September 19, 2013 rummy

A year ago, before the bandwagon was even built, we told you about what  we called “shadow consumers”. They are people who would want to buy;  they can comfortably afford home ownership most especially with today’s  rates. However, they have to calmly wait for their credit to improve  sufficient to get a mortgage. FHA would not give a loan until the elapse of three years from the occurrence of a foreclosure. Basically,  foreclosures and short sales will usually remain on your credit report  for seven years. Additionally, bankruptcies usually last for 10 years.  Waiting for this long can be quite…

September 6, 2013 rummy

At a recent meeting held in June, 2013 the Board decided that there will be 3% increase for a One (1) year lease term and 4% increase for a two (2) year lease term for leases renewed between October 1, 2013 and September 30, 2014. Please note a minimum increase of $15.00 per month for a one (1) year lease term and $20.00 per month for a two (2) year lease term will be imposed. A landlord’s failure to timely file a current apartment registration with DHCR bars the collection of any guidelines increase. If you need help filing registrations, please…

August 15, 2013 rummy

The annual report I value most is the NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers. This report is packed full of useful statistics for agents and brokers who are looking to educate themselves about the sales process from the perspective of the Home Buyer and Seller. It clearly shows where agents should be focusing their marketing dollars (hint: not the newspaper) and also provides important details about the Buyers and Sellers experience during the sales transaction. Here are some highlights: 90% of consumers did online research before they bought their last home. 42% of buyers found the…

July 3, 2013 rummy

When you are Returning the Security Deposit DO wait until the tenant has moved completely out before returning any deposit money. DON’T have a “walkthrough” with the tenant before moveout to determine the condition of the rental. Tenants like to do this to reassure themselves that they will get all their security deposit back. Instead of calling it a “walk-through”, I like to call it the “AMBUSH” because that’s really how it is when you are put on the spot. The tenant is still in possession of the rental and is insisting on getting the full deposit back. DO Obtain…

February 1, 2013 rummy

WASHINGTON – As part of a broad effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of the MMI Fund. “These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs” said Galante. “In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and…

November 12, 2011 rummy

Why the End of Year Are A Best Time To Sell Your Home! If your serious about selling Or Buyers a home “don’t wait until after the holidays.” Why? Well because I am convinced that if someone is really motivated, then they have to follow the laws of simple economics:  Supply and Demand. “I am going to wait to put my home on the market after the holidays.”  Seems like the most logical thing to do, but people don’t realize this is a great time to sell your home!  Price is supply and demand driven.  And when supply drops, demand…