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I am in the process of making a decision on rent w/option to buy. I must give my answer by the weekend. This would be my first house, starter house. I haev always rented. The house is in East Meadow. Does anybody know much about this area, is it good, good schools, etc.?
My question here is:
1. Do I make a offer on the house now and lock in that price, or do I wait until after the 2 yrs are up? What would be in my best interest?
2. How could I find out after teh 2 yr term is up and I am purchasing - how could I find out now, what my payments per month would be? It's very scary investing all of the monies be put towards my downpayment (which the landlord will hold), which would be $1,000, and the rent is $1800 - plus $5600 down for security which would be put towards the downpayment also. I could lose all of this money, if I do not get a loan - but is there any way to find out what my monthly payments or an idea of what they would be @ the end of this 2 yr renting term, NOW???
3. Should I just rent on my own and save the money on my own and then put it towards a downpayment on a house.
I am in the process of making a decision on rent w/option to buy. I must give my answer by the weekend. This would be my first house, starter house. I haev always rented. The house is in East Meadow. Does anybody know much about this area, is it good, good schools, etc.?
My question here is:
1. Do I make a offer on the house now and lock in that price, or do I wait until after the 2 yrs are up? What would be in my best interest?
2. How could I find out after teh 2 yr term is up and I am purchasing - how could I find out now, what my payments per month would be? It's very scary investing all of the monies be put towards my downpayment (which the landlord will hold), which would be $1,000, and the rent is $1800 - plus $5600 down for security which would be put towards the downpayment also. I could lose all of this money, if I do not get a loan - but is there any way to find out what my monthly payments or an idea of what they would be @ the end of this 2 yr renting term, NOW???
3. Should I just rent on my own and save the money on my own and then put it towards a downpayment on a house.
Any other suggestions/comment welcomed.
Thanks,
Chris
1. The lease should specify a price at which you can buy the home. Otherwise, it is not an option at all. If the market improves over the term of the lease, you can purchase the home and you are ahead of the game. If the market declines you can just walk away, or you could make the owner another (lower) offer and see if he accepts it.
2. If you give me the details: Purchase Price, Total Downpayment, Taxes, I can estimate the amount of the payment for you. If you want to zero in a little more, any mortgage broker or mortgage banker would also be glad to calculate this for you.
3. You might want to just rent right now and save up the down payment. The advantage to a rent with option is that sometimes, the landlord will credit part of the rent towards the down payment. In return, the rent is often higher then regular market rent. Also, watch the purchase price. If he could get that price in todays market, he probably would just outright sell now, so it's probably somewhat acove the current market price. You are making a bet on whether the market is going to go up over the term of the lease. If it does, you win. If it does not, you lose.
Thanks much for responding to my questions, have a few more.
The Purchae Price which I never made an offer yet and feel it is way overpriced is $439,500.00. But how do I really find that out what the price range is? What should I offer, etc.? I looked @ other houses on MLSI.com in the area and in adjoining better areas, Merrick and Belmore, and the houses are going for much less and much better). She told me the house was appraised 2-1/2 yrs ago for $450,000 and that is how she came to this price now.
Thanks much for responding to my questions, have a few more.
The Purchae Price which I never made an offer yet and feel it is way overpriced is $439,500.00. But how do I really find that out what the price range is? What should I offer, etc.? I looked @ other houses on MLSI.com in the area and in adjoining better areas, Merrick and Belmore, and the houses are going for much less and much better). She told me the house was appraised 2-1/2 yrs ago for $450,000 and that is how she came to this price now.
If you would like to get a better idea on the price range, please PM me with the address and details on the house (such as style, number of bedrooms, baths, basement, garage, etc. -- as much as you can). I'll check recent similar sales for you and get back to you.
577 Albert Street
East Meadow, NY
1 Family
Dimensions 60x100, .14 acres. Not updated inside @ all. They are doing a bit of work now, but not much.
She had the house appraised 2-1/2 yrs ago for $450,000 - and that is where she came up w/the asking price of $439,500. Which I think is way over priced. I had looked @ houses in adjoining areas, Merrick, Bellmore, and the houses are cheaper, much nicer also. If i had your email address, I could send you pictures, etc.
Thanks much for responding to my questions, have a few more.
The Purchae Price which I never made an offer yet and feel it is way overpriced is $439,500.00. But how do I really find that out what the price range is? What should I offer, etc.? I looked @ other houses on MLSI.com in the area and in adjoining better areas, Merrick and Belmore, and the houses are going for much less and much better). She told me the house was appraised 2-1/2 yrs ago for $450,000 and that is how she came to this price now.
Please advise on what the total monthly payments would be.
Thanks much.
Hi..
she came to that price by an appraisal done 2 1/2 years ago? Is this person a FSBO? The market is DIFFERENT than it was 2 1/2 years ago..and she needs a recent market evaluation to work out the comps.
Best thing to do, if you really wantto comp it out.. is to hire a buyers agent..(the commission is worked into the sale of the home.. too detailed into how it works to type here.) But ify ou dont' want to do that.. then research the net at newsday.com and look at homes in East Meadow that hvae sold recently that may be similar. Looking at another town will not really help you because each town /SD is different.
Go to www.nassauproperty (broken link) .com and look up the house by address and see what the last house in that area sold for then make a offer.
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hope this would help
