Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can someone suggest a good area to look for a condo/townhome in Nassau (or Suffolk if it's near the border). Schools aren't a requirement. And I work from home, so commuting isn't a thing.
Also, if I wanted to enlist the help of a realtor, what's the best way to go about doing that?
Also, can someone fill me in on a cash sale?
1) If I pay in full with cash, what do I do with the money that is not part of the dep? Just leave it in the bank? Or do I have to put it in escrow, so the seller knows the money will be there at closing?
2) Aside from my attorney's fee, what closing costs am I looking at, if there is no bank involved?
Definitely second nuts2uiam's suggestion regarding the use of a real estate attorney in any real estate transaction, but especially so when it comes to condos and co-ops, as there are additional things to watch out for.
Closing costs for a purchase are much lower in cash deals. Your attorney's fee, possibly an appraisal if you want to be sure about the value (cost somewhere around $500~, give or take), title search and title policy, and the recording fee (recording your deed with the county).
You and your attorney will want to see the by-laws (so you know if you can live with the rules and regs) as well as the financials. You'll also want to know if there are any upcoming special assessments, etc.
Definitely second nuts2uiam's suggestion regarding the use of a real estate attorney in any real estate transaction, but especially so when it comes to condos and co-ops, as there are additional things to watch out for.
Closing costs for a purchase are much lower in cash deals. Your attorney's fee, possibly an appraisal if you want to be sure about the value (cost somewhere around $500~, give or take), title search and title policy, and the recording fee (recording your deed with the county).
You and your attorney will want to see the by-laws (so you know if you can live with the rules and regs) as well as the financials. You'll also want to know if there are any upcoming special assessments, etc.
Elke, I am still and will always bang the drum for a RE attorney. It often falls on deaf ears, but I am always amazed when I say, if you needed heart surgery would you go to a general surgeon? To the last the answer is no. But RE and the answer is sure why not!!!
What areas should I be looking? Would like to keep the purchase price under 300k
Thanks!
Are you open to a co-op? There are low rise co-op developments in Valley Stream near Gibson and townhouses near the Valley Stream station. I think the ones in Valley Stream off Sunrise are condos. It's a safe town with good schools.
The Valley Stream condos near the RR are way more than 300K. They are probably closer to 450-500K. You can try some of the co-ops (apartment style) in one of the older buildings off of Rockaway Ave. or North Valley Stream. Lynbrook also has some co-ops. You won't find a duplex style condo in any western part of Nassau at that price point. Merrick does have a co-op townhouse development but i am sure that they are not cheap.
Recommending a co-op over a condo should come with information about the differences.
Although they are similar, condos and co-ops are not the same, and it is essential to understand their differences before buying one.
A condo is a private residence in a multiunit structure that includes ownership of commonly used property. A co-op is also a multiunit building, but that’s where the similarities end. A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
Co-ops are collectively owned and managed by their residents, who own shares in a nonprofit corporation. The corporation holds the title to the property and grants proprietary leases to residents, Isaacs said. The lease grants permanent rights to residents to live in their units and to use the common elements of the cooperative according to the co-op’s bylaws and regulations.
Condos are often easier to finance. Obtaining a mortgage for a co-op can be tricky. Some lenders shy away from co-ops or require higher down payments. Co-ops often require a minimum downpayment of 20%; none that I have seen will accept an application that offers less than 10%.
Condo fees are usually lower. A co-op owner’s monthly fee can include payments for the building’s underlying mortgage and property taxes, amenities, maintenance, utilities and security.
The tax advantages of owning a condo or a co-op are about the same. If the owner has a mortgage, the yearly interest paid on the loan is deductible. Co-op owners also can deduct their share of the mortgage interest paid on the building’s underlying mortgage and their share of property taxes the co-op pays. Property taxes often are lower for co-ops than condos.
An important distinction between a co-op and a condo is that most co-op associations require a prospective purchaser to be approved by the co-op board. The upside is being able to pick your neighbors. The downside is that when you sell, the board must approve the buyer and that can delay the sale. The board can reject applicants for only two reasons: financial or a refusal to abide by the association’s rules and regulations.
Condos and co-ops share several advantages: They can be cheaper than buying a house, there’s no yard to mow, and a multiunit building can provide a sense of security and community.
The disadvantages are having to live within proximity of a variety of people, the association’s rules and regulations may feel onerous, and the monthly fees can be high.
Recommending a co-op over a condo should come with information about the differences.
Although they are similar, condos and co-ops are not the same, and it is essential to understand their differences before buying one.
A condo is a private residence in a multiunit structure that includes ownership of commonly used property. A co-op is also a multiunit building, but that’s where the similarities end. A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
Co-ops are collectively owned and managed by their residents, who own shares in a nonprofit corporation. The corporation holds the title to the property and grants proprietary leases to residents, Isaacs said. The lease grants permanent rights to residents to live in their units and to use the common elements of the cooperative according to the co-op’s bylaws and regulations.
Condos are often easier to finance. Obtaining a mortgage for a co-op can be tricky. Some lenders shy away from co-ops or require higher down payments. Co-ops often require a minimum downpayment of 20%; none that I have seen will accept an application that offers less than 10%.
Condo fees are usually lower. A co-op owner’s monthly fee can include payments for the building’s underlying mortgage and property taxes, amenities, maintenance, utilities and security.
The tax advantages of owning a condo or a co-op are about the same. If the owner has a mortgage, the yearly interest paid on the loan is deductible. Co-op owners also can deduct their share of the mortgage interest paid on the building’s underlying mortgage and their share of property taxes the co-op pays. Property taxes often are lower for co-ops than condos.
An important distinction between a co-op and a condo is that most co-op associations require a prospective purchaser to be approved by the co-op board. The upside is being able to pick your neighbors. The downside is that when you sell, the board must approve the buyer and that can delay the sale. The board can reject applicants for only two reasons: financial or a refusal to abide by the association’s rules and regulations.
Condos and co-ops share several advantages: They can be cheaper than buying a house, there’s no yard to mow, and a multiunit building can provide a sense of security and community.
The disadvantages are having to live within proximity of a variety of people, the association’s rules and regulations may feel onerous, and the monthly fees can be high.
Two additions. You can't file a short form and deduct the mortgage interest - you must itemize. Second, when selling a co-op your buyer is subject to board approval and they can be turned down essentially for no reason. We had a co-op in RVC and had no problem but others were turned down and the financials supported the purchase, but the board felt the price was too low. That fact did not have to be disclosed to the buyer, only that the board turned him down. Now the laws may have changed on this as I am no longer a NYS resident.
Two additions. You can't file a short form and deduct the mortgage interest - you must itemize. Second, when selling a co-op your buyer is subject to board approval and they can be turned down essentially for no reason. We had a co-op in RVC and had no problem but others were turned down and the financials supported the purchase, but the board felt the price was too low. That fact did not have to be disclosed to the buyer, only that the board turned him down. Now the laws may have changed on this as I am no longer a NYS resident.
The laws have indeed changed on this.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
