ATTENTION HOME SELLERS  

 If you are considering selling your property in Auburn, New York, I am currently working with a motivated buyer. He is looking for a ranch or raised ranch style home in the outlying area's of Auburn, NY.

He likes the following areas: Throop, Port Byron, Aurelius, Fleming, Sennett, Weedsport and Elbridge. My client is a pre qualified buyer and is looking to spend up to $180,000.00.

He would like a ranch or raised ranch style home with a basement and a garage. He will look at other styles as well. If your property matches what he is looking for please call me as soon as possible at 315-515-8348!

I am currently in the middle of a Real Estate transaction with an out of state lender. I have tread very carefully into these water's and I have anticipated issue's with this real estate transaction.
I am working with a couple who has relocated to Auburn, New York from Washington State. After my initial meeting with my clients they told me they will be using a mortgage broker from Washington. Immediately a red flag went up not because I don't think the broker is good but because the New York State Closing process is very different than a closing in Washington State.
We close with attorney's in New York. The seller has their own attorney, the buyer has their own attorney and the bank will have their attorney. Many other states close with Title Companies. I am going to explain the New York State closing process in depth in this post.

The Real Estate Contract

• The Cayuga County Contract is a 13 page document that needs to be signed by both the seller and the buyer AND approved by both parties attorney's.
• If the contract does not have attorney approval by both parties it is not considered a valid contract.
• The Cayuga County Real Estate Contract authorizes the seller's attorney to start title work immediately and if something falls through the buyer's deposit goes towards covering any costs incurred.

Title Documents/Role of the Seller's Attorney

In New York the seller's attorney needs to provide the buyer's attorney with title documents. These documents include an original updated abstract of title, an updated property survey, A copy of the proposed deed, a smoke/alarm carbon monoxide affidavit, the RP-5217 and the TP-584, and the statement of taxes and copies of the tax and water bills.

*If the property is located in Cayuga County and has a septic system and a well a septic die test and a water test needs to be done by the seller and their attorney needs to provide a discharge permit issued by the County Health Department.

• It can take up to 30 days to get these title documents back.
• The attorney is depending on the title company and the surveyor- If a brand new abstract is needed it can be a lengthy process. Normally the survey will take about 3 weeks to get back.
• Once the attorney has all of these documents in place and has reviewed the Abstract for any potential issues with title they are sent to the buyer's attorney.
• How quickly the seller's attorney can get these documents in order will set the pace for the closing. - so be sure to choose a competent Real Estate Attorney-

Title Commitment/Role of the Buyer's Attorney

Once the Buyer's Attorney receives all of the documents from the seller's attorney they will review the documents and begin the process of getting the commitment for title insurance. Most banks will not issue the mortgage with out title insurance. This is the buyer's responsibility and is included in your closing cost estimates that your loan officer gives you when you apply for your mortgage.

* If you are paying cash for the property you do not need title insurance but it is recommended in order to protect you from future claims to the title.

It should take the buyer's attorney about 7-10 days to review all of the title documents and get the commitment for title insurance. If the buyer's attorney or the title company finds any problems with the abstract that the seller's attorney missed it will need to be remedied at this time.

The Bank Attorney and Scheduling the Closing

• Once the Buyer's Attorney has received the commitment for title insurance they will forward everything to the bank attorney for final review.
• At this point 2 attorney's have reviewed the documents and there should not be any issues.
• The bank attorney will review the commitment for title insurance. In addition to the other documents they will also want to see the buyer's Home Owner's Insurance Binder w/ paid receipt.
• The bank attorney will then look to underwriting to see if the loan has been cleared to close.
• Once they receive the clear to close from the bank they will prepare the HUD-1 settlement statement which will break down all of the buyer's closing costs and show how much is needed for closing and then we can now SCHEDULE THE CLOSING!

