Melinda Pearson's Blog

Zero Down USDA Loan|Dutchess County Property|Clinton Corners NY

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Wed, 16 May 2012 05:45:57 -0700

Zero Down USDA Loan|Dutchess County Property|Clinton Corners|Rhinebeck|Staatsburgh NY

Come home to your own vacation in Clinton Corners or use this as your weekend home!

This beautiful custom contemporary cape features 3.2 park like acres with a pond and a large barn is perfect for the artist or contractor. It sits across an apple orchard and is walking distance to Clinton Vineyards. Asking 279,000

Check out how peaceful this is: I love hearing the wildlife! This location is showing higher home values than the rest of the county because it is easy access to the Taconic State Parkway which is the main route for commuters to get to their jobs in Westchester and NYC.

More homes have sold in this area in 2011 than in 2010 and average prices are up for this area about 8 percent. Compare to other areas in Dutchess County where the average prices have not increased. http://www.poughkeepsiejournal.com/apps/pbcs.dll/article?AID=2012304290104

If this area can do well in this market, think of it as an investment with prices so low!

This home qualifies for a USDA loan

and if you meet the criteria, this is a sweet deal for you! (Asking price is now 279,000)

Zero Down for this property in Dutchess County, NY!! In addition, pay less per month than the fha or conventional loan. How does that work? The PMI for this loan is significantly less than other loans. Never heard of the USDA Loan? It is the most common loan used in the rural states and Dutchess County offers eligible homes for this great loan. Find out if you meet the criteria. Call me for more information, I am happy to help you!

Things to Ponder Before You Submit a Low Ball Offer

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Fri, 11 Jun 2010 20:51:41 -0700

Definetely helpful information for buyers and sellers...

Via Karen Crowson (Alain Pinel Realtors, Livermore, CA):

What was your first reaction when seeing this property?

Assuming that you’ve been there in person before writing an offer, the initial price must have been within your reasonable range, or you would have skipped it altogether. Was there something objectionable about the property supporting a lower price?

Is the home price overpriced or in step with the current market?

How does the price per square foot compare with others of equal size, location and condition? Is there a surplus of properties, or are inventory levels below average?

What kind of seller is in the equation?

If this is a foreclosed property it is likely priced below market value. The bank’s strategy is to get it off their books, and fast. Most times the house has been vacant for a substantial period of time and its condition can be less than ideal. If it’s seller owned, but a short sale, the listing agent may have priced it far below market to attract a quick sale to stave off foreclosure. That doesn’t mean that this low list price will actually be accepted by the short-selling bank. It’s simply a starting place to entice offers. If the home is an equity sale it may not be a distressed sale.

Are there many distressed properties comparable to this one?

One foreclosed property or short sale does not set a new price level for an entire neighborhood, although it may have altered buyer’s perceptions of such. If there are other regular sales in the vicinity, or a low percentage of distressed properties in the surrounding areas, that will carry more weight.

Consider the appraisal.

Let’s just say that you make a grossly below-asking-price offer and the seller accepts it. If the appraisal comes in higher, how likely is it that the deal will go through? If you’ve made a low offer that is supported by the appraisal, then you’re likely to have more bargaining power when returning to the seller for a price adjustment.

Is some recent home buying/selling experience influence your judgment?

If you recently sold a home and got beat up on price, you may feel justified in doing the same. If it was recently and in the same market, it may make perfect sense. But if this was a year or two ago, or in a completely different location, you may not be comparing apples to apples.

Do you love the house, and really hope you can buy it?

If your offer is deemed ridiculous, you take the chance of setting the tone with the seller, be it bank or otherwise, that you are not a serious buyer about this property, but just looking for a deal.

If your home was on the market and you received this offer, what would be your first impression?

Would you be angry, disappointed, insulted? Those are very often a seller’s first reactions. I’ve heard more than one state – I’d rather take it off the market than sell to these people. Perhaps you think it’s worth giving it a try and it very well may be. But…..

What do you imagine the seller’s response will be?

Accept it, counter it, or reject it outright? You may be expecting the seller to counter you, no matter how low the offer starts. However, it’s always good to play the what if scenarios, and determine what your reactions to each possible outcome would be.

How will you feel if you don’t get it?

Is this the house you want the most of all you’ve seen? How long do you expect to live there? It’s a good exercise to run numbers through your mind. “If I get it for $10,000 less, I’ll love it even more!” “If I paid $20,000 more over the next 5 years that I live here, would I be ok with that?” Just some food for thought…….

RENTED! Won't Last at 1300/month! 2 BR 1 1/2 bath Close to Vassar College and Vassar Hospital, Poughkeepsie, New York

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 02 Feb 2010 06:45:41 -0800

RENTED! Won't Last at 1300/month! 2 BR 1 1/2 bath Close to Vassar College and Vassar Hospital, Poughkeepsie, New York

Recently, I have been in quite a few rentals. Many are very nice. The combination of this rental being so close to everything in Poughkeepsie and so nice inside, is rare. The complex, The Commons at Cedar, in Poughkeepsie, is a quiet complex with a nice atmosphere. It offers an in-ground swimming pool, Clubhouse and Tennis Courts!

People that live The Commons at Cedar are watchful of the community and also protective of people's privacy. The grounds are park-like and border a trail that passes through woods and ponds to VassarFarms. You can watch the wild life including deer, hawks, foxes, and wild turkeys.

Check out the list of this beautiful garden condo:

Great Natural Lighting
Wood Floors
New Carpet
Over 1200 Square Feet
Lots of Storage
Walk-In Closets
Washer and Dryer in the Unit
Fantastic Kitchen Hard to Find in Rentals!!!

Please see my other blog posting on this great condo! Just scroll down for more info on the location in Poughkeepsie! Any questions or information you need? Just give me a call at 914-204-1597 or email at melindapearson@optonline.net

You can also check out my website: www.dutchesspropertysearch.com and check out featured listings for more info!

Finding a Pet-Friendly Condo/Coop in Westchester NY – It isn’t easy, but it can be done….

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 28 Jan 2010 05:33:51 -0800

I am reposting because I know it can be discouraging for dog owners. This however, is great to know.

Via Ruthmarie Hicks (Keller Williams Realty):

Last year around March a young couple called me up seeking a buyer’s agent. They were about to get married and they wanted to buy either a coop or condominium. We were at the height of the credit crisis but they were in great shape to make that first purchase and so we went on our way.

There was one distinct caveat…they wanted to a dog – and they wanted a German Shepherd. Now this is a challenge. But let’s face it – I’m a sucker for anyone with a dog. After all, I have three goodly sized canines myself in the form of 2 Siberian Huskies and a Husky/Cattle Dog mix.

Dogs are tough sale to condo and cooperative boards:

But here are the facts: Its tough enough to find a condo or cooperative that will accept dogs – but a German Shepherd is much tougher. Even if the complex accepts larger dogs many are restrictive with respect to breeds. The German Shepherd, Rottweiler, Akita, Pit Bull, and from time to time my beloved Siberian Huskies are often on the chopping block specifically by condo and coop boards.   Why? These dogs are supposedly known to have attitude problems such as a tendency to attack/bite, over-protectiveness and the like.

