Hello Mrs. Allen,
A rent with option to buy, is not very common on the island, though you may find a seller that would consider it. Be aware that everything, including price is negotiated prior to moving in and an "option consideration", that is not a security deposit, is also required. The option consideration is usually a percentage of the agreed purchase price and non-refundable if you do not exercise your option to purchase within the set period, usually a year, at which time you would purchase or move. If you purchase, the option consideration goes towards your down payment, in addition, to any portion of the rent that was agreed.
Make sure you consult an attorney before signing any agreement.
If you would like, we can set up a consultation to go over the requirements, look at alternatives and plan for a future purchase. I can be reached at 917 533 6234.... more
Buying real estate is usually the biggest purchase most of us make in our lives. You can only decide for yourself if paying $2,000/month is within your means, and will allow you to maintain the standard of living you have or would like to have. One advice I would give to a first time home buyer looking at condos and communities is to decide what amenities are important to them or not. Living in a building/community with a swimming pool and tennis courts (for instance) is nice, but if you're not into either one of those, it will just cost you money in a form of higher common charges. Finally, for those having jitters about making a purchase: you are already paying a mortgage as a renter - it's just someone else's mortgage.... more
If you have not already found a place to rent, I'm renting my 3 bedroom house, backyard with deck and brick ground no grass in back yard. I'm located in the Port Richmond section of SI and I'm asking $1700.00 per month. One month rent and one month security.... more
Madhavi: A short sale means that the property is selling for less than what is owed to the lender. In a short sale, the lender has to approve a buyer's offer before the property can go under contract and move towards a closing.... more
I'm reading this to mean both appraisals came in lower than the agreed upon purchase price. I'm also assuming you're the buyer since it says "Home Buying in Staten Island". That said, I hope you have an appraisal contingency in effect in your purchase contract. If you do, you have some options. 1) You can cancel contract; 2) You can do an Addendum to the contract to lower the price to the appraised value - however, the seller has to agree to this in writing, you can't just change the price on your own; 3) You and the seller can split the 'gap' amount - again, an Addendum signed by all parties would have to be done; 4) You can pay the whole 'gap' amount and move forward with the deal. If you decide to pay some or all of the 'gap' difference, this would need to be in cash - your lender won't let you finance it. And, if you're getting a VA loan, they won't let you pay the difference in cash - all other loan types will allow you to pay the difference.
When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
Sure. Their agent should provide them with comps. And it's possible the agent has. It's also possible (likely, in fact) that the seller wants to break even but, with the price drop, would have to sell at a loss.
When you make an offer, your agent can provide the seller with the comps you used in making the offer. As well as any other justification for your offer. Your agent can advise your further. But, again, just recognize that the sellers may not be financially able to accept a low offer that truly reflects the current value of their home.
There's no set definition of a finished basement. In my opinion it would have to have some type of flooring (tile/carpet/wood), sheetrock walls, proper ceiling, light fixtures, electrical outlets, and heat registers/radiators.... more
St. George is the obvious answer! So much is happening here. There is an attractive mix of affordable co-ops, and nice old houses on tree-lined streets. St. George is an affordable alternative to neighborhoods like Park Slope and Williamsburg. It is Staten Island's most urban-feeling area, and has found new popularity. St. George is home to the 120th Police Precinct, Family Court, Supreme Court, Borough Hall, Curtis High School, and the St. George Branch of The NY Public Library. There are also lots of small independent restaurants and bars. There is also a green market on the weekends. There is a Ballpark, home to the Staten Island Yankees Class A baseball team, and the St. George waterfront, where you can travel from Staten Island Ferry Terminal to Manhattan in about 25 minutes. St. George, has been called â€œthe new Bushwick,â€ referring to Brooklyn's up-and-coming hot spot. The rents here are much cheaper than other NYC art communities, and St. George is convenient to the Manhattan Ferry. There is a new multi level parking garage with 728 parking spaces that was built in the old municipal lot, which was dug up to make room for the new courthouse. The St. George Ferry Terminal ramps which serve 23 Staten Island bus lines, the SIRT, and taxi services, are set to receive $175 Million Dollars in stimulus funds. The replacement of the 60 year old ramps is one of the largest federal stimulus projects in NYC. A completion date of 2013 is planned.... more
Communicative. You want to make sure they respond to your call, e-mail or text in a timely manner. Most people today have Blackberryâ€™s or iPhones, so responding to any form of communication should not take too long, no matter what the situation.
