Real Estate Information

If you are in the market to purchase a home, it is a good idea to hire a buyer’s agent to work on your behalf. With a buyer’s agent that is an Accredited Buyers Representative by your side, you can rest assured you will get the best deal on the home of your dreams. After all, the role of the buyer’s agent is to work with your best interest in mind rather than working on the behalf of the seller. At the same time, it is important for you to use care when selecting the buyer’s agent who will represent you during the home purchase. This way, you can be certain to get the result you are after.

Narrowing down your options for a buyer’s agent can seem a bit overwhelming at first, but asking yourself these four simple questions while screening available agents will ensure the best results.

Do You Feel Comfortable with the Agent?

The simple truth is that you will be working closely with your buyer’s agent as you search for the perfect home and as you negotiate a deal with the seller. Therefore, it is essential for you to feel comfortable with the agent you select. Not only do you want to feel as if your buyer’s agent is truly operating in your best interest, but communication is key to finding your ideal property as quickly as possible. So, be sure to work with a buyer’s agent who you feel comfortable talking with and who you believe is truly listening to you when you discuss your needs and wants.

Is the Agent Familiar with the Market I am Interested in?

Finding a buyer’s agent who is familiar with the area in which you are interested is also essential. The more familiar the agent is with your market of interest, the better he or she will be able to locate properties on your behalf. Furthermore, the more experience the agent has with your market, the better he or she will be able to judge the value of the property and advice you on the price you should offer and expect to pay.

Does the Agent have Reputable References?

Any time you work with someone who provides a service, it is important to check on his or her references. Before hiring a buyer’s agent, be sure to check references and to use other resources to learn more about the agent you are considering hiring. Performing a Google local search or checking for testimonials on yelp are two great resources to explore.

Does the Agent’s Process Make Sense to You?  

Finally, you should ask the buyer’s agent to run down the process that he or she uses for finding a home and for helping to negotiate the price on your behalf. At your first meeting your buyers agent must provide you with a copy of the NY State Disclosure form which is NOT a contract, but a full explanation of what your rights are and the fiduciary duties that they are obligated to offer you. A buyer's agent does not represent the interests of a seller and are subject to many specific provisions set forth in this agreement between you and the agent.

BEWARE of signing a CONTRACT with a buyer's agent because if you do and you decide that he or she isn't working out for you, then you will be responsible for paying them a commission when they do find a property with or without them. If the process doesn’t make sense to you and if the agent is not willing to provide clarification that makes sense to you, you should move onto a different agent

If you are considering living in Pearl River, Rockland County, The New York Times recently published an interesting article that will be sure to be of interest to you.  Originally called Muddy Brook, the town was renamed in around 1870 after a resident said he had discovered pearls in mussels from the waterway.

The community boasts wonderful people, active community involvement and modestly priced homes. Read the article "Lots for the family to love" and contact me for currently available homes for sale in this great community.

Vanessa Saunders       

Tel: 845 598 5083

The Federal Reserve Board recently approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22.

"This rule marks an important milestone in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly," said Federal Reserve Governor Elizabeth A. Duke.  "The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts."

Read more....

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Read more....

This series of videos from Think Big, Work Small are well worth watching on a daily basis!  Take this one (by clicking here) explaining why getting a loan modification on an Indymac loan is near enough impossible because they (the banks) make more money when you either do a shortsale or are foreclosed on....Shameful.

Growing unemployment continues to drive U.S. homeowners to record high mortgage delinquencies and foreclosures. Over the past year, some 5.5 million individuals in the U.S. have become unemployed, driving the unemployment rate to 10.2%, the highest in more than twenty-five years.

According to the November Delinquency report issued by Mortgage Bankers Association (MBA) nearly one in every 10 homeowners (a total of approximately 4.5 million borrowers), was at least one payment behind on their mortgage in the third quarter. In Florida one in four or 25% of homeowners have fallen behind on their payments and in Nevada, 23% of homeowners are delinquent. At a seasonally adjusted rate of 9.64% of all loans, this represents a record high since 1972, the year MBA began tracking statistics related to delinquencies. Combined with those homeowners already in some stage of foreclosure, an astounding 14.41% of homeowners are delinquent or in foreclosure.

While the real estate market showed slight signs of improvement and stability in recent months, record high delinquency rates signal that the foreclosure market has not yet reached bottom. Forecasters anticipate that anywhere from 5 to 7 million additional properties will be foreclosed on during the next twelve to fourteen months and that the real estate market in the U.S. will not fully begin to rebound until 2011.

