How to easily settle into a new home. Protect delicate plants from damage by making funnel-shaped cardboard protectors. If you're moving in cold weather, be sure to seal the plants in plastic as well. Make sure all the rooms are clean before placing furniture into them. Dust the baseboards, and v...
Albany NY Broker Price Opinions (BPOs) Part of the Mortgage problem
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Not a week goes by that I don't receive multiple requests to complete a Broker Price Opinion (BPO) for an out of state BPO firm. A Broker Price Opinion is an opinion of value generally based on a drive by of the property. In general, BPOs are completed by a lender to evaluate non performing coll...
One more Minefield for Albany NY Real Estate Investors to navigate.
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The evaporation of 100% investor Loan to value mortgages and stated income loans was hard enough on local investors. Now Fannie and Freddie, as I understand it, have reduced the number of homes an investor can finance from 10 down to 4. This is major problem for any investor that wants to purc...
Is the bottom falling out of the Albany NY Real Estate Market?
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The bad news is everywhere! Just this week I noted the closings or announced closings of Garcia's Restaurant, Supersteel, Oak express, and Thomasville furniture. Garcia's has been an Albany fixture for years. The furniture store closings are of concern because furniture and appliances are closely...
Home buyers are visting websites - including IncredibleAgents.com, AgentRank.com, and HomeGain.com - that rate the services of REALTORs. Agent information usually available on the sites includes recent sales history, average time that property listings sat on the market before selling, and testim...
A CMA, or Comparable Market Analysis is how we determine the approximate current value of a property. This is done by comparing the subject property to similar properties (style, square footage, location, amenities) that have sold in the past 6-12 months, are currently on the market, were listed...
You owe more money on your home than it's worth, and you can't take out a home equity loan because there's no worth there to tap into. You're in a financial crisis. This is not a good place to be and you have to find ways to deal with it. Here are some steps you can take to ease the financial an...
The temperatures are falling, but before winter's chill descends, there are a lot of things to do inside and outside your home to get it ready for the cold months ahead. Safety check Make sure your smoke detector has fresh batteries and that the fire extinguishers are fully charged. Since your h...
What is exclusive buyer representation and how did it develop? In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose ex...
New home communities are more popular than ever! With good reason – new home builders are using popular, open floor-plans, including appliances, sod, and blinds, and helping make it easier than ever to get into a new home with little or no money. New home transactions typically seem a lot easier,...
How do you lock in an interest rate? Locking in a mortgage rate with a lender is one way to ensure that same rate still will be available when you need it.Lock-ins make sense when borrowers expect rates to rise during the next 30 to 60 days, which is the usual length of time lock-ins are availab...
What is the difference between market value and appraised value? The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is wh...
Where can I get a list of architects? If you need an architect, contact a local chapter of the American Institute of Architects or the national organization itself at 1735 New York Avenue, N.W.; Washington, DC 20006; (202) 626-7300. Also contact friends or colleagues who have recently worked wit...
What is guaranteed replacement cost insurance? Guaranteed replacement insurance is a more comprehensive policy. It tends to cost more, but it promises to cover the complete costs - less deductible - of replacing a destroyed house. With these sorts of policies, limits on the policies are not as c...
What are some guidelines to follow when trying to find a contractor? While hiring contractors recommended by friends is usually a safe route, never hire a construction professional without first checking him or her out. If your state has a licensing board for contractors, call to find out if the...
American home owners sell and move, on average, every five to seven years. Why do home owners move? People who have lived in the same home for the past 30 years have a hard time understanding this phenomena. They are shocked that people move so often, but I know one thing for certain: Their day ...
Get your finances in order The loan terms and mortgage rates you qualify for will be determined by your credit history. You could be offered a smaller loan or charged a higher rate if a lender is concerned you might not be able to repay. Before going to the lenders, first-time buyers should give...
You can get help doing this Nearly 23 percent of first down payments come as gifts from relatives and friends, according to a recent survey by the National Association of Realtors. Not many first-time buyers pony up the complete down payment by themselves. This help is great, there are also ot...
How long before yo uplan to buy? Your time horizon for purchasing a home determines how best to invest down-payment money. Those planning to buy in three years or less should put the money in conservative investments such as short-term certificates of deposit or short-term bond mutual funds to s...
This money should be kept separate. Your going to need to set up a separate account for your down-payment funds, so the money doesn't get intermingled with other savings and so you can keep track of how much you save. This would probably be a taxable account at a bank or brokerage firm. Setting ...
