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06506 : Real Estate Advice

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Activity 86
Wed Jul 1, 2009
David Rossi answered:
You need to sit down with an agent to discuss how much and big of a house you can afford. The agent will need to know where in New Haven you would like to live, and you can discuss if they can find a rent in your price range. In general, you don't want your rent to be higher than a 1/3 of your monthly paycheck, but some landlords don't like to see the rent higher than a 1/4. These are general rules of thumb. If you want to discuss this further, call me at 203-314-7905.

David Rossi
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Sat Jun 6, 2009
Ann Heitland answered:
I'd call some of the larger offices in New Haven and ask for the broker. Then ask him/her who his top selling agents are. Then look at some of their stuff on line. Then interview them. Good luck! ... more
0 votes 3 answers Share Flag
Fri Jun 5, 2009
Yulizza asked:
Mon Jun 1, 2009
David Rossi answered:
The mill rate for New Haven is 42.21 (ouch!). The good news is it will stay the same this year. We are in the middle of a 5 year phase-in of the revaluation. The city last week agreed to not do the 2009 phase-in. So in theory, a property owner's tax bill should be the same. This is good news for buyers because you won't have to budget an increase in the escrow part of your mortgage payment for at least this year.

David
230-314-7905
... more
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Sat May 2, 2009
Minna Reid answered:
Any money that has been vested - say an appraisal fee or what not. You may need more time to close too. A new lender will need a few weeks at least.
0 votes 4 answers Share Flag
Tue Apr 21, 2009
Emily Erekuff answered:
Hi Gina,

Welcome to Trulia and thank you for your question!

If your listing is already on Trulia, here's how you can submit the open house information to us:

Find the "detail page" for the listing (you can do that just by searching for the address on Trulia). In the top right corner of the detail page, you'll see a "Tools" section. In the Tools section, there's a link that says "Submit open house times". Click this link and fill in the relevant date and time info.

If your listing is not already on Trulia, access the link below to submit the listing information, along with any open house dates and times, to us.

Please let us know if you encounter any difficulties with either of these processes or if you have any other questions.

Best Wishes,

Emily Gibson
Community Moderator
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Wed Apr 15, 2009
SeattleHome.com answered:
The only real Zero down programs are VA loans for veterans of the military. You may be able to get an FHA loan and have sellers contribute to your down payment, but that's a rare situation. ... more
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Fri Apr 3, 2009
Dan Ross answered:
Hi Karen,
The best way to go about this is to figure out the ARV (After Repair Value), deduct repair costs and holding costs, then make an offer based on that. If you would like assistance with the process, I would be happy to help.
I am an active member of 3 Real Estate Investing Associations in CT, and work with investors and rehabbers on a regular basis. Let me know how I can be of assistence.
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0 votes 3 answers Share Flag
Wed May 27, 2009
Bill Eckler answered:
Michael,

The obvious answer is to be truthful.....

This is a standard banking question for loan applications so you will see it where ever you apply. Your concern about penalized is reasonable but if you withhold this information it could most certainly come back to haunt you when they determine you provided false information.

If your past ten year record is as you have described, this is what lenders should be paying attention to......

Good luck
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0 votes 7 answers Share Flag
Fri Apr 3, 2009
Donna Springer answered:
Hi,
New Haven's property taxes are on a 5 year phase-in. You can find out more at: http://www.cityofnewhaven.com/TaxCollector/index.asp. You can also go to the Finance Department and it will calculate your taxes based on your old assessment and your new assessment.
Of course, there are deductions given to veterns and for other special needs..\

If you have any other questions, feel free to contact me.
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0 votes 2 answers Share Flag
Fri Apr 3, 2009
Phil answered:
You need to look into recent sales IN YOUR COMPLEX and units with the same number of beds / baths. That will give you an idea of the value (compare condition from there). Also is it impossible for a dual agent to negotiate the best deal for the buyer and get the best price for the seller. It's likely the agent is recommending they accept a hubbard offer b/c your willing to over-pay for the property. If thats the case, if you could potentially owe much more than the unit is worth from day one (a home you will not be able to sell for a looong time). Shoot me an email and ill send you the comps in your complex. ... more
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Thu Mar 5, 2009
Matt Warmack answered:
I use Zilpy with success in the Seattle, WA area. I find the data quite accurate for Seattle. Craigslist is also a good yardstick look from sitting behind a PC to know what rents are in an area.

