6 Tips to Avoid Lowball Errors in Real Estate

With the summer season over and the holidays quickly approaching some sellers are more anxious to sell their homes, as others will wait for the spring season to come around.

The key to making a great lowball offer is to look for homes that have been on the market for an excessive amount of time. The softer the market the more likely the seller will consider the offer.

Buyers can make serious mistakes when making a lowball offer.

1- Before submitting an offer, your realtor should have done a full comparative market analysis of the area the home is in.  Some areas are still in seller’s market mode
and the homeowner will not consider a lowball offer, but if it is in a buyer’s
market area with too many days on the market, this is your chance to try. Some
seller’s may try to hold close to their asking price because they know buyers
are aggressively looking due to low interest and increasing volumes of property
available.

2- Not picking the right realtor can really hurt your chances. Some agents may tell you not to make low offers, as to not offend a seller. Some realtors skills may not be up to par and they may not make aggressive offers. Feeling they that their commission is more priority over making the best deal. On properties that have been overlooked and lack desire, bidding low may not hurt.

3- Not backing up your price. Your realtor should present your offer with full details, including market comparables. Seller’s want to know why you are coming in low, just don’t be harsh on your critisms.

4- Not knowing what you are willing to pay. Make ure you have seen a lender (if you want to finance) or have proof of funds (if ou are paying cash) to be sure what your maximum price is. Do not start with our 1st bid as your maximum, leave some room for negotiation. Also, never say our 1st offer is highest and best and then allow negotiation, that is how you
lose your credibility.

5- Nt making a clean easy offer.  When you make a low bid, you want the other details of the ffer to be appealing to the seller. And a deal that can close quickly often
will have appeal. Make sure there are as few contingencies as possible.

Also make sure your finances are in oder from the start. If you are financing make sure you have a pre-qualification before you start your home search.

6- Assuming cash will always get you the best deal. Money isn’t always a deal maker. The home owner is essentially looking for the most money possible. If the seller is a bank
because the property is a foreclosure, they may accept a lower offer from a
cash buyer, as opposed to someone who needs a mortgage because a bank doesn’t
want to deal with mortgage-related delays.

That being said remember the most important key factors to successfully purchasing a
home is having your lender or finances secured, having a realtor who knows the
market in your area and making a clean and easy offer.

To search properties in Westchester/Bronx counties visit my website @ www.FreeNYHomeSearch.com

Posted in Buy a Home, Real Estate Information | Tagged , , | 1 Comment

Rate for New York 2011

 

Rates are still in the low 4′s on 30 year fixed!

FHA is still doing 3.5% down with 6% seller concessions!

SONYMA is still at 4.5% with 3% down for those that qualify. They also will give 3% towards closing ! costs for free!

PRICES ARE DOWN, RATES ARE LOW! IT’S AN AWESOME TIME TO BUY!

Posted in Real Estate Information | Leave a comment

Landlord free form for screen and Qualifier tenants

Is the Landlord Reference really the tenant’s landlord?

Did you ever think the landlord reference the tenant gives you on your rental application might be false? Unfortunately, it is very common for a rental applicant to offer up a fake landlord reference, especially when he does not want you to hear what that landlord has to say about him!

The purpose of The Landlord Reference Qualifier is to help you to determine if the information being given to you by the tenants’ current or past landlord is the truth. This screening technique has been succesfully tested over time by professional landlords.

By asking certain targeted questions, you will be able to spot a false reference much easier.

An imposter most likely will not be able to answer anything more than the most basic and obvious questions that he or she may have been briefed on. The Landlord Reference Qualifier provides you with an easy to use barrage of simple friendly key questions aimed at getting you the truth.

Not only will you easily spot an imposter, but you’ll also get better information from the true landlord reference! If you hit the jackpot and determine a reference to be a fake, you are victorious. You’ve just saved yourself an incredible amount of heartache and money. You are then free to accept the right tenant.

Email or Call me to get the a Free Landlord Reference Qualifier Form

Rummy@kw.com or go to www.freenyhomesearch.com

Posted in Real Estate Information | Tagged , | Leave a comment

Mortgage Rate September 2011

 

Jobs Fall Short

Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.

The most significant economic data this week was Friday’s monthly Employment report. Against a consensus forecast for a gain of 75K, the number of jobs remained unchanged in August, and the data for June and July was revised lower by 58K. The Unemployment Rate remained at 9.1%. Average Hourly Earnings, a proxy for wage growth, unexpectedly declined from July. In short, it was a weak report in nearly every area, and that was favorable for mortgage rates.

The economic data gained even more importance in light of the detailed Fed minutes from the August 9 FOMC meeting which were released on Tuesday. The minutes revealed that Fed officials were deeply divided about what to do. Some officials felt that the high unemployment rate and the downside risks to the economy justified easing monetary policy, while others questioned whether additional easing would have a significant impact. The decision to extend the pledge for low fed funds rates for two years was a compromise. Weaker than expected economic data, such as the August Employment report, supports the case for looser monetary policy. The next FOMC meeting, scheduled for September 21, has been extended to a second day to allow more time for discussion, and the Fed’s announcement will be very important for financial markets. 

Jobs Fall Short

Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.

