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Home Buying in Buffalo : Real Estate Advice

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  • Home Buying244
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Activity 216
Sat Feb 19, 2011
Pushpa Gunatilake answered:
Hi Prashant,
I am a real estate broker in buffalo area came from Staten Island Ny to Buffalo 7 yrs ago. You will love this quiet life style here.... We have some lake front suburb areas... if you contact me we will be able to talk more.... I love to help you for your real estate need. Pl. contact me @ 716-907-3046 or e-mail me pushpa@pioneewrstarre.com.
Hope to talk to you soon...
thanks
pushpa
... more
0 votes 6 answers Share Flag
Wed Feb 9, 2011
Bill Eckler answered:
Buffalo,

The property could be off the market for any number of reasons: pending status(an executed contract), expired listing, repairs, withdrawn by the seller, foreclosed, etc,

Likely the best source for accurate information would be through a local real estate professional. Consider contact an area agent.

Best wishes,

Bill
... more
0 votes 1 answer Share Flag
Wed Feb 9, 2011
Joe Sorrentino answered:
I don't know what source your using for information but, 91 Kensington, Buffalo, NY 14214 was sold for $12,000, closed on 3/19/09 and is currently assessed at $30, 200. When a property is purchased for less that what it is assessed for, it is the new buyers responsibility to challenge the assessment to get it lowered unless they wat to pay more taxes than they should. However, it is currently owned by Sister's of Charity Hospital and they probably don't care about the assessment if they are tax exempt. ... more
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Thu Oct 27, 2011
Tomasello, Joseph M answered:
We work with BANK of AMERICA direct and many good real estate lawyers. Contact me at 716-631-3840.
Joe Tomasello
0 votes 4 answers Share Flag
Mon Nov 15, 2010
Anna M Brocco answered:
It could mean that the information shown came directly for the assessor's office--an assessor evaluates properties for tax purposes.
0 votes 3 answers Share Flag
Mon Nov 8, 2010
Joe Sorrentino answered:
Sat Mar 21, 2015
Joe Sorrentino answered:
Never heard of it. Where did you come across this?
0 votes 7 answers Share Flag
Sun Oct 17, 2010
Alan May answered:
Who pays the transfer stamps (transfer tax) is determined by the community, in which, the condo is for sale. Check with your local municipality (call city hall) and they will tell you who is responsible for paying that tax.

Sometimes, if it's a new development, and that community requires the seller to pay the transfer tax, the developer will put something in his contract that states the opposite, and unsuspecting buyers will get stuck with it. But in a typical 'resale', you follow the municipalities rules.

In our area, most communities charge the seller, buy some charge the buyer.
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0 votes 7 answers Share Flag
Wed Aug 25, 2010
Anna M Brocco answered:
Not knowing your overall finances, amount owed etc.,--visit with any qualified loan officer(s) first, see if you do qualify for another mortgage and how much--then go from there.
0 votes 2 answers Share Flag
Sat Aug 14, 2010
Anna M Brocco answered:
If looking at a RealtyTrac ad--keep in mind the information may not always be accurate--you may be looking at a lis pendens--notice of default--or some kind of filing fee, etc., some of those properties may not be for sale yet, and some may never be if the owner satisfies the default. If you are interested in foreclosures, consider working with an agent--he/she can provide accurate information, schedule showings, etc. ... more
0 votes 5 answers Share Flag
Sun Aug 8, 2010
Scott Miller answered:
Hi Getoh. Of course you can finance something inexpensive. Why don't you do a search here for mortgage brokers in Buffalo and contact 3 or 4 of them directly? You'll have answers in no time flat.

I say it's not problem to finance these amounts. It's all profits for the banks.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
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0 votes 1 answer Share Flag
Tue Nov 30, 2010
Debra B Albert PA answered:
Sorry, I guess I am just a skeptic. RE investment is more than what you can learn in a hour TV program. You need to know the market, and do the math. Take a real class in real estate investments and then make an informed decision.

