Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i have been a long-time lurker on these boards and have learned a wealth of knowledge from many of you.
due to a landlord issue, my hubby and i have decided to contemplate purchasing a home. this landlord issue came up rather suddenly, so we aren't exactly prepared to purchase a house, but due to the market being so favorable towards buyers at the moment, we figured we'd take a shot at looking for a bit.
so here's our story, i work in midtown manhattan and am the sole income to our family (about 80k annually). hubby is homemaker and caretaker of our two children (ages 6 and 9 months). we have a prequal for a 300k fha mortgage, but looking at monthly expenses, we really don't want to spend more than about 225k on a home, and we're hoping for taxes under 7k.
we're also looking to apply for some first-time homebuyer grants to help with downpayment/closing costs, since we don't have much at all in the way of up-front cash. we're obviously not well prepared financially to buy a house, but we're definitely sick of renting and our current deadbeat landlord was the straw that broke the camel's back.
the areas we've been looking in are:
suffolk: lindenhurst, west/north babylon, deer park, had considered ronkonkoma but not anymore because of travel time
nassau: hicksville, anything east meadow school district, baldwin, valley stream, levittown
the homes we've seen so far are either tiny, or need too much work to be move-in ready. with two small children, i don't mind having to do cosmetic stuff, but need a place where we can all live safely and not have to worry about mold/rot/etc. i think lindenhurst is our target area, but i'd love to have a shorter commute=nassau. any suggestions as to other areas we should be considering? and is what we're looking for even possible?
Check out this for example:
MLS #
2415706
I'd say stick with Levittown. Decent working class, good schools, and fits all of your other criteria. Need to go to nearby Hicksville or Wantagh for train to NYC. So what, do a little work at a time, but you can live within your budget you mentioned. Lindenhurst is a similar place in W. suffolk with some houses in your range.
I'd say stick with Levittown. Decent working class, good schools, and fits all of your other criteria. Need to go to nearby Hicksville or Wantagh for train to NYC. So what, do a little work at a time, but you can live within your budget you mentioned. Lindenhurst is a similar place in W. suffolk with some houses in your range.
Anything in Levittown in that price range is a fixer upper at best and most likely will require a rehab loan.
The listing you referred to is for CASH deals only. And if the roof is any indication, this house will need MEGA $$$ to make it livable.
Anything in Levittown in that price range is a fixer upper at best and most likely will require a rehab loan.
The listing you referred to is for CASH deals only. And if the roof is any indication, this house will need MEGA $$$ to make it livable.
So, what's wrong with a small fixer upper like this, and the mlsli listing I saw doesn't mention cash only or foreclosure. The OP doesn't have much choice anyway anywhere sub $225. I understand the appearance, but maybe it's liveable inside as is. Need an inspection with every property, and if the numbers don't work, then walk. Also, to the OP, in this buyer's market demand the seller fixes any major problem, like the roof, before posession. It was just 1 example to show what's available in that range, but there are others in Levittown in your range. You could lose a lot of good deals by just looking at a picture and assuming it needs "mega $$$." In that a low price range, everything needs work, and once it passes a drive-by you have to get in it to see everything to work the numbers.
So, what's wrong with a small fixer upper like this, and the mlsli listing I saw doesn't mention cash only or foreclosure. The OP doesn't have much choice anyway anywhere sub $225. I understand the appearance, but maybe it's liveable inside as is. Need an inspection with every property, and if the numbers don't work, then walk. Also, to the OP, in this buyer's market demand the seller fixes any major problem, like the roof, before posession. It was just 1 example to show what's available in that range, but there are others in Levittown in your range. You could lose a lot of good deals by just looking at a picture and assuming it needs "mega $$$." In that a low price range, everything needs work, and once it passes a drive-by you have to get in it to see everything to work the numbers.
As a Realtor, I see information that is not available to everybody.
If a house is sold "as is" (the one you gave as an example is), and a "cash only" deal is stipulated, then the roof does not have to be fixed.
If a house isn't mortgageable, i.e. it requires a rehab loan in order to get financing, then the buyer will have to qualify not only for the purchase price, but the anticipated cost of repairs (plus built-in "buffer" amount). So the purchase price would then have to be a lot lower than $225K...
As a Realtor, I see information that is not available to everybody.
If a house is sold "as is" (the one you gave as an example is), and a "cash only" deal is stipulated, then the roof does not have to be fixed.
If a house isn't mortgageable, i.e. it requires a rehab loan in order to get financing, then the buyer will have to qualify not only for the purchase price, but the anticipated cost of repairs (plus built-in "buffer" amount). So the purchase price would then have to be a lot lower than $225K...
Exactly, the price goes a lot lower to qualify, or wait a few years for a cash buyer now. Well, that sure taught me a lesson. How was I to know it. I won't trust any RE websites anymore because it's sleazy for non-disclosure of all info. we need. I guess to the OP, you too have to have a buyer's realtor do their complete work on every home in your range, and earn every cent of their commission. I thought the websites were suppopsed to help buyers narrow things down for themselves and their realtors. It's just as sleazy an industry as ever. We're all busy and buying a home is tough enough.
So, what's wrong with a small fixer upper like this, and the mlsli listing I saw doesn't mention cash only or foreclosure. The OP doesn't have much choice anyway anywhere sub $225. I understand the appearance, but maybe it's liveable inside as is. Need an inspection with every property, and if the numbers don't work, then walk. Also, to the OP, in this buyer's market demand the seller fixes any major problem, like the roof, before posession. It was just 1 example to show what's available in that range, but there are others in Levittown in your range. You could lose a lot of good deals by just looking at a picture and assuming it needs "mega $$$." In that a low price range, everything needs work, and once it passes a drive-by you have to get in it to see everything to work the numbers.
Get real, that house is only fit for squirrels to live in-at best. I am sure it is a hell hole inside, as all homes on mls listed in "poor" condition are. Poor condition really means needs at least 100k in repairs
Exactly, the price goes a lot lower to qualify, or wait a few years for a cash buyer now. Well, that sure taught me a lesson. How was I to know it. I won't trust any RE websites anymore because it's sleazy for non-disclosure of all info. we need. I guess to the OP, you too have to have a buyer's realtor do their complete work on every home in your range, and earn every cent of their commission. I thought the websites were suppopsed to help buyers narrow things down for themselves and their realtors. It's just as sleazy an industry as ever. We're all busy and buying a home is tough enough.
The public gets "free" information - we as Realtors have to pay to get the "more complete" information. Hmmmm, you get what you pay for???
Currently, the membership dues for the Long Island Board of Realtors and access to MLSLI are $515 annually (and rising).
I never asked about non-agents being able to "buy in"...
ok
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