To me, as an animal person who understands dogs quite well – (I’ve lived with 8 dogs over the course of my life) I think that boards would do better to concentrate their efforts on the individual dog and its owner rather than the breed itself. After all, dogs, like their human counterparts have individual personalities. My two pure huskies are like night and day personality wise.   The owner also plays their part. Aneglectful owner who doesn’t care about those living around them can turn the sweetest and most agreeable dog into a nightmare for his neighbors.

For Buyers with dogs – flexibility is an absolute must:

For Allison and Frank, it was slow going. The readily expanded their geography to accommodate the dog. We toured complexes in White Plains, Pelham, New Rochelle, Scarsdale, Hartsdale, Dobbs Ferry and Tuckahoe in search of a condo or coop. We had some false starts – one where we got to inspection and there were too many problems. It took a WHILE.   But we eventually found a great unit for them to call home. I have to say of this couple that they had forbearance. It was the height of the loan logjam and getting to a closing table was like living a nightmare. Closing dates got cancelled over and over – generally over “one sheet of paper.” But eventually we closed and they were able to move in.

I got an update in the fall…they have a new addition to the family named “Charlie.” A German Shepherd puppy. So now the family of three are settled in their pet-friendly home. Of course Charlie will never know what his parents went through to provide him with a roof over his head, but I’m sure he will pay them back handsomely with the unconditional love that pets bring to their owners.

There is a lesson here for people with pets. As you can see from the geography we covered, there is a need for flexibility when you have a pet. This is particularly true for multiple dogs or/and a large breed – particularly if its a breed that is traditionally “problematic.” It CAN work, but the first priority has to be whether the pet will be accepted. If you want your pets – you have to start there and then try to work in other things that are on your wish list.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com. All rights reserved.

Finding a Pet-Friendly Condo/Coop in Westchester NY – It isn’t easy, but it can be done….

Imagining Renting a Condo near Vassar College at The Commons at Cedar in Poughkeepsie, New York

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Wed, 27 Jan 2010 06:51:10 -0800

Imagining Renting a Condo Near Vassar College at The Commons at Cedar in Poughkeepsie, New York

This is a different kind of city living. If you like the idea of being near everything happening in the City of Poughkeepsie, while experiencing country living, this is where you want to be. This condo in The Commons at Cedar in Poughkeepsie is a garden condo 2 bedroom, 1 1/2 bath with lots of light and plenty of storage.

Before I talk about this incredible location, I want to talk about the condo itself. I first saw the condo while it was just finishing up a major restoration. I was impressed with the feeling I had, it was like a 'good vibe'. I could imagine feeling peace and relaxation. The condo is 1220 square feet and it feels roomy.

Outside the condo is a bridge you cross just before you come to the steps to the front door.

Even as a kid I always was attracted to bridges...maybe that is what set the mood for me. When I entered the condo last night, the restoration was complete. It was around 5pm and it was twilight. As I crossed the bridge and walked in the front door, I had a sense of leaving the world behind, you know, that feeling of "I'm finally home". I could definetely imagine shedding the happenings of the day and relaxing.

As I walked straight in to the living area, the twilight coming in through the slider was beautiful. It is a garden apartment and there is a patio ouside the slider and then grass with a privacy fence. I could imagine relaxing in the summer. I love the idea of living in a condo and having easy access to the outside. You could create your own pottery garden out there and carry over the beauty of the plants into the living area.

It's an open floor plan. the living area and dining area are one large area in an L shape. This is a nice set up so that no matter where you are sitting, the garden area you create can be enjoyed from both areas.

The kitchen is a dream. The cabinets are attractive and I have never seen so much storage in a condo or a house for that matter. The amount of storage and the ease of storing with pull out shelves and lazy susans is amazing. These are all custom so they solidly in the cupboards and turn easily.

I love the idea of being able to store everything neatly and without hassle.

The bedrooms are located off a short hallway in the front of the condo. I really like the way they are separated from the living area. It is almost like another wing of the condo. The 1st bedroom is a good size, with new carpeting, and a large walk-in closet. The master bedroom is also large with a large walk in closet. There is also a master bath. The 1/2 bath is located adjacent to the master bath and there is an entrance from the 1/2 bath into the master bath so that the shower is accessible for the person in the second bedroom.

The community at The Commons at Cedar is friendly and the complex is mostly owners with few rentals. When a rental like this opens up, it is a rare opportunity. Everybody watches out for each other, it's a safe place, like a village. Rare, in this day and age but a concept we are missing. There is a swimming pool, club house with a party room, and tennis courts. Near the tennis courts there is a trail that leads to Vassar farms.

Enjoy a walk through the woods, past a pond, and enjoy the hawks, bunnies, and deer.

As I mentioned earlier, not only is the condo beautiful but the location is unbelievable. Cedar road is is between Spackenkill and Hooker. Head towards Spackenkill and you are 5 minutes from route 9 with a direct shoot into IBM and major shopping areas. (Click the link below for a map)

Head towards Hooker and you are 5 minutes from the major hospital, Vassar and five minutes from Vassar College. Other places to enjoy in Poughkeepsie include the Walkway on the Hudson, McCann's ice rink, the Bardovon, the Chance, Vassar College programs and artwork, rail trails, Juliet Cafe, the list goes on and on.

For more information on this rental, please contact me or check out http://dutchesspropertysearch.com/listings/4-7-E-Knightsbridge-9-45/#fsrep-contact-form for information.

Building My Own Custom Modular Home In Fishkill, and Other Areas In Dutchess County NY. What Are the Steps?

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Fri, 22 Jan 2010 08:52:54 -0800

Building My Own Custom Modular Home In Fishkill, and Other Areas in Dutchess County, NY. What Are the Steps?

I live in a stick built colonial. I LOVE my home and I LOVE the property! I was impressed that it was stick built when I bought it. The builder did a great job. I would recommend him! It is solid.

BUT, so is a modular. In fact, if I ever buy a new home again, I will build a modular. Why?

I do have 9 foot ceilings, like the modulars I've seen, but I have to say that some of the workmanship in my home, needs improvement. What does that mean? Well, modulars are built in factories and they are built to withstand transportation. I wonder if my stick built could be loaded and driven on a highway? Also, a plus is that a lot of the workmanship going into the modular is done by someone in the factory who does the same thing every day. Jeez, that is a lot of experience. In addition, the modular has been inspected a few times prior to leaving the factory. Look for my next blog on Modulars for more information.

I had a conversation with my mother, a realtor in california, who sold modulars in Malibu.

These were high-end craftsman like modulars on a bluff over Zuma Beach. They were gorgeous and sold for over a million bucks. Location, yes and no. But my point is she was talking to me about how great modulars are but I sensed she didn't understand that the modulars I'm talking about are competitive with stick built. The best way I could inform her was to let her know that these modulars reminded me of Toll Brothers! Finished, they were gorgeous and the craftsmanship? Let's just say, If I could get a modular on my property, I would do it.

Here is what the process looks like:

For anyone who desires to build a modular home, it is imperative to do some pre-planning and follow the steps.

1. Establish your budget. Building a home can be complex. Know the budget you have to work with! Contact a lender as a first step! In Dutchess County, Ulster Savings is a lender that will work with construction loans, banks who do this are hard to come by recently! Call around!