Good luck!
... more
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Sat Feb 7, 2009
Dallas Texas answered:
Congrad's on wanting to purchase a home. In order submit any sales offer lender approval required 1st in order realtor work on your behalf, assist real estate agent composing your sales offer. Keep in mind if you are leasing a property allow 60 days prior to lease expiration search for a home and thru closing. ... more
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Thu Jan 15, 2009
Donna Springer answered:
Hi Elaine,

There is a program through Yale University that offers full time employees a home buying incentive of $5000 plus $2000-2500 for several years up to $ 30,000. To find out more go to http://www.yale.edu/hronline/hbuyer/

There may be another program but this is the one most recognized.

If you have any more questions, feel free to contact me.
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0 votes 1 answer Share Flag
Fri Jan 2, 2009
Donna Springer answered:
Hi Susan,

This is a difficult question to answer as it depends on many factors.
1. Do you have a club house, pool or other ammenties that require upkeep?
2. Age of the complex
3. Number of units

Reserve funds are basically used to help cover the costs of overall complex maintenance such as new roofs, painting and other exterior repairs, street maintenance etc. The less in reserve means the larger the "assesment" on individual condo owners when major maintenance is required.

An attorney should have reviewed your condo docs (and financials) when you purchased the unit and if you have any concerns or questions, they and your condo management company should be able to answer them.
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0 votes 1 answer Share Flag
Wed Oct 8, 2008
Dan Ross answered:
Anthony,
You have asked a lot of great questions that an investor should be asking. However, there is no short answer. Nobody can tell you which complex will be hot in the future, all we can do is look at what has happened historically.
If you are serious about investing, it is very important to start out right. You should pick a Realtor to build a relationship with that you can discuss your investing goals (both short and long term), your strengths and weaknesses, and together, find the properties that work for you. There is no magic formula, but working together you have the best chance of success.
The other thing that will help you is networking with other like minded people. The easiest way to do that is to join a local REIA (Real Estate Investors Association). As an investor, I am a member of 3 different ones and have gained a great deal of knowledge from them.
If you would like to contact me to talk about how I might be able to help you further your investing career, please contact me at (860) 736-1002 or danross@c21-accessamerica.com .
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Fri Dec 26, 2008
YOUR FRIENDLY NEIGHBORHOOD REALTOR answered:
I would be glad to help you and show you the different areas in New Haven. Please contact me at your earliest convenience. My direct line is (203) 581-3317 Henry J Ruszczyk Century 21 Premier Homes. I am always available. I also have the designation of ABR which is Accredited Buyers Representative and I have extensive knowledge on helping buyers invest in a home. I am looking forward to hearing from you soon. I welcome the opportunity to serve your needs with regardfs to real estate. ... more
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Sun Dec 28, 2008
Realty Group CT - Guerra Realtors answered:
Yes there is. Several lenders offer first time home buyer mortgage programs that meet the criteria to help a first time buyer into a home, whether it is in New Haven or any other town. To learn more, research CHFA, FHA loans for the first time home buyer, then consult with a Realtor and Mortgage Professional. ... more
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Fri Dec 26, 2008
Vicky Chrisner answered:
yes, it's a bad idea. dont buy unless you plan to be there a MINIMUM of 5 years, and really I like it to be closer to 7. It's too risky.
0 votes 5 answers Share Flag
Tue Jun 8, 2010
Donna Springer answered:
Hi,

Currently there are 10 active condos to choose from in the Fountain Street area. If you look at stats for this year, 2 have sold and Average Days on Market was 74; The sales price average 95% of List Price. This area offers a great alternative to young buyers who want to be close to downtown New Haven and Yale.

As stated by another Realtor, we cannot identify an area as "safe" but I do suggest you drive around the area and, if possible, talk to some of the residents in the complex you are interested in.
... more
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