"The Burn" Auburn, Skaneateles and Finger Lake Real Estate

Motivated Home Buyer, Auburn New York

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Thu, 23 Apr 2009 14:02:38 -0500

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!

The Real Estate Closing Process- Central New york

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Thu, 16 Apr 2009 17:28:16 -0500

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 Does a Real Estate Agent Do?

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 15 Apr 2009 21:51:21 -0500

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.

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!
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.
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.
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.
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.
Once you have found a property you are interested in the real estate negotiating process will begin.
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.

Cayuga County New York March 2009 Real Estate Sales Statistics

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 08 Apr 2009 12:52:48 -0500

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.

Buyer Negotiating Tips- Part 2

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Mon, 06 Apr 2009 11:21:01 -0500

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.

How to Sucessfully Negotiate The Best Price For a House

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Thu, 02 Apr 2009 22:33:04 -0500

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.

Its Supposed to Be a Buyer's Market...

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 01 Apr 2009 20:16:41 -0500

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.

How To Sell Your House-A Sample Marketing Plan

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Fri, 20 Mar 2009 15:13:55 -0500

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.

Your property will be entered into the Multiple Listing Service
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.
I will also advertise your property on web sites such as craigslist, Localism, Active Rain and Upstate Dreams.
I will have your property photographed in order to highlight each unique feature of the property.
Your property will receive its own unique website ex. www.5879breedroad.com.
Professional brochures will be created for the property
Print advertising will be created for your property (The Citizen or Post-Standard and the Real Estate Guide)
Multiple Open Houses will be held in order to introduce your property to the public
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.
I will "blog" your property which will create yet another online presence.
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.

Sample Comparative Market Analysis

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Tue, 17 Mar 2009 16:10:47 -0500

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!

Sell Your House This Spring

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Sun, 15 Mar 2009 15:03:44 -0500

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!

Mortgage Rates Drop This Week!

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Tue, 03 Mar 2009 20:31:26 -0600

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.04 percent with an average 0.7 point for the week ending February 19, 2009, down from last week when it averaged 5.16 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.04 percent.

Now has never been a better time to buy if you have the credit and income to do so. Not only are interest rates historically low but now coupled with the $8,000 first time tax credit your actually going to be getting paid to buy a house.

Auburn New York home appreciation has actually risen 6.51 percent from 2007 whereas nationally home values have depreciated by 11 percent in 2008. Now is a great time to buy in Auburn NY and the Finger Lakes regions. Central New York never really experienced the huge housing boom so we are really not feeling the effects of the housing crisis the same way the rest of the county is. So take advantage of it now while rates are low and incentives are high.

Get up to $8000 for buying a house!

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Thu, 26 Feb 2009 14:34:20 -0600

Included in President Obama's economic stimulas plan is an $8000 First Time Home Buyer Tax Credit!

To qualify for this credit you have to purchase a home between January 1st, 2009 and December 31, 2009.
You have to be a First Time Home Buyer or have not owned a home within the last the 3 years.
You will receive 10% of the purchase price up to a maximum of $8000.00. So if you purchase a home for $70,000.00 you will receive $7000.00 any home purchase of $80,000 and above qualify's you for the full $8000.00 credit.
This is a true tax credit not a deduction. So when you file your taxes you will be getting $8000.00 from the federal government.

If you are considering buying a home now is the time to jump off the fence and do it! My next post will feature a question and answer section on this credit and go further in depth on the subject.
Please feel free to contact me anytime at 315-515-8348 to get immediate answers to your questions

HOT OFF THE PRESS, Home Values Appreciate in Auburn, NY for 2008

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Sat, 21 Feb 2009 11:32:13 -0600

Unless you don't watch the news, read the paper, use the Internet or listen to the radio by now everyone has heard that our Country is in a recession and we have heard for over a year now about the housing crisis.
But wait here in our small city of Auburn New York there is hope. Nationwide homes depreciated in 2008 by 11%. That is huge. What that basically means is that many home owners have higher mortgages than what there home is actually worth. This causes a plethora of problems when it comes to resale. For those that can afford their mortgages they have the luxury of waiting this crisis out and hope that their homes value rises again. But this does pose a problem if you want to borrow against your home. For those that can not afford their mortgage due to adjusted interests rates, loss of jobs etc. its far more pressing. They will have a much harder time selling their home for the amount needed to payoff their mortgage.