2. You want to find land next. The general rule of thumb is to use 25 percent of your budget for the land.

What do you have to think about? Well, land needs site work. Some land is ready to go and that land will cost more than a cheaper piece of land that you will have to put thousands of dollars into to prepare for building your modular.

You then subtract the land cost from your total budget to figure your budget for construction. We will work with you to help you find the building lots in Dutchess County.

3. Select a home and customize it with options that fit within your budget. The Builder Development Corp., www.thebldr.com, will quote a price for one of our models, or a plan of your own, customized to meet your needs. The quote will include the site work or general contracting based on the requirements of your lot and the site options you select. Every house and every building lot are different. Quoting an accurate price is time consuming, so we can't do a full quote on a project until you have a specific building lot and site plan.

4. Order Plans. Once the floor plans and options are finalized and you have accepted the proposal, the process starts in earnest. Engineered drawings are ordered of the house. You will place your 1,500 dollar engineering deposit. This is not refundable but will be applied to the purchase price of your home.

5. Finalize Plans. In about two weeks, preliminary plans are received. We will review them with you and make any final changes before ordering a full set of plans stamped by an architect or engineer. At the same time, you must also obtain a stamped foundation plan from a local architect or engineer. This can be included in your contract and will cost around 400- to 600 dollars.

6. Apply for Permits. Once the stamped foundation plan and the stamped plans from the factory have been received you are ready for building permits. You usually need permits for the house, driveway, and the septic system. Your general contractor can handle the permit process for you. The Builder Development Corp. is a licensed general contractor and can act a a general contractor, you can hire a 3rd party to be your general contractor, or if you have the 'know how', you can be your general contractor.

7. Apply For Your Mortgage/Construction Loan. Your bank will probably require a set of stamped plans as part of the appraisal on your "to be built" home.

8. Order the Modular Home. Permits and Financing are in Place, you are ready to finalize colors and other minor changes and place your order. Contracts will be signed specifying the house in detail and spelling out all the work that the Builder Development Corp. is going to do. It will take 6 to 8 weeks for delivery and that has to coincide with the following step.

9. Start the Site Work. The general contractor needs to begin site preparation so that tree clearing, excavation, foundationand sill plates are complete prior to the scheduled set date.

10. Delivery of the Modular Home. Approximately one week prior to set we will confirm that the site is ready and provide you with a final invoice for the home including the balance due. Truck drivers will not leave the units without full payment.

11. Inspect the Modular Home. Once the house has been set, we will conduct a 'walk through' with you to verify that the house has arrived in good condition and to identify any service issues.

12. Completion of the Home. A significant amount of work remains to be done after delivery. The cost of site work is not included in the price of the modular home. If The Builder Develpment Corp. has contracted to be your general contractor, the contracting agreement will spell out the details of the work to be done and the payment schedule.

For more details on this process, please visit www.thebldr.com if you contact us, please let us know you read this blog!

Stay tuned for more information on Building Modular Homes in Dutchess County!

Pre Approval Letters for Westchester Homes Should be Accurate

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Wed, 13 Jan 2010 17:23:36 -0800

Very helpful information for buyers!

Via J. Philip Faranda, J. Philip Real Estate Briarcliff Manor NY:

I have written about this previously, but pre-approval letter "games" are not worth playing. Here is what I mean: If you are interested in a listing priced at $500,000 and you want to make an offer of $450,000, you are shooting yourself in the foot if your pre approval letter only says you are approved for the 450k. If you are approved for 525k, your pre approval letter should at least say you are approved for asking price. Otherwise, you'll appear to be barely qualified for a low price. That might fly in other markets, but not in Westchester County.

In the game of negotiation, seller confidence in the buyer's ability to perform is leverage; you'll do better getting your price coming from a position of strength that you will if your pre approval has you qualified by an eyelash for a lowball amount. That makes an otherwise well qualified buyer look like an unrealistic pipe dreamer

Don't be afraid of getting a counter offer for the amount that your are approved. Counter offers are fine. Counter back. "No," on the other hand is not good. Show your strength! It will benefit you in the end, because without confidence in your approval, the seller will be harder to bargain with. I have been second-guessed on this by some loan officers, but I tell them to stick with the approval and leave the real estate brokerage to me.

Again, it might be different with pre approvals in other markets, but in Westchester County, a stronger pre approval ensures the buyer a better deal than a low pre approval.

Search for Westchester Homes like an agent and get a free Listing Book Account here.

J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester Putnam MLS. Read my short sale blog here. J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.

Subscribe to the 40 Somethings Group. Reach Phil at (914) 723-8900.

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

What is the Tax Credit? Has the Tax Credit Really Made A Difference in Poughkeepsie, NY?

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 29 Dec 2009 07:22:51 -0800

What is the Tax Credit? Has the Tax Credit Really Made A Difference in Poughkeepsie, NY?

I can tell you that I have a buyer here in Poughkeepsie who would not be in contract if it weren't for the tax credit. It's not that they wouldn't afford the house without the credit, thus propagating the problem of owning a home you can't afford. It is an incentive. It motivated them to move forward in purchasing a home.

I do see the credit as a plan to stimulate the economy and since I am in the trenches, I see the benefits.

What are the two tax credits for Nov. 7 to April 30th?

In short, according to NAR's website, these tax credits apply to Primary Residences and the amount of the credit is determined by income and cost of house.

1. The First-Time Home Buyer's may qualify for the Tax Credit of up to $8,000 from Nov. 7 until April 30, 2010.

Must not have owned a home in the last three years prior to purchase.
Single buyers can have incomes up to $125,00 per year.
Married couples can have incomes up to $225,000 per year.

2. Existing home owners may qualify for the credit up to $6,500 when purchasing between Nov. 7, 2009 and April 30, 2010.

They must have used the home being sold or vacated as a principle residence for five consecutive years within the last eight.
Single buyers can have incomes up to $125,00 per year.
Married couples can have incomes up to $225,000 per year.

I advise everyone to check with their accountant for personal qualifications regarding the tax credit.

I have had the opportunity to work with a number of different buyers in the last few months who are influenced by the credit to start to look. Based on what their loan officer's say, they are not dependent on the tax credit but are influenced by it. At a time when we need to jump start the economy, isn't that a good thing?

Besides the realtors, I see the tax credits benefitting the independent contractors who are in need of work.

To sum it up, this is a great opportunity for the first time home buyers and the existing home owners. In addition, people may qualify for grants through Dutchess County and the City of Poughkeepsie.

Please contact me for any information in the Dutchess County, Putnam and Westchester County areas in New York.

www.dutchesspropertysearch.com

Massive Surf Jaws Maui Today(photos)

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 08 Dec 2009 06:13:39 -0800

Because I am obsessed with Hawaii....honestly, my soul was born there. Here you go, thanks to Steven Nickens for posting these on his blog!

Via Steven Nickens R(S), GRI, ABR Maui Real Estate (The Wailea Group Maui Real Estate):

I was up early this morning, its been three years since Jaws, Maui has gone off. Today was big, tomorrow will be bigger. Everyone turned out for the hugh surf.

Setting up to drop in.

This is also Larid Hamilton exiting

Pretty big wave

If you don't make it, your going to get a hugh beating.

There was three helicopters out filming

The photo below is Laird Hamiltion posing for the cameras.

