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Celt
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Member since 4/08 7758 total posts
Name:
colette
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Bayside/Whitestone househunting...
Queens native, lived here all my life more or less... so you'd think I'd know more about my hood 
Anyway. Our next areas to look at are these... I know everyone loves these nabes, I have lots of friends there as well, probably more bayside than w'stone I guess..
But currently there seems to be a TREMENDOUS inventory of foreclosure/short sale homes... Any reason you can think of??
Would this possibly be an opportunity? Did anyone do a short/fc purchase around here?
The one thing we've got is TIME so a longer sale process doesn't put us off...
Did you like your agent if you bought in that area? Wanna recommend them???
Thanks!!!
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Posted 3/10/11 11:42 AM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Bayside/Whitestone househunting...
my opinion on why there is a lot of foreclosures and shorts in the area
lots of investors took little tiny houses and made them into huge houses
lots of people did the same thing with subprime loans etc
rates went up- payments went up- they default
so now you have short sales and foreclosures
one thing to consider- not all short sales and foreclosures can get a regular mortgage- you might need a 203K
if you free on March 31st at 6pm Continental home loans is doing a first time home buyer seminar- you would really get alot of this
they are in Melville
if you can make it- I can recommend a few people for you can speak to there- they are the best at 203ks-
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| Posted 3/10/11 11:52 AM |
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Celt
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Member since 4/08 7758 total posts
Name:
colette
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Re: Bayside/Whitestone househunting...
Beth thank you! I was thinking along those lines, the market was really out of control just a few short years ago... Somehow I thought these nabes wouldn't have been hit as hard by the "subprime" debacle though  As I look through some of the less desirable parts of Queens (Hollis, Jamaica, Woodhaven, etc) there's a TON of inventory too, but those aren't areas I'd buy in...
This seminar sounds REALLY interesting, I've caught your posts on Continental a few times. We will try to make it, or at least 1 of us should be able to go!
203Ks are still a bit foggy to me, but in simple terms it's basically a mortgage for the "projected value" of the property once renos are completed, right?
Do you show any stuff in that area or are you limited to LI?
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| Posted 3/10/11 12:21 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Bayside/Whitestone househunting...
since I used to live in bayside- I would be happy to help you if you like- I am very familar with the area
the 203K in simple terms
you find a house for $400k
it needs $100K worth of work
so you take a loan for $500K
(all work must be done by approved contractors since you are using the banks money)
it's an FHA loan- so still 3.5% down
great product
let me know if one of you can make it- I will be there myself
FM me with more info about what you are looking for exactly!
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| Posted 3/10/11 12:28 PM |
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Celt
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Member since 4/08 7758 total posts
Name:
colette
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Re: Bayside/Whitestone househunting...
YAY thank you!!!
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| Posted 3/10/11 12:31 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Bayside/Whitestone househunting...
your welcome!!!
lookng forward to helping you 
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| Posted 3/10/11 12:34 PM |
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Re: Bayside/Whitestone househunting...
I am not surprised about the ss/foreclosures. DH and I used to look when we lived in Whitestone (2004-2005) and prices were nuts- $629k for a little cape next door to us that was 1100 SF and needed work.
Good luck- I loved that area and still miss it.
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| Posted 3/10/11 12:40 PM |
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