The Closing

• Expect the closing to take about 2 hours. Most likely the buyer, the seller and the attorney's will be at the closing. Sometimes there may be a closer from the title company and the real estate agents.
• If you are the seller you can pre sign documents and just have your attorney at the closing so you do not have to attend. Some seller's choose to do this if they are out of town or if there is any tension with the buyers.
• The buyer has to sign all of the bank documents at the closing and usually has to do this in person. The buyer will have the most documents to sign at the closing.
• Once everything has been signed one of the attorney's will file all of the necessary documents with the County Clerk's office.

Congratulations you have now sold or own a new home!

Expect the closing process in New York to take 45-60 days. Also note that the closing date in the Cayuga County Real Estate Contract is considered on or about this is not a time is of the essence date and should not be depended on as the actual closing date.

If you have any questions in regards to the Real Estate Closing process or if you need a real estate closing Attorney please contact Daniel Testa, Esq. at 315-255-3368.

As always for immediate answers to any real estate questions please feel free to call me anytime at 315-515-8348.

What exactly does a Real Estate Agent do? It is a very valid question that a lot of buyer's and seller's really don't know the full answer to. This post is going to answer what a Real Estate Agent does for a home buyer. A Real Estate Agent has to be licensed by his/her state and has to work under the supervision of a Broker. A Real Estate Agent is often a Realtor as well. A Realtor is an agent who belongs to the National Association of Realtors. You can be an agent and not a Realtor but I would tread carefully with anyone who has not invested enough in their career to at least hold the Realtor title.

1. So first and foremost if you are considering purchasing a home you should have your own Agent and not multiple agents. You should not just walk into an Open House and write a purchase offer with the on duty agent as they are representing... guess who? The Seller!
2. Here in the Auburn New York/ Finger Lakes area the seller pays the agent's commission. Most of the time there will be a listing agent and a selling agent. The listing agent acts as the seller's agent and are working in their best interests, the selling agent works for the buyer and is representing the buyer's best interests. The great thing about buying real estate is that you get you own exclusive agent to represent you and help meet your needs and the seller pays for it. If it is a 7% commission on the house the seller will pay out 3.5% to the list agent and 3.5% to the buyer's agent. In essence as a buyer you are basically receiving a free personal real estate assistant.
3. You should choose an agent who knows the local market well and who you feel comfortable with. I always recommend interviewing (not looking at houses with) a few different agents to find who will be the best fit for you.
4. Once you have chosen the right agent the house hunting can begin. The agent's main responsibility is to connect you with a seller and broker the deal. When I begin to work with a new client I like to have an initial meeting to go over what their real estate needs are. At the initial meeting I will also recommend lender's if they do not already have one in place.
5. I will then do a property search to pull up properties that meet what you are looking for and show you those properties. At this beginning phase the agent should be in constant contact updating you on new properties and showing you properties.
6. Once you have found a property you are interested in the real estate negotiating process will begin.
7. After the agent has negotiated the selling price for you, you will then sign the contract, order any inspections and the closing process will begin

I stay in touch with my clients throughout the entire closing process. Their are a lot of parties involved in a closing and I like to make sure every party communicates with the other and the process goes smoothly. Every client is unique so I customize my strategies to fit each client and their needs. If you do not have a lot of time I am more than happy to preview houses before the initial showing. For our of town clients I create virtual tours of properties they are interested in so they can be viewed online. Remember in essence the agent is you employee. If you have an agent who does not want to show you properties or does not send you prospects in a timely fashion by all means get another agent! For up to date real estate information and if you have any questions please feel free to call me anytime at 315-515-8348.

Here are the March 2009 Real Estate Sales statistics for Cayuga County, New York. These statistics are for all of Cayuga County including the City of Auburn, Aurelius, Fleming, Owasco, Sennett, Weedsport, Cato, Port Byron, Aurora, Union Springs, Locke, Genoa, Moravia, Fair Haven etc.

