Real Estate Information Archive

Sales may be down in July, but people selling a home over $417,000 have reason to cheer, because rates for those "Jumbo" mortgages just went down again!

For those who don't wish to buy in this wonderful buyers market where interest rates and house prices are at historic lows there is the option of renting. The new apartments at 122 Main Street in Nyack would make many home owners envious!

Eight stunning apartments comprising one 2 bedroom with seperate entrance, 5 1 bedrooms and 2 studio feature sparking hardwood floors, stainless steel appliances, granite countertops and top of the line cabinetry. The one and two bedroomed units feature washer dryers too. All soundproofed to highest standards with new windows, air conditioning and video entry system, who wouldn't want to live there?

Hurry along if you want to secure one, they have only been on the market 24 hours and several have gone already!

Call Vanessa Saunders at 845 598 5083 for more information or a showing appointment.

Many families turn to Rockland's Green Meadow Waldorf School an independent day school located 30 miles from New York City in Chestnut Ridge, New York. Founded in 1950, it is one of America's oldest and largest Waldorf schools. Offering a very different education from the young child’s imaginative experiences of discovery and play through the Early Childhood program to the intellectual challenges presented in the High School, learning at Green Meadow is pursued with genuine desire and curiosity.

Through a curriculum of academically challenging lessons, infused by the arts and informed by a unique understanding of a child’s developmental needs -- the hallmark of Waldorf education -- Green Meadow Waldorf School educates its students to become well-rounded individuals capable of bringing purpose and direction to their lives, ready to think on their own, stand for themselves and act with empathy toward others.

At Green Meadow, students’ capacities for learning are awakened and enriched by an education brought to life through storytelling, movement, recitation, dramatic acting, music, drawing and painting. An emphasis on oral expression in all subjects enables our students to acquire confident public speaking skills. The carefully constructed curriculum includes a comprehensive humanities program based on the great literature and the history and culture of world civilizations. Green Meadow’s excellent math program creates proficiency in arithmetic, geometry, algebra, trigonometry and calculus. Science offerings in biology, earth sciences, chemistry and physics contain a strong empirical component, allowing students to learn scientific principles through first-hand experience and observation.

An array of specialty classes complements and supports Green Meadow’s main academic curriculum:

A comprehensive physical education and sports program enables students to learn to move and compete in healthy ways. Green Meadow students also learn the art of eurythmy, a form of movement in which language and music are expressed through movement and gesture.
Through the extensive music program, all Green Meadow students take up the recorder in the first grade, begin stringed instrument lessons in the third grade--with an option to switch to wind or percussion in the fifth grade--and develop their musical training through instruction in theory, chorus, orchestra and band.
Classes in handwork and practical crafts stimulate both the imagination and the intellect. Students are taught knitting in first grade, move on to learn woodworking, pottery and metalwork among other crafts, and by twelfth grade are skilled at bookbinding.
Instruction in two foreign languages (Spanish and German) begins in the first grade and continues through the twelfth (students select one language in eighth in which to concentrate through twelfth); many of the high school students choose to apply their language skills by spending a semester abroad through the comprehensive Foreign Exchange Program.
Green Meadow graduates are accepted at selective undergraduate and graduate colleges and universities around the country. With the benefit of their rich, interdisciplinary education, they pursue a wide range of interests and professions and go on to make significant marks on the world.

Recognized internationally as a leading Waldorf school, Green Meadow Waldorf School offers an Early Childhood program (Parent/Child, Nursery and Kindergarten classes) and self-contained grades, one through twelve, in the Lower School and High School. The bucolic 11-acre campus allows your child's education to occur in a beautiful natural environment, while the proximity to major highways enables a diverse student body of nearly 400 children who come from dozens of towns in the New York/New Jersey/Connecticut area.

Accreditation
Green Meadow Waldorf School is an accredited full member of the Association of Waldorf Schools of North America (AWSNA), an association that strengthens and supports Waldorf schools and informs the public of the benefits of Waldorf education.

