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Sullivan County NY Real Estate in the New York CatskillsSullivan County NY Real Estate in the New York Catskills

Sullivan County Real Estate

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Mortgage Information

Obtaining a mortgage these days with the market the way it is, is a bit like walking through a minefield. Getting a mortgage on a second home in a rural area like Sullivan County can be even harder. However taking the necessary steps, you can avoid a lot of the potential, deal-breaking issues. I have compiled some general info on what to do and what not do when obtaining a mortgage for a second home here in the Sullivan County Catskills.

 Mortgages

 First of all we need to talk about the difference between a primary, and second home mortgages. Banks are a bit more leery lending on a second home, and the criteria is a bit stricter. They take into account all of your monthly expenses compared to your monthly income to determine your eligibility. In the Wild West of the lending era, this number could be as high as 60%, but these days it is typically around 25%. Meaning if you make $8,000 a month, your total household expenses need to be $2,000 or less. Making sure that the borrower does not overextend themselves is paramount to the banks.

 Down payments on second homes are the other big change since the mortgage crisis. Expect to plunk down 20%. There are some banks that are doing 10% with private mortgage insurance, but the insurance rate is like adding two or more points to your loan, and these lenders are few and far between. All those wonderful programs like FHA, VA, USDA, and SONYMA require the home be a primary residence. Coming to the table with 20% is really the only way to go these days.

 Use a Local Bank

 It is possible to get a mortgage on a house here in Sullivan County from a big lender, like Citi, Chase or Wells Fargo, but why? Interest rates are not any better, and dealing with a big bank who does not know Sullivan County from Boise is maddening, and often you end up with a dead deal. Local banks use local appraisers who know the area, and understand value in our region. All too often I have seen an appraisal with comparisons that were apples to oranges. Square footage and acreage tell very little of a home’s value here. Seclusion, view, water access etc. is the sort of demand that drives prices here in Sullivan County.

 I offer a list of local lenders to clients. I have a handful of good ones, and I encourage my customers to call them all, and compare. This is crucial in maintaining sanity throughout the process, and bringing the deal to the closing table.

 Attorney

 Hiring a lawyer to assist with the transaction is a must in New York State. Again I stress, hire a local real estate attorney. The lawyer from Hempstead that helped your sister with her divorce and will cut you a deal is not a good hire. You need someone knowledgeable in real estate law, and of local Sullivan County procedures. Again I have a list of attorneys in the area. A good attorney works closely with your lender to insure that you get your mortgage.

 The Process

 Once your bank has determined that you are a good candidate for a loan, the next step is to ensure that the home you are buying is worth the money you are asking for. This is done with an appraisal. A certified appraiser goes to the home, and inspects. An appraiser is not a home inspector, and for a conventional loan, they do little more than a perfunctory check. The home needs a kitchen (classified by having a working stove). It needs running water, and working plumbing. It also needs a heat source, and a certificate of occupancy. If the appraiser is satisfied with what they saw, they prepare an appraisal. Most appraisers here in Sullivan County use the comparative approach, which is simply–find homes as similar as possible, which have sold in the near past, and compare prices. It is not rocket science.

 However, in a rural area like Sullivan County, where home types are different, and sales can be relatively few and far between, the appraisal process can be quite aggravating. On more than one occasion, I have seen deals fall through simply because there were not any comps to support an agreed upon offer. This is something that you as a buyer should be prepared for. Now a good broker can often times assist an appraiser in finding comps they might not know existed, but in some cases there is nothing that can be done, and both parties need to move on, or come up with a creative way to make the deal happen. i.e owner finance or a lease to own option.

Other documents that the bank will need, is proof of income, W-2’s, bank statments etc.) If you are planning on borrowing, or receiving a gift from a friend of relative, have it in the account well before you start the process. Gift money does not necesarily kill a deal, but banks are suspicious of it, and will make you and the gift giver jump through hoops. A personal loan for a down payment is even worse. Sometimes the less information given, the better.