Debbie Albert, PA
Coldwell Banker Residential
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0 votes 4 answers Share Flag
Mon Jul 19, 2010
Dp2 answered:
You should check out one of the recent issues of Real Estate Investor magazine. One of the feature articles (in the Capital Cities segment) was on Buffalo.
0 votes 0 Answers Share Flag
Sat Aug 14, 2010
Michelle & Tom Stone answered:
Hi Mary!

Not sure what you are looking for?? Bank's do not discriminate regarding profession. Thank you! Michelle Stone
0 votes 5 answers Share Flag
Wed Jul 7, 2010
Gail Gladstone answered:
I invested in the same situation in Rochester some years back...major industry had left...downturn in values...great time to buy!

My property has remained rented for years.

If you would like names of potential Realtors who can assist you in Buffalo...let me know...will refer out.

Gail@GailGladstone.com
... more
0 votes 2 answers Share Flag
Mon Jun 21, 2010
Don Tepper answered:
Depends.

Take a look at all the expenses. Then take a look at the income from the rentals. Make sure you see actual leases or copies of rent checks; don't just take the seller's word.

Then the question is: Will it cash flow? Beyond that, on investment property, you look at the cap rate--essentially your return on investment. So, even if it'll cash flow, you might find that your return on investment isn't attractive. Now, cap rates vary geographically. In some areas, a 10% cap rate is considered acceptable. In other areas, the most you can manage is generally 3% or so. And in some areas it's way above 10%. From what I understand, Buffalo is at the high end of the range. So you aren't really looking for appreciation. What you're looking for is month-in, month-out positive cash flow.

A Realtor who understands investment properties can help you more. But, above all, verify all the numbers.

Hope that helps.
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0 votes 2 answers Share Flag
Sun Jul 11, 2010
Lee Ferenc answered:
What do you mean "follow up"? Are you looking for research, comparable statistics, tax information? Or are you simply curious in the process on how one would go from general interest in a foreclosure property to a closed purchase real estate transaction on a home in Buffalo?

Contact me to discuss this is further detail!
... more
0 votes 3 answers Share Flag
Sat Aug 14, 2010
Christopher Lefebvre answered:
It could be a good opportunity, but make sure you consider the local rental market. Is there a large inventory of homes for rent? Do you have a good chance of renting it out quickly at the expected income level? Would you be able to afford the home if it were vacant for a period of time? Also, be sure to consider all of your costs including property taxes, property maintenance, insurance, closing costs, etc. Here is a link to a previous post that I had on this subject that you may find helpful. ... more
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Sun Apr 18, 2010
Dan Chase answered:
Do not expect immediate changes. Price drops as should be occurring could take several months to occur. As sellers and realtors look at the last few months sales they do not drop prices until things do not sell.

There is a combination of factors at work now.

Higher interest rates will drop what prices can be paid for a given house.
Loss of $8,000 free takes away both incentive to buy and those who needed it as a down payment.
Buyers taken from this summer and later into last fall and this spring. Normal buyers already bought for the most part.
Tight credit standards. Many who might want to buy a house are literally not able to qualify to get a loan.
Unemployment. Those without jobs can not get mortgages. Those without jobs create more foreclosures.

http://www.housingpredictor.com/newyork.html
In ailing Buffalo job cuts and business closings dampened the home sales market, but since the inventory that is selling has seen prices slashed so much on foreclosures Buffalo is experiencing higher home prices. Buffalo is the third poorest city in the U.S. and as such most sales are foreclosures that have gone back to the bank. A second round of foreclosures is projected for the market in early 2010, which will send average prices down forecast at 7.3% for the year.
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0 votes 1 answer Share Flag
Fri Oct 22, 2010
Don Tepper answered:
Hire a lawyer to check the zoning and to check to see whether the proper permits were pulled if the property was converted from a single-family or smaller unit.
0 votes 7 answers Share Flag
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