Resourceful. You want to work with a Realtor who knows how to utilize all of their resources. They are so many fantastic websites and technological advancements in the real estate industry, and it is important for your Realtor to be up to speed on them. You donâ€™t want to know more than your Realtor.
Works Well With Others. You want to make sure your Realtor does not leave a sour taste in anyoneâ€™s mouth,as it could possibly jeopardize you getting the house you want. Try and see if your Realtor is respectful and polite to other agents and the homeowners of the properties you see. This person will be representing you to other agents, lawyers, inspectors, and mortgage lenders, and you want to feel confident and proud of this person who will be speaking on your behalf. You also want to enjoy spending time with them, as you will hopefully be out seeing houses at least once a week, and you will most likely bring different friends and family members on different outings.
Flexible. Donâ€™t sign on with a Realtor that is too busy for you! You want to feel special and important, and not like theyâ€™re doing you a favor by working with them. Take notice of how easy they are to accommodate your house hunting schedule, and if they are consistently canceling or rescheduling. A good Realtor will put house showings before almost anything, so you shouldnâ€™t have to feel like youâ€™re pulling teeth just to pick a date. There should be a mutual excitement between both of you to go out and see some properties!
Referrals. Most Realtors have formed their team of all-star players to help close a real estate transaction. From the inspector to the mortgage lender and attorney, a good Realtor should be able to provide you with at least 3 in each category, all of whom they have worked with successfully and have a good standing relationship with. By being able to give 3 solid referrals in each category, it further confirms the idea that they work well with others. Be wary of Realtors who only give you one referral and not much a choice for anyone, as this could mean they have a â€œkick-backâ€ deal set up, or for some reason others in the field donâ€™t like working with them.... more
Understand the lease. Know what every line means. Be aware that building owners are required to provide hot water 365 days per year at a constant minimum temperature of 120 degrees Fahrenheit. Between October 1st and May 31st, a period designated as "Heat Season," building owners are also required to provide tenants with heat under the following conditions:
Between the hours of 6:00 AM and 10:00 PM, if the outside temperature falls below 55 degrees, the inside temperature is required to be at least 68 degrees Fahrenheit; and,
Between the hours of 10:00 PM and 6:00 AM, if the temperature outside falls below 40 degrees, the inside temperature is required to be at least 55 degrees Fahrenheit, and be aware of the NOTICE TO TENANT
DISCLOSURE OF BEDBUG INFESTATION HISTORY.... more
Depends on the bank and if the short sale is approved. Also depends if there is more than 1 lien holder. anywhere from 3-5 months for approved short sales, and can be longer up to a year for non approved.... more
There is a lot of helpful information posted on my web-site for first time home buyers. Here is Staten Island NY there is a grant being offered to first time home buyers who qualify. Arlene Trunzo 718-317-0949, firstname.lastname@example.org... more
In terms of what fees are associated with closing costs there is no avoiding them. But what can be negotiated is whom and how they will be paid for.
Here are a breakdown of closing costs for a buyer:
Attorney Fee: $700-$1000
Title Search/Title Insurance Fee: $1,500-$3,000
New Survey Fee: $500-$800
Transfer Tax Fee: 1.4% of purchase price (only if you are buying a new construction or a bank owned property, otherwise the seller pays the transfer tax)
In addition to those fees, the closing costs from your mortgage lender (origination fees, recording fees, points, premiums etc...) can run you anywhere from 2%-4% of the purchase price.
Some sellers offer to help with all or part of the closing costs, which means based on the agreed upon purchase price, the seller will actually credit back to you a portion or all of the money needed to cover the closing costs. Also, these days many buyers are going the route of a "sellers concession" which is where you are asking the bank to "finance" your closing costs, so you don't have to come out of pocket for them. The total numbers gets added into your loan amount and you pay them off in your monthly mortgage payments. Keep in mind though, if you go this route you need the house to appraise for the total amount you are borrowing, not only the purchase price (ex: if you are buying a house for $350,000 and asking for a seller's concession of $15,000, you need the house to appraise for $365,000). Let me know if you have any further questions!
Joy Whitney Guttenberg
Licensed Real Estate Associate Broker
Tom Crimmins Realty
134 Watchogue Rd Staten Island, NY 10314
718-447-1721 fax... more