While the HAMP (Home Affordable Modification Program) may help some, the majority of these individuals will reach foreclosure costing them the 'American Dream' and costing banks and lending institutions millions in administration and disposition costs. What can we do now to minimize the risk and assist these individuals; working to prevent foreclosure through either a short sale or bank driven loan modification program? Instead of sitting back and waiting for the inevitable banks and lending institutions need to continuously assess their portfolios and work with individuals to prevent foreclosure.

If your savings are being thrown into the black hole of your existing mortgage and you see the value of homes in your neighborhood dropping you may well qualify for a loan modification or short sale to help you stave off foreclosure.

Call me for a confidential meeting to discuss the options that are available to you before it's too late.

Vanessa Saunders, MBA, MIMC

Certified Distressed Property Specialist

845 598 5083

Well, having done a ton of research as to the best methods of removing mold, I've come to the conclusion that there is an enormous amount of conflicting information out there, and to be on the safe side I'm directing you to the EPA's mold removal information. That way there can be no arguments in the future. This can be very dangerous stuff and needs to be taken very seriously. So click here and let me know if what you find on their site doesn't answer your immediate concerns.

Vanessa Saunders 845 598 5083  vanessa@wesellny

Fungi Kingdom

The Kingdom Fungi is a diverse kingdom consisting of over 1 million species and includes mushrooms, molds, and yeasts.  Fungi are mainly saprophytic meaning they obtain their nutrition from the breakdown and decay of organic matter. They can thrive in many places such as soil, plant litter, wood, live plants, dung, animal remains, fungal remains, etc, and play a vital role in the environment as a decomposer of dead-plant matter. 

Molds

Commonly called mildew, molds (sometimes referred to as "black mold") are a subset of fungi that produce fluffy or powdery growth on surfaces. Toxic molds can grow on cloth, carpets, leather, wood, sheetrock, insulation (and on human foods) when moist conditions exist.

Molds are ubiquitous, the most common form of fungus on earth,  and may grow at high levels indoors, in a home or building, if the right environmental conditions exist. Factors that influence the distribution of molds are most importantly a source of moisture, proper nutrients, temperature, and light. 

Carbon containing materials that are abundant both indoors and outdoors may provide the essential nutrients for growth. Sources of moisture, which are usually the limiting and most important factor. They can come from high humidity levels, condensation, and water intrusion due to a number of events such as indoor leaks and floods.  Temperature and light may affect fungal growth, but are usually not a limiting factor since most fungi can grow in light and total darkness. 

Excessive exposure to molds can lead to adverse health issues for humans. The affects of human exposure to mold is not a new, emerging problem but has been manifested for many years.  Documentation of mold growth indoors dates back as far as the Old Testament:

From Leviticus Chapter 14, verses 33-57

• On the 7^th day the priest shall return to inspect the house.  If the mildew has spread on the walls, he is to order that the contaminated stones be torn out and thrown into an unclean place outside the town.  He must have all the inside walls of the house scraped and the material that is scrapped off dumped into an unclean place outside the town.  Then they are to take other stones to replace these and take new clay and plaster the house

• If the mildew reappears in the house after the stones have been torn out and the house is scraped and plastered the priest is to go and examine it and, if the mildew has spread in the house, it is a destructive mildew:  the house is unclean.  It must be torn down – its stones, timbers and all the plaster – and taken out of the town to an unclean place.

• Anyone who goes into the house while it is closed up will be unclean till evening.

• Anyone who sleeps or eats in the house must wash his clothes…..

Molds can cause a variety of reactions in hypersensitive individuals ranging from allergic responses to neurological damage.  Molds may proliferate in almost any indoor environment where excessive amounts of water and organic matter persist.

The key factor in limiting mold exposure indoors is to prevent it’s growth through moisture control, maintenance, and proper cleaning methods.

How a Mold Reproduces – It’s Life Cycle:

When the appropriate conditions for growth exist:  presence of moisture, nutrients, temperature,  etc, the mold begins to reproduce via it’s life cycle.

Hyphal Growth:  Hyphae are the thread-like filamentous cells that release enzymes which degrade and absorb nutrients from a substrate (ie. oganic debris, cellulose, wood, almost any carbon containing material including human skin). Upon obtaining it’s nutrition, the hyphae will grow into a mycelium, the main body of the fungus which is also the visible portion.

Spore Formation:  Spores form on the ends of some hyphael cells.  The formation of spores is dependent on a variety of environmental factors including light, oxygen levels, temperature, and nutrient availability.

Spore Dispersal:  After the spores are formed, they are released into the air and carried elsewhere to begin the process of germination and growth all over again. Mold spores are highly resistant and durable.  They can remain dormant for years in even hot and dry environments.