Now here in Auburn we have seen some effects of this nationwide housing crisis. Sales in Cayuga county in 2008 were down 30% from 2007. But according to data gathered from First American Core Logic in 2008 Auburn's home appreciation was 6.51% in the positive not the negative!

The 11 cities with the highest home price appreciation in 2008 are:

Cedar Rapids, Iowa: 8.83 percent
Binghamton, N.Y.: 7.78 percent
Amsterdam, N.Y.: 7.89 percent
Malone, N.Y.: 7.60 percent
Bay City, Mich.: 6.87 percent
College Station-Bryan: 6.78 percent
Rocky Mount, N.C.: 6.69 percent
Auburn, N.Y.: 6.51 percent
Lebanon, Pa.: 6.41 percent
Elmira, N.Y.: 6.28 percent
Johnstown, Pa.: 6.20 percent

Binghamton, Amsterdam, Malone and Elmira New York also enjoyed Home Appreciations.

So what does this mean? Basically you can still sell your home and actually make a profit! You also still have Home Equity which means you still have the option to borrow from your home. If you are on the fence about selling your home this year because of the "bad" market jump off of it. We never experienced the huge real estate boom in Central New York BUT we aren't experiencing the huge Real Estate Crash either.
Interest rates for buyer's with good credit, who are able to afford a mortgage a great. Don't be afraid to sell and don't be afraid to buy.

Home Buyers Night-Get Prequalified

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Fri, 20 Feb 2009 11:55:51 -0600

If you are considering purchasing a home but don't know where to start go to Eagle Nationwide Mortgage's Home Buyer's Night every THURSDAY at 6:30 p.m. The Blarney Stone, Genesee Street, Auburn, NY tell them that Amy Testa sent you!

You will be able to get all of your mortgage questions answered in a no pressure casual setting and get prequalified if you are interested.

THIS LITTLE PIGGY IS
BUYING A NEW HOME
YOU CAN TOO!

Visit Us or Call for YOUR Preapproval: 252-9675
163 North St., Auburn Available Nights & Weekends by Appointment

Rita 515-0701

Call or Join Us Thursday Nights for More Info
FUN FUN FUN EVERY THURSDAY NIGHT

Play the MORTGAGE MONEY GAME
Learn negotiation tactics and strategies to more effectively buy or sell a home.
And...if you want, get prequalified by our team of mortgage professionals.

6:30 pm at Blarney Stone - 288 W. Genesee St., Auburn
We Welcome 1st Time Homebuyers
MANY Programs Available
Including FHA, Rural, and VA Loans

Cayuga County Real Estate Sales Statistics

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Thu, 19 Feb 2009 16:23:31 -0600

Here are the most recent real estate sales statistics for Cayuga County from January 1st, 2009 thru February 19, 2009 along with the sales statistics from January 1, 2008 - February 19,2008

These statistics cover all of cayuga county including the city of Auburn, Weedsport, Brutus, Aurelius, Fleming, Springport, Port Byron, Owasco, Genoa, Locke, Ledyard, Scipio, Sennett, Throop, Mentz and Montezuma.

1/1/09-2/19/09

Number of Listings Sold: 29
Average Sales Price: $104,008.00
Average List Price: $114,202.00
Minimum Sales Price: $20,000.00
Minium List Price: $24,900
Maximum Sales Price: $409,00.00
Maximum List Price: $439,900.00
AVERAGE DAYS ON THE MARKET: 121 Days

1/1/2008-2/19/08

Listings Sold: 35
Average Sale Price: $137,909
Average List Price: $149,826
AVERAGE DAYS ON MARKET: 114

If you are thinking about selling your home this year remember that the key to sucess is all in the pricing. Call me anytime at 315-515-8348 for a free comprehensive market analysis that will give you the market dictacted price you could expect to sell you home for.

I also offer sellers a comprehensive marketing plan that includes your own unique property website ex. http://www.5879breedroad.com/, professional photographs of the property and a wide array of print and online advertising.

You can sell your house in this market you just have to have a good agent with a good marketing plan and you have to be spot on with your pricing! I will continually update these sales statistics on my blog

How to Buy a House

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Mon, 16 Feb 2009 12:22:54 -0600

The home buying process can be scary and intimidating. If you are interested in purchasing your first home now is a great time to buy.