Green Meadow is also an accredited member of the New York State Association of Independent Schools (NYSAIS), a voluntary association of more than 140 independent schools in the state of New York. All the schools are non-profit institutions that are chartered by the Board of Regents, individually governed by elected boards of trustees, and privately financed by tuitions, fees, and contributions. NYSAIS offers services to administrators, teachers, trustees and parents involved in private schools from preschool through twelfth grade.

If you are considering sending your children to this wonderful school and are looking at living closeby, give me a call and I'll send you a list of currently available listings to suit your personal requirements.

Vanessa Saunders | Associate Broker - Baer & McIntosh RE | Tel: 845 598 5083

This is a quick look at the advantages and disadvantages of Buying vs Renting a house. A lot depends upon the personal opinion and financial status of each  individual.

Buying a House:

Advantages:
• Buying a house increases your asset.
• Houses have a guaranteed appreciation over a period of time.
• You don’t have to pay monthly rentals.
• Buying a house gives you a sense of ownership. Once you pay the loans taken on the house, you own the house.
• You can decorate your house in the way you like without getting any permission from others.

Disadvantages:
• You are responsible for all the maintenance that is to be taken care of.
• You have to think a lot before relocating to another place.
• You have to pay the property taxes.
• You have to pay the Stamp duty, broker’s fee, insurance costs, society charges, registration fees etc.
• Banks never finance your entire home loan. They may take care of 80-90% of your home loan requirement and the remaining amount is to be paid by you.

Renting a House:

Advantages:
• House maintenance is taken care of by the landlord
• No property taxes
• If you do not like the locality of your house, you can change it at any time. You don’t have to think a lot about relocating.

Disadvantages:
• Landlord can increase the rent.
• The landlord can send you a notice to vacate the place at any time on violation of any term or condition mentioned in the home rent agreement
• You have to pay forever
• You can’t modify your apartment

Conclusion:
Buying or renting a house depends upon the personal opinion of each individual, since both the option has its own advantages and disadvantages. Taking a decision also depends upon the financial status of the individual. For a person who desire flexibility of changes, renting a house will be a good option. On the other hand, if one is looking for a long term investment and wishes to increases his asset, buying a house will be the best option.

Buying a home is one of the smartest financial decisions most people will ever make. It offers an excellent investment prospect. If you rent, you’ll always be poor. The longer you rent, the less likely you are to buy. If you have saved some amount for the deposit, buying a house is the best option. By renting a house, you pay a lot for what you are not going to be the owner. By paying rents for a long time, you are not able to save for a deposit to buy a house.

It is still possible to buy a home with a low downpayment and interest rates are at historic lows. Speaking with a mortgage professional will give you an idea as to whether or not you are able to buy given your current credit rating, and income. Call me for a list of my client's recommended mortage bankers. 845 598 5083.

Every once in a while I run across one of those charming little homes that remind me so much of my native Wales. There, they are referred to as a "Postman's House," so named because it was said the home could be afforded on a postman's annual salary. This charming listing in Historic Tappan, NY isn't priced quite that low, but it's charm and cozy atmosphere took me back to the smell of Mother's roast beef, warm blankets and family picnics in our back garden.

This beautifully renovated late 19th century cottage is situated steps from the  De Wint house where at the end of the war, in May of 1783, Sir Guy Carleton, the British commander, met with
Washington to sign orders for peaceful evacuation of British troops from New York City. Now owned and maintained as George Washington's Headquarters The De Wint House is dedicated as a National Historic Landmark and is open to the public, 10 to 4 daily.


I'd love to live in this charming house a short walk from main street of Tappan

The fenced-in cottage garden is charming, with it's meandering path leading through the pretty plantings and provides a shaded picnic spot with sunny patio. I can imagine it full of friends enjoying barbecues on the spacious deck, or picnics under the shady tree at the bottom of the garden. One of my favorite spots is the sun-room, where I can imagine sipping cold lemonade on sultry evenings while reading about the vivid history of Major John Andre and his subsequent demise at the hands of a hangman on the hilltop at Tappan.

