Real Estate Information

If you thought Realtors were having a hard time of the current market conditions you are correct, however most owners of property that are now receiving their new tax assessments in the mail are having an even tougher time, especially those hoping to sell in the near future and move on with their lives.

I am constantly hearing "How can the Tax assessment value my property at XXX amount when the house next door just sold at thousands less?" The sad fact is that it's sometimes hundreds of thousands less.

I recently come across a property which is currently for sale. It's situated on a road of three identical properties. This particular property is taxed at over $5000 more per year than its neighbors. Explain that!

The owners told me that they tried grieving their tax bill at the right time this year, only to be told "We aren't accepting grievances this year". Period. End of story, and the beginning of despair that so many sellers are now experiencing.

So what can be done about the huge inequity between the falling value of homes and the rising taxes being dumped on them? My best advice is to send you to local tax grievance attorney Bruce Sokol for his advice as to handle a seemingly hopeless situation. His website is http://retax.com/. Agents in other areas will have their own tax grievance attorney information.

If you are currently listed and have received your new taxes for county, village and school, please ensure that you let your Realtor know so as to adjust your listing correctly.

A friend doesn't care when you're broke, what you weigh, what brand name you wear, if your house is a mess, where you live, about your past, or if your family's filled with crazies. They love you for who you are. A true friend can go long periods of time without speaking, but NEVER question the friendship.

Being A Top Piermont Realtor Means Taking Care Of The Details

Selling real estate in today’s market is not just about marketing, negotiating deals, and closing the transactions.  Being a successful Rockland real estate team requires customer service and going the extra mile for each and every client. The V Team’s philosophy is that the more you give, the more you will get in return.  Our team stands out because of the significant amount of time and customer service that we put into our business.

When a seller or buyer works with us, our relationship goes beyond the basics of the real estate transaction, and our client relationship does not expire after the sale is completed.

What do we mean by customer service?  Below, please find just a few examples of how we took care of some of our recent clients:

• One of our Piermont Landing Condo’s seller was out of town and put a neighbor in charge of the care of her three dogs.  Unfortunately, the neglectful neighbor forgot to walk the dogs for an entire day.  We arrived to the home and found poop in the main living areas of the home.  We quickly cleaned up the problem and used air fresheners to disguise the smell before the perspective buyers arrived.
• An elderly client needed help moving boxes to the garage in order to stage the home for the pictures.  Marcella and I personally rolled up our sleeves and helped move dozens of heavy boxes in order to get the home ready to show.  As a result of our efforts, the home sold in under a week.
• A few times this year, our team had to extend our services to house cleaning.  As a result, we had to make beds, pick up dirty laundry, wash dishes, and sweep floors to make the house show at its best!
• We got a call from a neighbor at one of our vacant homes under contract that stated that there was a leak at our listing.  We immediately took action and met a plumber, while our clients were out of town and unavailable.  As a result, the leak was fixed before it became a huge problem which would have resulted in the home not closing.
• We have coordinated and met landscapers, pool service companies, roofers, and other repair companies while our clients were out of town or at work in order to fix issues.

A great book that I am currently reading entitled, “People Buy You” (written by Jeb Blount) says: ” Going the extra mile sets you apart from 90 percent of your competitors.  There are no traffic jams on the extra mile.” Our team strives to always go beyond our clients’ expectations in each and every transaction and become their lifetime real estate agents.

Contact the V Team for further information on other services we offer.

The news seems to indicate that our market has hit bottom and is now slowly starting to recover. Do you believe this?

The reason why I’m asking such an important question is because I’m trying to get you to think strategically about your property and the current value of that property. You’re answer to the market bottom question will dictate the actions you take when planning on selling your home. If you feel the market has bottomed out, you’ll happily focus on a price that you feel is marketable.

However, what would you do if the market hasn’t hit bottom yet? Would you handle things differently today? If the market hasn’t hit bottom, home sales and market values will continue to decline. As noted in the video within this post, the market may not hit bottom until sometime between 2012 and 2015. This would mean another 2 to 5 years of falling prices.

Throughout the long sweep of history, the bursting of asset bubbles has nearly always been traumatic. Social, political and economic upheavals have a bad habit of following asset bubbles, while wealth destruction is a guaranteed feature. Four characteristics of bubbles are observed: that they are self-reinforcing on the way up (higher prices become the justification for higher prices); once they pop, the game is suddenly and permanently over; they are roughly symmetrical in time they take to peak and fall; and they are roughly symmetrical in price, returning to their pre-bubble status. Dr. Martenson concludes that the housing bubble is itself just a symptom of a credit bubble, leaving a final catastrophe of the currency as our most likely outcome.