There are a lot of players in the home buying process in New York State. Here in Cayuga County you have your real estate agent, your lender and the closing attorneys.

The real estate agent should be your first point of contact. You should set up an initial meeting with a real estate agent. When I sit down for the first time with a potential client I will answer any questions that you may have and get a feel for what you are looking for. I will recommend a couple of lenders that will be most able to serve your needs and go over the closing process with you.

You will want your agent to specialize as your buyer's agent which means that they will be working exclusively for you and looking out for your best interests. You do not want to go to an open house and purchase from that agent. They are in a contract with the seller stating that they represent their best intrests. Engaging into a contract with a Buyer's Agent will ensure that you get the best price for the house and that your interests are represented fairly. The best part of being a buyer is that you get to have your own exclusive agent working for you and the seller actually pays for these services!

Your next step is to contact the lender and get prequalified. The lender will tell you exactly how much you can afford and will issue a prequalification letter.

After speaking with the mortgage lender you can start your home search! Your agent will be able to pull up listings that suit what you are looking for and begin showing you houses.

Once you find a home you like your agent will take you through the offer and negotiation process. Once you have negotiated the terms of the contract the closing process will begin. I will be explaining the Real Estate Closing process in my next post.

AVOID FORECLOSURE.... Consider a Short Sale

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 04 Jun 2008 16:26:45 -0500

Attention Homeowners if you have been served with foreclosure papers please consult your own attorney as soon as possible.

In most cases the bank and the attorney will both recommend that you try to sell your home as soon as possible by using a short sale.

What is a short sale? A short sale is when you are allowed to sell your house for less than what you owe the bank. Example: You owe the bank $100,000 for your house. You have an offer on your house for $85,000.00. The bank allows you to sell your house for $85,000.00 taking a $15,000 loss.

Why does the bank allow this? The Foreclosure process is a very expensive and drawn out process for the bank. The can usually recover more with a short sale rather than foreclosing and auctioning off the house.

How do I do a Short Sale? First and foremost the clock is ticking. You need to act quickly in order to get an offer to purchase on your property before the property gets auctioned. Your first step is to call a Real Estate Agent familiar with short sales. You then need to devise with the agent a marketing and pricing strategy that will get you a quick offer on your house. This is not the time to hold out for all you can get. You won't make money with a short sale but you will not have a foreclosure affixed to your credit report which will make it difficult to rebuild your credit and purchase future property.

I know that the prospect of foreclosure is very scary and can get very emotional. But by doing a short sale you can save your credit and it will be easier to pick up the pieces and rebuild.

For more information or to meet with me confidentially please call me anytime at 315.515.8348.

Price Reduction 5879 Breed Road Camillus NY/ Owner VERY MOTIVATED

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Tue, 27 May 2008 13:25:11 -0500

5879 Breed Road

$479,900

5879 Breed Road, Camillus NY

Features:

3 bedrooms, 4 baths
Custom Built Colonial
Gourmet Kitchen with Granite Countertops and Chef Style Appliances
Professional Theatre Room
Breathtaking 3 Story Grand Mahogany Staircase
Gorgeous Hardwoods, 8 foot solid wood doors, fabric wall coverings, two gas fireplaces
www.5879BreedRd.com

Remarks:
This gorgeous 3 bedroom, 4 bath colonial was designed by architect Thomas Barrett. The quality of this home is evident in every material used throughout this one of a kind property.

The home features a 3 story grand mahogany staircase, a gourmet kitchen with professional grade appliances, a cozy library complete with a gas fireplace and a profesional theatre room.

As you walk through the property you will take notice of the 8 foot solid wood doors, the gleaming hardwoods, custom fabric wallcoverings and the upgraded lighting fixtures.

Above the garage you will find a cute and cozy apartment or office complete with a full bath and kitchenette.

This is the property you have been dreaming of. Don't miss out on this one of a kind opportunity!

Amy Testa
Licensed Real Estate Salesperson

315.515.8348

View My Website

View My Other Listings

Auburn Sherlock Homes Real Estate, Inc.

123 Genesee Street
Auburn, NY 13021

315.253.8419

©2007Properties Online, LLC, Patent No. US 6,760,707. The above information including square footage is based on data received from the seller and/or from public sources. This information is deemed reliable but has not been independently verified and cannot be guaranteed. Prospective buyers are advised to verify information to their own satisfaction prior to purchase.