Aloha and remember to charge,

Steven C. Nickens R(S), GRI, ABR

THe Wailea Group, LLC

3750 Wailea Alanui, Suite 5WE

Wailea, Maui, Hi 96753

www.nickensmaui.com

Cell: 808-280-2208

Email:nickens@maui.net

Looking for a home for Christmas - Animal Rescue in Brevard, NC

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Sun, 29 Nov 2009 09:26:29 -0800

Help Charlie find a home!

Via Carol Clay, Broker/REALTOR Brevard NC Real Estate Specialist (Keller Williams Realty, Brevard, NC):

My name is Charlie!
Charlie is a boxer/lab mix, approximately 8 months old. Right now he's about 35 pounds of pure love and affection. He's neutered and up to date on his shots. We're working on learning how to walk on leash, but he is very good at sitting, and playing with his squeaky ball. He loves attention and being with people.

But what he really wants for Christmas is his own family.

Charlie is just one of many dogs in the Brevard, NC area who have been rescued as strays and deserve to be adopted into a warm loving home they can call their own. Even if you don't live in the Brevard, NC area you can help Charlie by sharing his story with as many people as possible by re-posting this blog, forwarding it to friends and family, or letting one of your local rescue groups know that he is available. Transportation out of state is possible!

If you are interested in giving Charlie a home, or if you'd like more information,

please contact me at carolclay@kw.com,

or at 828-551-6290.

Thank you in advance!

Carol

What's up with Mortgage Rates this week and more...

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 24 Nov 2009 06:43:27 -0800

Interesting stats.

Via Ken Pederson, Certified Mortgage Planner (FAIRWAY Independent Mortgage Corp):

I apologize, i'm a day late with my weekly blog post on the interest rate market. Here's your quick read with a great chart to look at. What happened and what's ahead... Click Here...

Ken Pederson
Certified Mortgage Planner, CMPS
FAIRWAY Independent Mortgage Corp.
Lancaster, PA
PA's Best Lender

Licensed by PA Dept. of Banking
NMLS: 134943

You Think Your House is Worth WHAT?? Pricing Your Home to Sell

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Mon, 16 Nov 2009 06:00:44 -0800

An informative blog for clients.

Via Liz Moras ~Chilliwack Realtor, Chilliwack,Hope,Langley,Abbotsford (Harrison Hot Springs, Cultus Lake):

You Think Your House is Worth WHAT? Pricing Your Home to Sell

O.k., so you've looked on the Internet, you've checked the Real Estate Weekly - and you've talked to your Neighbors. You're pretty sure you know what you WANT your home to be worth. Next step? You call the Realtors in.

Everyone says you should interview 3 Realtors - so that's what you do! And sceptically you await their Verdicts! Does the highest Bid (because that's what it often is) win your Vote? Well it shouldn't and let me tell you why.





                                                  BUT Your neighbor's house just sold for XXXXX!

First of all, Realtors have access to the same information Online. By doing a CMA (Comparative Market Analysis) they should be able to come very close to the Range of Your Home's Value. They will see which homes are currently Listed, those that will be in direct competition with Your Home; they will see which comparable homes have Sold recently; and they will ALSO see which homes have 'Expired'....(Listed But Not Sold). That's the Starting Point!

If you use a Local Realtor - which is what I Recommend- they'll also be able to take into consideration different factors about your neighborhood - like development, schools, safety, proximity to transport etc.

                                                            BUT Your House has been upgraded!



Now where no 2 homes are exactly alike - chances are we've seen most of the homes for sale in your area and have an inside view that you may not have seen. Even online photos won't give you a complete view of how these homes compare.

In many ways - it's the Buyer that ultimately determines the value of your home. A house is worth what somebody will pay for it. It's important to try and anticipate what MOST buyers will pay for it. If the price is too high - you may just end remaining THAT Buyer! If your home should be some chance sell for more then the estimated value, remember the home still needs to be Appraised for the Buyer's Loan, and if it's overpriced it just may not!

                                      BUT That's What INEEEEEEEED to Get for My Home!

There is the odd time that a home is unusual and there are not direct comparables, sometimes this requires a trial and error strategy where we have to gage potential buyer responses in order to fine tune the price.

Another factor is the current 'Real Estate market'. Is it a Buyer's market or a Seller's market - or is it balanced? What kind of standing inventory is in the market in your price range. These well all factor in to your pricing.

The value of a home can also be estimated in part using the price per square foot. But you do have to use a sliding scale of adjustment. The 'core' of the home is worth more then the peripheral square footage. ie. the price per sq. foot for a 1000 sq. foot rancher will be higher then that of a 3000sq. ft. basement home.

Should you start higher - after all you can always come down??? No! If you do that you should be charging your competitor a fee for helping them sell THEIR home!

Remember the most critical time for selling your home is in the first 30 days. Longer then that you can bet your bottom dollar, (and unfortunately that's probably what it will end up being) that the Buyer will be paying attention to your 'days on market' when making both their buying decision and price point!

How do you know if your house is priced right? Feedback! Your Realtor will be calling to get feedback on showings from both the Buyer and their Realtor.  If you've had over 6 showings and have been on the market for 3 or so weeks that should give you some idea of what the market thinks. Unusual or high end homes could be the exception here though.

Sometimes the most important factor is YOUR motivation. How motivated are you to sell?   I know a lot of Seller's like to tell us that 'they don't HAVE to sell'.......and in most cases that's true - you don't! But if you do want to sell your homecall a Realtor that knows your market and will be honest with you - because that's what a professional does - they Help you Price Your Home to Sell!







If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz  Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.

Copyright © 2009 By Liz Moras, All Rights Reserved. All photos by Liz Moras ( except the one's I'm in!). All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd..

Looking for a good deal? Work with a good buyer agent.

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Sat, 31 Oct 2009 23:18:02 -0700

Very informative for both buyer's agent and seller's agent.

Via Dan Miller (Keller Williams Realty, Madison, Wisconsin):

We have a client who just closed on his condo last week. Several weeks ago he determined this property would fit his needs, and he asked us to represent him during the negotiation process. One of his main goals was to purchase the condo at a very good price.

We started by researching the condo market in the neighborhood and within the condo development itself. Our review of recent MLS transactions showed this condo was already competitively priced.

Next, we looked at the condo's listing and sales history. This condo had been on the market for 22 months. During that time it had undergone 3 price reductions, with the most recent reduction dropping the price $57,000 below the orginal list.

Then we researched the mortgage and checked for other liens on the property. We found there was still plenty of equity left in the condo even though it would end up selling for well below the seller's original purchase price.

Last, we looked for evidence of delinquent property taxes and evidence of foreclosure. We didn't find any issues on either front.

Now we were ready to draft the offer to purchase. We drafted the offer, and along with that we submitted a cover letter. The cover letter outlined the justification for the price. We included recent sales data from the condo development, and we cited data from the MLS which showed a very strong trend toward lower condo prices. We stated in the letter that the offer price was not only based on recent sales data, but the overall direction of the market.

In our letter we acknowledged the offer price was well below what the seller was hoping to receive, but we politely stated the price was non-negotiable. We thanked the sellers in advance for their consideration, and we awaited their response.

