First Time Homebuyer help me! (Hyde Park, Mineola: sales, real estate, insurance)

[house2008]

I am a first time homebuyer and would like to hear opinions and advice from all of my fellow members about it. If you have any suggestions, warnings, beware etc... it will all be a great help.

i am looking for a house in NY area, i have looked at houses in Bellerose, Floral Park, New Hyde Park, Mineola. except for some portions of bellerose and floral park, the taxes start at almost $8000.00 my realtor is really pushing for me to buy in those high tax areas, the reason provided, my mortgage payment would be the same in both areas.

Are these areas i am looking at buyer's market? or a seller's market? level field?

The cost of houses is a little less in the higher tax areas compared to the lower tax areas. so the higher tax houses seem like as if i will be able to afford them as the cost is lower, but then the taxes make me think twice.

what is a good buy, a house in lower tax area with some minor cosmetic repairs or a house in higher tax area with very little to no repairs.

the houses in higher tax area are in better shape inside as well as outside, which is surprising.

I think the market here is going down, am i right?

It seems that for most houses, the realtors, not the buyer decides what the selling price will be. i have had realtors tell me sales prices of the houses i have seen, and its either take it or leave it deal. for example: if there is a house listed for 600K, realtor says you can get it for 520K. that's it, you can't offer lesser than that because they say someone already did that and there was no counter offer from the seller. How much should one trust the word of the Realtors? should i still go ahead and make my lower offer in such cases?

am i being realistic when i say that i am looking for a 3 BR 2 full bath house for about $450-460K in the above mentioned neighborhoods?

[sickofnyc99]

For one, find a different home inspector than the one the realtor recommends, you'd be amazed what you'll find after you move in. Also even though it'll cost more money get your own survey. Structures like fences and trees and sheds may or may not be on your property and the seller probably wont tell you. Also, just because an offer has been turned down before doesn't mean it'll be turned down again, chances are neither you or the realtor know the sellers financial situation. DO NOT let them pressure you into signing a contract. No matter how nice and friendly or "real" RE brokers are don't forget they are in this for the money, none of them do it for free. Hope any of this helps mistakes I have made hopefully can help others.

[totallyfrazzled]

Originally Posted by house2008

the taxes start at almost $8000.00 my realtor is really pushing for me to buy in those high tax areas, the reason provided, my mortgage payment would be the same in both areas.

I don't see how your mortgage payment would be "the same" in a higher than a lower tax area, unless you are going to get less of a mortgage for the house in the higher-tax area ... assuming that your bank will be escrowing for taxes, your mortgage payment will include Principal + Interest + Property Tax escrow.

Are these areas i am looking at buyer's market? or a seller's market? level field?

The answer to that depends on whether you are talking to a seller's agent or a buyer's agent, frankly!

what is a good buy, a house in lower tax area with some minor cosmetic repairs or a house in higher tax area with very little to no repairs.

Well, the only thing you can be SURE of is that the property taxes WILL keep going up, no matter which tax-level area you buy in. And it depends on whether or not you can really afford those "minor cosmetic repairs" as well as anything unexpected that will NEED to be done to the house after you buy it.... even if it's 6 months or 1 year or 2 years later. "Stuff" always happens!

the houses in higher tax area are in better shape inside as well as outside, which is surprising.

Not surprising if the higher taxed area is more upscale economically and/or socially.

I think the market here is going down, am i right?

In some areas maybe yes, in other areas maybe no. There is nothing so utterly local as real estate.

It seems that for most houses, the realtors, not the buyer decides what the selling price will be. i have had realtors tell me sales prices of the houses i have seen, and its either take it or leave it deal. for example: if there is a house listed for 600K, realtor says you can get it for 520K. that's it, you can't offer lesser than that because they say someone already did that and there was no counter offer from the seller.

Excuse me: No realtor can tell you that you CANNOT offer whatever the heck you want to for a house, unless they have in writing from the seller "Will not entertain offers less than X dollars". If that's what a realtor tells you, ask to see that instruction in writing. Also if you do offer something, the realtor is REQUIRED to present your offer to the seller, no matter what he or she thinks the seller's reaction will be.

How much should one trust the word of the Realtors?

Our philosophy: If you are a buyer, do not entirely trust the word of the seller's realtor. If you are a seller, do not entirely trust the word of the buyer's realtor.

[Danomul]

I would say it depends on if you have kids or are planning to have kids. I have lived in Bellerose my whole life and love it, BUT I am now looking east because of the school system. My oldest is going into seventh grade next year, and my options if I stayed around here would be Martin Van Buren High School (One of the worst) or pay $10,000 a year for Private High school (Each Kid). I have sent my kids to a great, reasonably priced catholic elementary school in the area, but HS is a whole new ballgame. I have ran the numbers for my own situation, and they are about the same BEFORE the kids hit H.S. For example a 400K house in Bellerose with 2800 taxes PLUS 4500 for elementary school is the same as a 400K house in New Hyde park with 7300 taxes. You will get more house for that money in Bellerose, though.

