I would like to congratulate you on your new potential purchase. It is a bit impossible to predict the actual costs, as estimates could be given. I am attaching a link, that I use with my clients. Closing costs are usually 4% of the purchase price.
Albany and the greater "Tech Valley" region is a smart place to be investing in real estate. With the strong local focus and growth in the semiconductor technology and energy industries we expect very nice appreciation here in the coming years. In terms of investing my question would be are you looking for short-term or long-term return on your money. When a client comes to our team we discuss your goals, timeframe, and financial situation (I also worked many years as a Financial Planner / Stockbroker so we discuss how real estate fits into your overall portfolio). Are you looking for immediate cash flow, long-term growth, tax write-offs, or all three? When I know those answers then we can give you advice that makes sense for you. Taxes, insurance, utilities and other expenses are all part of the APOD (Annual Property Operating Data) analysis we go through for our clients on each property. Please feel free to contact my office, or any competent Realtor who specializes in investment real estate.... more
There is a rehab loan through FHA called a 301K which would allow you to puchase the home and finance improvements. It is detail intense but certainly worth it if you find the right deal. I think they loan up to the finished (rehabbed) value, plus 7%. For a total amount of 107% LTV.... more
THAT is a very good question! My Instinct says you qualify..HOWEVER, you better get an accountant/CPA to help/answer that question for you. I am assuming you ARE a first time buyer? I sure hope you get the credit, I am rooting for you! I will see if I can find better information for you, I THINK I understand the Tax Credit , however, as you pointed out, this is a "twist". Do let me know IF you get a definate answer, this would be good to know!
IF it turns out you can not use the credit to buy you grandfathers house, and you decide to look for another home, please let me know if I can help you by referring you to a certified relocation specialist in your area...it takes about 24 hours and it is a free service to you. I am part of our relocation team here, so it is easy to do/help I HOPE you don't need my help this time! :)
A cost approach is done on new construction. You will need to figure the value of the land, using not only your property, but other comparables in the area that have sold within the last 6 months. This assumes that all necessary improvements (ie utilities) have been accomplished and the lot is ready to build on. That will establish the value of the land. Then you will need to figure a cost to construct the home based on the per square foot figure that your builder gives you. If this is not available then you can look at other new construction of the same quality as the home you'd like to build and use that cost per square foot figure. Be sure to use sold prices of other similar homes, not listing prices. Add that to the value of the land and you'll get pretty close to what the bank's appraiser will estimate.... more
Thank you for you inquiry. I will be happy to assist you in your property search and answer any of your questions. Looking at the MLS this is a Victorian home in excellent condition and has been recently renovated. Because of the condition of the home it does make a difference with comps. You can put an offer in on the property. It has been on the market for 146 days. The bank would make the ultimate decision before loaning the money. It must appraise at the amount of the loan or close to it, if you plan on contributing money towards the home. Before a bank will lend you the money. And if the bank appraises the home below asking price you have a bargaining tool. With today's market it is unpredictable how a seller will respond to a lower offer.
Please email me directly and I will be happy give you the information you requested about the area. and property. I look forward to working with you.
518 812-5510... more
This is called a Modification. Many banks are doing it now. If you would like to talk personally about it, give me a call 845-401-1448. Are you current with your loan now or are you struggling? Be careful about hiring someone who isn't local or reputable to help you do this. It involves disclosing a lot of personal information. You can of course call your bank directly and try and discuss it with them. You may have a hard time getting to the right person, but it is worth a try. You may have to write a letter of hardship, depending on your circumstances, they may be more or less receptive about working with you. Good luck and do call if you want to talk about your personal circumstances. I do have connections with attorney's that are handling this for people in NY. I would be happy to refer you.
Lisa Brodsky... more
You can always roll the points into the loan if the bank is OK with that. However is does raise the amount you finance and therefor your payment and more importantly, the amount you pay over the life of the loan. However, if financing the points is the difference between buying and renting, then do finance them as long as you are comfortable with the payment.
Hope that help,
Elm I could answer this fairly easily. However, I am not a lawyer and quite frankly any answer could be interpreted as providing legal advice and practicing law without a license. That said here are my general thoughts as I have several buyers playing this game right now due to the recent rate drop. Real estate transactions involve many, many people in different transactions up and downstream from your deal. Its not as easy as simply bumping your closing 2 weeks. Your seller has plans to buy another home. That seller has plans to buy a home. Each is most likely contingent upon the sale of their existing homes. Each have movers planned, temporary housing set up, new jobs starting, etc. Add in the holidays coming up with attorneys etc working limited work days for the remainder of the year and it isn't as simple as pushing your closing 2 weeks forward. You jam up dozens of people in most cases. I have seen this time and time again. One deal falls and its a domino effect. You signed a contract ,abide by the terms and refinance the home after you close.... more