Sell your Property FAST and For All its worth!

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 16 Apr 2008 13:49:14 -0500

If you are considering selling your house in the Upstate New York region check out my marketing plan before listing with another Realtor!

I will do a complete Comparable Market Analysis for your property which will help determine the market dictated price you could expect to sell your property for.
I will give your property its own unique website. Check out http://www.5879breedrd.com for an example
I will have your property professionally photographed to enhance each unique detail of your property
Extensive print advertising will be created for you property. Such as custom brochures and flyers.
You property will be featured on multiple websites and can be found in over 25 different search engines.
I will conduct multiple open houses until your property is SOLD.
A Brokers Open House will be conducted to introduce your property to local Realtors who may have a buyer looking for what you are offering.

I will customize this marketing plan to your unique property needs and preferences. As you can see I offer things that other local real estate agents do not currently offer.

To many real estate agents just enter your property into the MLS and wait for someone to call on it. With today's real estate market that is simply not enough. You need an aggressive agent with a solid marketing plan if you want your property to sell quickly and for all that its worth. So don't settle!

Feel free to contact me anytime at 315.515.8348 if you have any questions or would like to speak further!

Sincerely,

Amy M. Testa

Guaranteed Results

5879 Breed Road, Camillus, NY

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Wed, 16 Apr 2008 13:20:46 -0500

5879 Breed Road

$499,900

5879 Breed Road, Camillus NY

Features:

3 bedrooms, 4 baths
Custom Built Colonial
Gourmet Kitchen with Granite Countertops and Chef Style Appliances
Professional Theatre Room
Breathtaking 3 Story Grand Mahogany Staircase
Gorgeous Hardwoods, 8 foot solid wood doors, fabric wall coverings, two gas fireplaces
www.5879BreedRd.com

Remarks:
This gorgeous 3 bedroom, 4 bath colonial was designed by architect Thomas Barrett. The quality of this home is evident in every material used throughout this one of a kind property.

The home features a 3 story grand mahogany staircase, a gourmet kitchen with professional grade appliances, a cozy library complete with a gas fireplace and a profesional theatre room.

As you walk through the property you will take notice of the 8 foot solid wood doors, the gleaming hardwoods, custom fabric wallcoverings and the upgraded lighting fixtures.

Above the garage you will find a cute and cozy apartment or office complete with a full bath and kitchenette.

This is the property you have been dreaming of. Don't miss out on this one of a kind opportunity!

Amy Testa
Licensed Real Estate Salesperson

315.515.8348

View My Website

View My Other Listings

Auburn Sherlock Homes Real Estate, Inc.

123 Genesee Street
Auburn, NY 13021

315.253.8419

Choose your partners wisely

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Sun, 30 Mar 2008 16:40:56 -0500

In New York State many parties take part in a Real Estate Closing. You have the seller's agent, the buyer's agent, the lender, the seller's attorney, the buyer's attorney, the bank attorney, the appraiser the abstract company the surveyor... the list could go on.

With all of these different parties involved in the closing it is important for the Real Estate Agent to carefully choose who they are recommending their clients to.

I quickly realized that most of my clients depend on me to refer them to a lender and an attorney. I also realized that not all mortgage brokers and not all attorneys are created equal!

Since our referrals and recommendations mean so much to our clients it is important for us agents to partner ourselves with the best in the industry.

When I refer a mortgage broker to my clients I always ask the broker for a good faith estimate for my client in advance. This estimate will breakdown the fee's and closing costs the client will have to pay at closing. I like to provide my buyer's with 3 lender referrals and estimates. This way they can compare each one and decide who will work best for them. I look for mortgage brokers who not only are fair in rates and closing costs but who get back to my clients and me quickly and who stay with the closing to the end.

When recommending an attorney I look for the same qualities. Be sure to get their rate in advance as some attorneys get away with charging a full percent of the purchase price of the home. Most importantly I recommend attorneys who return phone calls promptly and keep me, the real estate agent, as well as the client in the loop throughout the entire closing process. Another thing to be aware of when choosing an attorney if your client is the buyer is the title insurance company they use. Ask them who they use and what the turnaround time is. If the time exceeds more than 48 hours this could make for a long closing.