[Kbinspections]

Originally Posted by sickofnyc99

For one, find a different home inspector than the one the realtor recommends, you'd be amazed what you'll find after you move in. Also even though it'll cost more money get your own survey. Structures like fences and trees and sheds may or may not be on your property and the seller probably wont tell you. Also, just because an offer has been turned down before doesn't mean it'll be turned down again, chances are neither you or the realtor know the sellers financial situation. DO NOT let them pressure you into signing a contract. No matter how nice and friendly or "real" RE brokers are don't forget they are in this for the money, none of them do it for free. Hope any of this helps mistakes I have made hopefully can help others.

Its never a bad idea to get a home inspector referral from your attorney.....good luck!

[Kbinspections]

Originally Posted by house2008

I am a first time homebuyer and would like to hear opinions and advice from all of my fellow members about it. If you have any suggestions, warnings, beware etc... it will all be a great help.

i am looking for a house in NY area, i have looked at houses in Bellerose, Floral Park, New Hyde Park, Mineola. except for some portions of bellerose and floral park, the taxes start at almost $8000.00 my realtor is really pushing for me to buy in those high tax areas, the reason provided, my mortgage payment would be the same in both areas.

Are these areas i am looking at buyer's market? or a seller's market? level field?

The cost of houses is a little less in the higher tax areas compared to the lower tax areas. so the higher tax houses seem like as if i will be able to afford them as the cost is lower, but then the taxes make me think twice.

what is a good buy, a house in lower tax area with some minor cosmetic repairs or a house in higher tax area with very little to no repairs.

the houses in higher tax area are in better shape inside as well as outside, which is surprising.

I think the market here is going down, am i right?

It seems that for most houses, the realtors, not the buyer decides what the selling price will be. i have had realtors tell me sales prices of the houses i have seen, and its either take it or leave it deal. for example: if there is a house listed for 600K, realtor says you can get it for 520K. that's it, you can't offer lesser than that because they say someone already did that and there was no counter offer from the seller. How much should one trust the word of the Realtors? should i still go ahead and make my lower offer in such cases?

am i being realistic when i say that i am looking for a 3 BR 2 full bath house for about $450-460K in the above mentioned neighborhoods?

Its a buyers market in most areas of LI. The few exceptions are in high end towns.

The 1st law of real estate is? Thats right: location, location, location. Buy in the nicest area that you can afford and be comfortable. Make sure you get the best school district you can afford because that is a big factor in the price of the homes.

All the towns you mentioned are nice. IMO, if you have or will have kids, stay in Nassau county. Good luck!

[house2008]

well, i don't have kids. maybe 3-5 years from now i will probably have kids.
kbinspections, can you please provide more details , you said that if i will have kids, i should stay in nassau.

should i really get an attorney or go for title insurance. I'm being told that title insurance is a better way to go.

Danomul, there is nothing listed for upto 500K in bellerose. if any, they are all near jamaica ave.

totallyfrazzled, it really was surprising to me too, but i have tried quite a few realtors, and every single one of them says " i can get this house for you for X price". if you try to go lower, they start telling you that the seller will not accept that.


i certainly am feeling a little more confident and i probably will make a lower offer on the house that i liked. the reason that i want to offer lower price is because its on a main road with lots of traffic, there are no houses across the street, its a church and a big parking lot.(if you know of any problems i might have living opposite a church, please advise so i don't buy it there. f.y.i. i am not a christian.)

i know i have to get a home inspection, but do i really have to get a survey?? no one mentioned that to me.

where can i find a home inspector other than what my realtor recommends. is there a website for home inspectors?

[TomMoser]

Originally Posted by house2008

should i really get an attorney or go for title insurance.

Always get an attorney and title insurance. By the way, if you are financing the purchase your lender will require title insurance.

[Kbinspections]

LI school are overall much better that NYC schools although many of NYC's better schools are on the border of Nassau. Its is the primary reason for the tax difference.

In NY you will need both an attorney and title insurance. Its common practice here. I can recommend some to you if you need one.

Check out NAHI and ASHI websites for a list of qualified home inspectors. These are the 2 oldest and largest home inspection assocations in the US. NYS requires that we are licenced so that is thing that must clarified.

[TomMoser]

Originally Posted by Kbinspections

In NY you will need both an attorney and title insurance. Its common practice here. I can recommend some to you if you need one.

Never use an attorney recommended by a home inspector. (Just kidding, KB!)