Hi Cathy. This is a good question considering the new reality of the real estate market. The answer is within you as it based on your own "need" to sell. This need is something only you can answer. The other side of this coin is what would you be waiting for? Most will tell you appreciation in the current market is minimal. Perhaps you've been there for a long time and your appreciation has been good. Perhaps you're considering reitring to another state with lower taxes. Keep in mind the Capital gain tax is favorable to you and you should consult your Accountant. Good luck with your decision.... more
I agree with Don. Your buying location. Pick a town you like and look for the best deal you can make. Taxes are high all over Long Island.
If you find a home you like but the taxes are too high ask the agent to find out when the last time the owner grieved his taxes. With prices having declined so much you may be able to have your assessment reduced thereby lowering the taxes. Do your due diligence with the help of your agent. You may have a diamond in the rough. Also you should consider a home that needs work. You will get a much better price and have the opportunity to add value over time.... more
I'm sorry I missed this question! I have the Family Opportunity Mortgage available for homes located in Washingotn. I'm not licensed for your state. This is a special Fannie Mae/Freddie Mac program. The home would be treated as a second home and not as an investment if you qualify. I closed a Family Opportunity Mortgage last month so they're *still* around (knock on wood).... more
Most economists say the rent to buy ratio should be 1:1 or 1:1.5 times. In other words, if it costs $1000 to rent then it should cost no more than $1500 to buy to be a good idea. It may be a bad idea right now in Nevada but our area, New York/New Jersey is either AT that price point or very, very close. Fortune magazine, this week, said NOW is the time to buy real estate and just yesterday on CNN I saw a financial analyst recommend real estate as an investment so strongly it amazed me.
Talk to a loan officer, you may not need a huge down payment, FHA requries 3.5% only. Then do the math. I am working with a couple right now who are purchasing a two bedroom house. Their mortgage payment (with a sizeable down payment, but that is a choice) is going to be around $1200 for principal and interest. To rent the same house would cost around $1600 - $1700 per month, which means in this case it is cheaper to buy than to rent.
It is very wise to look at purchasing a home as a business decision. You are to be congratulated for that! Now, go do your research and then do the math. And by all means let us know what you find!... more
@ Janine-the property is in suffolk county, long island, not long island city. typo error.
@ Anna-&-Stacy- the homeowner(s) have not made a payment in over 1 year, 1st lien was sold to boa, 2nd lien was wilshire but boa doesnt have it and homeowner(s) havent received any notice on who the 2nd lien was sold to. when a loan is in foreclosure lenders are not entitled to send mortgage statements.
will eventually do a shortsale done.
Please continue supporting with your answers.... more
As to how much it will add in value--depends, a home is worth what someone is willing to pay for it, and much will also depend on market conditions when it's time to sell--don';t be too concerned on resale, buy if it means more enjoyment to you while you are a resident in the condo.... more
As for your daughter's closing costs as the seller--your daughter's attorney can give her a better idea of her closing costs with regards to her cash buyer--she will have attorney fees, broker fees, processing fees, transfer taxes if applicable, any existing mortgage, co-op fees-they vary by complex, etc.
As for potential buyer wanting closing costs--what is her agent suggesting and or her attorney advising--closing costs can be negotiated, however do keep in mind that, when it comes to co-ops--boards do have their own financial requirements, and just because the buyer is a cash buyer does not necessarily mean he/she will qualify all financial Board requirements--requirements do vary from complex to complex, therefore make sure the person qualifies regardless, and if your daughter is willing to cover closing costs negotiate wisely--her agent and or attorney can best advise.... more
I have a really good agent in my office that handles commercial properties. Without more specific information, I don't know exactly what you're trying to find out. If you would like more information, please contact me directly.
Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
Top 2% of Century 21 Agents Nationwide... more
I would have to know all the details, but I have one lender who I believe still allows a "kiddie co-op" as it used to be called, however is also used for an owner who's parent lives in the co-op. Are you looking to get cash out, or refinance an existing loan? The other possibility is if your mother is capable of signing on the loan, you may be able to have it done for you as the non-occupant co-borrower. E-mail me if you would like and we can talk about the best way to structure this, which is not as an investment property.... more
Allen, theoretically, a loan officer should know that new construction closing costs have additional fees other than the standard ones, and should prepare a good faith estimate in advance with those fees on it. However, seeing as the contract has not been signed yet, Hack may not have applied for a mortgage yet. In addition, many banks and loan officers do not provide an upfront GFE. There is nothing wrong with that, the law only requires them to provide a GFE within 3 days of taking a mortgage application. Many GFE's, especially when applying to a bank directly, are prepared by a loan opener who would only provide the standard fees and would not include those that apply only to new construction.... more
If you are working with a Realtor, he/she should be able to find out the ratio and if not they must have a management company and they will be able to tell you. As far as the purchase the decision is totally up to you, and I agree with Julie as far as the mortgage issues.
Anna
917-576-5376
abrocco@laffey.com... more
Homes
There are 8 different Homes under 500K address's 7989 Hana Highway, 961 Iulani Street, 2661 Ala Olu Place, 1004 Kauhikoa, 979 Kahealani, 586 Pili Loko Street, 980 Haiku Road, 572 Kuanana St.. These homes do not have pools.
Condos.
Kuau Plaza 777 Hana Hwy Unit 209 No Pool
Mahalo
Jeffery... more