The most significant economic data this week was Friday’s monthly Employment report. Against a consensus forecast for a gain of 75K, the number of jobs remained unchanged in August, and the data for June and July was revised lower by 58K. The Unemployment Rate remained at 9.1%. Average Hourly Earnings, a proxy for wage growth, unexpectedly declined from July. In short, it was a weak report in nearly every area, and that was favorable for mortgage rates.

The economic data gained even more importance in light of the detailed Fed minutes from the August 9 FOMC meeting which were released on Tuesday. The minutes revealed that Fed officials were deeply divided about what to do. Some officials felt that the high unemployment rate and the downside risks to the economy justified easing monetary policy, while others questioned whether additional easing would have a significant impact. The decision to extend the pledge for low fed funds rates for two years was a compromise. Weaker than expected economic data, such as the August Employment report, supports the case for looser monetary policy. The next FOMC meeting, scheduled for September 21, has been extended to a second day to allow more time for discussion, and the Fed’s announcement will be very important for financial markets.

Posted in Market Update | Tagged , | Leave a comment

New York Hurricane Check list a Must!

Hurricane Preparedness Instructions and Checklist

Important Information:

□ Nearest hurricane shelter:
□ Local Police and Fire Dept:
□ Location of electric panel to shut off main breaker:
□ Location of water shutoff valve in case of evacuation:
□ Renters Insurance Company telephone #
□ Landlord Telephone # to call landlord in case of evacuation: 

Important Supplies:

□ flash lights,
□ batteries,
□ battery powered radio,
□ drinking water,
□ propane camping stove, fuel
□ pre-packaged nonperishable food. (Enough for 3 to 7 days),
□ non-electric can opener, cooking tools.
□ water – at least 1 gallon daily per person for 3 to 7 days
□ fully charged cell phone
□ Tool set
□ First Aid Kit / Prescription medications / refills /
□ Pet food, if you have a pet

If a hurricane is likely in your area, you should:

□ Listen to the radio or TV for information.
□ Fill your car with gasoline.
□ Get cash. Following a hurricane, banks and ATMs may be closed.
□ Close all windows and storm shutters.
□ Secure all lawn furniture and any other outside items that could become projectiles.
□ Turn off utilities if instructed to do so. Otherwise, turn the refrigerator thermostat to
its coldest setting and keep its doors closed.
□ Turn off propane tanks. Avoid using the phone, except for serious emergencies.
□ Moor your boat if time permits.
□ Ensure a supply of water for sanitary purposes such as cleaning and flushing toilets.
□ Fill the bathtub and other large containers with water.

You should evacuate under the following conditions:

□ If you are directed by local authorities to do so. Be sure to follow their instructions.
□ If you live in a mobile home or temporary structure—such shelters are particularly
hazardous during hurricanes no matter how well fastened to the ground.
□ If you live in a high-rise building—hurricane winds are stronger at higher elevations.
□ If you live on the coast, on a floodplain, near a river, or on an inland waterway.
□ If you feel you are in danger.

If you are unable to evacuate, go to your safe room. If you do not
have one, follow these guidelines:
 
□ Stay indoors during the hurricane and away from windows and glass doors.
□ Close all interior doors—secure and brace external doors.
□ Keep curtains and blinds closed.
□ Do not be fooled if there is a lull; it could be the eye of the storm – winds will pick up again.
□ Take refuge in a small interior room, closet, or hallway on the lowest level.
□ Lie on the floor under a table or another sturdy object.

If you must evacuate, follow these guidelines:
□ Stay updated on storm advisories
□ Map out your evacuation route. Do not get on the road without knowing where you are going.
□ Evacuate early if told you must evacuate.
□ Don’t forget to bring your important documents (deed to your home, lease, etc), in waterproof container and in plastic bags.
□ Don’t forget to bring your house keys.
□ Have a plan for your pet. Contact your local humane society for advice keeping your pet
safe. Remember, shelters usually do not accommodate pets.
□ Notify friends and family of your plan.
□ If you have special needs, you should register with a local emergency management office.

Posted in Uncategorized | Tagged , , | Leave a comment

Westchester Putnam Home Sales Stat’s

Take look at the decline in the market from Last year and the multi family is doing ok

Westchester Putnam Home Sale 2nd quater 2011

 

 

 

Posted in Real Estate Information | Tagged , | Leave a comment

Top 10 Tips for Home Seller From IRS

Www.FreeNyHomeSearch.com

Here are the IRS’s top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.

Posted in Sell A Home | Tagged , , | Leave a comment

Single family homes Yonkers NY 10704 Price Perfectly

www.FreeNYHomeSearch.com

4 bedrooms 3 bath move in condition single family house near cross county shopping center, Yonkers raceway (casino) close to Rail Road and All Major transportation. This house offers Full finished w/basement door to backyard, 14×17 patio with storage underneath, fireplace, hardwood floors and a beautiful back yard for the family.1 car garage with door to finished basement that offer a half bath and gas burner that was recently installed. Taxes do not reflect the Star Exemption. Priced Perfectly

Posted in Buy a Home | Tagged , , , | Leave a comment

yonker ny one bedroom for rent

One Bedroom for rental – Everything included! call now

Posted in Real Estate Information | Leave a comment

Sale Team of Rummy Sold another Property in Yonkers 10710

We Did Again Here another happy home buyer , who just brought another property this month.! Got him to closing table.





Posted in Sell A Home | Tagged , | Leave a comment