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Posts Tagged ‘sale’

personal_retriever

Are you looking for a home in the Massapequa, Amityville, Amity Harbor Area, Copiague? Not only am I an expert in these areas but I am happy to set up a good old fashioned “Retriever” Search for you! I will set you up in my system so you get notified of anything new to the market or any price changes to help you find your dream home! Don’t waste your time searching Zillow and Trulia when you can get hourly updates of the areas you are looking in!

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Are you thinking about selling but want to wait until after the holiday season?  

Here are some great reasons not to wait!

*There is less competition for buyers!

*People out looking in the freezing cold and snow tend to be serious about a home purchase.

*Because there is less competition you may get more money!  Less to choose from = less negotiating.

*Your home is usually decorated and comforting with holiday smells…just make sure to stage it correctly and tastefully!

*You can always restrict showings if it interferes with holiday parties or celebrations.

*Buyers have more time to look during vacation time from schools and jobs or while visiting friends and family.

*You can delay closing until after the holidays pass!

*When you sell your own home during the winter you are in a stronger position to purchase a new one when all those spring for sale signs pop up.  You will have the maximum negotiating advantages as your home will already be sold!

So what are you waiting for?  Call me and I will take care of everything for you 🙂

~Jenn

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Another Source for a Down Payment

Most taxpayers know that they will pay a 10% penalty if they withdraw funds from their IRA before they turn 59.5 years old. There is an exception for first-time home buyers that allows a penalty-free withdrawal of up to $10,000 per person if they haven’t owned a home in the previous two years.
This would allow a married couple who each have an IRA to withdraw a lifetime maximum of $10,000 each, penalty-free for a home purchase.
In many cases, the money would be used for a down payment or closing costs. However, some buyers might consider this source to increase their down payment so they could qualify for a loan without mortgage insurance.
If the taxpayer qualifies for the penalty-free withdrawal, there may still be taxes due. Contributions to traditional IRAs are made with before-tax dollars and the tax is paid when the funds are withdrawn. Since Roth IRAs are made with after-tax dollars, there is no tax due when the funds are withdrawn.
Another interesting fact about this provision is that the taxpayer making the withdrawal can help a qualified relative which includes children, grandchildren, parents and grandparents.
Homebuyers who are considering using IRA funds for a home purchase should get expert advice from their tax professional concerning their individual situation.

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There is a tremendous amount of activity these days in the real estate market here in the friendly bay village.  I am going to give you the scoop on what is means when you read the words “as is” on homes for sale today by the bay…

“As Is” is a term that has always been used in the real estate industry.  In past years it may represent a home in disrepair, without appliances, possibly fire damage, or any other condition that is not typical.  It is almost akin to what you see is what you get. The owners will not be negotiating anything that a potential buyer may want and that the house is simply “as is”.  It may be a simple broken dishwasher that is “as is” or a wooden attached deck that is falling apart that is “as is”.  The term is broad in its scope.

Unfortunately in the aftermath of Superstorm Sandy most of these “as is” homes refer to water damaged homes.  Some may have been remediated completely, some may have nothing done to them at all.    There may be mold, the house may be totally gutted down to the studs, or some repairs may be started.  Each home will be in a different state but the most important thing to remember is if the listing states “as is” there is to be no negotiations for things that a buyer may want.  It is up to the buyer to put back the sheet rock, fix the electrical system or purchase appliances.  Every situation will be different and buyers should be well-educated in the costs to bring these homes up to current building codes.  This leads us in the financing of purchasing homes in these conditions.

Many “as is” homes are being sold for cash.  Investors are seizing this opportunity to purchase lower valued homes and then fix them up.  Some may plan to rent for a few years as the market continues its recovery while others may fix and immediately flip it back onto the market.  Other progressive home buyers are purchasing the home of their dreams even if there is no sheet rock.  There are loan programs such as a 203K loan which will incorporate the construction repair costs into the loan and they will in essence re-build the house as part of their mortgage agreement.  This program allows a home buyer to purchase a house much cheaper than they would have been able to afford and then pick out the bathrooms and kitchens of their dreams.  The bank will have some limitations in place and of course help oversee the process to make sure the appropriate equity is invested into the home but it is a fantastic solution to rebuilding the neighborhood.

I will warn you that buying an “as is” home is not for the faint hearted.  There is a lot to consider and tons of research to be done to ensure all repairs are up to current building codes.  Make sure your realtor knows what to look for…or you can just call me and I will be happy to help!

Oh yes..one last thing…these homes can not be considered a fair comp when appraisals are performed…but that is a story for another day.

~Jenn

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Dear Neighbor:

            I wanted to inform you about a program I am sponsoring with the New York State Department of Financial Services to provide assistance to residents affected by Hurricane Sandy.

            The Department of Financial Services’ Mobile Assistance Unit will be at the Riviera in Massapequa (200 East Shore Drive, Massapequa) between 10 am and 6 pm this Friday, January 25th.  Department of Financial Services representatives will be available to meet one-on-one with residents and answer storm-related questions about homeowners’, renters’, and business owners’ insurance coverage. No appointments are required.

            If you are unable to attend this program on January 25th but would like to get assistance with storm-related insurance issues from a Department of Financial Services representative, you can call the Department’s insurance disaster center at 1-800-339-1759 . The center is operated from 8 am to 8 pm, seven days a week.

            If you have any questions or need additional assistance, please feel free to contact me.         

                                                            Sincerely,

                                                            SENATOR CHARLES J. FUSCHILLO, JR.

Senator Charles J. Fuschillo Jr. fuschill@nysenate.gov | fuschillo.nysenate.gov District: 5550 Merrick Road, Suite 205, Massapequa, NY 11758-6238 (516) 882-0630

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Many of the homes in Long Island are some form of a Cape.  It may be a dormer, half dormer, or not at all…the possibilities are endless as to what you may actually see when you walk up the stairs.  Traditional Homes magazine recently put out some fantastic bedrooms and this one in particular struck me.  It is very difficult to set up furniture in rooms where the ceilings slant down and there is not full ceiling height.  This picture has a great layout for this situation.  Try re-arranging your furniture and see if you can’t get a little more style in your bedroom.   

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We are offering a $500 selling bonus to the agent who places this TWO bedroom unit under contract on or before 11/15/2012!  My sellers are motivated!  This is the most affordable two bedroom co-op in the area!  Close to Babylon Village for dining and entertainment.  The complex has a pool or you can visit nearby Phelps Lane…there is too much to list!  Visit http://www.141edmuntondrive.com/  for all the information! or give me a call at (631) 553-7783.

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