March 2009 Closed Sales (Single Family Residential)

There were 23 Closed Sales for the month of March

Average Listing Price: $125,213.00 High List Price: $525,000 Low List Price: $15,500

Average Sales Price: $113,617 High Sales Price: $485,000 Low Sales Price: $19,500

Average Days on the Market: 109 Maximum Days: 875 Minimum Days: 0

There were 78 Properties that went Pending in the month of March 2009 with an average listing price of $126,299. There were 130 Pending properties for March 2008 with an average listing price of 161,553.00.

* These sales statistics were gathered from the multiple listing service and only include single family residential homes in Cayuga County. The statistics do not factor in any properties that sold privately.

Click here to read previously posted sales statistics:
http://www.yourauburnrealtor.com/2009/02/cayuga-county-real-estate-sales.html

If you have any questions or would like more in depth information on Cayuga County Real Estate Sales and Statistics please call me anytime at 315-515-8348.

So are you ready to buy a house? Here in the Finger Lakes area it has never been a better time to buy. The inventory of houses for sale is high, prices are competitive and there are great interest rates.
So in this buyer's market how do you go about negotiating the best price for the house that you want?
My last blog post touched on the first negotiating scenario http://www.yourauburnrealtor.com/2009/04/buyers-tipss-how-to-negotiate-best.html

Sellers want to get the highest price possible for their property and the buyer wants to buy the property for the lowest possible price. Obviously this puts both parties at an impasse. Right now in Auburn New York home buyer's have the advantage as it is a buyer's market. There is a lot of inventory on the market and properties are taking longer to sell.
When I work as a Buyer's Agent I have different negotiating strategies based on each particular property. Lets look at a couple more scenario's.

Scenario 1: The subject property has been on the market for 10 months the current asking price is $129,900.00. The original list price was $139,900. The buyer likes the property and is ready to place a bid.
After doing a comparative market analysis I am coming out with a value of $119,000.00. After speaking to the seller's agent I learn that the seller is relocating and needs to sell the property.
Based on all of this information and the fact that it is a buyer's market my recommendation would be to put in an offer for $109,900.00. It is $20,000 below the asking price but the house is overpriced to begin with and we now know the seller needs to sell asap.

Most Likely the seller will counter offer at $124,900, I would then bring up the market analysis putting the value at $119,000.00 and advise my clients to counter at $115,000.00. We will probably come to terms between $115,000 and $120,000 after all of the countering has been finalized. The bottom line is if that this seller really needs to sell they are going to make a deal with the buyer.


Scenario 2: The subject property has just came on the market at $124,900.00. The assessed value of the property is $139,900 and is in a very desirable location. After completing a market analysis I am coming out with a value of $130,000.00. The agent has said that there has been a lot of interest and many showings since she put it on the market.
In this situation I would recommend that if my client really want the house they offer as close to asking price as they can. I would have them put in and offer of $119,900.00 the seller still may counter closer to their asking price. We know that even if we pay full price for the property we are still getting it for less than market value and it is in a desirable location. Stalling and offering to low on a property like this will result in someone else winning the bid.

My next post will feature advice on how to bid on foreclosures and HUD homes.

If you need immediate real estate advice or have any questions please call me anytime at 315-515-8348.

So are you ready to buy a house? Here in the finger lakes area it has never been a better time to buy. The inventory of houses for sale is high, prices are competitive and there are great interest rates. So in this buyer's market how do you go about negotiating the best price for the house that you want? My first word of advice is to enlist a competent real estate agent. You should have your own agent who works for you as a buyer's agent. A buyer's agent work's exclusively for the buyer and is there to guide you through the real estate process and most importantly to GET YOU THE BEST PRICE FOR THE HOME YOU WANT! Once you find a property that you like your agent should do all of the leg work. Before I have my clients write any offers I first check to see how long the house has been on the market and how many times the price has been reduced. This helps me to feel out how negotiable the seller is going to be. The second thing that I do for my client is a comprehensive market analysis (this is not just for seller's). The market analysis looks at comparable houses in the area that have sold within the last year. The analysis will give you a good idea of what the house is worth. So after you have ran the number's and know the value of the house how do you go about negotiating the best price? There are a few different negotiating strategies that you can use. I assess each situation and then will advise my clients on what I think is the best way to go. So lets look at some scenarios. Example 1. The subject property has been listed for 6 months, the original list price was $189,900 and is now reduced to $179,900. After calling the listing agent I have found out that the seller's have purchased another home and the house is vacant. My market analysis came out with a price of $180,000.00 Negotiating Strategy: With this scenario I know a few key pieces of information; 1. the house has been on the market for a while, 2. The seller's are flexible as they have lowered their price by $10,000.00 3. The seller's need to sell as they are now carrying 2 mortgages. So even though my market analysis and list price match I would still be aggressive with this negotiation. I would offer 90% of the asking price. Most likely the seller will counter offer this first offer. I would have my clients counter again and statistically we will probably end up paying 92% of the asking price. Stay tuned to my next blog post that will explore two other negotiating scenario's.

