Getting a Condo in South Bergen/North Hudson County (Clifton: foreclosure, co-ops)

[metro1026]

I've lived in Secaucus my whole life, and now that I have a steady career, and my parents are moving down south into a 55+ community, it's time for me to get out on my own.

I work for a large financial company in Secaucus and have about $40k in cash to put down on a place.

I don't want to spend more than $1000 a month total on mortgage/taxes/monthly fee/untilities/etc.

I know, it's going to be a challenge to find a decent place that cheap in a decent area.

I figure with $40k down, and not wanting my monthly living expense to climb above $1000 or so (give or take $100), I can afford a 1 bedroom 1 bathroom condo somewhere for around $160k.

The most important things to me is a decent sized space in a good neighborhood relatively close to Secaucus with easy parking. I actually look forward to gutting the place, putting in new floors, tiling, painting, light fixtures, kitchen appliances, etc.

Can anyone tell me if my calculations are correct?

Can anyone recommend where I should be looking?

How can I get info on foreclosure auctions? FSBOs?

I have an agent looking for me...but I've been on craigslist and realtor.com and a number of other listings for weeks lookin.

Any advice would be greatly appreciated!

[EANJ]

In this type of situation, assess the three components individually -- first, your mortgage cost(s), then, second, any monthly fees, maintenance, dues, etc., and then, third, taxes. I can't address the last two as I do not have any idea what those costs are going to be on any specific property you are looking at.

Generically speaking -- with good downpayment (20 and perhaps 25%)good income (relative) and good credit scores (in today's day and age, and today's environment -- somewhere in the high 600's or better) -- a $100,000 mortgage will cost you about $600 to $700 per month (that is a broad range) and that is a pre-tax cost. This leaves you very ample room for eveyrthing else.

Do not forget that the mortgage interest -- that $600 to $700 per month -- is tax deductible!!! That is a great thing! This will have a postive impact on you. If you do nothing else, change nothing -- at the end of the year, you'll be getting a very nice tax refund. So, speak with your financial advisor, CPA, etc. about changing your witholdings, exemptions, etc.

I don't know about your idea of "gutting the place" and doing all that work in your situation, but that's a conversation for another time.

As far as where -- I am not sure, Moonachie, Rutheford, East Rutheford, Lyndhurst, Teaneck and Clifton kind of pop into my mind. I am thinking about towns that somewhat surround the Meadowlands area. However, as you move further south/west, that commute -- down Rt. 17, Rt. 3, GSP, etc. -- could be brutal. Clifton to Secaucus, on Rt. 3 rush-hour traffic, you are going with the rest of the world that is heading to the Lincoln Tunnel. Good luck.

[metro1026]

Sounds like my calculations were just about right. My salary is just about where it needs to be I guess, my credit score is in the high 600s, I have about a 30% downpayment to put down, and I'm looking for a place with monthly fees no higher than 250k.

I'm gonna try to stay away from co-ops as they have higher feels than condo's.

Thanks for the input!