Two days later the sellers signed the offer. The buyer's inspection went well and we proceeded smoothly to closing. As it turned out the sellers did not like our tactics and decided they did not want to sit with us at the closing table. They completed their closing paperwork several days prior to the buyers.

I sympathize with the sellers and understand why they were unhappy with the results of their sale. It was a bitter pill to swallow. But our job was to advance our client's goals and protect his best interests. And as it turned out, our strategy worked. It's also worth mentioning that although the buyer hired us to represent him for his purchase, it was the sellers who paid our commission.

For more information on buyer representation and how the buyer agency agreement works, you can check out this link on DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

How To Help The Loan Go Smoother and Faster

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 27 Oct 2009 21:33:27 -0700

Good advice!

Via Ken Cook, FHA Home Loans 678-439-8683:

It's easy to complain about how long it takes a loan to close - even loan officers do it. The truth is if everything is in order and the property is acceptable the loan should close within 21 to 30 days of the receipt of all documents by the lender. This is not 21 days from application date nor is it 21 days from contract date. It is exactly as stated: 21 to 30 days from the date a full application is received.

The tug-of-war between agents and loan officers can be turned around if both remember to stand on the same side of the mud puddle. Generally the agent needs to realize they do not know as much about the actual workings of the mortgage industry as the loan officer and the loan officer needs to realize the same and not leave the agent in the dark and don't use insider terms to explain everything. I understand Active Rain participating agents are more well informed than others because we all swim in this same pool!

Almost every loan application has some similar needs. If the agent knows what these are and can help prep the client to get these together quickly and accurately then the agent and the loan officer can start out by standing on the same side of the mud puddle and pulling the same direction on the rope. These are not absolutes and are not carved in stone but at least 9 of 10 loan applications need most of the following:

For W2 Employees

Two years of tax returns, all schedules, signed by the taxpayers. This will be verified by the IRS so go ahead and feel free to ask the home buyer if these are the same tax forms they sent to the IRS for those tax years.

Two months of bank statements all pages including blank ones - front and back (checking and savings if they are used on the application as assets). Look at the documents and find every page. If the first page says 1 of 15 we'll be looking for 15 pages.

One month's coverage of pay stubs showing deductions and year-to-date income. If they get paid weekly this would be four pay stubs. If they are paid bi-monthly this would be two pay stubs and so on. If they get paid by a handwritten check (like some small businesses do) we're going to have some challenges verifying income according to document requirements so brace for impact.

A clear photo-copy of a government issued ID (driver's license, passport) showing the current address. If the current home address is different than the address on the ID we may need a letter of explanation.

A clear copy of the social security cards. Photo copies are okay and scans are best.

A fully executed sales agreement signed by all parties and legible. If it has been faxed back and forth we cannot read the words or even the signatures. If your great-grandad cannot easily read the contract in low light it's not good enough. Send us the unexecuted (unsigned) contract along with the best possible signed copies.

If it is a condominium we need the condo questionnaire completed (you can get that from me or whoever your lender is - each lender has a different one) and insurance information.

We need the insurance information for the buyer's preferred home owner's agent.

If there is a gift of funds from an acceptable member (pretty much limited to a direct family member like a parent, child, sibling or spouse) we need a gift letter which you can get from the loan officer.

If the home buyers have not been in the same line of work for 2 years that could be an issue so be prepared to face that challenge.

If the home buyers have a gap of more than a couple of weeks between jobs a good letter of explanation will be needed.

If the home buyer is receiving Social Security Income or Disability we will need the award letter and it will need to be continuing for three years after the closing date.

If the home buyer does not have a checking account they need to go get one. It's very difficult to get a file closed for someone without a checking account.

If the home buyer has student loans which are deferred we need the letter of deferment and it needs to be good for at least the next 12 months.

If the home buyer is receiving maintenance from another person we need the court order and if it is for child support we need the birth certificate of the children. (We are not permitted by law to ask if the applicant wants to use child support as maintenance.)

If the buyer has another home and it is for sale we may need a copy of the listing agreement.

If the buyer recently sold a previous home and are using the proceeds for the down payment we need to see a copy of the HUD1 from that closing.

If the property is new construction we will likely need a termite free letter.

If the property is in a flood zone there is a brand new set of requirements.

If the property was purchased by the seller within the last 6 months and has increased in value more than 5% have the seller be prepared to show documented upgrades, repairs and other investments into the life and value of the property.

Seriously, this is a partial list. There may be this many things again especially if the buyer is self employed or a legal resident alien. If you are aware of these and the buyer and seller are aware of these and we work together to get them then at least the first 10% of the work required to get the loan into underwriting for approval has been addressed. There are at least this many items which are addressed by the lender which also have to be completed before the application can even be submitted to underwriting.

It may be that the lender will not need all of these documents but they will need most of them. How many times have you spoken with a loan officer and they said, "I'm still waiting on the ...." If that is one of the things on this list you should already have prepped the home buyer(s) to know they will need to supply these. The longer they take to get it in the longer the loan will take to get closed.

Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

Be a Productive Listing Agent

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Sun, 25 Oct 2009 06:24:46 -0700

What great marketing advice!!

Via Fran Gatti - Realtor® Crescent City CA Real Estate (RE/MAX Coastal Redwoods):

Be a Productive Listing Agent. How?

I have written plenty of posts on how to be a good listing agent, from giving good customer service, to answering your phone when agents call (or anyone for that matter), to good signage, writing a monthly market report and more.

I also wrote a popular post on realtor.com enhancements, are they worth the money? I would say less than 5% of the 309 comments I received on that post said realtor.com enhancements were worth the money.

Why bring that up? I have sold 10% of the residential listings (per ccmls) that have sold in my market so far for 2009. Only one other agent can say that (we're tied at the moment but I intend to pass that agent up this week) and I DO NOT USE realtor.com as part of my marketing efforts.

First of all I will tell you why I do not use realtor.com, then I will tell you what hands-down has been the single biggest force in driving consumers to my website.

My renewal with realtor.com expired in mid July, so I have 6 months of stats for 2009 on what drove consumers to my website (these stats cover 1/1/09 - 7/16/09).

Active Rain 39.26%

Google 24.69%

Yahoo

FranGattiHomes

Trulia

live.com

PelicanBayStatePrison.net

realtor.com 1.23%

aol

Zillow

I bolded the free sites in the list. Do you see realtor.com on the above list at number 8 although it IS THE ONLY ONE ON THE LIST THAT I PAY FOR (PelicanBayStatePrison.net was my website that I canned because the ROI wasn't worth it [and it came in ahead of realtor.com].) In fact, realtor.com cost more per year than my website! So, I didn't renew and I vowed to put the money I was saving toward assistance with SEO and bettering my website.

However, please focus on the #1 factor that drives consumer's to my website, Active Rain. Several of my listings came from clients who were researching agents on the internet and they came across my blog, read what I had to say, including my monthly market reports, that establish me as THE EXPERT in my market, and hired me to sell their home.

Is it just enough to get a listing though, to be a great listing agent? No. You need to sell homes. A homeowner should ask an agent, "How many homes have you sold this year," and, "What % of the sold homes this year were yours?" Why would a seller want to list with someone who isn't selling homes? That's a question I have asked myself frequently.

Believe it or not, not all RE agents take their job seriously, hard to believe, but there it is.