Winter evenings in would be equally as wonderful with a cosy fireplace providing a warm glow throughout, and I'd love to entertain friends in the spacious dining room adjacent to the new kitchen.

A combination of history, charm, character and modern conveniences make this a wonderful home. Something I'd certainly love to call my own, maybe you would too?

Come and see it for yourself.

Call Vanessa for appointment or for further information about this home or Tappan, at 845 598 5083

Many of my former buyers are now experiencing difficulties with their high interest rates, job loss or other circumstances that are causing them financial distress. In order to best assist my clients I took the Certified Distressed Property Expert course and have been a fully fledged CDPE for the past two years, allowing me to help my clients understand their best options, and in best case scenario's keep their home thru loan modification and worse case scenarios avoid foreclosure by negotiating a short sale.

Mortgage holders who can no longer afford their monthly home payments for whatever reason do have choices. Choice number one is to sell the home and give back the bank its money and get on with life. But what if the selling price of your home is less than they owe? This is called being “upside down” in your loan, and selling isn’t an option.

For mortgage holders who are upside down, option two is to apply to their bank for a short sale: asking the bank to accept whatever they can get for the house as satisfaction for the loan. Or, they can simply allow the bank to foreclose. Both these options will unfortunately affect the homeowner’s credit severely.

The Hows and Whys of Loan Modification

The other option for homeowners is convincing the bank to offer a loan modification. And loan mods don’t apply just for upside-down homeowners. Borrowers of adjustable-rate mortgages and home equity loans may also be considered for a loan modification.

Bear in mind that some loan modifications which come with debt forgiveness also come with credit damage, and possibly income tax consequences. Dear Old Uncle Sam may see the debt forgiveness as a form of income. But other loan modification types can be quite attractive, and range from the bank giving you a do-over and re-instating your account to current if you resume payments, to reducing your interest rate, changing an adjustable rate to fixed, allowing interest-only payments for a while or deferring payments altogether, extending the loan’s term, or eliminating bank fees.

But why would a bank say, “Can’t pay your mortgage anymore? Tut tut there, old friend. How ‘bout we just forget that nasty loan you agreed to and give you a better deal?” Bankers don’t even give away toasters any more for cryin’ out loud! The answer? One word: Good Old Uncle Sam again. (Ok, too many words, but come on…)

Under the 2008 Bail-Out Program, the U.S. government has been pushing banks to negotiate loan modifications with borrowers. Some banks are actually cooperating, or trying to appear to be cooperating. Whatever their intention, some modifications are actually being offered, and in the least, the application and approval process can delay foreclosure for up to a year.

Programs by the Major Banks

The following is information on several of the programs from major banks. Co-operating institutions include Citigroup, Bank of America (aka: Countrywide), JPMorgan Chase, IndyMac and Wells Fargo, including the HOPE for Homeowners program guidelines and revisions, and Fannie Mae / Freddie Mac loan modifications.

CityGroup

CitiGroup's loan modifications help borrowers in default by reducing the monthly mortgage payment. Choices for this are accomplished either by lowering the interest rate, extending the loan's term, or forgiving part of the debt or a combination of those terms. If you are not in foreclosure yet, call CitiGroup at 866.915.9417. Home owners who not yet delinquent may qualify for the Citi Homeowner Assistance program by calling 800.667.8424.

CitiGroup Eligibility Requirements:

• CityGroup must hold the first mortgage. Second mortgages or home equity loans don’t count.
• The home in question must be the owner’s primary residence. The summer place in the Hamptons doesn’t count either.
• The homeowner must be working in good faith with CityGroup and be truthful about his situation and income.
• The loan must be current, but the homeowner must be able to show a need for help to remain current.
• The present monthly payment must be at least 38% of the homeowner’s monthly income. 
• Filing requirements:
• A hardship letter (hardship letters explain how a borrower got into the situation, what he has done to rectify the situation so far and why he needs help).
• Pay stubs dated within the last 30 days, covering at least a 60-day (2-month) period.
• W2/tax return or year-end business statement (if applicable) for the prior year.
• Personal bank statements from the last 6 months.

