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by Bob McTague

Due to the low inventory in this area and the rise of “bank owned” homes, many buyers like yourself may come across these types of homes. They can be a good investment if you fully understand the process and have the time, money and patience.

Listen below to this episode on my weekly podcast

 

 

 

“Bank owned” type homes still only make up about 7 to 8% of the total real estate market in Central New York. Many of these homes are reserved for “investors.”

**It is imperative that you read and understand this before placing an offer on any pre-foreclosure, short sale, or bank owned home**

  • What is a Pre-Foreclosure? A pre-foreclosure is a property in the process of foreclosure but is still legally owned by the owner.
  • What is a Short Sale? A short sale is when an owner is selling a home less than the mortgage owed on the home. Lenders may agree to take a short on the mortgage to release it for sale. This is a process before the property is actually foreclosed.
  • What is a Pre-Foreclosure Auction? A pre-foreclosure auction is set when the owner fails to satisfy their loan terms with the lender. Most pre-foreclosure auction are handled at the courthouse in the County where the foreclosure occurred. Most homes at pre-foreclosure auctions are taken back by the bank and sold at a later time as a bank owned home (REO)
  • What is a Bank Owned Home? A bank-owned or real estate owned (REO) property is one that has reverted to the mortgage lender after the home fails to sell in a foreclosure auction. Once the bank owns the property, it will handle eviction, if necessary, pay off tax liens and may do some repairs.
  • What is a HUD Home? A HUD home is when a government-insured loan (FHA) gets foreclosed and the Federal Housing and Urban Development pays the defaulted loan off, and then puts the home on the market.
  • What is a VA foreclosure? The Veterans Affairs helps veterans buy homes by guaranteeing loans to the lenders. When a veteran defaults on a VA-guaranteed home loan, the VA buys the property from the lender and offers them for sale

Common Questions

  1. Are Bank Owned Homes Sold AS-IS? Yes, all bank owned homes are sold “AS-IS” which means that the seller will not do any repairs to the property.
  2. Can I still perform an inspection and “walk away” if the house needs too much work? In most cases, the contract can not be contingent on a home inspection, and you can not walk away. There are some circumstances, where the bank will allow you to complete an inspection and “walk away” if needed. Be prepared to do an inspection and perform your own “due diligence” in advance before you make the offer.
  3. Will the bank turn the water and power on for the inspection? Maybe, but in most cases it will be your responsibility and cost to “De winterize” a property and “Winterize” again before the closing. In most cases, the bank is not responsible to have the power and water on. **Please understand this*
  4. Will the bank accept an offer if I have a home to sell first? No, all offers must be “non contingent” regarding your home sale.
  5. Will the bank pay for the buyers closing costs? Most banks will not pay the buyer’s closing costs. However, there are some special programs through “HomePath” and other Fannie Mae foreclosures. Also, you may be able to add the closing costs to your mortgage and increase the offer price. Consult with us regarding this.
  6. Do all lenders and mortgage companies offer financing for bank owned homes? Depending on the condition of the property, the lender may or may not offer financing. There are special programs for renovation type loans and some banks will provide their own financing. Consult with your lender regarding this.
  7. Does the bank provide a marketable title and survey to the property? In most cases they would not provide a title and or survey only a warranty deed. This additional cost could be between $1,000 and $1,500 or more. Please consult with your attorney.
  8. How are offers made for bank owned homes? We would make the offer for you and send you an necessary paperwork to sign. Most offers require a lot of paperwork and made online and through electronic signature in some cases.
  9. Are there deadlines to submitting an offer? Yes, many times there will be an offer or bid and paperwork deadlines. We will let you know of these deadlines.
  10. Can we adjust or change our offer once it is submitted to the bank? Most times the offer will be “highest and best” especially, when there are multiple offers or an auction style bid. We would consult with you regarding this.
  11. How long does it take the bank to decide on the offers? It can take days or weeks. Please be patient!!!!
  12. Do I have to show a bank pre approval or proof of funds with an offer? Yes, no exceptions.
  13. Will the property taxes reduce once we purchase the property? Probably not, as the property taxes are based on many factors, and the assessor may not adjust to the lower purchase price. Be prepared!!!
  14. How long does it take to close on a bank owned home? It depends, but the typical time once the contracts are accepted by all parties is about 60 days.
  15. What are some of the websites to find bank owned homes? There are many websites. Here are the most popular: homestore.com, auction.com, Xome.com, Homepath.com, Hubzu.com
  16. Once the offer is made can I continue to look at other homes and make an offer on another home? Yes, you are not obligated to purchase the home, until the bank agrees to accept your offer and you can cancel the offer at any time.