I’d welcome comments regarding this discussion. Click on the title header to view the comment section below the article. Thanks Vanessa

There has been some talk in the last year that FHA loans are dead or are dying. FALSE – There were some issues with the FHA Insurance Fund about a year ago, that it was being depleted. Hence why FHA raised the mortgage insurance about 4 months ago. But this should not scare anyone regarding FHA mortgages.

My common sense on this kind of talk? – If FHA loans were to go away, it would also self-destruct our economy, making it even worse.

FHA Rumors and FHA Myths -

FHA loans are more expensive than conventional loans :

I think out of all the FHA rumors, this one irks me the most. In my opinion, the main reason why someone would say this is because of FHA’s upfront mortgage insurance. Technically it’s considered a closing cost, but you have the option of adding it onto your loan, so you don’t have to pay it out of pocket. In many cases, this wouldn’t make FHA loans more expensive. You need to look at the end result. 

There are a few more reasons, one of which where some loan officers will take advantage of the borrower’s less than perfect credit by offering a slightly higher mortgage interest rate.  But overall, the base rate for a conventional loan and a FHA loan is pretty close to being the same. It just comes down to how someone sells it to you. Keeping in mind that conventional loans can be much more expensive if you have less than 20% down and or credit scores less than 700.

6 percent seller concession has been reduced to 3 percent -

No, you can still get 6% seller help. FHA has talked about reducing the seller concessions, but it’s still in it’s talking stages.

FHA Origination Fees -

All FHA loans have origination fees.  False.  Another rumor is that FHA gets part of the origination fee. False. I actually had a borrower that was told by another loan officer that FHA got part of the origination fee.

FHA Loans take forever -

Some rumors state that FHA loans could take from 2 to 3 months. Keeping in mind that any loan is taking a little longer now because of all the checks and balances when it comes to the mortgage process. But if you are speaking to a very good loan officer and if they do their job properly upfront, then things should get done in a reasonable time. What is a reasonable time frame?  30 days from start to finish for a loan to close.

FHA appraisals are more harsh than conventional appraisals -

First off, why would anyone want to purchase a home that might need major repairs. If the house was truly in bad shape, then this rumor could hold some truth. Besides, this type of home would be a perfect time for someone to do a FHA 203-k loan, which would allow you to add the cost of all repairs into the mortgage.  Secondly, FHA did away with the VC sheet prior to 2003, so we are just talking about specifics in most cases. 

Remember : A FHA loan is not just for first time home buyers. 

Summary :I just want people to be careful of such rumors. You just need to check the facts, because some people are just true sales people and don’t know any better.  It just comes down to speaking with a very qualified loan officer who will ask the borrower about their goals and figure out what loan best fits that borrower. And not based on what is easier for the loan officer.  And seriously, people need to stop listening to their friends, neighbors, family members, and some realtors that just don’t know any better...

For more information and for the names of fully conversant Loan Officers on this matter contact me direct

In today’s ever changing real estate market, it is imperative that a real estate listing agent and his/her seller continuously re-evaluate the current market value of a home in a particular neighborhood.

I recently had a listing in Piermont that required a price reduction due to two other homes selling that brought the values down.  Fortunately, I immediately met with our clients and advised them of the last closed sales.

As soon as we adjusted our asking price, we received a 100% increase in the number of showings from potential buyers.  As a result of our readjustment, we put the home under contract in 2 weeks and closed earlier this month.

The moral of this story is that listing agents should be on top of all sales that affect the value of the listing.  Real estate agents should not wait until the listing agreement is about to expire to advise the sellers to reduce the price.  The agent is only hurting himself/herself as well as the seller.  Today, the current average listing agreement is for 6 months.  In this time frame, the market can change dramatically.

If you currently have had your home on the market for several months and have not reevaluated the price, it is probably necessary for you to speak with your Realtor to do so.  Don’t be stuck on your price, or your home will not sell!

We know the numbers; we analyze the market, enabling our clients to make better decisions.  If you are interested in buying or selling real estate in Piermont or Rockland County, NY and are looking for experienced local Realtors, please do not hesitate to contact The V Team.

To stay updated with all Rockland real estate information, receive our newsletter or blogs subscribe here.

I ALSO POSTED THIS BLOG ONTO ACTIVE RAIN - A SITE FOR REALTORS AND GOT A LOT OF RESPONSE YOU MAY LIKE TO REVIEW BY CLICKING HERE!

While many foreign investors in New York real estate make all-cash purchases, brokers and salespeople should be aware of the unique issues that face foreign buyers who want to obtain mortgages. Many financial institutions do not make mortgage loans to foreign individuals or their offshore corporations established to take title to properties. Others have specialized programs for foreign buyers, but their requirements vary considerably. Your real estate professional needs to thoroughly understand the process if they are to enable their foreign buyers/borrowers to close their purchases. As with most mortgages, either a bank loan officer or a mortgage broker is involved in the qualifying and processing of foreign investor loans. Foreign investor loans (“FILs”) are unique in that prequalifying the buyer is often best done by the Realtor rather than a mortgage broker or loan officer.