5 of the 11 homes, or 45%, that have sold so far in 2009 with a sale price of over $400,000 were my listings (I already mentioned 10% of all residential listings sold were mine). I can directly attribute 4 of those sales to my virtual tours on realestateshows (which charges a nominal yearly fee). Most agents in my market don't do a virtual tour and for the sake of me I can't figure out why. Too much time, too much effort, what?

Probably 50% of my listings come from my efforts on Active Rain either directly, from someone who called after reading a post, or indirectly, from a neighbor who called me after I quickly sold their neighbors listing.

To recap -

Active Rain is productive IF DONE RIGHT - I'm not going to go into a long dissertation on what that means. Read ActiveBrads blog if you want to know how to properly use your AR blog. This I can tell you, if you don't plan on blogging to the best of your ability, don't do it. Blogging can really work against you if not taken seriously.

Utilize free websites for posting your listings.

Good signage has been HUGE in my success this year - I wear my name tag everywhere and when people read my name I hear, "Wow, I see your signs everywhere around our county." Name recognition is huge. This can work against you if you're flipping people off or cussing them out when you're driving, not that I've done that.

Do a virtual tour on all your listings- realestateshows (I'm not getting paid for this BTW) is very affordable and takes very little time to post a V.T. Don't be lazy...just do it.

You can fork over the $$ to realtor.com if you want to, but I'd check stats to see if it's cost effective- In this economy, who can afford to do something as costly as realtor.com if it isn't producing a return on your investment?

Have a website - I use Top Producer (they aren't paying me either), but apparently my website is pretty awesome in their eyes, because they give my web address to agents who ask for an example of one of their sites. I get calls every now and again from agents asking how I like the site. I LOVE my Top Producer website. It's VERY affordable and they have awesome tech support. Check it out and see what you think. You can call me if you like--Fran's cell, 707-218-8162--if you would like to ask me any questions, that's what Ambassador's are for.

Write a monthly market report - You're just plain crazy if you are not doing this. You are supposed to be an expert in your market. You establish your expertise when you KNOW your market stats and there is no better way to know your stats than to do a market report. You will dazzle your prospective listing clients with this information. Just do it. Stop being lazy.

Do all these things and if you don't get more and sell more listings, call me. I am not adverse to helping an agent in need, just don't be from my market! Just kidding...sort of.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: Fran GattiHomes.com
My Blog: Fran's Blog

The wisdom we learned from Perfect Pets Rescue: Red Hook, NY

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 22 Oct 2009 18:16:54 -0700

The wisdom we learned from Perfect Pets Rescue: Red Hook, NY

Why am I posting abourt PPR? It is one of my favorite rescue groups. Probably because I found my adopted dog, Sammy, through them. I think it is amazing what PPR goes through to rescue these dogs. They are fun to follow on facebook and twitter too because you hear the puppy's stories and then actually see them when they are rescued.

Since this is my first blog in the Dog Lover's group. I'll give a brief family history. When my husband and I were dating, we found our chocolate lab, Grizzly through a breeder. He was our first child. The three of us had been through many things together. Marriage, car accidents, the loss of our daughter, spinal surgery, knee surgery, the birth of two more kids...you know, life.

When Griz was diagnosed with cancer, I fell apart. You would have thought with all we had been through before, I would have done that already! This was hard, my husband, the kids and I didn't understand that treating the cancer was only wishfull thinking and when it was time, we put him down.

A few weeks later, my dear cat, Maxine, became ill. The vet called it complicated grief and she quickly went downhill. We had to put her down. Her grief caused a large tumor in her belly to grow and we know it is the grief that sped this up because she had full blood work ups just before Griz died.

We started to look for a new dog on Thanksgiving three years ago, a month after we lost Griz. The thought of not having a chocolate lab around was hard for me to take. As soon as we got home, I did an internet search on Grizzly's blood lines. I couldn't believe within minutes I found his full brother in Minnesota. I emailed the breeder with our sad story and he emailed me back and said that there were two pups left and that he had planned to keep both for hunting but he felt so bad for me, he would be willing to send me one of them. Enter Charlie:Charlie flew into Newark a few weeks later. Soon after that, we adopted another cat, Oliver, from Heart of the Catskills.

Fast forward to November 2008. Me and the kids always are looking on the web on the ASPCA site. We were thinking of adopting a dog. We wanted a labradoodle. We found the cutest puppies who were being rescued from Perfect Pets Rescue in Red Hook. I quickly called and filled out a contract to adopt our second dog, Sammy. I waited on pins and needles hoping there wouldn't be a problem getting him. We received a call from Allison at PPR and she told us that Sammy was in Georgia and he was getting prepped for his drive up North. After investigating PPR on the web, I discovered something I never knew. Dogs in Georgia were being rescued out of kill shelters and shipped, like the underground railroad up North. There were plans on the web for who would be driving on different legs of the journey to get the dogs north to foster families and adopted families.

You can see from the look on his face, even Charlie was concerned about the plight of these dogs. :)

A few days later, Allison called to tell us that the puppy's would be arriving that night around 9pm! The directions were to meet her at a motel off of the turnpike. Wierd directions, but we were so excited. With the same anticipation I had when my third daughter was born, we left the house. ( when my third daughter was born, I recall thinking, wow, my middle child will never be the same again. Well, I felt that way for Charlie too)

At the pick up point, we saw this large bus and people unloading dogs. The bus was completely silent. The dogs seemed like they had been through a lot between thier life prior to the kill shelter, being in the shelter, getting vetted and driving up a long way to thier new homes. The minute Sammy came out, I knew he was the one. It's been fun, games, and love ever since! He and Charlie are good friends and the cat likes him too.

The best part of the story is that my girls have learned a tremendous amount from rescuing this dog. They learned compassion, wisdom, and generosity. I have given my kids allowance and watched them put all thier allowance in a ASPCA cannister at the local A and P. This past summer, they raised 52 dollars selling Lemonaid at a stand on our street and they donated all that money to Perfect Pets Rescue!

We plan on doing more fund raising for PPR. They are such a great rescue group! If you're interested, here is thier link:

www.perfectpetsrescue.org

Affordable Office Space in a Professional Office Park, East Fishkill

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 22 Oct 2009 12:04:23 -0700

Very comfortable offices to work in.

Via Edward Ginsberg Real Estate Inc.:

Inexpensive Office Space in a Professional Building, East Fishkill

Trying to adjust to difficult economic times?

Please consider our office park located at 2345 Route52 East Fishkill.

Our affordable Office Park is only minutes to I-84, the Taconic Parkway and the Hudson Valley Research Park.

Best of all the Office Park offers flexibility in terms of space, amenities, and terms.

The Office Park has completely furnished affordable single office suites starting at $335 per month.

Each suite comes with a reception area and shared conference room.

The Office Park also offers larger affordable office space ranging in all sizes up to 2500 square feet.

There are no additional charges. Heat, electric and common charges are all included in the monthly rents.

Our affordable offices are ideally suited for many professional uses.

Attorneys, financial services and, companies doing business with clients in the Hudson Valley Research Park will find our facilities particularly attractive.

For more information on Edward Ginsberg Real Estate, Inc. please click on www.edwnewhomes.com for more information. Or call us at 845-4403553

We are happy to be of any assistance.

