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11554 : Real Estate Advice

  • All27
  • Local Info2
  • Home Buying18
  • Home Selling4
  • Market Conditions0

Activity 23
Thu May 25, 2017
Hello Girl answered:
I think the form that has yet to be signed is the New York State disclosure form for a buyer and seller. If we go into contract without signing this form, what does that mean for the listing agent? Are they still entitled to their full commission or can we slip in our own buyers agent at this point? ... more
0 votes 1 answer Share Flag
Mon Nov 7, 2016
Ian Lozada answered:
Are you asking what the taxes are on this home or are you asking about the property tax reduction process?
0 votes 1 answer Share Flag
Wed Oct 12, 2016
Kathy Hellberg asked:
Value of the house at the time of death for income tax purposes according to her accountant. Why would someone need this if you are allowed to inherit? Who would do this kind of appraisal?
0 votes 0 Answers Share Flag
Thu Jul 14, 2016
Brook S. answered:
All across the United States, the county sheriff's office within the areas of the foreclosed homes will have that list for you and it is always available to the public.
0 votes 1 answer Share Flag
Thu Jul 24, 2014
Malgorzata Ringston answered:
Trading arrangement in which a seller sends good to a buyer or reseller who pays the seller only as and when the goods are sold. The seller is the owner of the goods until they are paid in full and, after a certain period, takes back the unsold goods. ... more
0 votes 2 answers Share Flag
Mon Oct 14, 2013
Fajardo Delacruz answered:
Listing with an agent will give you the most exposure and the most
for your money. With a CMA report can tell us the best clue of what your
home is really valued at the current market.
Fajardo Delacruz
347 932-0609
... more
0 votes 12 answers Share Flag
Mon Oct 14, 2013
Fajardo Delacruz answered:
Most sellers chose agent they feel conferrable with. Interview a
few agent and ask them all the right question. Part of the work is
trust and discloser when they work for you.
Fajardo Delacruz
347 932-0609
... more
0 votes 14 answers Share Flag
Tue Aug 20, 2013
Cristina Callegari answered:
You will be better served by working with a Buyer's Agent to represent you in a purchase. The listing agent has a fiduciary responsibility to the seller, and is only obligated to treat you fairly. They will be negotiating on behalf of the seller, not the buyer. ... more
0 votes 14 answers Share Flag
Tue Aug 13, 2013
Cristina Callegari answered:
Take a look at your contract, there is an on or about closing date on the contract. The buyers/sellers have 30 days from that date to close before either party is in violation of the contract. For an answer more specific to your situation you should consult with your attorney or REALTOR. ... more
0 votes 5 answers Share Flag
Tue Sep 11, 2012
Trevor Curran answered:
Good morning crisd21,

In general you do not need your Attorney to review the written offer, but you can certainly run it by your Attorney at any time. I would never tell a client, "NO, you should not review that docment with your Attorney," when the client is making the biggest financial decision of his or her life. Your team of Professionals---including your Attorney---are there to provide information and feedback so that you can make the best decision for YOU.

A good real estate attorney seeks to do two things in a purchase transaction:

1. Protect her client. This includes a review and revision of the contract of sale to remove any harmful language/requirements. Also a review of the title report to verify there are no obstructions to you, the Purchaser, receiving a good "clean" title at closing. Lastly, a thorough review and explanation of the closing documents.

2. Help the Purchaser accomplish the goal of homeownership. A good real estate attorney understands that buying a home is a happy time: someone's dream is about to come true! Thus, the adversarial nature of the contract transaction gets toned down to a matter of reasonable conversations betwen the Purchaser's and Seller's attorneys. This isn't a lawsuit or divorce case, so the good real estate attorney has to tone down the rhetoric and find reasonable compromises---while still protecting his client---so that the goal of the contract is achieved: a home purchase.


Hope that helps!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
... more
0 votes 7 answers Share Flag
Tue Sep 11, 2012
Trevor Curran answered:
Just saw your followup post below about "reserves" required for FHA loans.

Reserves are defined as full PITI mortgage payments verified in the Borrower's bank accounts after accounting for Down Payment and Closing Costs. Requirements for the number of months worth of reserves are determined by the loan program and/or Lender requirement.

In general FHA Guidelines do not require reserves for a Single Family Home purchase. For Conventional (FannieMae/FreddieMac) loans, a minimum of 2 months reserves are required for a similar purchase.

Some Lenders may require reserves on an FHA Loan depending on the overal credit profile of the Borrower according to credit score and debt-to-income ratios.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
... more
0 votes 5 answers Share Flag
Sat Sep 8, 2012
Trevor Curran answered:
Good afternoon Crisd21,

This IS indeed a Buyer's Market. But it's difficult deciding what is a good offer to make when you find a house you like.

Before you make offers, you have to know your maximum financing amount/purchase price.