Because most foreign buyers are unaccustomed to the strictness of our banking practices, they often find disclosure of their personal credit and financial information to be a difficult issue. This situation must be handled tactfully by all concerned if the sale is to close. It should not be surprising that foreign borrowers wish to maintain a level of confidentiality about their personal affairs. After all, most of them are not accustomed to providing more than a letter from their personal banker in order to secure a loan in their home country. And many are afraid that the
disclosure of personal financial information may have adverse consequences in their home country. It is often quite appropriate for the Realtor to act as the “middleperson” between the foreign borrower and the mortgage broker or loan officer, guiding the borrower through the process.

While some programs vary, most lenders require foreign borrowers to supply the following information before they will process an FIL:

1. Three letters of reference from creditors (i.e. bank loan, credit cards, mortgage loan).
2. Letter from employer or copy of employment contract.
3. Personal financial statement for the preceding two years.
4. Income tax returns for the preceding two years, if available.
5. Bank statements for the preceding year
6. Letters of reference from at least two banks.
7. International credit report.
8. Property appraisal.

Because some of these items may not be available, the Realtor, in conjunction with the mortgage broker or loan officer, must determine whether alternative sources of information are available to meet the lender’s requirements. Often documents must be translated in English and submitted to the underwriter within a short period of time. Given the logistics, one can hardly expect foreign borrowers to be able to do this alone, especially if they have returned to their home country after signing the purchase contract. The Realtor may be called upon to receive faxes and air-express packages and to coordinate delivery of the completed loan-application package to the lender. After carefully studying the loan-application package, the Realtor and the mortgage broker should be able to determine which lender may best respond to the financial information the foreign borrower has provided. It is important to keep in mind that various lenders have different underwriting requirements.

For example, more than a few lending institutions impose contingencies such as holding 6 to 12 months of principal, interest, taxes and insurance (PITI) in escrow, and others require the foreign borrower to maintain a substantial deposit account with the institution for a minimum period.
Some lenders, especially private banks, will approve an FIL only if there is potential for developing a more substantial banking relationship with the foreign borrower. Often these contingencies are not disclosed until after a conditional loan commitment has been obtained, and the foreign borrower may not have enough liquid assets to meet these escrow and deposit requirements. Realistically, the foreign buyer should have an alternative plan to fund the closing in the event that the loan falls through or the terms are significantly different from those requested. Lenders’ policies concerning debt-to-income and loan-to-value (LTV) ratios vary significantly, depending on the type of property purchased and the financial strength of the foreign borrower. It is dangerous to assume that the lender will immediately approve an FIL based on a low LTV ratio of 60 to 65 percent . Rarely will a lender go above 70 percent LTV; and, although a low LTV loan may sound like a “no-lose” situation for any lender, the S&L disaster has caused most financial institutions to develop extremely conservative lending policies, which lead to lower LTV ratios. As a result, the processing of FILs requires more documentation than even before.

If the foreign borrower has decided, for tax purposes, to take title to the property in the name of an offshore corporation, additional issues arise. Lending institutions with programs available to offshore corporate purchasers often require foreign individuals to submit personal financial information as well as to personally guarantee the loan. Further, the corporation’s attorney must provide documents substantially both the existence and good standing of the corporation and the authority of those signing on it’s behalf.

It is important to know that many lenders do not make FILs on commercial or rental property. In the case of a condominium unit or a second home, foreign buyers’ plans to rent the property for even part of the year may disqualify them. In addition, the lender may ask the foreign borrower to sign, at closing, an affidavit concerning the proposed use of the property. This can be a potentially compromising situation if the foreign borrower’s actual plans are contrary to those initially disclosed.

Although not commonly known, many lenders have specific requirements as to the immigration status of foreign borrowers. The type of immigration visa is extremely relevant, and one cannot assume that because a potential buyer is from a foreign country, he or she will automatically
qualify for an FIL. The Realtor should not be afraid to ask the foreign buyer to provide a copy of his or her passport and entry visa.

The Realtor should regularly speak with local lending institutions and mortgage brokers in order to understand their FIL policies. When dealing with a foreign buyer, keeping him or her informed throughout the process is essential.

The services of a qualified attorney experienced in dealing with foreign buyers can save the Realtor or mortgage broker many headaches throughout the entire loan process and assure the foreign buyer that his or her interests are being well-protected.

Looking for a fun haunted house to visit over Haloween?  Check out GAGA Arts Center in Garnerville. And don't forget to wear your costume!

We will be protesting the continuing destruction of the ballfield site and the imminent construction of a city on the Patrick Farm.
We will form a human chain along Pomona Road at the ballfield to protest the destruction of that site, and will have press from the entire region covering it.
PLEASE plan to come and bring 2 or 3 others with you. We only need an hour of your time--meet at Fireman's Memorial Drive at 11 AM. THANKS!