For More Information - Call Bob McTague at 315-882-6610

Most of the clients I help need to finance their home purchase. Even though I always recommend that you pay “cash” if you are able, in reality, that is not what many home buyers are able to do, especially first time home buyers.

I always recommend that a you should obtain a “pre-approval” letter from a “local” lender or bank before you search for a home. Many people I meet do not always understand the “true” cost to buy or finance a home in Central New York, and many “out of the area” lenders mis calculate some of the costs involved.

Calculating your true monthly mortgage payment is very important. Many online calculators on sites such as “Zillow” are not accurate when used incorrectly, as many home buyers do calculate the correct property tax rates or other fees associated with the mortgage process.  A “local lender” should be able to provide you with a breakdown of your monthly mortgage payment.

Listen below to this episode on my weekly podcast

 

 

I am going to give you a “guide” to follow, before you speak to your local lender or bank, and please understand this is only a guide and estimate, but this will give you a better understanding of the mortgage process.  First, you should understand what type of mortgage you are applying for. Generally speaking there are 4 common mortgage products.

  • Conventional Loan – Typically for 30 years, but can be a 20, 15, or 10 year mortgage. The typical down payment required starts at 5% of the purchase price, but many borrowers apply 20% as a down payment. Some local lenders do offer a 3% down payment conventional mortgage, however, these are special programs with certain requirements.
  • FHA Loan – An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. Typically a 30 year mortgage. The minimum down payment is 3.5%. This is a very common mortgage product in Central New York. The credit score requirements are also more flexible. Also, you can add up to 6% of closing costs into your mortgage if you are short on cash reserves. (mortgage expense)
  • VA Loan – This is a ZERO down payment mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. This is typically a 30 year mortgage for American veterans or their surviving spouses (provided they do not remarry).
  • USDA Loan – This is a ZERO down payment mortgage loan from USDA Rural Development Guaranteed Housing Loan Program. It is only offered to rural property owners by the United States Department of Agriculture, and you must meet certain requirements. There are limited properties available in Onondaga County that would qualify for this loan. This program is more popular in Oswego, Madison, and Cayuga County.

EXAMPLE: Monthly mortgage payment and required costs (Estimate)

For a $100,000 home using a 30 year – FHA mortgage:

  • $3,500 as a down payment.
  • $3,800 prepaid property taxes. (The estimated yearly property taxes on a $100,000 home in Onondaga County is about $3,800.00, roughly 3.8% of the purchase price, so if you do not have a 20% down payment, you will have to escrow your property taxes and prepay your property taxes as part of your closing costs. This is on of the reasons why closing costs are higher in this area.)
  • $700.00 homeowners insurance (estimate)
  • $1,000.00 Attorney fees (estimate)
  • $450.00 Appraisal fee (estimate)
  • $800.00 Loan origination fee (estimate)
  • $1,000.00 Mortgage insurance premium (estimate)

To purchase a $100,000 home in The Greater Syracuse NY area with an FHA loan you may need $10,000 to $12,000 in total costs. (estimate).

What if I do not have the money for closing costs? That is a great question, and under FHA loan guidelines, you can add up to 6% of the approved closing costs to your mortgage. So, in this example, you could add $6,000 to the price. The new purchase price would be $106,000. The seller would still receive $100,000, but they would allow you to add the closing costs to the purchase price.

Another option would be to get “gift” money from a family member. There are specific rules regarding this, so please consult with your mortgage lender.

So what would the monthly payment be based on $106,000 with 3.5% down payment, assuming a 4% interest rate on a 30 yr FHA loan? The estimated monthly mortgage payment would be $940.00 (estimated), which includes principal, interest, taxes, and insurance. This does not include any private mortgage insurance fees.

