We really want to buy a house (in New York). It just seems like they are selling a lot of crap for A LOT of money!
It's so expensive to live on long island. All of our family is here. We really want to up and go to florida and have our $300,000 mansion LOL...but our family is here...
My FI and I have been on www.msnli.com looking at houses...but just looking online...it takes a long time i'm sure to get the house?
And the area...and the school district....and visiting these houses...
How many open houses did you visit? How long did it take you to CLOSE vs. the time you first started looking around?
WEdding is in October so...what's the BEST plan of action for any couple who's interested in getting house?
In this post, I ask for your recommendation regarding house searching, possibly a good broker you came in contact with, or just a good area in long island to buy in (farmingdale.--->west).
THANKS!!!!!!!!!
Bride2005
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Re: How did you buy your house???
we closed on our house in September. We looked around for a while... constantly checking out msli.com... (new houses come on the website on fridays)
we visted so many open houses! we put a bid on one in commack through remax and it turned out to be a total bidding war.... they were calling us everyday asking us for a new offer- it was horrible and we thought we would never buy a house.
we basically stuck to a few areas... fiance works in the city so we didn't want to go any further east than we are now (east northport) We looked in wantagh, bethpage, massapequa, east northport and commack. we really stuck to those areas based on school districts and what we heard about them.
we found we got more property in suffolk county and that was a big plus for fh. the taxes were higher in nassau but not by much in some areas, and the homes we looked at we thought was a little more expensive in commack compared to the same home in the nassau areas. imo from what we looked at.
we ended up buying a house for sale by owner. we found it in the newspaper. when we pulled up and saw the neighborhood i knew it was 'the' house.
the next day we took our parents back and put an offer on the house. for sale by owner worked out great and we didn't have to deal with a real estate agent.....
We put our offer on the house in the middle of July and closed on September 1st. Closing costs were through the roof so be prepared! You have to put I think 20% down, or you pay an extra fee- something like that.
I had- and still have- the biggest knot in my stomach about it- especially when we signed the mortgage and saw the end date- 30 years from now--- holy sh--!
it is def. stressful but worth it- some wait until after the wedding and use the money from the wedding but we were lucky enough not to have to wait.....
good luck on your search!
tonia1001
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Re: How did you buy your house???
We are going through the same frustrations right now!!!! Its really upsetting but we are still hopeful. My FI is FED UP with looking at houses and seeing what we could get for our money (ITS INSANE!). If it were up to me we would leave NY in a heartbeat. But Vinny is a New Yorker through and through and WILL NOT leave! some more info would be awesome! thanks so much bride2005 for your info!
babybride
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Re: How did you buy your house???
I took us a LONG time. We got engaged in November of 2002. We started looking in March of 2003. We got married in June 2004 and closed on a house in November of 2003. Just to give you a timeline. Everything we saw needed major worked and they wanted a ridiculous amount of money. We put a bid on one house that needed a ton of work but had all the charm, property, etc.. We backed out when that went into a bidding war for more than the already crazy asking price. We figured we have a year we will find something. Keep looking. I would constantly check on-line, get the papers and go to a million open houses on the weekend. Me and my mom would sometimes split the open houses to make them all. We also had almost every realtor working for us. In the end, we found our house by going to another open house and talking to the realtor. We got an AMAZING deal on the house cause of our circumstances. We were looking now, but really didn't need to move in now. The couple wanted to sell now, but couldn't move until March 2004 since their new home in Jersey was being built. We closed a few months earlier than March to take advantage of the interest rate and charged them rent which was backed out of the selling price. They really sold for under market in my opinion, but they just wanted to sell and not have people walking around their house and we need the timeframe they were looking for. We bought in Roslyn. And almost everything was redone in the house. Truly unbelievable. But my point is keep looking. It seems tough, but there are things out there. Check for sale by owner, papers, online, etc... Ask neighbors who may have friends that are thinking of selling, etc... GOOD LUCK!
LuckyMe
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Re: How did you buy your house???
I was interested in info. just like you so I went on to NWR and there is a chat for people who need this info. Within a few minutes and even now I get FM from people who bought houses are in the middle of buying houses, mortgage brokers willing to do free pre-approvals and even brides who are mortgage brokers willing to share info. Try it!! We aren't ready to buy yet because we don't have enough of a down pmt. saved but it helped with info. Good Luck!!
anjerandunder
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Re: How did you buy your house???
we decided to buy a co op because the price of houses are ridiculous..i couldn't see spending 300000 for a 2 bedroom..we'll buy something later in life when we're both making more money..
MandM07-03-05
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Re: How did you buy your house???
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Blu-ize
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Re: How did you buy your house???
