• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Home Buying Advice

Is a Renovation Loan Right For Your Home Purchase?

You found a house with great potential in the perfect location, but it needs a lot of work. You may want to consider a renovation loan.

What is a renovation loan?  With a renovation loan a homebuyer finances both the purchase price of the house and the cost for repairs. The loan is based on the after-improved appraised value of the property. The buyer makes only one loan and one monthly payment.

All renovation work must be completed after closing by a buyer-selected contractor, and funds are held and disbursed by the lender to the contractor as the work is completed. Repairs must start within 30 days and be completed within 6 months.

The renovations can be required repairs to bring the property up to minimum property standards, or they can be optional repairs to modernize a property. Repairs that fall within the guidelines include (but are not limited to) the following:

Found A Home You Love But It's 'Pending' . . . Do You Still Have A Chance?

So you've been looking online for quite some time now for the perfect home in the perfect location, and you finally think you found it.  But . . . it already has an accepted pending contract.

Ugh!  Disappointment!  Now what!  Is there still a chance that you can get the home, or should you not even try?

Well, pending does not mean it's sold.  It means that the seller has accepted a buyer's offer, but the transaction has not yet closed.  There are a multitude of things that can go wrong from the time a contract is accepted and the time it closes.  The home inspection could reveal an issue that is unacceptable to the buyer, the buyer's financing could get turned down, or something could change in the buyer's situation that causes them to not be able to buy.  So if you really want the house here is what you should do.

6 Tips To Make House Hunting Fun For The Kids

There's no doubt that moving is one of life's more stressful events, and it is in everybody's best interest to try to keep the kids happy and feeling secure during the process.

It may take some extra time and patience, but Including your children in your home search can pay off big by helping them better adapt to change and ease their anxiety. 

Here are 6 ideas to get the kids engaged in the move: