Archive for the ‘Short Sales’ Category

Check List of Spring Outdoor Maintenance for Homeowners

Start at the top-the roof.
There is on need to climb. Just get a good pair of field glasses and take a look. Check for missing shingles, debris around the chimney and for loose gutters.

Exterior.
Check the siding for gaps of caulking that came off, peeling or blistering paint, tree branches too close to the siding, and trim or call a professional. Mildew can be power washed off and make the siding look like a fresh paint job. Power wash before painting for better adhesion.
Repair loose siding now to save from having additional repair work later. Check the gutters for debris from last fall’s tree droppings, and for loose gutters caused by winter ice dams.

Windows.
Check caulking and trim. If paint is pealing, repair now.

Foundation.
Now is a good time to look for any cracks before growing plants hide them. While you’re at it, check to see that the ground sloops away from the house and not toward it. This could save you $$$ by preventing water from coming into the basement when we get a heavy summer rain.

Yard.
Clean up fallen tree twigs and any other wood lying around before termites find out about them and decide your house will be the next place to visit. See my website for more detailed information about termites.

Check the trees around your property, to see if any branches look dead, have no sign of growth, and check to see if you have an insect infestation. Carpenter ants will also make their home in live trees. Termites look for dead wood, like your house framing. Call a professional inspector at least once every few years, just to be sure. They can save you plenty if they find something.

For a more detailed list please see Mr. Jay’s list

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Fire Safety

According to Fire-Extinguisher101.com, 85% of fire deaths occur in the home.

These are the leading causes.

Kitchen fires.

One third of all fires in houses are related to cooking. In my house, we always unplug the coffee maker and toaster when not in use. If we’re not at home and there’s a malfunction in one of these units, which are under cabinets, a fire could start. Grease from cooking is another problem. Oil or grease can reach high temperatures when heated, and could ignite under the right conditions. When this happened to me, I just put a lid on the pot, shut the flame off and let it die. The one thing you never want to do with an oil or grease fire is to use water to put it out. The hot oil will quickly bring the water to a boil and will make matters worse by spreading the fire.

Smoking in bed.

“Smoking is the leading cause of home fire deaths in the United States.” Quote taken from Fire-Extinguisher101.com.

Thankfully, more folks are quitting and hopefully the number of deaths will come down. So to avoid this, just smoke outside or quit.

Heating equipment.

When most people think of heating equipment, they think of the main furnace, but what about hot water heaters and clothes dryers? Recently, I cleaned out my clothes dryer vent. It was loaded with lint. This should be done periodically. I was surprised at what I saw. It could ignite a fire under the right conditions. There was such a fire on my block a few years back, so I’m writing from experience. I’ve posted on my website some pictures of a clothes dryer vent that was dangerously heavy with lint.

Read more about it online at my blog. See http://tinyurl.com/6a26dpm

You may not believe what you see. More important is what you don’t see. (what’s inside your vent)

There’s just so much I can write here, so for more detailed information please log on to Fire-Extinguisher101.com and read up on preventing fires in your home. You may also log on to my website for additional information. Look on the left hand side of my website for informational links.

Great Kills Parks

A new park is born, for a slide presentation click here Great Kills Park
Great for the 3-8 year olds and their grandparents.

For more information about this area, Annadale, Eltingville, and Great Kills, please visit my web sitewhere you can take a video walking tour. Just scroll down on the left side for the links.
Also more information on buying and selling your home.

Good Day at the Patch.

Airplane lovers, don’t miss this.

Why is pricing your house RIGHT so important?

The biggest problem people have when selling their home is pricing their unit right.

Why is it, that most homes don’t sell at or near full price? Everyone loves a bargain, but not every unit is a bargain.

In my city, we just received our statements regarding our property values for tax notice. Now that’s opening up a can of worms. Folks are calling me asking, “How can my value go up (according to the city) when prices are still falling”?