So let’s recap, for a $100,000 home, the total closing costs including the down payment would be roughly $10,000 to $12,000 and the estimated monthly mortgage payment would be a $940.00 per month, depending on current interest rates etc…

For more information please contact Bob McTague at 315-882-6610

New Listing in Canastota, New York

Custom Built 3,600 Sq/Ft Colonial, Wooded 2.5 Acre Lot, Canastota NY Real Estate - Contact Bob McTague at 315-882-6610 for more information about this home located in Canastota, New York.

Canastota, NY Neighborhood - Amazing value for this beautiful custom built Colonial perfectly situated on a 2.5 acre wooded lot surrounded by birch trees, and located close to Syracuse and Utica, parks, shopping, major highways, and within the Canastota school district.

First Floor Features - Step inside to this magnificent home and be greeted to the grand foyer. Gather, in the gourmet eat-in kitchen, featuring custom cabinetry, abundant counter space, hardwood floors, and stainless steel appliances. Entertain, in the large formal living and dining room with hardwoods and detail molding throughout. Relax, in the inviting and cozy family room with a floor to ceiling stone gas fireplace. There is also a study with it's own entrance and a half bath on the first floor. 

Second Floor Features - The second floor provides a luxury master suite with it's own double sided fireplace, sitting room, a huge walk in closet, and a glorious master bathroom with an oversized Whirlpool tub. Enjoy the convenient 2nd floor laundry, another full bath, and 3 other large bedrooms with walk in closets. 

Basement Features - For additional living and storage space, the basement has been partially finished, and includes a walk out for access to the outside.

See the "BIG" photos of this property NOW...Click Here!

Exterior - The exterior offers a 2.5 car garage, large garage/shed with a half bath and finished space, a custom deck, professional landscaping, and a private lot.  
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Great Views | Manlius NY Home For Sale | 2.7 Acres

by Bob McTague

New Listing in Manlius, New York

Manlius NY Home For Sale | 2.7 Acres | Great Views - Contact Bob McTague at 3315-882-6610 for more information about this home located in Manlius, New York.

Manlius, NY Neighborhood - This spacious, 4 bedroom, 2.5 bath, 3,000 sq ft Colonial home is perfectly situated on a 2.7 acre lot with magnificent views and no neighbors behind for maximum privacy. Secluded in the Fayetteville-Manlius school district yet close to schools, parks, shopping, and all major highways.

First Floor Features - The first floor features an open foyer, a formal living and dining room, an office, a family room with a fireplace, an eat-in kitchen with abundant cabinet and counter space, a 1st floor laundry, and a half bath. Hardwood floors fill the living space.

Second Floor Features - The second floor provides new carpeting, a master bedroom and bath, another full bath, and 3 other good sized bedrooms.

See the "BIG" photos of this property NOW...Click Here!

Exterior - The exterior offers a deck, a gazebo, an over sized driveway, covered front porch, a side load 2.5 car garage.


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Manlius NY Home For Sale | 2.7 Acres | Great Views

by Bob McTague

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Manlius NY Home For Sale | 2.7 Acres | Great Views - Contact Bob McTague at 3315-882-6610 for more information about this home located in Manlius, New York.

Manlius, NY Neighborhood - This spacious, 4 bedroom, 2.5 bath, 3,000 sq ft Colonial home is perfectly situated on a 2.7 acre lot with magnificent views and no neighbors behind for maximum privacy. Secluded in the Fayetteville-Manlius school district yet close to schools, parks, shopping, and all major highways.

First Floor Features - The first floor features an open foyer, a formal living and dining room, an office, a family room with a fireplace, an eat-in kitchen with abundant cabinet and counter space, a 1st floor laundry, and a half bath. Hardwood floors fill the living space.

See the "BIG" photos of this property NOW...Click Here!

Second Floor Features - The second floor provides new carpeting, a master bedroom and bath, another full bath, and 3 other good sized bedrooms.

Exterior - The exterior offers a deck, a gazebo, an over sized driveway, covered front porch, a side load 2.5 car garage.


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Top Listing Agent Syracuse New York, 315-882-6610, Bob McTague

by Bob McTague

https://www.youtube.com/watch?v=ziylTzlC0kc

Bob McTague of the CNY Agent Team of Howard Hanna Real Estate is the Top Listing Agent in the Greater Syracuse NY area. He helps over 100 sellers each year achieve their goals and maximizes their market value in Onondaga, Oswego, Madison, and Cayuga county. 

https://www.facebook.com/TopAgentSyracuse/

The Top Listing Agent, Bob McTague, offers exclusive Internet and marketing strategies to sell your home in 30 days or less, while reducing stress, and maximizing your profit. 

