Archive for January, 2009

Buying a Foreclosure in Brooklyn New York

Wednesday, January 28th, 2009

Buying a foreclosure in Brooklyn New York is a great way to get a property at a very low price, but there are some things to keep in mind.

  1. There are times when the property will be in move in condition, but its more likely that the property will need a lot of work.  Often times the plumbing, appliances and kitchen cabinets will have been removed, water damage and mold may be present, and the heating and electrical systems may need to be replaced especially if the property has been empty for a while. 
  2. There are times when the bank that owns the property requires cash only, meaning that you cannot take out a mortgage on the property.
  3. You, the buyer, will be required to pay all transfer taxes and document stamps, which in a non-foreclosure sale are usually paid by the seller.  New York City transfer taxes are 1% of the selling price of the property up to $500,000 and 1.425% for more then $500,000.    New York State Document Stamp taxes are $4 per $1,000 of the selling price.
  4. When you put in an offer on a foreclosed property, it takes a long time, sometimes over a week, before the bank indicates whether the offer is accepted or not.   

If you are interested in buying a foreclosure, feel free to give me a call, my numbers below.

Elaine's Signature

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6 Things to Do Before Putting Your Home Up For Sale

Wednesday, January 21st, 2009

Here are six useful tips that can help make the selling process go a lot more swiftly and easily.

  1. De-clutter – Pack up items you rarely use like the bread machine that’s never been out of its original box or the food processor that’s covered with dust.   Either store those items off site or pack them in boxes and neatly stack them in your garage or basement.
  2. Clean - Sometimes when you’ve lived somewhere a long Mop and Buckettime, you just don’t notice the grime on the windows or dust bunnies in the closet.  Give your houme a very thorought “white glove” cleaning, making sure to get rid of any odors. 
  3. Have a Home Inspection Done -  By arranging a pre-sale inspection, the home inspector can give you a good indication of the trouble areas that will stand out to perspective buyers and give you chance to make needed repairs before the first buyer walks through you door.
  4. Get Replacement Estimates for Big Ticket Items - Is your carpet well worn or is your roof is in need of replacement?  Get estimates on how much it will cost to replace any of the big ticket items in your home that may be in need of replacement such as the roof, carpets, the boiler, appliances and the like.  That information will come in handy when negotiations begin.
  5. Find Warranties and Manuals -  Locate warranties and user manuals for items such as your stove, dishwasher, furnice, air conditioners. washer, dryer and any other items that will be left in the house.
  6. Increase Your Properties Curb Appeal - Make sure your Gardening Equipmentlawn, bushes and trees are neatly manicured and beatiful flowers add beauty to the exterior of your home.   Repair cracks in the driveway and take care of any oil spills.  You want the curb appeal of your home to make potential buyers excited about getting out of their car and seeing the inside of your home.

Elaine's Signature

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Brooklyn Home Buyers – Truth in Borrowing

Friday, January 16th, 2009

What should you do when your mortgage broker or loan officer suggests you “exaggerate” some information on your loan application?

Just say no.

It may be tempting when you’ve found your dream home in your favorite neighborhood, or you’re desperate to get out of your current living conditions, but there are several reasons why honesty is the Loan Documentbest policy.

  1. Its Illegal. When you sign your name to loan documents, you are certifying that the information is true. If the information is not, you are committing mortgage fraud and you can be prosecuted.
  2. You can end up owning a property you just can’t afford, and find yourself facing foreclosure (which is what has happened to thousands of home buyers in recent months).
  3. Loan fraud costs all borrowers in the long run because lenders will eventually recoup their loses by raising fees and charging higher interest rates.

So be sure that the loan documents you sign are filled out truthfully. It’s the right thing to do and in the long run, its better for everyone.

Elaine's Signature

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Brooklyn Real Estate Prices down

Tuesday, January 13th, 2009

An article in Crains New York Business shows that “The median sales price for the market fell to $490,000, down 7.5% compared to the same period (fourth Quarter) of 2007.”

On a bright note, it was reported that Clinton Hill and Fort Greene saw an increase in prices.

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Brooklyn New York Real Estate Sales Stats 2008

Sunday, January 4th, 2009

One thing that the 2008 real estate sales statistics for Brooklyn New York show is that despite the downturn in the market and the Sold Signeconomic recession, houses, condos, coops and all types of property are still being sold in Brooklyn.

Brooklyn New York 2008 Sales

One Family Houses Sold – 1,516
Two Family Houses Sold – 2,791
Three Family Houses Sold – 1,043
Buildings With Three Or More Families Sold – 871
Condos Sold – 3,282
Coops Sold – 2,421
Others Sold – 941

Total Properties Sold – 12,865

Of couse I can’t not show the statistics for my three favorite Brooklyn neighborhoods of Clinton Hill, Fort Greene and Bedford Stuyvesant.

Clinton Hill

One Family Houses Sold – 3
Two Family Houses Sold – 22
Three Family Houses Sold – 5
Buildings With Three Or More Families Sold – 19
Condos Sold – 45
Coops Sold – 70
Others Sold – 17

Total Properties Sold – 181

Fort Greene

One Family Houses Sold – 3
Two Family Houses Sold – 12
Three Family Houses Sold – 9
Buildings With Three Or More Families Sold – 11
Condos Sold – 133
Coops Sold – 55
Others Sold – 9

Total Properties Sold – 232

Bedford Stuyvesant 

One Family Houses Sold – 32
Two Family Houses Sold – 241
Three Family Houses Sold – 146
Buildings With Three Or More Families Sold – 83
Condos Sold – 125
Coops Sold – 0
Others Sold – 76

Total Properties Sold - 703

These statistics are compiled from data from the NYC Dept of Finance and exclude zero dollar transactions.

If you are looking to sell your house, coop or condo, give me a call at 917-544-2662 for exceptional service with a smile and get it sold.

Elaine's Signature

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