Category: Real Estate Law

Before Buying a Home Consider The Area at Various Times of Day | New York Homebuyers Advice

When purchasing a Staten Island home or a home anywhere in New York City it is important to make sure you are making the right decision for the home you are buying.

One thing you will want to do once you have a home you are interested in buying in Staten Island is visit the home multiple times and at different times of day before signing a contract. Sometimes homebuyers notice when they visit at different times of the day the property is surrounded by a different atmosphere. Here are some things to check for when visiting in the morning, afternoon and at night:

  • Noise level
  • Traffic
  • Criminal activity 
Sometimes depending on the time of day any of these factors may increase or decrease by visiting the home at different times of the day you will get a better idea of what your life will be like if you decide to go through with purchasing the home.

For more information on buying a home in Staten Island or regarding New York real estate law request a complimentary copy of “5 Myths That Can Ruin the Purchase of Your Home” or call 718-979-4300.

New York and New Jersey Real Estate Questions

When purchasing or selling a home many questions may arise especially if it is a first time home purchase or selling a home for the first time. Questions may range from general questions to more in depth questions that may be answered with state specific or city specific laws in mind.

Real estate questions should be addressed to an experienced real estate professional so that answers can be answered appropriately based on the state specific laws (and possibly city specific real estate laws).

To speak with a New York and New Jersey real estate lawyer regarding any real estate questions call 718.979.4300. We are able to answer questions concerning and represent clients in:

  • Buying a home
  • Selling a home
  • Short sales
  • Refinancing a home
  • Home loan modification 
  • Purchasing a new construction home
  • Foreclosure 

 

How Much House Can I Afford: 5 Questions You Should Answer Before Looking at Homes

As an experienced real estate attorney part of my job is to help homebuyers get information needed to make an informed buying decision.  Unfortunately many buyers who come to me after making an offer describe the process as mysterious or confusing.   This would not happen if potential buyers took a little time to acquire important information before looking at houses.  While individual preference items like neighborhood, house sizes and styles are important there are several questions you need to answer so you can be confident about HOW MUCH HOUSE YOU CAN AFFORD before starting your house search.

I always tell home buyers they need to understand the process before starting.  Figure out how much of a house you can afford, the neighborhood you want and most importantly who can help you make it happen.  Speak with an experienced attorney specializing in residential real estate before you start looking. I tell my clients to speak to me so they can find an excellent mortgage broker and an experienced realtor.  The mortgage broker will help you to determine how much mortgage you can afford and your realtor can give you an idea what neighborhood makes sense based on your budget.  Once you get the information from the mortgage broker and realtor a quick conversation with your lawyer can help you focus in on suitably priced properties before you start shopping.

Five questions you should ask before looking at homes are as follows:

  • How much will I need to put down on the house
  • How much mortgage can I afford
  • What will my mortgage payment be
  • What other monthly costs will I have to pay – Real estate taxes, insurance, PMI & flood insurance and utilities
  • Have I selected my attorney before I get started

Fewer U.S. Homes Have Underwater Mortgages

According to a recent report that was released by MSNBC earlier today there are fewer homes this quarter that are “underwater” than in previous months.  While this alone cannot be used as a sign to show that the housing market has improved dramatically it does show that the housing market has done some improving in the past couple of months.

An underwater mortgage is when a person owes more on their house than it is worth leaving many homeowners feeling stranded because in these type of situations they often are unable to refinance their homes, modify their mortgages or, are sometimes, unable to sell their homes. The fact that today less mortgages like this exist is definitely a positve sign and one step of many that need to be made in the right direction.

 

How to Get Approved for a Mortgage Modification Successfully

If the economy has left you unable to easily afford your mortgage you may be considering a mortgage modification in order to make the payments easier for you to make a month but figuring out how to successfully modify your mortgage is the key to the entire effort of trying to modify your mortgage. There have been many that have attempted to have their mortgage modified but have been rejected for a mortgage modification.

According to statistics the success rate for letting a law firm handle mortgage modifications is high when compared with the success rate of doing a loan modification on your own but there are some things that you can do if you are deciding to attempt a mortgage modification on your own.