Or, ZESTIMATE says my home is worth more, or less, then the city says. Another asks, “Why does the city have a big difference in the value of my home when I just had it appraised and the report came back much lower then the city?”

Still another said, “I know the market here.” With all due respect, do you really?

Let’s take a look at some of the factors that affect the numbers.

We are talking about Comparative pricing, that is looking at other units just like mine. We need to understand that we are comparing “apples to apples.” When appraisers look at similar units and add or subtract value accordingly. See my post on Appraisals.

New York City uses a system that estimates the value of your unit based on recent sales of comparable units. However, it does not consider certain factors that might affect the real value, such as if your unit needs updating or repairs that buyers will see when they visit the property.

Consider this example. House A sold for $480,000 a few months ago, that I would have priced lower because it needed about $100,000 worth of repair and updating. My thoughts are that there was something about this unit that the buyers were really interested in to make that offer.

House B also sold around this same time period, also for $480,000. This unit was a cream puff, a doll’s house. Two years ago it would have sold for over $500,000 yet if you looked it up on Zillow before it sold, it would have been quoted lower. Sometimes it’s estimated higher. Now of course if you look it up, it reflects the recent sold price.

There are other examples that I could make the point that pricing can be off as much as $100,000 in extreme cases. Unless you really know the market in a certain area, it’s a guess no matter what resource you use. As I stated above, even the city can be off quite a bit. So it’s a factor of having “incomplete” in information. An agent who know the area, uses several resources for information, visits the insides of properties for sale, and tracks the sales records is the person to go to for expert opinion. Even then, the evaluation can be off a little. The final proof is in the sale price. So if you’re looking to sell, check the agent’s marketing program and sales history to be sure you get the best person to help you.

If you want to see more about how I market homes, please go to my website, or give me a call and I’ll go over all the details with you. My cell number is 917-696-0275

NYC Notice of Property Value and Tax

I’ve received a few calls about the recent notice we received in the mail the last few days. Some folks have a few questions about the drop in value of their home, so I made a little slide presentation for you to help with some questions. Click on the link below and turn on your speakers

http://cdn2.goldmail.com/slideShowPlayer-em.swf

Whenever a home owner is “upside down”, meaning that they owe more on their mortgage then the unit is worth in today’s market, and they want to sell the unit, they are a candidate for a “Short Sale.”

I say candidate because not every owner will qualify for a “Short Sale.”
If the owners can make the payments, or if they have other assets to cover the difference between the sale price and the balance of the mortgage, they don’t qualify.

What happens is, to put it simply, the bank saves money when they can avoid a foreclosure. Foreclosure can cost a bank $35,000 and take 18 months to complete. Banks don’t want to own property, they want to make money by lending your savings to someone else at a higher interest rate then they are paying you. So, they want to “Move” money, not property. Your property is a number to them. How can they make more money on your loan? They can service the loan or sell the loan.

In order to minimize the loss in a home that is “Under Water”, they can agree to a “Short Sale.”

There are several websites that go into all the details about “Short Sales.” This can be quite extensive. To really understand this you may wish to visit some of them. To start you might want to begin on some links below;

Fannie Mae is a good start.

Another site is the Governments program. This government program can be very helpful to the “Under Water” seller, because of the benefits they can get.

If the sellers have no other assets to make full payment on their loan, and if their bank agrees to the governments “HAFA” guidelines, sellers can get $3,000 to relocate. HAFA stands for Home Affordable Foreclosure Alternatives Program

There are a lot of paper work and guidelines to go over, best to deal with a Certified Short Sale Agent who has ties to processors who know the ropes. Sloppy paper work and no follow up action can make buyers abandon the process, and then the sellers are in a deeper hole and the property goes into foreclosure.

You can look up all the needed documents required, or you can call me see if you can qualify.
I can be reached at 917-696-0275, if I don’t answer right away, please leave a message and I promise I’ll return your call ASAP.