We looked for about 2 years. (really) and we kept on having to save more money because the prices went up. Extremely frustrating. Lots of brokers, lots of open houses. Finally we got a pre-approval, had bids on several houses that all fell through because we were out bid! (This doesn't happen anywhere else in the country). We finally bought in Bethpage and I couldn't believe our offer got accepted. That was two years ago. No regrets. We are thinking about trading up, but we've been looking and it's still scary. Hang in there and keep looking. Try not to fight about it and remember, it will probably not be your only house.
nov04LIbride
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Re: How did you buy your house???
We got married a couple weeks ago. We started looking a year before, but seriously 6 months before. We made an offer in May, closed in July. We had been contacted by numerous agents...We wound up getting a condo because we didn't want to have huge monthly mortgage payments and had only $60,000 to put down for mortgage and closing. Closing was about $10,000.
cantwait2bewed
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Re: How did you buy your house???
I am building my house in PA and trust me houses are much bigger and much nicer. Me and my FI are going to spend about $400k to build from scratch and guess what on 4 acres of land.
NY is kaaaaaaaaaaarazzy for their home prices.
Good Luck in everything!!!
BEBEGIRL1978
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Re: How did you buy your house???
we bought a cottage in east islip, it was very small, for 225,000 then we ripped it down left one wall standing and rebuilt a gorgeous house for about200,000 we just had it appraised and the appraisal was 750,000 sometimes its best to but something cheaper and do it yourself.
LuvMyMichael
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Re: How did you buy your house???
I wanna . I think we may have to wait unitl after our wedding, becuase it is just too much $.
Good Luck all you Ladies looking. Keep us informed!!!!
ckgmwedding
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Re: How did you buy your house???
I bought a condo here in LA two years ago. I looked for about a year. The market out here is even worse than NY so I know what you are saying about the crap out there. Make sure you budget for the closing costs(mine were about 5,000 for a 234,000 loan ) and if you don't have the 20% down look into getting a second morgage at a higher rate rather than paying the PMI insurance. You will pay a higher rate but that money goes to you, not some stupid insurance plan in case you can't pay. I only put down 5% that way. One way to do it is to start small. You only have to live there for two years so if you aren't planning on having kids for a few years I would purchase a townhome or condo to get started and then move up. Since I bought my home two years ago, I have made over 100000- enough for a 20 down payment on a more expensive home. Hope that helps!
kpny622
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Re: How did you buy your house???
We looked for around 3 months. I've been saving money my whole working life (10 years). It's hard when you have both the husband and wife working making great salaries, yet still can't afford to own a home! We saw a billion houses and they were all overpriced and needed tons of work. It's extremely depressing. But...along the way we met some brokers, one of them had an exclusive, the sellers were motivated to sell, we liked the house, and within 2 weeks we were in contract. I never thought it would have come together. The mortgage we'll have to pay is making me crazy with stress and I'll have to work forever, but I am really hopeful that it will be worth it!
LAL0111
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Re: How did you buy your house???
Stressed3204
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Re: How did you buy your house???
I know how all of you feel... I to am looking for a home on long island and I am finding that they are way tooo expensive.. Especially the areas I am looking in... and of course I want a 3-4 bedroom home with 2-2 1/2 baths... in massapequa, bethpage, or wantagh.... With all of these wedding expenses and the rates on homes today I am finding it really hard... everything is like 430,000 and up where I want...
I just hope after I am married and don't have extra expenses .... we could afford to buy something...
julz33
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Re: How did you buy your house???
We just got married in Sept. We started looking for houses in March. We found 'our house' in August. Made the offer in Aug, went into contract in Sept, closed the end of Oct. Our house was in GROSS condition. The hwole house is now gutted and being re-done by us and our families. We are lucky to have 5 construction workers, 1 plumber, 1 electrician in our families and friends who do construction, electrical work, floors, windows, etc. We are going to put about $30K into fixing up the house. There is an apartment in thte house so that is where we live while the work is being done.
julz33
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Re: How did you buy your house???
Sorry it posted twice!
mrswask
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Re: How did you buy your house???
Posted by LAL0111
Hi, My fiance' and I are pretty much in the same situation. I wish 2-3 years ago we knew what we know now. Houses have doubled in value but yet everyone's salaries have stayed nearly the same. I just did a totally 360 in career change. I had a steady full-time job in Manhattan making pretty decent money. Now I work on the island as a Real Estate agent. My career change has placed me in a position making it much harder to get a mortage and homes are just so ridiculously priced on the island. Wish everyone the best; if anyone ever needs any Real estate help feel free to email me I totally understand how you all feel.
