Making this our official ' House searching Thread '

Original post by curiousgeorge

Jan 13, 2008 08:12 PM

This is our official house searching thread...real estate and all!!! DH and I have been searching the market for over a year and I prob have every house on mlsli memorized!!! We have ultimately narrowed it down to very few and certain areas after going every weekend to look around. The areas are, Sayville, west sayville, great river, Oakdale, East Islip, Possibly Bayport and Bluepoint ( a little to far east though )

On the North shore which we are considering also, we are looking in, SMithtown, port jeff, some areas of port jeff station, centerport, northport and setauket.

So far we have found some amazing deals...but I have NOT found that PERFECT house...I wonder if there is such a thing???

SO ladies...lets help each other out and talk real estate....!!!! Anything goes!!!

fujamaga Posted: Jan 30, 2008 04:43 PM

Re: Making this our official ' House searching Thread '

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

GraceAndAdam Posted: Jan 30, 2008 05:54 PM

Re: Making this our official ' House searching Thread '

reading this thread makes me wish we had waited to buy our house! We just bought it this summer, and we weren't able to talk the seller down by very much. But now all I keep hearing is how it's a 'buyer's market' and easier to talk down the asking price! Now I feel like we paid too much! Oh well. Good luck to everyone else who's house hunting!

MrsS4 Posted: Jan 30, 2008 11:56 PM

Re: Making this our official ' House searching Thread '

Posted by MrsV2be

hey ladies.. i need my real estate brides to help me out please..

i'm thinking of buying a condo or co-op in the city.. i'm not sure what the difference is.. but they all have a maintenance fee attached to it.. as you can see i'm clueless.. should i look for an agent to help me out, or am i better off doing this myself?

help..

I think you should go with an agent-- it will be easier for you & a lot quicker as well-- & sellers pay agent fees--

hth

MrsS4 Posted: Jan 30, 2008 11:58 PM

Re: Making this our official ' House searching Thread '

Posted by JustEngaged06

Posted by sheyrena1314

To all you real estate agents out there: I saw a house that originally was listed at $535K. In November they decreased it to a note that reads 'Sellers will entertain offers between $429K-$488K'.

Does that mean why waste my time making an offer less than 429K? Or will i insult them if I ask for less? I guess they put a range for a reason, but I never saw that before! Help =)

What about a house that is lets say $330k or $350k is starting your bid at 300K to low? What is the norm?

not too low at all-- 300k for 330k starting is good-- even 295k for a 330k starting price---- to start with a 300k bid on a 350k priced home is pushing it a little but it depends on what the house needs-- i would tell the agent your issues and try it out--

hth

Espo22 Posted: Jan 31, 2008 12:03 AM

Re: Making this our official ' House searching Thread '

Posted by MrsV2be

hey ladies.. i need my real estate brides to help me out please..

i'm thinking of buying a condo or co-op in the city.. i'm not sure what the difference is.. but they all have a maintenance fee attached to it.. as you can see i'm clueless.. should i look for an agent to help me out, or am i better off doing this myself?

help..

yes both condo's and co-op's will have a maintenance fee. Make sure you check what the maintenance fee is before you even look at a place, that will drastically change the montly price for you. Some can be low like 400-500 which is good if you find it for that. But then you have alot that are $800-1k and many even 1k and over, and in the city that will be average. So think about what the mortage is a month and add that 1k or whatever it is. I know many who will just look at the price of a condo or co-op and get excited about it, not really paying attention to maintenance. Then when its calculated for them how much it would cost them a month, the difference can be drastic.

With co-op you will need board approval before. You sit down with the board members, usually a president and vice president. They will do a credit check on you obviously and talk to you and ask you questions. I do know people who have been turned down by the board, but each place is different and some are harder to get into than others. With a co-op you own shares in the building, in a condo you own the apartment. You are free to do whatever you want with a condo but with co-op depending on the building they might be strict about some things. Others will let you do whatever you want.

Espo22 Posted: Jan 31, 2008 12:13 AM

Re: Making this our official ' House searching Thread '

as far as getting an agent, it can definitely be helpful. Like someone else mentioned in this thread, alot of you offering a lower price is based on the sellers situation. When i bought my apartment about 3 or 4 years ago we were able to get it for alot less than they were selling it for originally because of the sellers situation. Now we would NEVER have known their situation but our agent told us. Basically these people bought a house in florida before selling their apartment in nyc. They already had moved their kids there with the grandmother and the couple moved all their belongings too and just kept a bad and tv in the apartment until they sold. So basically they HAD to move ASAP. The agents let you know how motivated the seller is. Some people put a house on the market but they aren't in a big hurry to move so they don't mind waiting it out and with the market now unless a person has to move soon or really wants to move soon, they would rather wait it out maybe even a year to see if prices would go up again, if they had to wait for an offer they wanted. OUr agent advised us how much to offer.

AR31 Posted: Jan 31, 2008 09:25 AM

Re: Making this our official ' House searching Thread '

thanks ladies.. some of the maintenance fees are mind boggling.. it can pay rent in most places..

SylvieB Posted: Jan 31, 2008 11:13 AM

Re: Making this our official ' House searching Thread '

DH are looking for a house now. I actually found one that I LOVE!! The problem is that it's already in contract BUT the people are having a very hard time getting a mortgage. I don't want to wish anything bad on anyone but I WANT THAT HOUSE!!!! I pulled into the driveway and it just felt like home to me. I know, too emotional. They have until February 15th, so we'll see...

