Using The Downpayment At Closing
During the escrow period, you should line up any necessary mortgage financing, and your attorney will conduct a title search to ensure that no liens or other clouds are outstanding against the property.
If all goes well, a closing will take place, at which title to the home is transferred to you and money is exchanged. You will then be expected to produce the balance of the purchase price, using a certified or bank check. Most likely, you will pay an additional 10% of the purchase price at this time, in addition to the 10% you paid when you signed the contract. The bank giving you a mortgage will pay the rest.
The sellers’ attorney will likely use the downpayment to pay sellers’ closing costs. These may include real property transfer taxes, brokers’ fees, and legal fees for the sellers’ attorney. If any of the downpayment remains, then sellers’ attorney will transfer the balance to the seller.
Buying Weed Online In New York: Is It Even An Option
Theres a whole new infrastructure involved in setting up cannabis dispensaries for retail sales. Since marijuana is legal in New York, and there are no dispensaries across the state, New Yorkers wonder if they can follow their Canadian neighbors and purchase weed using marijuana delivery services.
Unfortunately, this wont happen for the next few years. Most states are waiting for the federal government to decriminalize marijuana and take it off Schedule 1 of the Controlled Substances Act.
Nevertheless, theres one workaround if you want to order weed online in New York.
Ever came across delta 8 THC?
If not, we explain everything below.
The Easiest Way To Sell Your House Fast In New York
We are local cash home buyers in the New York area and we understand what it takes to sell your home fast. Weve purchased homes all over Long Island in as-is condition for cash in a variety of situations like bankruptcy, foreclosure, divorce, behind on mortgage payments, stuck with bad tenants, inherited an unwanted property, or your home just needs a lot of repairs. No matter what situation you are facing, we can help.
Our simple home selling process allows you to sell your house fast on New York without the hassle of listing with a real estate agent. You can sell your house on your terms and sell your house when you need to, even if it needs a lot of repairs. We buy houses as is.
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Best Time Of Year To Buy In New York
The housing market in New York showed optimistic improvements to kick off in 2019. Recent data from the New York States Association of Realtors, Inc. shows, new listings in January rose 8.2 percent over last year while pending sales increased 3.9 percent. The uptick in the Big Appleâs market is good news for house hunters as extensive options are available. Unfortunately, for buyers, the influx of properties can create a challenge when scoring the best deal.
Understanding the seasonality of your local market provides a great advantage for buyers. In New York, the spring season sees a boom in listings and hopeful house hunters who are in a hurry to make a deal. Between the months of March and May, data shows nearly 20% of homes are sold above list.
In northeastern territories, price reductions become prominent before brutal winter conditions enter. While it may not be ideal to move during frigid temperatures, the best time to get a great deal in New York begins in September where 12.5% of active listings receive a price reduction and sellers are more flexible and hurried when negotiating deals.
Seller Disclosure Requirements In New York
State law in New York requires that sellers provide buyers a disclosure form, which includes details on the property’s existing defects. Such defects might include:
- material defects in the electrical and other systems
- conditions such as termites or asbestos
- homeowners association rules, and
- other details on the property, such as shared driveways.
Disclosures must be on a Property Condition Disclosure Statement form created by the New York Department of State. A seller who fails to provide the disclosure form will need to credit the buyer $500 at closing. Certain types of properties are exempt from state disclosure rules in New York.
In addition to state-required disclosures, sellers of houses built before 1978 must comply with federal Title X disclosures regarding lead-based paint and hazards. See the lead disclosure section of the U.S. Environmental Protection Agency’s website for details.
Seller disclosures are important for you as a buyer, since just looking at a property might not be enough to tell you what problems its owner encountered with it while living there.
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How Much Of A Down Payment Will I Need
The down payment is one of the biggest factor buyers have to consider when making a purchase. The lower your down payment, the more likely that youll have to pay higher interest rates and potentially incur other costs in the future, according to StreetEasy. Plus, the lower your down payment, the less likely you are to find a lender for your home loan.
A 20 percent down payment is considered the benchmark, and being able to meet that threshold will greatly increase your chances to acquire a loan and lessen your interest rate. It is possible to find homes where you pay a lower percentage of down payment, particularly with some of the new condo buildings in the city, Geller says. With lower down payments you will have to consider other factors, like getting a private mortgage insurance to bail you out in case of a default.