Although the Realtor's recommendations are important be sure not to steer your clients. New York State requires that you offer 3 mortgage referrals and 3 attorney referrals. Just choose your 3 wisely and your closings will go smoothly!

Choose your partners wisely

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Sun, 30 Mar 2008 16:40:46 -0500

With all of these different parties involved in the closing it is important for the Real Estate Agent to carefully choose who they are recommending their clients to.

I quickly realized that most of my clients depend on me to refer them to a lender and an attorney. I also realized that not all mortgage brokers and not all attorneys are created equal!

Since our referrals and recommendations mean so much to our clients it is important for us agents to partner ourselves with the best in the industry.

Don't Buy From The Sign

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Mon, 24 Mar 2008 14:18:25 -0500

Many Home Buyers purchase their home from the Real Estate Agent listed on the sign but this is not the best way to buy.

When you buy from the agent who has the property listed you are their customer not their client and they are acting as the Seller's Agent. This means that they are working in the best interest of their client, the home seller, not you the buyer. What this means is for the buyer is less chance of sucessful negotiating.

Since the Seller pays the Real Estate commissions every home buyer should have their own Real Estate Agent who would act in their best interest. This agent would be considered the Buyer's Agent and they work in the best interest of the buyer. It's basically free representation so you should take advantage of it.

Having your own agent will ensure smoother more effective negotiating, open lines of communication and a smoother closing. Look for an agent who knows the local market, gets back to you in a timely manner and shows you the type of houses you are looking for in the price range you specify. Having a good Buyer's Agent is invaluable and could save you thousands of dollars in purchasing your new home.

If you are looking to purchase in the Central and Fingerlake region of New York State please contact me at 315.515.8348 to learn more.

Happy House Hunting!!!

It's time to get summer properties listed

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Fri, 07 Mar 2008 09:37:27 -0600

Here in upstate New York winter is not the best time to showcase houses for sale on our beautiful Fingerlakes. Now that spring is ALMOST here it is time for seller's to think about getting their properties on the market.

Our lakes are absolutely gorgeous all year round but the summer is their time shine. Seller's with lake front property to sell should start interviewing their agents and cleaning up their properties.

Since the waterfront is what really attracts the buyers be sure to have your beach fronts clean and trees trimmed back to reveal the fabulous view. Also consider placing a for sale sign on the beach as well as the usual front yard spot for passing boaters to see. Once the weather warms up be sure to open all of the windows and air out the house.

Lakefront properties in the Finger lakes region are sought after throughout the entire Country many property owners either live in the downstate area or out of state. So make sure your Realtor gives your property a web site and a web presence as well. Happy selling.

For more information about buying or selling property in the Finger lakes region contact Amy Testa at 315.515.8348.

Property For Sale 5879 Breed Road, Camillus

Amy Testa (Auburn Sherlock Homes Real Estate, Inc.) — Sat, 02 Feb 2008 20:28:57 -0600

5879 Breed Road

$499,900

5879 Breed Road, Camillus NY

Features:

3 Bedrooms, 4 Baths
Custom Built Colonial
Gourmet Kitchen with Granite Countertops and Chef Style Appliances
Professional Theatre Room
Breathtaking 3 Story Grand Mahogany Staircase
Gorgeous Hardwoods, 8 foot solid wood doors, fabric wall coverings, two gas fireplaces
www.5879BreedRd.com

Remarks:
This gorgeous 3 bedroom, 4 bath colonial was designed by architect Thomas Barrett. The quality of this home is evident in every material used throughout this one of a kind property.

The home features a 3 story grand mahogany staircase, a gourmet kitchen with professional grade appliances, a cozy library complete with a gas fireplace and a profesional theatre room.

As you walk through the property you will take notice of the 8 foot solid wood doors, the gleaming hardwoods, custom fabric wallcoverings and the upgraded lighting fixtures.

Above the garage you will find a cute and cozy apartment or office complete with a full bath and kitchenette.

This is the property you have been dreaming of. Don't miss out on this one of a kind opportunity!

Open House:
Feb 17 Noon - 2:00 PM
Mar 2 Noon - 2:00 PM

Amy Testa
Licensed Real Estate Salesperson

315.515.8348

View My Website

View My Other Listings

Auburn Sherlock Homes Real Estate, Inc.

123 Genesee Street
Auburn, NY 13021

315.253.8419