Okay so I know I may sound like a broken record but now really is a great time to buy Real Estate in Upstate New York. We are looking at loads of inventory, great interest rates and the first time home buyer tax incentive. It is truly a buyer's market here in Cayuga county... but it may not be for long. Over the past week I have been taking one of my clients out to view property. He is looking for a ranch preferably outside the city of Auburn, with a garage up and priced up to about 180,000.00. Now you would think that I should easily be able to find a suitable property for him. The first house my client wanted to see has been on the market for over a year when I called the selling agent to set up an appointment to view the property she informed me that it just went on contingency. OK so we know there are other properties out there. The second house which he was very interested in had just had two price reductions bringing it down to the price the seller should of had it listed at 6 months ago. When I called to get showing instructions the agent informed me they just accepted an offer on the property, I took my client to see it anyways because the offer was not finalized, that same day we also viewed a property in the city of Auburn which he liked... Low and behold the agent called me that evening to inform me that an offer had just been accepted and the house was contingent. This means that most likely an offer was being written on that house as I was showing the property! This is starting to become reminiscent of Real Estate past. Now yesterday my client asked to see another property I had sent him. An office listing that has been on the market for about 4 months.... I contacted the agent to see if we could get in right away and she had just written an offer that was accepted! What is going on here? 4 properties that my client was interested in have just went on contract within a one week period. It is supposed to be a buyer's market but I think everyone is catching the drift on how favorable the conditions are to buy right now. After all of this I was not surprised to read an article today that the National Association of Realtors has reported that pending home sales are up 2.1% nationally and up 10.6% in the Northeast. This is a good indicator of what future sales will look like. http://money.cnn.com/2009/04/01/real_estate/February_pending_home_sales/index.htm?section=money_latest  So if you are a serious buyer, with good credit and steady income get out there and start looking. You may just find the home of your dreams! If you need immediate answers to any real estate questions please feel free to call me anytime at 315-515-8348.

If you are thinking about selling your house now is a great time to do so in Auburn, New York and the Finger Lakes Region. Property values in Auburn, NY have actually risen 6.51 percent in 2008 compared to a national decline of 11%. So if you live in upstate New York don't let the talk of a bad Real Estate market effect your decision to sell or buy a house because we really are not at all suffering the way many parts of the country are when it comes to real estate.
My last blog offered a sample market analysis which will give you the market dictated price you could expect to sell your home for. After you have received your market analysis the agent should then present to you a marketing plan customized for your specific property. Each property is unique and the marketing plan should be unique as well. Here is a sample marketing plan that I offer my clients.

1. Your property will be entered into the Multiple Listing Service
2. Your property will be entered onto several websites in order to give your property the most visibility. Some of these sites are sherlockhomesrealestate.net, fingerlakeshomes.com and homes.com.
3. I will also advertise your property on web sites such as craigslist, Localism, Active Rain and Upstate Dreams.
4. I will have your property photographed in order to highlight each unique feature of the property.
5. Your property will receive its own unique website ex. www.5879breedroad.com.
6. Professional brochures will be created for the property
7. Print advertising will be created for your property (The Citizen or Post-Standard and the Real Estate Guide)
8. Multiple Open Houses will be held in order to introduce your property to the public
9. A Broker's Open House will be conducted in order to familiarize the Local Real Estate Agents with your property so they can then relay it to their clients.
10. I will "blog" your property which will create yet another online presence.
11. A For Sale Sign will be placed on the property along with a sign advertising the property's Web/virtual tour address.