Spore Germination:  Once the spore is dispersed to a new area and when the appropriate conditions exist, moisture and nutrient availability, the spore will begin to germinate into a new hyphael cell. 

Now that we know what we are dealing with I'll research some of the best ways of dealing with mold. Look for the next blog from Vanessa Saunders or call me for more information: 845 598 5083

Just as openness, honesty and a commitment to figuring things out together are keys to a solid relationship, they’re also important when tackling money issues together. If you and your partner have decided to share your lives and a home, or are figuring out if moving in together is the right choice, make sure your finances figure into the equation.

Have the Money Talk and Lay the Ground Rules

First things first: Have an open and honest discussion with your significant other about how you’d like to approach your finances together and any financial goals that you might like to work toward as a couple. Being in sync on your money early on will guide you when you need to make important financial decisions and will also help you to avoid allowing money to negatively impact your relationship down the road.

Before you move in together, lay the ground rules for what’s “yours,” “mine” and “ours” to avoid arguments in the future.  This includes answering questions like:

• What expenses do you consider joint expenses?
• Who’s responsible for making sure payments are made on time?
• Will you create and maintain a joint budget to help you keep track of joint expenses?
• How do you plan to cover unexpected joint expenses?

Figure out the answer to these questions ahead of moving in together so you know how to approach these things before they become problems.

Open a Joint Checking Account for Joint Expenses

Once you’ve laid the ground rules for what’s “yours,” “mine,” and “ours,” you’ll need to figure out the best way to pay for “ours.” For many couples, that means opening a joint checking account that both you and your partner have access to, will contribute to and from which you’ll pay your joint expenses.

How much will each of you contribute? You have two choices: Split expenses 50/50 or contribute an unequal amount based on your salaries. For couples who make about the same amount of income, a 50/50 split may be the best option and one that won’t leave either partner feeling like they’re contributing more or less than what’s fair.

However, for couples who make very different salaries, splitting expenses based on your incomes may be a better scenario that’s not overly taxing on a single person.

Think of it this way: If your combined expenses total $2,000/month, you bring home $2,000/month while your significant other pulls in $3,000/month, a 50/50 split would mean that you’re shelling out 50 percent of your income on expenses, while your partner is contributing one-third – or 33 percent – of his income. Is that really fair?

In the case of unequal salaries, consider splitting the costs based on how much each of you take home every month. Here’s how to do the math:

1. First, you’ll need to figure out three things: Your monthly take-home income, your total joint expenses and your combined monthly take-home income.
2. Next, multiply your individual monthly income by your total joint expenses. Using the numbers above, that would be $2,000 x $2,000, which equals $4,000,000.
3. Finally, divide the amount from #2, by your total combined income. In our scenario, that’s $4,000,000 / $5,000, which equals $800. That’s your monthly contribution to joint expenses.

To figure out how much your partner will contribute, simply subtract your contribution ($800) from your total joint expenses ($2,000). In our example, your significant other will contribute $1,200 ($2,000 – $800 = $1,200).

Next, deposit this amount into your joint checking account to cover your shared expenses. Many employers allow you to direct deposit a certain amount of your paycheck into a special account, while the remainder can be deposited into your individual checking account. You’ll still have to sit down and do your bills together, but with many banks, you can set up bill pay for free to make sure all your joint expenses are paid on time every month.

Keep Some Things Separate

Your decision to move in with your partner may have been prompted by your desire to share your lives, but there are some things that should stay separate – For your own good and the good of the relationship.

First, hang on to your own checking and savings accounts. Different people have different ideas about how to properly manage their finances. In case your money personalities don’t mix, having your own bank accounts can help you avoid unnecessary arguments and even a break-up. Plus, having your own savings account will help you take care of yourself  without burdening your partner in case you lose your job, have an unexpected expense like a car repair or even if you’d like to buy your significant other a special gift without him knowing.

It’s also important to keep at least one of your own credit cards – and that includes not allowing your significant other to become an authorized user on your account. Having your own card will allow you to build and maintain a solid credit history as an individual so in case your relationship doesn’t work out, you’ll be able to move on with your life… At least financially.

Finally, while you and your partner should talk openly and honestly about money and do your bills together (at least your joint expenses), it’s up to you to make sure you know what’s going on with your money. You never know when a little rain is going to fall in your life – and that includes relationship problems and break-ups – so it’s important to learn how to manage your money as an individual first, and as a couple second.

Click on the title to leave a comment

or email me direct at vanessa@wesellny.com