First things first: when making an offer, focus on what your monthly payment will be for the mortgage financing, including taxes and insurance. If that payment is within your means, then your Mortgage Banker will determine the maximum loan/purchase price for you based on all the factors of the monthly payment, your down payment and your mortgage qualifications.


Begin making an offer with the following standards:

1. WISH LIST. Does the home meet MOST of the requirements from your Dream-Home-Wish-List? The Dream Home exists only in our minds; it's NOT out there waiting for you to stumble across it one Saturday afternoon. But you can find the right home using your Wish List. When you find the home that meets most of your requirements from the wish list, then it's time to make an offer.

2. FORGET LIST PRICE. Based on your own research, shopping in your chosen area, select the price you're most comfortable with, regardless of list price/asking price. In other words, you'll find a home listed at $268,000, but you've seen at least a dozen other similarly constructed homes in the immediate area priced or sold at $235,000. What makes this home so special that it's priced $33,000 more than the average price? Remember, your Lender will appraise the home based on similar homes and those prices.

3. MAXIMUM OFFER. Never exceed the price based on your mortgage qualifications, no matter how much you LOVE the home. You have to be able to afford the payment for the next thirty years. That in-ground swimming pool you love isn't going to pay the mortgage for you!

4. OFFERS ARE NOT PERSONAL. An offering price can NEVER be misconstrued as an insult to the homeowner. This is business; you're not going to hurt anyone's feelings! Make the offer based on a price you're most comfortable with!


5. OPENING OFFER. NEVER open with your maximum offering price. Test the waters with your opening bid: you want to see if this Seller is a SERIOUS Seller who understands this is a BUYER'S MARKET. If there's no reaction to your offer---assuming the price you offered is within the reasonable range of current market prices---you may be wasting your time with this home/Seller. It might be time to move on to another home.

See my "Five Steps To Making An Offer" for the best way to negotiate on your home purchase.
http://www.tcurranmortgage.com/2010/04/09/five-steps-to-making-an-offer-to-buy-a-home/

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
.
... more
1 vote 8 answers Share Flag
Sat Jul 14, 2012
Lynn Pisani answered:
Like the other responders said.....check with your building department or on-line public records to see if there are open permits. However I don't support one of the responders idea of finding a lender who will accept a property with open permits. The whole idea of getting a permit is to protect the owner and insure that the contractor built the room or additon to "Code" and withing village zoning ordinances. If there are open permits, the building dept. will arrange to inspect the work done and then if the work complies with existing codes, they will send you the "CC" (Certificate of Completion). It's that simple. If the work does not comply with codes, then the seller would be responsible to correct any work deemed unacceptable by the building dept codes. Then you, the buyer will be protected and not adopt problems for when you want to sell. Permits are necessary for a good reason! ... more
0 votes 8 answers Share Flag
Sat Jul 14, 2012
Lynn Pisani answered:
When buying something on consignment means you are holding that item for useage as agreed by the owner of item but you didn't actually exchange money. There is usually a trial period to see if you like the value of that item. You then have the option after an agreed upon time to either buy item for its value or return it to the rightful owner. ... more
0 votes 2 answers Share Flag
Thu Jun 21, 2012
jsaerotek answered:
To verify taxes for a specific property visit http://www.nassaucountyny.gov/mynassauproperty/main.jsp
0 votes 5 answers Share Flag
Wed Jun 20, 2012
Nick Sakalis answered:
In an all cash transaction, the contract to closing time period can range from as little as 1 week to a month. If there are contingencies that need to be taken care of, it can make the time period longer. ... more
0 votes 11 answers Share Flag
Thu Mar 1, 2012
Christine McDaniel answered:
Just what the definition of the word is, it is holding someone or something liable. I guess it depends on how it is being used in the sentence as to what is enforceable. I think this is more of a question for an attorney.

Good Luck,
Christine
... more
0 votes 1 answer Share Flag
Fri Jan 14, 2011
Fajardo Delacruz answered:
Tara
you can go with a FHA loan fixed for 30 years and the inters rates are still low.
0 votes 9 answers Share Flag
Sat Jun 20, 2009
Susan Agranoff answered:
Hi Cielo,
I am known as the East Meadow 'Neighborhood Specialist. I am also a Certified Buyers Representative.. Please give me a call on my cell at 516-509-5069 and as your buyer representative, I can negotiate the best possible price for this home or any other you might be interested in with no cost to you.
Hope to hear from you soon.
Susan Agranoff
... more
0 votes 4 answers Share Flag
Sun Mar 29, 2009
Audra Dewalters answered:
Hi Dmanu,

As long as they have a c/o Certificate of Occupancy for the bathroom, yes it is legal.
If you need any other information on the house you are asking about, or any other property, feel free to contact me. It would be my pleasure to answer any questions you have, at no charge.

Audra Dewalters
Licensed Real Estate Agent
Prudential Douglas Elliman

516-769-6319 (cell)
516-627-9601 (office)
audanded@aol.com (personal email)
audra.dewalters@elliman.com (office email)
... more
0 votes 4 answers Share Flag
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