Feb 24, 2016
Dan Tabit answered:
There are lawyers and former lawyers that participate in this forum. Not many and more would be welcome. Trulia has all but abandoned this forum since Zillow bought them, so I wouldn't expect to much to be added. ... more
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Sat Jan 23, 2016
Judy asked:
Sometimes it says Single Family home or Multi-Family Home. So what does it mean when it says unspecified?
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Tue Jan 19, 2016
Testerthetester asked:
Just bid on and won ( I know that means nothing yet ) on a Hubzu property, and now I'm looking for some advice on next steps. I have an agent that was working with who I think I can…
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Mon Nov 23, 2015
Wilbertammy asked:
Mon Oct 12, 2015
Kathy Burgreen answered:
There is no direct service. You can take the bus or train to Kingston then take a taxi to Hurley. I'm not sure if there is taxi service available or what the cost is. Are you able to rent a car? The issue is the time schedule may not coincide with yours. Trains & buses to Kingston don't run that frequently. ... more
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