A handy tip on filing packages for ALL banks:

Most banks will require you to assemble and present them with a plump packet of financial information. Keep a copy of the package you initially file, and keep it current with copies of new bank statements, pay stubs etc. One game banks like to play is to keep requesting applicants to submit and re-submit financial documents. True, it keeps the banks informed of changes in your personal situation. But it also gives them an “out” in granting modifications if the applicant can’t keep up with the blizzard of paperwork often required by loan modification departments. Now I know where all the trees are going.

JP Morgan Chase Loan Modifications

Chase gobbled up Washington Mutual and EMC Mortgage Corp. some months ago. Chase started a loan program at the end of January, 2009 for two years, intended to help homeowners in trouble with their Chase mortgages.

JP Morgan Chase Eligibility Requirements:

Chase requires applicants to submit the usual packet of information (see “Handy Tip” above) including hardship letter, pay stubs proving you have income, financial statements, bank statements and tax returns. Beyond that:

• Chase must hold the first mortgage on the loan.
• The property must be the owners’ primary residence and he must occupy it.
• Adjustable rate mortgages, sub-prime and Option ARM loans from JP Morgan Chase, Washington Mutual or EMC Mortgage Corp. may qualify.
• The homeowner must show the ability to afford a debt ratio including principle, interest, taxes and homeowners insurance of 31-40% of his monthly income.

Call JP Morgan Chase at 866-550-5705 for more information.

Bank of America (Countrywide Mortgage)

Bank of America bought Countrywide and its assets in 2009 and controls its mortgage loan portfolio. Countrywide Financial's (Bank of America) loan modification program is called The Homeownership Retention Program. It runs from December 1, 2008, with no definite termination date.

Loan Modification Program Options Offered by Bank of America (Countrywide)

Providing borrowers qualify for the HOPE for Homeowners Program, Countrywide will first offer an FHA refinance to eligible borrowers. This program calls for equity sharing.

If borrowers do not qualify for the FHA refinance, the following options are available, based on what kind of loan the borrower has:

• Sub-prime Adjustable Rate Mortgages. Borrowers will be offered a five-year extension on the introductory rate or an interest-only rate conversion to as low as 3.5%, which later converts to a fixed-rate mortgage.
• Pay-Option ARM. The negative amortization feature will be removed, and the interest rate reduced to as low as 2.5%; the loan will convert to a fixed-rate mortgage or a 10-year interest-only loan. Upside-down loans will be reduced to 95% of appraised value.
• Sub prime Fixed-Rate loans. The interest rate will be reduced to as low as 2.5%; and the loan will convert to a fixed-rate mortgage or a 10-year interest-only loan, with periodic interest rate adjustments.

Eligibility Requirements

• The property must be owner occupied and be from 1 to 4 units.
• Borrower must have a qualifying loan such as a sub-prime mortgage or a pay-option ARM, originating before December 31, 2007
• Borrower may be current but likely to become 60 days delinquent between Dec. 1, 2008 and June 30, 2012, with a loan-to-value ratio above 75%.
• Sub-prime ARM resets or Option ARM recasts must be likely to cause or have caused the borrower to become delinquent, providing the loan-to-value ratio is above 75%.

Call Bank of America’s mortgage department at 1.800.669.6607

HOPE for Homeowners Program

The Hope for Homeowners Plan is a government stimulus program executed with lenders willing to write down (or discount) the loan pay-off. Contact your lender first to see if they are willing to participate. The program began Oct. 1, 2008 and ends Sept. 30, 2011.