Thanks to Federal Housing Administration loans, you can also pay as little as 3.5 percent, but there arent that many FHA-compliant buildings in the cityand most are located in the outer boroughs, which is a factor to consider.
If You Dont Make The Required Disclosures: Risks And Penalties
According to the PDCA, if the seller does not submit the disclosure statements to the buyer, they have to pay a statutory fee of $500.00 to the buyer. Some sellers find that the disclosure statements are too cumbersome and just voluntarily pay the $500.00 in lieu of the disclosure. However, the seller can still be liable to the buyer for failure to disclose pursuant to the PDCA. If you, the seller, are found liable to the buyer for a willful failure to perform the requirements of the PCDA, you may be required to pay the buyers actual damages caused by the defect.
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Get Cash For Your House In Ny Any Condition
When we say We Buy Houses As Is, we mean As Is and in ANY condition. You can leave your property in its exact condition, take what you want and we handle the rest. Even if your property has trash on the floor, unused furniture, food in the fridge, clothes, it doesnt matter how bad. We can still buy your house, no matter the condition.
Our Clients Love Working With Us, And You Will Too!
“Oh my God, what a wonderful company this is. From Jamell, Rudy, and Chris…Every one of them are pure gentlemen, very helpful, very kind. I had my weeping stories that they sat and listened to. It’s a wonderful company and I would recommend them to anybody, absolutely anybody.
Mrs. Galvin
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Tips For Buying A Home Out Of State
Interested in buying a home out of state? This can be a challenging process, especially if you don’t know the area well. As more employees are working from home and moving into more affordable housing markets, relocating is becoming a real possibility.
If youre looking to get a mortgage for your new purchase, you should know how you can make the move easier. Here are some helpful tips for what you may need to know.
Advantages Of Working With A Real Estate Agent In New York
Before buying a home in New York, it’s prudent to speak with a real estate agent. A real estate agent is someone experienced in working with buyers who can help you find your home and handle many of the complex procedures involved with the purchase. Be sure the agent you choose has experience representing buyers, good references, and qualifications to meet your needs. For example, some agents have particular areas in which they specialize or work primarily on transactions of a certain monetary size.
Some of the benefits of using a real estate agent include the agent’s:
- knowledge of the community, median home prices, and market conditions
- ability to match homes and neighborhoods to your needs and budget
- help suggesting terms of the offer
- managing deadlines, and
- negotiating with the seller on price and other key terms.
Your real estate agent should also help you locate other professionals to assist you in the home-buying process, including mortgage brokers and home inspectors. Agents will often have longstanding relationships with these entities, saving you time and work.
The good news is that working with a real estate agent will not ordinarily cost you anything. It is common in the industry for the home seller to pay the entire real estate commission .
New York State law requires real estate agents to advise potential buyers with whom they work of the nature of their relationship and your respective rights and obligations. .
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Find A Great New York Real Estate Agent
For most buyers, a home purchase will be the largest investment they ever make. Why would you decide to travel the path without a guiding hand from a qualified agent? Their knowledge of the local market can navigate you through the process before landing the ultimate deal.
A professional, local real estate agent is familiar with what similar homes in the area are selling for and can help create an offer a seller canât refuse.
If expensive commission costs are holding you back from hiring an expert, consider partnering with a pro from our Partner Agent Network to help close on your dream home without expensive fees.
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Types Of Disclosures New York Sellers Must Make
Sellers must disclose known housing defects. If the seller passed information about the property to the buyer that the seller actually knew was false, or if the seller omitted material facts about known defects, the seller may be liable to the buyer for damages but only if the misinformation, or omitted information was material to the buyers decision to purchase the property. This may include termites, rat infestation, mold, or significant damage to the floor, walls, or roof. Although the buyer may not request for such information, the seller must disclose the information.
These disclosures will be a standard form disclosure statement, required by the PCDA. They address the following areas:
- General Information: age, ownership, utility surcharges and possession of the property
- Environmental: whether the property is located within a flood plain, wetlands, or agricultural district, near a landfill whether the property contains asbestos, lead pipes, or fuel storage tanks whether a radon test has been performed on the property or whether petroleum products or hazardous or toxic substances are known to have been spilled, leaked, or otherwise released on or from the property
- Structural: water, fire, smoke, or insect damage and the condition of the roof, and
- Mechanical systems and services: utilities, water source and quality, sewers, drainage, flooding.