Beautiful Contemporary 4 Bedroom, 3 1/2 bath Home in Highly Desirable Cedar Knolls, Fishkill, New York.

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 22 Oct 2009 12:02:39 -0700

Beautiful 4 Bedroom, 3 1/2 bath Home in Highly Desirable Cedar Knolls, Fishkill, New York.

Cedar Knolls is a beautiful neighborhood in Southern Dutchess County.

The town is Fishkill. Fishkill has everything you could want from Splashdown, a Water Park to easy access to Metro North http://www.mta.nyc.ny.us/mnr/ to get to NYC. The nearby Hudson river offers boat tours, http://www.hudsonriver.com/cruises.htm swimming, and beautiful views.

Beacon, which borders Fishkill has the DIA museum http://www.diabeacon.org/sites/main/beacon where you can view amazing art just off the river. There is a lot of fine dining, pubs, shopping just minutes away.

If you are interested in outdoor activity, there are great rail trails, which now include the Walkway Over the Hudson which is the longest pedestrian bridge over water.

There are many barns like, http://www.valleycrestfarm.com/ for equestrian sports that include Dressage, Hunter's Jumpers, and Hunting sports.

Vassar College, Bard, Marist and the Culinary Institute of America are also in Dutchess County. Besides the colleges being great places of employment, Fishkill also hosts IBM, we also have Vassar Hospital and St. Francis.

This home in Cedar Knolls subdivision in Fishkill is a quality built home with an open floor plan.

It features:

Mature Landscaping
Built-In Sound System
Intercom
Security Access System
Spacious Deck
Fully Furnished Large Rec/Game Room
Wired Home Office
Minutes to Shopping and I 84.

When I toured this home, I was impressed with the 'feel' of it. It is a beautiful Contemporary home. The rooms were bright and clean.

It also featured a sunken living room.

Downstairs the basement was also bright with backyard access, perfect for entertainment. There was also a separate room downstairs that would be great for an office or guests to have their own privacy. It also featured a full bathroom too.

The second floor was also bright with lots of space and large rooms. The Master bedroom was large with a Master bath. Storage is also plentiful!

The seller is very motivated. Make an offer!!

www.dutchesspropertysearch.com

FHA Loans Need Appraisals, Not Inspections

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 13 Oct 2009 06:42:59 -0700

Just the other day I was tripped up on this answer because up to now my buyer assumed she would be buying something with the fha 203k so she was insecure about my answer regarding the FHA loan needing an appraisal. Everybody talks about passing FHA inspection and I think that is misleading. Glad you posted this!

Via Minneapolis Home Inspections - Reuben Saltzman (Structure Tech Home Inspections):

I get a lot of questions about FHA Inspections, and it's about time I sat down and blogged about it. Here are the most common questions I get asked about standard FHA loans. This information does not apply to FHA 203(k) Loans.

Can You Do The FHA Inspection? FHA loans do not require a home inspection, they require an appraisal. The appraiser does this. These are often mistaken for an inspection. Home inspections are still strongly encouraged.

How Can I Pass The FHA Inspection? First, see above. FHA appraisals require the appraiser to look for obvious defects with the house, but the appraiser never requires repair of these items - the underwriter does. Trying to figure out exactly what might require repair is a bit of a guessing game, and often has much more to do with the people doing the appraisal and the underwriting than it does the property itself. Nevertheless, here is a partial list of some common defects that get flagged:

Chipping / Peeling / Flaking Paint

Rotting wood

Electrical outlets or switches that are defective

Plumbing leaks

Non-functional heating plant or AC

Roofs with less than two years of life left

Missing or badly damaged floor coverings

Obvious structural problems

Do I Need A Home Inspection If I'm Getting An FHA Inspection? Again, see above. FHA appraisals are not home inspections, and it's unfortunate that they get confused as such. The FHA appraisal has nothing to do with a home inspection.

Do I Need An FHA Certified Inspector If I'm Getting An FHA Loan? No. The home inspection is completely independent of the FHA loan.

Reuben Saltzman, Structure Tech Home Inspections - Email - Minnesota Home Inspector

Mortgage Advice For First Time Homebuyers

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Tue, 13 Oct 2009 06:39:58 -0700

Very important information!

Via Century 21 First Realty:

A recent Wall Street Journal article about the first-time homebuyer tax credit cautions buyers under contract to wait until after closing before purchasing appliances, furniture or similar items on credit.The article notes that some mortgage lenders are running credit reports on closing day, and even an additional credit inquiry (let alone a purchase) may raise a red flag that could require additional documentation and potentially delay closing.

At Century 21 First Realty, we know how important the mortgage process is for more than 80% of our customers, so we thought we would share some insights regarding how lenders view credit to ensure a smoother mortgage experience. I know that when I am a customer for a service that I rarely utilize, I appreciate understanding “how it works” as much as I need to trust the professional with who I am working.

Lenders need to know: can you afford the payment? Before offering a loan, the lender examines debt-to-income (DTI) ratios. If a buyer under contract takes on additional debt, then that could change the ratio—potentially making the mortgage unaffordable. That’s a situation that both lenders and buyers want to avoid. Keeping your total debit-to-income as low as possible makes lenders feel more confident that you can afford the monthly mortgage payment.

Lenders make a loan offer based on 3 to 4 months banking history. By looking at a borrower’s bank statements over several months, a lender has a pretty good idea where the borrower’s money comes from and where it goes. An unusually large withdrawal or deposit before closing may require further documentation, so the lender knows the customer isn’t accumulating additional debt. In other words, a borrower will have to justify his or her recent financial past, so if you are thinking about buying a home soon, start planning now.

Lenders want to know the customer’s track record at paying their debts. That’s where the credit rating comes in. If a new credit report is pulled before closing, it suggests that the consumer may be looking to acquire more debt—and this could jeopardize the affordability of the mortgage. Do not even talk to somebody in an industry that pulls credit reports (like a car dealer) until after your closing. Activity in your credit report might indicate your future inability to repay the loan, so the key is to “lay low” until after closing.

In summary: If you are looking to buy a home (and get a home mortgage loan), then you need to be aware of what the mortgage underwriter is looking at when analyzing your “willingness and ability” to repay the loan. All new activity in your credit history is “bad,” so limiting your financial activity is critical. A buyer’s best bet is to work with a mortgage lender who will take the time to offer professional guidance and explain up front exactly what they need to do to close on time (and then follow that advice!).

How to buy a bank-owned home. The truth hurts!

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Sat, 10 Oct 2009 07:16:28 -0700

Want to know all the facts about foreclosures? Watch this video! So Funny and true! Love the line, I am a foreclosure specialist, I am busy busy busy!

Via Pacita Dimacali - East Bay, North CA real estate (DRE 01367196 Phone:510 748 1148):

Going through angst because of challenges regarding REO properties?

If you haven't seen this yet, you should watch it. The truth hurts, doesn't it?

Someone was clever enough to put the travails of a home buyer and a buyer's agent when it comes to making an offer on bank-owned properties.

I am going to send this to my buyers --- those with a sense of humor, of course --- and hope they can see the truth behind the hilarity.