This is just my basic marketing plan as you can see I use a mixture of marketing techniques in order to get your property sold quickly. I am also open to adding any idea's that the homeowner may have in marketing the property as well.

If you want your house to sell quickly and for the most money you have to have a good marketing plan behind you. This is a buyer's market right now so the seller has to go above and beyond the competition and the Real Estate agent has to get creative when marketing. I see the scenario of a real estate agent listing property, throwing it in the multiple listing service and placing a couple ad's on it far to often. While these things have to be done they can not be the only things that are done to market the property. Seller's whose properties fall victim to these lackluster and outdated marketing techniques find their homes on the market for to long and often do not get the price they are looking for.

For more information on how to sell your house and to get your free market analysis please feel free to call me anytime at 315-515-8348. I cover the area's of Auburn, Owasco, Fleming, Aurelius, Skaneateles, Marcellus, Camillus, Elbridge, Jordan, Weedsport, Cato, Port Byron, Union Springs, Seneca Falls, Moravia and all of the fingerlakes.

If you are thinking about putting your home on the market now is a great time to do so in upstate New York. Real Estate in and around Auburn NY including the finger lakes, Skaneatelas, Union Springs, Weedsport and Elbridge is starting to pick up. Spring is the best time to put you home on the market.
Your first step in the home selling process is to choose a Real Estate Agent. You need to interview 3 Real Estate Agents and be sure that each of them provide you with a comparative market analysis. A comparative market analysis compares your home to other properties similar to yours that have sold recently. The comp houses should be located within a five mile radius of your house and should have sold within the last year. In more rural areas you may have to widen your search and extend the time frame in order to find comparable properties.
The Real Estate Agent will then make adjustments in order to make the houses equal such as adjusting the price for square footage differentials, number of bathrooms and so on.
Here is a link to a sample comparative market analysis http://amy.syr.mlxchange.com/Pub/ShowCMAFrameSet.asp?cmaid=49625&typeid=1&binder=5&title=Seller%20CMA%20for%20Lori%20Nervina

An agent should never give you a house value without doing a complete market analysis. In addition to providing you with a recommended listing price through the use of the market analysis the agent should also prepare and go over their marketing plan with you. My next post will feature a sample real estate marketing plan.

Please contact me anytime at 315-515-8348 if you have questions on how to sell your home in this down market!

Here in the Finger Lakes area we have weathered this long cold winter without batting an eyelash. But now could it actually be Spring peeking around the corner? The days are longer and the temperatures are slowly but steadily rising. This is my favorite time of year. I relish the warm sun and the smell of mud as the snow melts. With spring comes a fresh new start.

Spring signifies a fresh start in the Real Estate world too especially here in upstate New York where everyone seems to hibernate for the winter. If you are thinking about selling your house now is the time to get started. In addition to the weather changing this year home seller's also have the first time home buyer's credit on their side. Qualified buyers are looking for property and they are looking now. Don't miss out on this window of opportunity. You need to get your house ready to be on the market no later than April 1st or you run the risk of losing potential buyers to other seller's. This market is competitive for seller's right now. You have to be on point with your asking price and your house has to be in showing condition at all times.

The first step you need to take to prepare your home for sale is to choose your Real Estate Agent. Interview three agents and choose the agent with the best plan to sell your home. Expect this to be a two meeting process. The agent should first meet with you and take a look at your property and then comeback with a comparative market analysis and a marketing plan for your property. Never should an agent come up with your homes value without completing a thorough comparative market analysis. My next post will feature a sample market analysis and home marketing plan. Get started now to take advantage of this opportune selling time!