Beyond The Portals: Brokerage Sites
When expanding your search to individual brokerage websites, keep in mind that user experience varies widely, depending on the amount of money and tech talent deployed by a particular brokerage. Also be aware that a brokerage may give more emphasis to its own listings versus competitors’ listings obtained through REBNY and other feeds.
Pro tip: To gain a competitive edge over buyers who rely only on the listings platforms listed above, visit a variety of brokerage websites and sign up to receive alerts. Why? Because brokerages that belong to REBNY have up to 48 hours to share their listings with other REBNY brokerages. During that 48-hour period, brokerages can market listings exclusively to their own buyers in hopes of capturing both sides of the commissionso if you sign up to get alerts, you may get a jump on an exclusive listing during that window.
We’ve listed some reputable brokerages alphabetically below. For a more extensive list of REBNY-member brokerages, .
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Work With The Right Real Estate Agent For You
When buying a home in another state, it’s essential to do your research. Go online and read about different cities and neighborhoods. Search online listings of homes as well as for an experienced Real Estate Agent who specializes in the local neighborhoods. Once you reach out to them, most Real Estate Agents will send you listings each week, so you know when new houses hit the market. When searching online, make sure you are specific with your keywords. For instance, search “buyer’s agent downtown Los Angeles” rather than “Real Estate Agent in LA”.
How Much House Can I Afford
To determine how much you can spend on a home, take a close look at your budget. Review your bank statements and spending habits for the last couple of months to figure out how much you are spending on everything from cellphone bills to streaming services to your weekly restaurant takeout. The Consumer Financial Protection Bureau offers a spending tracker that can help you figure out where your money is going each month.
Because of the pandemic, homeownership is more affordable than ever. Interest rates on mortgages, near record-low territory, are around 3 percent. If you can qualify for a loan, these rates add up to significant savings over the course of a 30-year loan.
Once you have a better picture of your spending habits, determine how much you want to allocate toward a monthly home payment. This figure includes your principal, interest, tax and insurance payment, which add up to your monthly mortgage sum.
The Federal Housing Administration formula, used by many lenders, recommends allocating no more than 31 percent of your monthly income to your housing payment. This figure will change based on your amount of debt. Buyers with noother debt may be able to budget as much as 40 percent of monthly income to housing. Over all, your total debt-to-income ratio, including car payments and credit card bills, should not exceed 43 percent.
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The Most Affordable Neighborhoods In Nyc: A Buyer’s Guide For 2020
Brick Underground partnered with PropertyShark to pinpoint the top three most affordable neighborhoods for buyers in 2020 in each NYC borough.
When you’re ready to buy in New York City, one of the major challenges is figuring out how to make it work financiallybecause apartments and houses are so painfully expensive here.
There are ways to shave costsnamely, compromise on space. You could choose a co-op over condothey’re less expensiveor buy a fixer-upper. Or you could live in a ground-floor apartment. Brick Underground has lots of articles on how you can cut costs when buying. However, the fastest shortcut to lower prices is to consider location and hone in on a neighborhood that is less expensive than others. But which ones?
We partnered with PropertyShark to pinpoint the top three most affordable neighborhoods for buyers in each New York City borough. Median sales prices were calculated based on all residential property sales of single-family homes, condos, and co-ops that closed between January 1, 2019 and December 31, 2019. Package deals were excluded, and only neighborhoods with more than 15 residential sales were included.
Did you know you can receive a buyers rebate from your broker? With Prevu, youll receive a rebate of two-thirds of the commission paid to the buyers broker at closing. On a $1 million condo in NYC, youd pocket up to $20,000.
We Make Selling Your Home Fast And Stress Free
If you ask around, most homeowners in New York will tell you that they had a poor experience listing their home with an agent. Selling your house doesnt have to be painful. We offer a fair price for your home, a faster service, and an easier way to sell your New York home.
“As-Is” Condition
We want to purchase your home regardless of its condition and youll never have to make any repairs. It doesnt matter if your home needs major remodeling or even a complete rebuild.
Sell Your House Quickly
We will make an offer within 24 hours of seeing your home. When we make an offer to buy your house, we can close on your schedule, in as little as 5 days.
No Agents or Fees
The traditional home selling process is awful. Agents parade dozens of buyers through your home and typically charge a 5% to 6% commission, adding up to thousands of dollars that youll never see.
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