Posts Tagged ‘town of babylon’

Just When You Thought You Had a Break!

There was a law passed called the Mortgage Relief Debt Act that allowed people to not pay income taxes on mortgage debt that was forgiven by their bank.  For example, if a seller had a short sale on their home.  Let’s just say for example that they owed $330K to the bank but wound up selling for $300K.  All of the banks approved the sale and it went through.  The seller, according to the Mortgage Relief Act did not have to pay income tax on that 30K difference or the amount that was “forgiven” by the banks.  This act expires December, 31, 2013.

What this means is that any person who is currently involved in a short sale, foreclosure or loan modification program will have to pay income taxes on the amount that was forgiven.  Although Congress is in the works of trying to extend this law it may or may not be passed by years end.  Try to get all of your dealings wrapped up by the deadline so you can take advantage of the relief provided.


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Real Estate Market Update
Date: 6/10/2013

The closed median home price in May 2013 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $350,000. The closed median home price is equal to what was reported one year ago, and is unchanged from last month as well. Nassau County reported a $423,500 closed median home price in May compared to $405,000 last May. Suffolk County reported a closed median price of $315,000 representing a 4.1% increase over last year and Queens reported a closed median home price of $361,000, which is 3.1% higher than $350,000 reported in May 2012.

Available inventory has ticked up slightly from the month prior, despite strong contracted activity, however available residential inventory continues to lag compared to the year prior.

“Booming pending sales activity across Long Island and Queens is the market story this month. In May, we saw a 24% increase over last year’s transactions, continuing to support the fact that our market is well under recovery. Whether you are a first time buyer, or trade up buyer, the favorable housing affordability conditions that take into account pricing, inventory, and financing, have aligned to create near perfect home buying conditions.” said Joseph E. Mottola, CEO MLSLI.

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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.



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2/28/2013 11:53:08 AM EST – This is County Executive Steve Bellone with an important Sandy Recovery Update. This Saturday, March 2nd, Suffolk County and New York State will be holding a meeting at the Lindenhurst Public Library where residents can learn about newly created recovery programs and fill out applications on the spot, with the assistance of members of the Sandy Help Team.
Again, the Sandy workshop will be this Saturday, March 2nd from 10am-2pm at the Lindenhurst Library, located at 1 Lee Avenue. If you have any questions please contact my office at 853-2970 . I hope you can take the opportunity to learn about programs which are available to help our community rebuild stronger together. Thank you.


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The New York State Department of Financial Services Mobile Command Unit will be stationed in the parking lot at the corner of Bennett Place and Merrick Rd. in Amityville on Tuesday, February 5, 2013, from 9AM to 5PM.

The Mobile Command Center (MCC) visits communities that have been disproportionately impacted by Storm Sandy.

Department representatives will help citizens contact their insurers if they have been unable to do so and answer questions about homeowners’, renters’ and business owners’ insurance coverage.

Citizens unable to go to the Mobile Command Center are encouraged to call the Department’s storm hotline (800) 339-1759 which is staffed from 8 a.m. to 8 p.m., daily including weekends. Insurance information is also available on the Department’s website, http://www.dfs.ny.gov.

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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.         


                                                            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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FEMA and SBA Extend Filing Deadline

According to FEMA, the deadline for residents and small businesses to apply for federal assistance for damages related to super storm Sandy has been extended to Jan. 28, 2013. The original deadline was December 31, 2012.  The extension applies to Long Island, New York City and the lower Hudson Valley.

Any homeowner, renter, or business owners who suffered loss and damages as a result of Super Storm Sandy, is encouraged to register with FEMA and seek assistance by the January deadline.  http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/sandy-update-4-send-us-your-completed-loan.

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