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Home Buying in Middle Village : Real Estate Advice

  • All24
  • Local Info4
  • Home Buying10
  • Home Selling0
  • Market Conditions1

Activity 5
Wed Mar 18, 2015
Tim Moore answered:
It is not mandatory but is a good thing to have. Basically it is another set of eyes looking over the house you want to buy to find things you will miss or not understand. Once done you have a little more leverage to get the seller to fix some things before you buy it, unless it is a bank owned or short sale in which case that will be hard. Your Realtor should be explaining all this to you. ... more
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Sun Oct 13, 2013
Anu Dutta answered:
Not sure if that is a realistic price to find a real 1BR in Queens, unless you settle for a basement or something like that.
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Mon Jul 9, 2012
Anna M Brocco answered:
Keep in mind that various sources feed into the site, and if errors appear they need to be corrected by the feeding source. If you are the owner you ask your agent to make any ncessary corrections, or directly contact customer service Also check for other available area properties. ... more
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Wed Feb 24, 2010
Hannah Fliegel answered:
Hi Samoson,

Yes when you execute the purchase and you are trying to obtain a loan from a bank, that bank is going to send out an appraiser to have the property appraised at that time. If the property goes up in value your lender will be very happy and if you meet the criteria, credit, cash, job, tax return all that good stuff then you should be fine.

If the subject property goes down in value, then you might have to bring more cash to the table to "buy in equity" into the deal or go back to the seller and renegotiate a new purchase price based on the appraisal.

The other option you can consider is seller financing. Perhaps the seller will sell the home to you and carry financing?

I would suggest you pull a title report to see what types of liens are on this property first before going into a lease option or rent to own agreement. This could be done through a National Title Company or a Real Estate Attorney in your area.

Good luck!

Hannah Fliegel
The Credit Repair Expert
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Sun Aug 8, 2010
Dana Schuster answered:
here are the basics:(You negotiate with the owner)

1. you will put down a (non refundable) deposit usually 10% of purchase price but negotiable
2, you agree to lease the house for a specified time(usually 2 yrs) at a rent that must be higher than market rate
3. your deposit & extra funds are placed into an escrow account to build your down payment
4. At the end of the lease period you go to a lender and get financing
5. During the lease period you are responsible for taxes,insurance & maintenance
6.The owner holds the mortgage & deed until you close
7. if you do not go through with the purchase you forfeit your escrow funds
8. if you miss even one payment you can be held in default which will wreck your credit and you can be evicted in a matter of days,depending on how quickly the court system works in your area

if you are contemplating doing this,i urge you to work with a local agent who will look out for your best interests. if not done properly,you stand to lose a lot of money
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