Contact Bob McTague today at 315-882-6610 or visit http://www.SyracuseCMA.com to find out what your home is worth in today's market. 

 

 

Lake Ontario, 2 Bedroom Waterfront Home, Year Round

by Bob McTague

New Listing in Sandy Creek, New York

2 Bedroom Waterfront Home, Year Round, Lake Ontario - Contact Bob McTague at 315-882-6610 for more information about this home located in Sandy Creek, New York.

Sandy Creek, NY Neighborhood -This cozy and well maintained “year round” 2 bedroom, 1 full bath, Ranch home is located on North Sandy Pond boasting 50' of waterfront.

Living Area Features - The living area features a large kitchen, a spacious and open living room with a large picture window that provides great views of the sunset and the water, 2 good sized bedrooms, and a full bath.

Updates - This home was totally rebuilt since 1989, with a newer hot water heater, furnace, and roof.

See the "BIG" photos of this property NOW...Click Here!

Exterior - The exterior offers a shed, protected dock for your boat, and a landscaped yard.


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New Listing in Clay, New York

3 Bedroom 2.5 Bath Colonial, Fishers Landing Neighborhood, CNS Schools

- Contact Bob McTague at 315-882-6610 for more information about this home located in Clay, New York.

Clay, NY Neighborhood -. This beautiful and well maintained, 3 bedroom, 2 full bath Colonial is located in the popular "Fishers Landing" neighborhood, which is close to Cicero-North Syracuse schools, parks, shopping, and major highways.

First Floor Features - The first floor features hardwoods throughout, a large living room with a gas fireplace, an open foyer that leads into a spacious formal dining room, an updated full bathroom, a first floor bedroom or study, and an eat-in kitchen with plenty of cabinet and counter space.

Second Floor Features - The first floor features a spacious eat-in country kitchen with new flooring, a large living room with a wood burning fireplace, a family room with access to the backyard and deck, a formal dining room, 2 story foyer, and a half bath.

Updates - Roof, furnace, and many other updates throughout.

See the "BIG" photos of this property NOW...Click Here!

Exterior - The exterior offers a 2 car garage, low maintenance landscaping, a front porch, deck, and an open yet private backyard.

 


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Updated Ranch, Hastings NY Real Estate, 1 Acre Lot

by Bob McTague

New Listing in Hastings, New York

Hastings NY Real Estate, Updated Ranch, 1 Acre Lot - Contact Bob McTague at 315-882-6610 for more information about this home located in Hastings, New York.

Hastings, NY Neighborhood - This updated and move-in ready 3 bedroom Country Ranch home is situated on 1 acre of land, which offers privacy and the best of outdoor living, from relaxing by the fire pit to fishing in the creek, yet centrally located to Central Square schools, the Village, and only 2 miles to major highways.

Main Living Area - The main living area features a spacious eat-in kitchen, a large living room with sliding glass doors to the deck, three good sized bedrooms, a full bathroom, and a half bathroom.

Updates – There are many updates and beautiful flooring throughout this wonderful home.

See the "BIG" photos of this property NOW...Click Here!

Exterior - The exterior provides a fenced in yard, and an outdoor stone fireplace. There is public sewer and water and gas heat.


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Contact Information

Robert McTague - The CNY Agent Team
Howard Hanna
102 West Seneca Street, Suite 110
Manlius NY 13104
Cell: (315) 882-6610
315-882-6610
Fax: (315) 682-5973

Bob McTague - Syracuse NY Real Estate - Helping buyers and sellers in the Greater Syracuse New York area and serving the following areas: Camillus NY Real Estate, Baldwinsville NY homes, Liverpool NY Real Estate, Clay NY homes, Cicero NY Real Estate, Fayetteville NY homes, Manlius NY Real Estate, Dewitt NY homes, Jamesville NY Real Estate, Syracuse NY homes, East Syracuse NY Real Estate. We also serve all of Onondaga, Oswego, Madison, and Cayuga County.

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