Underwriting

Once the appraisal has come back and has checked out fine, and your mortgage broker has secured all necessary documents from you, your loan application is complete and ready to go to underwriting. Underwriting is basically some nameless faceless person at the bank who double checks to make sure that this loan is all on the up and up. Sometimes they ask for some different documents, or updated paystubs or a survey, etc. but mostly you wait about a week, and then hear that you are clear to close.

Areas We Serve

North County


LIVINGSTON MANOR 12754
Long Eddy 12754
Roscoe 12776
Parksville 12768
Hankins/Freemont 12741
West County
CALLICOON 12723
JEFFERSONVILLE 12748
NARROWSBURG 12764
HORTONVILLE 12765
Kenoza Lake 12750
Mid County


Liberty 12758
Monticello 12701
White Sulpher Springs 12787
Rock Hill 12775
Bethel 12720
The Southwest
Barryville 12719
Eldred 12732
Yulan 12792
Glen Spey 12737
Forestburgh 12777
Lakefronts by Category


LISTINGS OVER 500K
Listings under 500k
MOTORBOAT LAKEFRONT
LAKEFRONT VACANT LAND AND LOTS
LAKEFRONTS WITH PRIVACY
Upper End Lakes
Black Lake, Bethel
Merriewold Lake, Forestburgh
Tennanah Lake, Roscoe
Toronto Reservoir
York Lake, Barryvile
Mid Range Lakes


Lake Devenoge, Highland
Elko Lake, Parksville
Highland Lake, Highland
Lake Joseph, Forestburgh
Lake Loch Ada, Glen Spey
Lake Louis Marie, Rock Hill
Swan Lake, Liberty
Wolf Lake, Wurtsboro
Wannaksink Lake, Rock Hill
Affordable Lakes
Hunter Lake, Parksville
Mohican Lake, Glen Spey
Lake Muskoday, Roscoe
Yankee Lake, Wurtsboro

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About Us

John Ducey
REALTOR® Associate Broker
Direct: 845 807-6043
NY Lic. 30DU1098465

115 Del Vue Road
Callicoon, NY 12723
Office: 845-807-6043
Keller Williams
jducey1234@aol.com
Sullivan County Real Estate

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I can’t recommend John enough. Selling my home couldn’t have been easier. In a market that was challenging, John found a buyer. I had my home with another broker for over a year!

Janet Yardley

I couldn’t have asked for a better real estate agent. Someone who knew the market inside and out and was not only able to find a great new home at the best possible price, but also was able to market and sell my old home over and above the market value – and in record

Crystal Robinson

My wife and I worked with John to purchase our first country home and really can’t say enough good things about him. He is knowledgeable, approachable, personable, endlessly patient, and incredibly generous with his time (including mornings, evenings, and weekends over the course of 3 years). He answered every question and explained every form and every part of the process clearly and thoroughly. Buying a home in this market is challenging, but working with John made it as painless and straightforward as possible. We highly recommend him.

Consantine Lambris

John is very knowledgeable, dedicated and easy to work with. I highly recommend him.

Melissa Kubenik

We recently purchase a vacation home in upstate NY through John. During the duration of looking for homes and then finally closing, John was amazing. We were not from the area so John was on top of pointing us in the right direction. I firmly believe that without John we would have never found the property that we purchased. I would highly recommend John to anyone! In the next few weeks I will be working with John to sell another property that we own. From the moment you meet John you will see that he is professional, caring, and is on top of his work. I never had to wait more then a few minutes for a return phone call, email, or text message. It was nice working with John who cared more about us and that we were happy, then just making a quick sale.

Kevin Woods

It was a pleasure dealing with John Ducey. We had a home on the market for almost 2 years without any verifiable offers and that became depressing considering we were pulling two mortgages. Met with John who ran some options for us and worked diligently to resolve any issue that would show up. This was greatly appreciated as his work did ease the stress on my health issues. John is easy to talk to and most important, he quickly returns calls and messages.

Both myself and my other half highly recommend Johns real-estate knowledge to anyone.

Bill Nery

John just listed and sold my house in Callicoon. He was patient and very professional through the whole process. Highly recommended for anyone looking to sell.

Jessica Novak

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