This event is OPEN - PLEASE invite your friends too!!!

Below is a link to the "Protest Project Grand Slam" itinerary, parking, and
marching instructions document. Be sure to click on the picture itself to open
the document in its own URL page so that you can save the file to disk. Link:
http://www.yfrog.com/f/02lzj/

If you get the chance sometime this week, please send this document with a
personal invitation to family or friends asking them to be apart of the human
chain against Ramapo's Project Grand Slam and Patrick Farm projects.

The feedback we are receiving from the community discussion groups and
organizations throughout Ramapo seem to indicate that there will be a large
turnout for the protest. October 23, 2010 - Mark your calendars. For more
information: getinvolved@activeramapo.orghttp://www.yfrog.com/f/02lzj/See More

I list a lot of homes for sale, and sometimes sellers already know what they need to do to make their home sell quickly, and for a good price. Recently, we have even seen the resurgence of bidding wars, when two or more buyers offer ABOVE the asking price for a listed home. But very often, sellers miss one or two important details when preparing their homes for market. And yes, some miss ‘em all! Here are the most important things I ask sellers to do to help sell their home:

Please clean your house.

I know this sounds too basic, but dirty dishes, muddy carpets and toothpaste on the mirror have popped up in some of the nicest homes I’ve seen. And worse. Don’t get me started.

Please tidy up your house.

Sounds like item number one, but it’s not. Please put away all bras, guns, drugs, sex toys, para-military literature, or basically anything you would not want total strangers, your mother in law or the police to find. 

Please open the curtains.

Not all the way; just enough to let in all that nice natural light. Don’t worry that the neighbors will see inside. You won’t be here anyway.

Please put away all food and turn off all entertainment appliances.

Last night’s casserole cannot be displayed languishing on the stove, nor can baby’s plate of half-eaten Ring Dings be out on the dining room table. And we do not want to hear “Lady Gaga’s Loudest Hits” throbbing from Junior’s MP3 setup in his bedroom. Not that we object to Lady Gaga’s wearing a meat-dress at the VH-1 Awards: we’d just like a little quiet as we tour what hopefully will soon be someone else’s oasis of peace.

Pleased remove or contain all pets.

This applies to dogs and cats, as well as birds, snakes, rodents, panthers, elephants and poisonous insects. The garage can be ok for some, but it’s really better if you take them with you. If you’d rather not share space in the car with your gila-monster, maybe it’s time you switched to hamsters.

Please take care of your lawn.

Mow it or have it mowed, trim your hedges and cut back bushes and overgrowth. Who knows! Maybe you’ll find that Ford Mustang you lost track of back in ’73. Also, please re-acquire any yard tools, abandoned appliances, pet toys and party debris that may be adorning your lot, and stow it properly out of sight.

Please don’t set anything on fire before you go.

By this I mean no incense, candles, patchouli sticks or other scent dispensing flames. Not only does perfumed air suggest the presence of a worse smell needing to be hidden, but it’s a downright dangerous fire hazard.

Set the thermostat at 72 degrees.

This is the indoor temperature nationally approved by the Realtor Association’s Department of Home Comfort Levels, and those people should not be messed with.

Please have any improvements done professionally (or at least look like it).

Yes, the neighbor may know how to do drywall because he taped and plastered his entire rec-room while watching last year’s NBA playoffs. But there’s no substitute for professional workmanship when it comes to cosmetic improvements. And when it comes to real infrastructure (i.e. plumbing, electrical or roofing, etc.) don’t risk a lawsuit to save a few bucks. Trust me. You’ll sleep better.

If you have a pool, be sure it is clean and working.

Nothing turns off the magical moment of a buyer-inspiring home tour like a brown, stained, crumbling swimming pool. Call Pool-boy.

Please go away.

Yes, you have to be out of the house for the showing. I KNOW you want to explain just how SPECIAL your Norwegian oak bookshelves are, waxed to a gleaming shine with genuine Finnish bee sweat. I know you want to be sure these are the right KIND of people for your home. I know you want to be there to explain how many hours you spent installing and re-installing the solar garage door opener until you got it just right, but trust me, you don’t want to be here.

This is what will happen: Your prospective buyers will spend exactly five minutes in your home, as you tag along. They will say very nice things to you about your home, your property and will listen with rapt attention to your story about the garage door. Then they will leave and you will never see them again. The truth is, buyers want to have time to look, to feel, to talk frankly among themselves, and you just can’t be part of it.

Like dating, interviewing for a job or volunteering for hazardous duty, this is your only chance to make a first impression, one that may bring a potential buyer back for a second look, and maybe an offer! Don’t blow it! We both have a lot invested in your home.