How it works:

Eligibility requirements are strict to prevent fraud, but because the program is a good one. First, your original mortgage is funded by a new FHA backed loan by a conventional lender. This often results in debt forgiveness on upside-down properties. The loan is funded at 90% of the property’s appraised value. Homeowners pay closing costs and an up-front mortgage premium of 3%. When the home is sold, the homeowner must share some of the future equity with the government, somewhere between 100% and 50%, depending on how much equity has accumulated to the date of sale.

Hope for Homeowners Program Eligibility Requirements

The intention of the plan is to provide a program designed to fit many upside down homeowners, and no credit score is required. Its requirements are like many other programs:

• The home must be the mortgagee’s principle place of residence and he cannot own any other properties.
• Mortgage payments cannot exceed 31% of the borrower’s gross monthly income.
• The homeowner must have been truthful in obtaining the mortgage and cannot have a record of felony fraud for the last ten years.
• The loan was originated prior to Jan. 1, 2008 and the borrower has made at least six payments.
• The homeowner is struggling to meet the mortgage payments and can not currently afford the mortgage.

IndyMac FDIC

IndyMac was seized by the government and as such is operating under the new corporation name of IndyMac Federal Bank. IndyMacFed’s program’s intent is to lower mortgage payments for its borrowers to prevent even more foreclosures. The program hopes to rescue borrowers in trouble through lower interest rates, extended terms or reduced principle balances. The program started in August, 2008, and so far has no ending date.

IndyMacFed Eligibility Requirements

As with most programs, it must be a first mortgage that is owned or serviced by IndyMac originally.

• The home must be owner occupied.
• The loan must be in default or at risk for default because of either an upcoming balloon on an adjustable rate or Option Arm.
• The homeowner must be able to afford a mortgage payment including principle, interest, taxes and insurance of 38% at a reduced rate and extended term.

Contact IndyMacFed at call 800.781.7399 or 877.908.4357.

FHFA Federal Loan Modification Program

The federal government is getting into the act to help speed up the loan modification process with its own program. Called the Federal Government Loan Modification Program (under the perplexingly illogical acronym of FHFA, for Federal Housing Finance Agency) the Fed hopes to lower mortgage payments and keep borrowers at risk in their homes longer. No termination date so far. Participants include:

 Fannie Mae

• Freddie Mac
• Federal Home Loan Banks
• Wells Fargo
• Department of the Treasury
• FHA
• Federal Housing Finance Agency
• All HOPE Now lenders

 FHFA Eligibility Requirements

• The property must be owner occupied and a primary residence.
• Borrowers must have missed at least three or more payments.
• Borrowers must be able to afford a 38% payment including principle, interest, taxes and insurance.
• No one already in bankruptcy need apply. Borrowers already bankrupt are ineligible.

Finally, it's never obtaining a loan modification is never an easy process as most banks arbitrarily turn down loan modification applicants with little or no reason. My advice is Don't Give Up! Get a good attorney.  I can point you in the direction of a really good one that deals with New York clients and has a great track record of turning peoples lives around. He writes a blog "Keep Home Your Own" which will give you some insights into his compassion, diligence and competitive spirit which makes him a winner for his clients.

For further discussion on your options when experiencing financial distress, please call me at 845 598 5083.

Marketing your home has gotten more competitive than ever. The smart seller who wants to stand out from the crowd is including buyer incentives as inclusions. A  list price that shows value and enticing inclusions attracts buyers.

Take a look at this home in Warwick, NY and call me for a preview!

The Seven Seas Treasure hunt takes place at the Piermont Public Library July 16th at 3pm. Registration is suggested. Call for further information 845 359 4595

Piermont's Turning Point Cafe features trumpeter Warren Vach with Bassist Jon Burr's quintet and vocalist Lynn Stein performing for two sets July 18th 7 and 10pm. Great value and atmosphere to see this talented group $15.00.

Next Sunday July 18th from 10am - 5pm both sides of Main Street and South Broadway in Nyack will be lined with fair booths brim-full of collectibles, antiques and surprises for all ages and at all prices. Free admission. Rain or shine. Scrumptious food. Come and find some treasure or just enjoy the fun.