MrsS4 Posted: Jan 31, 2008 11:23 AM

Re: Making this our official ' House searching Thread '

Posted by SylvieB

DH are looking for a house now. I actually found one that I LOVE!! The problem is that it's already in contract BUT the people are having a very hard time getting a mortgage. I don't want to wish anything bad on anyone but I WANT THAT HOUSE!!!! I pulled into the driveway and it just felt like home to me. I know, too emotional. They have until February 15th, so we'll see...

this happens a lot-- keep your head up that is right around the corner -- i hope that it all works out in your favor

fujamaga Posted: Jan 31, 2008 06:17 PM

Re: Making this our official ' House searching Thread '

Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

Sorry to repost it, but does anyone know the answer to this? TIA!

Princess Cut Bride Posted: Jan 31, 2008 06:33 PM

Re: Making this our official ' House searching Thread '

Posted by fujamaga

Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

Sorry to repost it, but does anyone know the answer to this? TIA!

You don't have to put down 20% but that would be best. The less you put down the higher your mortage will be monthly.

Princess Cut Bride Posted: Jan 31, 2008 06:35 PM

Re: Making this our official ' House searching Thread '

Fh & I are also house hunting but not in the LI area. I am from Westchester and he is from the Bronx. We are trying to find a house/townhouse in the Westchester Area.
It is very stressful and hopefully we find something soon. We are getting married in less than 6 months!

femmes Posted: Jan 31, 2008 06:56 PM

Re: Making this our official ' House searching Thread '

Posted by SylvieB

DH are looking for a house now. I actually found one that I LOVE!! The problem is that it's already in contract BUT the people are having a very hard time getting a mortgage. I don't want to wish anything bad on anyone but I WANT THAT HOUSE!!!! I pulled into the driveway and it just felt like home to me. I know, too emotional. They have until February 15th, so we'll see...

If its meant to be, you will have that house.. FH and I got preapproved just to make sure we wouldnt run into any problems, but a few houses that we have seen or were interested in were sold! Granted we are not in a big rush but it ***** when you see something and cant get it!! Hopefully we will have luck this weekend..

FutureMrsLehmann Posted: Jan 31, 2008 06:57 PM

Re: Making this our official ' House searching Thread '

Posted by fujamaga
Posted by fujamaga
Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.
I would like to buy, but for now I have 0 since everything is going to the wedding.

Sorry to repost it, but does anyone know the answer to this? TIA!

usually for a coop or condo you need to have a 20% down payment (sometimes 10-20%).

however, if you're thinking of buying a house but have $0 saved, i'd really caution you against it. closing costs alone could cost you several thousand dollars, plus if god forbid you lost your job or something you would default on your mortgage really quickly. plus you have to remember taxes. sorry for the scare! hahah.

111508Bride Posted: Jan 31, 2008 07:14 PM

Re: Making this our official ' House searching Thread '

You don't have to put any money down to own a home. Of course, as posted above, it certainly helps to lower your monthly payment. However, look into your options.

If you have the money, you should put it down, if you don't....don't be discouraged. FH and I bought our house this past summer with no money down, just closing costs.

tinadansr Posted: Jan 31, 2008 09:12 PM

Re: Making this our official ' House searching Thread '

I was reading and listening to alot of reports about the housing market and they said that Long Island has been slow to react to the market

Someone speed us up then ....

fujamaga Posted: Feb 01, 2008 09:22 AM

Re: Making this our official ' House searching Thread '

Thanks for the responses!

MrsS4 Posted: Feb 01, 2008 09:53 AM

Re: Making this our official ' House searching Thread '

Posted by tinadansr

I was reading and listening to alot of reports about the housing market and they said that Long Island has been slow to react to the market

Someone speed us up then ....

loll-- this is why the prices are going down--- they will keep going down for about another year too- so maybe a 'slow reaction' is a good thing lol

curiousgeorge Posted: Feb 03, 2008 08:02 PM

Re: Making this our official ' House searching Thread '

Posted by fujamaga

Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

Sorry to repost it, but does anyone know the answer to this? TIA!

We will be putting down AT LEAST 20%...I believe in order for anyone to get the LOWEST mortgage rate available...you have to put down the 20%....Not everyone does it though...a few of my friends did 10%.. But we want to have alot of extra money in the bank also on top of that...So save save save!!! The banks are making it alot harder to get a mortage...so the more you have the better.Oh plus....we really want to do a 15 year mortgage...it only brings it up another 500-700$ a month and its done in half the time, plus we get a lower interest rate.

MrsS4 Posted: Feb 03, 2008 08:06 PM

Re: Making this our official ' House searching Thread '

Posted by curiousgeorge

Posted by fujamaga

Posted by fujamaga

Quick question as well, how much are you saving/ do you need to save for a downpayment? I was told we needed to give a downpayment of 20% of the price.

I would like to buy, but for now I have 0 since everything is going to the wedding.

Sorry to repost it, but does anyone know the answer to this? TIA!

We will be putting down AT LEAST 20%...I believe in order for anyone to get the LOWEST mortgage rate available...you have to put down the 20%....Not everyone does it though...a few of my friends did 10%.. But we want to have alot of extra money in the bank also on top of that...So save save save!!! The banks are making it alot harder to get a mortage...so the more you have the better.Oh plus....we really want to do a 15 year mortgage...it only brings it up another 500-700$ a month and its done in half the time, plus we get a lower interest rate.

i would do a 30 year mortgage and then refinance in a few years-