Nix,
Go to the COUNTY sheriff office website in the area you are considering, and usually they have the homes for sale on their sites. Make sure to read the "Rules" of the auction. You typically need a cashiers check for an initial down payment, then either cash or a loan within a specific time from to close the purchase.
Be advised that many of these homes cannot be seen first, and are often times in bad physical shape.
You can also check out REO (bank owned homes) by going to the HUD website and searching area by zip code.... more
Charles,
Your best bet is to speak with an accountant or tax advisor. I think you would have to amend your 2009 taxes but I'm not sure nor do I know the procedures of getting that done. You can try searching your question on a tax website like Turbo Tax. They usually have pretty good information and responses to similar tax related questions on their website.... more
Great additional advice Don! There are many options for sellers and sharing opinions on Trulia HAS made a significant difference in the lives of many who have taken the time to ask. We here for you Jsage! Good luck to you.... more
We have a new mayor coming into WNY who promises to reduce property taxes. And the previous mayor got the taxes to stabilize in the past 2 years which was already a plus. WNY is really looking up!... more
In the past I've run and owned small stands in Seaside Heights. The concept we are putting together will work in Ocean City, Seaside Heights, Wildwood lightly, Manasquan, and Pt Pleasant. We hope to grow into each of these towns over time but need a starting point.
My main concern is learning who the landholders are and getting in touch with them. I've known a number of owners in the past, connections have lingered, and mostly in the seaside heights vicinity. I'd be happy to share more info on the business plan if there's a real opportunity.
Thanks again for any help!... more
Most, if not all, lenders have rules about how many units can be owned by the same owner. I don't recall the specific percentage but it's way less than 50%. Check with your mortgage people to verify.... more
Hi Ofelia,
Difficult to sell a unit in a building with 50% renters. You will need a cash buyer or a buyer who uses a portfolio lender that can take on this type of property.
Good luck!
-Marc
Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: www.marcpaolella.com... more
Katie,
Just wanted to see how you made out with the condo. It seems you got some help from many different perspectives. However, if you are still having some difficulty in your condo search, I'd be happy to answer any questions and help you out any way I can!
Christine Markow
ERA Statewide Realty
Office: (908) 874-7797, ext 519
christine.markow@era.com... more
Prabha,
There are number of reason why prices in the Galaxy are much lower than other buildings you may find on River Road..
1. The complex is older and many of the units need work. I have seen many units in the complex which still have the original kitchens and bathrooms.
2. The monthly maintenance fee is very high in the complex. While you do get many amenities and utilities included in your maintenance fee, I am seeing maintenance fees range from $800 to $1200+ per month. This has been a huge deterrent to many buyers who see lower maintenance fees in similar buildings.
3. The taxes while not outrageous ($4,000 +- for 1 bedroom) ($10,000 +- for a 2 bedroom) make the carrying costs very high when you add in the maintenance fees every month. You can be looking at $2,000 + per month in taxes and maintenance fees before you even start paying the mortgage.
I hope this helps answer your question. Please let me know if you have any additional questions. I'll be happy to assist.
Sincerely,
--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
347-4-HUDSON Direct
201-694-8946 Mobile
201-653-4154 Fax
walterburns@gmail.com
www.livingonthehudson.com... more
Jmlatinsir:
Itโs really easy. You do not need to consult lenders or even Realtors. You may wish to do so but even then, you have to do your own homework first.
Here are the steps I'd use:
1. Determine your income per month in retirement. You can add any part time work you might wish to do but remember that if you do so, the work may be curtailed before the mortgage and you don't want to be in the hole in the future.
2. Determine expenses, also per month, other than housing. Medicare isn't free. Food, Car, Household, Clothing, Utilities, Heat, Life Insurance, Vacations and other entertainment, Any loan payments, A little savings for a rainy day (even seniors have them) and perhaps how much that Saturday night poker game costs you.
3. Deduct #2 from #1. Thatโs what you can afford a month. There have been complaints that people have been talked into house ownership debt well over their heads. Number 3 is your own limit, regardless of what anyone else tells you. Oh, and you 'd better add to #2 the maintenance upkeep of a house.
4. Now we get to the part where you determine what your house payments will be. If you have done a great job with #'s 1,2, and 3, you know what the maximum total will be per month.
The first element is P&I (Principal and Interest on your mortgage.) The mortgage is the NET figure after any down payment. At the current interest rate of 5.75%, that number will be $5.84 per thousand dollars of mortgage per month. Divide that into the amount that you have left in #3 above and thatโs roughly what you can afford. You have two other things to deduct and they are Taxes and Insurance.
Next add to that the taxes per month (annual rate divided by 12.) The annual amount is, of course, the taxes on the property you will buy.
Finally, there's Insurance. There are both homeowners Insurance and, if you do not put down 20%, Mortgage Protection Insurance. I'd budget about 4% of the value of the house for the homeowner's and 2 1/2 % of the mortgage for PMI, if you take that option. To get a real figure, you'll have to get exact quotes.
There you go, a budget for PITI, the fixed monthly bill you will face.
How much of your income can go to these expenses? Rule of thumb is 28% household debt and 36% all debt. I believe that mortgages companies may let you go higher, they certainly were in the boom times but think about how much you really want for trips warm Latin climates in the winter, etc. before you go over those limits. You already have calculated your own safe zone in #3 above.
Lots of luck!
Bill Holt... more
No we didn't end up buying it.. I didn't know but there are nicer areas of West New York.. Park Ave. & Boulevard E. are the best places to buy a home for a quick commute to NYC, this property was 1 block off Bergenline.... more
Not a direct answer, Alexis, but having now lived on Blvd East in WNY for all of two months, I've given up on the gypsy buses - after enduring drivers endlessly yakking on handheld cell phones (not legal), being involved in a gypsy bus-gypsy bus crash (one passing the other on the right, both drivers on the phone!), a friend visiting from Manhattan in a similar scene just a few days later, and WNY police basically telling me there's nothing they can do unless it's "reported" (a 911 call from the accident I was in got no police presence for at least 20 minutes)... All this to say, the $2.50 gypsy buses now charge vs. $2.10 for NJ Transit if you buy 10 tickets, and of course even less for a monthly pass, suggests to me you'll want to focus on legit transit and consider the gypsy buses the same as hitchhiking - if it's pouring down rain or a maniac is chasing you down the sidewalk, they're a logical choice...
Best of luck in your search!
Ray... more
I think one of the best sites out there right now for landlords is http://www.RentDigs.com and best of all is their price - FREE. They'll even post it to a few other sites for you as well. I've had really good luck with them. They have been around for a few years now and seem to get bettter every year when my leases come up.
Hope that helps!
Jeff... more
Steve,
The tax abatement depends on what the developer was able to negotiate with the City before they built the property. Sometimes the developer only has a small window of opportunity to apply for the abatement.
I recommend calling the West New York Tax Assessor's Office at (201) 295-5116. They will be able to explain to you how the abatement program works and if a specific property you are interested in qualified for the abatement.
Please let me know if you have any additional questions.
All the best in your home search,
Sincerely,
--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com... more
Mama,
It's all about price in today's market.
If it not a deal you're going to have a difficult time. Here's a suggestion. Ask your agent to provide for you all of the recently sold comps of condos (no longer than 4-6 months ago) similar to yours. This information should provide a clear picture of where your price should br to be able to sell.
Important. Pricing it at the top of the range is not going to help. It needs to be priced at or very near to the bottom level of the price range.
Good luck... more