The wisdom we learned from Perfect Pets Rescue: Red Hook, NY

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Fri, 09 Oct 2009 21:37:44 -0700

The wisdom we learned from Perfect Pets Rescue: Red Hook, NY

Why am I posting PPR? It is one of my favorite rescue groups. Probably because I found my adopted dog, Sammy, through them.

You can see from the look on his face, even Charlie was concerned about the plight of these dogs. :)

We plan on doing more fund raising for PPR. They are such a great rescue group! If you're interested, here is thier link:

www.perfectpetsrescue.org

Why Modular Homes are so Appealing. East Fishkill

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 08 Oct 2009 21:44:34 -0700

These modulars are not your ordinary Modular! They are innovative, and customizable. If I were building my own home now, this is the way I would go.

Via Edward Ginsberg Real Estate Inc.:

Why Modular Homes are so Appealing. East Fishkill

New Construction Alternatives at a Price You Can Afford!

With modular homes, it all boils down to certainty! There are no surprises. Everything is worked out ahead of time so you can be sure of every detail in the process.

Certainty of Price

Modular homes can save you up to 15% off conventional construction. And once the price is set, you are not subject to price increases.

Certainty of Timing

Once you order your modular home, you can count on a standard schedule of 6 to10 weeks for completion. Once your home is set on its foundation, you can walk through it within 3 days!

Certainty of Quality

Modular homes are built in a factory -controlled enviornment with frequent inspections and stringent quality control.

Modular Homes are cost-effective

What distinguishes us from other modular builders in the market-place is an impressive list of features and benefits we offer:

All our homes are Energy-Star rated.
Our homes come with a 10 year structural warranty against defects
We have the largest selection of home sites to accommodate any budget.
We offer custom design services at no additional charge.

Customized Modular Homes For Residents with Disabilities

In accordance with the ADA guidelines, high quality affordable modular homes are available with wheelchair ramps, custom handrails, special front door viewing devices, wider doorways and hallways, custom bathroom and kitchen fixtures, and much more.

It is more cost-effective to tear down a structure that is in need of renovation and replace it with a quality modular home, like one from our many attractive and affordable styles available on home sites throughout East Fishkill and the Hudson Valley?

As the market has slowed down, the supply of guilding lots has increased and we are able to provide a large selection of affordable homesites.

Has Many Ways to Help You!

We can sell you a modular home directly and have it set on your foundation.

http://www.edwnewhomes.com/modular_homes.html

If you do not own a building lot, we can assist you in finding one from a large inventory of homesites.

We can provide complete financing for land acquisition, home construction and mortgage loans.

http://www.edwnewhomes.com/home_financing.html

We can manage the entire process including lot selection, financing, site and building plans, land preparation and foundation construction, modular home delivery and installation, through to completion.

Some of you may remember that in the early 1990's, Edward Ginsberg Real Estate was the largest modular home builder in the Hudson Valley. We have decided to once again offer this service to our clients who cannot afford the high-priced homes found in many new subdivisions throughout the region.

Next up: Foreclosure properties, Financing, National relocation, Modular housing and more!

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Thu, 08 Oct 2009 21:41:38 -0700

I love working in this agency. I might be biased but if I were a seller or buyer, I would want to find a small full service agency like this. It's also great to be have a team working together!

Via Edward Ginsberg Real Estate Inc.:

I have been in the real estate business over a quarter of a century.

During this time my company, Edward Ginsberg Real Estate, Inc., has handled over 1,000 real estate transactions primarily in the Hudson Valley region of New York.

We cover Westchester, Putnam and Dutchess counties.

Our services include:

Residential and commercial brokerage

Land development

New home construction and modular housing

National relocation

Foreclosure purchases

Financing

We have experience just about every possible situation which could arise in real estate. You may learn about us by
visiting our website at:

www.edwnewhomes.com

The purpose of my blog is to share those experiences.

My topics will include:

How to negotiate the best possible deal as a buyer or seller;

Details on the variety of programs available to first time homebuyers;

The advantages offered through modular construction;

How to make sure you are getting the best deal in real estate financing;

How to obtain the highest and best use from your real estate and so much more.

Although we cover the Hudson Valley Region in New York, we can also refer to you our affiliated brokers, builders, and lenders throughout the country. I look forward to opening up this channel of communication with you.

Please feel free to email your questions to me directly at Ginsberg@edwnewhomes.com

All the best,
Ed Ginsberg

First time home buyers and their saga purchasing Foreclosures and Short sales in the City of Poughkeepsie, NY

Melinda Pearson (Edward Ginsberg Real Estate, Inc.) — Sat, 03 Oct 2009 19:04:21 -0700

First time home buyers and their saga purchasing Foreclosures and Short sales in the City of Poughkeepsie, NY

It's been many months of helping first time home buyers with an approval for an FHA loan, look for a home, find a property, make an offer, only to be rejected. It reminds me of what actors must go through in Hollywood, rejection!

It is heart wrenching for the couples who loose hope on foreclosure offers when the offer is inevitibly turned down. They are competing with investors, cash only, and buyers putting 25 percent down. Not to mention, it is a money game. Banks are looking at the bottom line and will wait it out for better offers.

To add pressure, the buyers were under the gun to purchase a house before the 8K credit was up.

We tried many strategies while shopping for foreclosures including pouncing on a listing as soon as it hit the MLS. What happens with those foreclosures is that the banks will wait 3 to 5 days when they have multiple offers or they just pass on this offer knowing that better ones will come down the road. At last, we had a break-through! The agent went on to tell me that although it was accepted, according to a lawyer, the house did not pass title on a previous offer because the wife's name was still on title. They would try to get a quick release. A week later, I receive another call saying they can't do it and they have to take the house off the market. Another house gone again!

Of course, I have been watching the statistics of listing price to purchase price. Noticing that on the average, in a downward market in our area, houses are selling 10 to 20 percent below listing price. My next strategy for my buyers was to search for homes 20 percent above thier listing price and hope to find a compassionate and motivated seller.

After a long haul, I did! I found a house I knew the buyers would love! They did and they made an offer and we were negotiating. The problem was that they did counter higher than they than they were hoping to have to do. But this figure had been discussed on many other houses and if they had done a 203K loan on some foreclosures they offered on, they would have had to spend close to this to fix the house.

They also had fallen in love with a different neighborhood closer to work but all they had found were foreclosures, unmotivated sellers, and homes priced too high.

I explained how they were in a bad position with foreclosures and Short Sales take many months to complete if they do close. I did my best to point out that the best strategy would be to buy a house from a motivated seller that they could negotiate with. I pointed out that instead of finding a dream home, perhaps looking at this as a starter home and five years down the road, they could purchase their dream home. Presenting the facts was important so they could make a sound decision on thier purchase.

The realtor for the home they were negotiating called to say that the seller was now very motivated and would do what they felt comfortable doing just so he could get on with his life and not worry about the house. They questioned why the owner was coming down in price. Why would he change his mind? I explained that it's not different than purchasing a car. Walk away and sometimes the price comes down.

My advice to first time home buyers in Poughkeepsie who have a low down payment and possibly an FHA loan and don't have a lot of room for negotiating would be to not focus on foreclosures but to look for a home with a motivated seller. That is a buyers market. I think the foreclosures are definetely more of a seller's market for someone with cash or the ability to make competitive offers with large down payments.