  • Communicate – When attempting to modify your mortgage you will more than likely spend a good deal of time on the phone with bank representatives.  It is important to keep in mind that some of the time that you spend on the phone will be productive and some of the time won’t.  When speaking with representative it is important to get the name and ID number of the person you are speaking to and also to take notes of what you told them and what they said.
  • Do Your Math – Before attempting to start the process of a mortgage modification you will want to do some calculations to make sure you will be considered a candidate for a loan modification.  The general rule of thumb is that your monthly mortgage payment should be below 31% of your monthly income.  If your mortgage is already under 31% of your monthly income you will more than likely be denied a mortgage modification.
  • Explain Your Situation – When you apply for a mortgage modification you are usually required to write a hardship letter but sometimes instead of giving you the opportunity to explain your situation in a hardship letter the bank just asks you to check off a generalized situation in a box on a form.  It is a good idea regardless of if you are asked for a hardship letter or not to write one and give it to the bank. In your hardship letter you should explain your situation as to why you feel you are unable to afford your mortgage at its current amount and how you intend to make the monthly mortgage payments once your payments are lowered.
  • Try Again – If you have been denied a mortgage modification previously it does not hurt to try again especially if your financial situation has changed since the last time you applied for a mortgage modification or if you applied for the modification over a year or so ago. You may be suprised to find out that they may approve you this time around.
  • If You Need Help – Ask – Asking for help can make a huge difference in the outcome of your mortgage modification approval.  Hiring a real estate lawyer to handle your mortgage modification sometimes gets a higher success rate because a lawyer will be able to sit down with you and let you know what you should expect and if a mortgage modification is something that you will or will not be appoved for based on your specific situation.  A law firm handling mortgage modifications will spend the time on the phone with the bank for you saving you hours upon hours of time on the phone with the bank and as mentioned earlier mortgage modification lawyers often have a higher success rate in mortgage modifications than a home owner would because they are experienced in this field and know the in’s and out’s of the mortgage modification process.

If you would like to speak with a mortgage modification lawyer in Staten Island, New York call 718-979-4300 or email us though our contact form.

Important Tips for First Time Homebuyers

When purchasing a home it is important to remember a few important steps that will help you avoid making a regretable mistake – after all more than likely if you are purchasing a home, especially if you are a first time homebuyer you will want to make sure that you are happy with the home you selected and happy with the professionals that you have hired.

According to a recent article in USA Today by Stephanie Armour titled “5 Steps to Buying Your First Home – Tax Credit or No” five main steps if you are purchasing a home for the first time are as follows:

  • Get financials in order – Make sure you are able to be approved for a mortgage. Your first step should be checking your credit score.  The next step you will want to take is to get approved for a mortgage – not just a general preapproval letter. Lastly, make sure the amount of the mortgage is something you can afford.
  • Find a realtor and start looking – Do not just rely on the sellers realtor for searching for a home – the sellers realtor is exactly what it sounds like – the SELLERS realtor.  While this person may seem helpful their job is to look out for the best intrest of the seller.
  • Investigate the reputation of builders or condos – When purchasing a newly constructed house or a condo you will want to make sure you investigate the person you are buying from.  This includes checking with the Better Business Bureau and if you are purchasing a condo it means obtaining a copy of the condo associations financials.
  • Make an offer and apply for a mortgage – as soon as you make an offer on a home you are interested in get one step ahead of the game and apply for your mortgage so that the process is already started.
  • Prepare for closing – Start preparing for the closing ahead of time ask questions that will help you understand the process that you will be going through at closing and find out ahead of time what you need to do to prepare for this.  One major thing most homebuyers do not know about closing is you hae to bring certified funds to the closing which means getting a bank check or a certified check payable to the appropriate party (usually the Seller’s leinholder or the seller directly).

While these are important steps for first time homebuyers there are a few additional steps that as a New York City real estate lawyer I believe are important:

  • Have a home inspection done – This is one of the most skipped steps that first time homebuyers are not aware can change their home purchasing experience from a seemingly good one to a nightmare.  Hiring a home inspector will allow for you to get a heads up on problems the house has including expensive items such as the roof and hot water heater and many other things. A home inspection is usually only a few hundred dollars but is worth every penny.
  • Hire a reputable real estate attorney – Hiring a reputable real estate attorney is another overlooked professional that is extremely helpful to making sure the home purchasing process runs smoothly and again when compared to the costs that you could incur from not hiring a real estate attorney the cost of hiring one seems low.
  • Read up on the real estate process – Find information by professionals in the real estate field – such as lawyers, real estate agents and other real estate professionals that are experienced and reputable.  Our law firm offers a free no cost, no obligation book written by Steven T. Decker Staten Island New York real estate attorney “5 Myths that Can Ruin the Purchase of Your Home”.  This book is full of useful information.

One of the Most Important Things To Do When Buying a Home

One of the most important things to do when purchasing a home in New York or anywhere for that matter is to higher a real estate lawyer.  Now I know what you are thinking – of course we would say that because we real estate lawyers – but this genuinely happens to be one of the most important things that you could do for yourself that will help you not only now but for many years to come considering that purchasing a home for most people is a long term investment.

Hiring a real estate lawyer means you will have an experienced person who knows the real estate law for the state you are moving into and will be able to help you with the following type of issues:

  • Help you negotiate terms and price on the binder (if you have a real estate lawyer in this stage of the process)
  • Review and explain the contact to you and make necessary negotiations  with the seller’s attorney
  • Assist in the process of helping you obtain your mortgage commitment
  • Review the title which would include information on the seller’s, yourself and the property
  • Set up the closing date
  • Represent you during the closing of title to make sure your transaction goes as smooth as possible

Real estate lawyers are not very expensive and nothing can replace being represented by an experienced and knowledgeable attorney throughout the process of buying your home.

If you live in the New York City area and would like us to represent you throughout your purchase and at the closing of title or if you just have real estate questions call 800.976.4904 or fill out of contact form.

3 Tips On Purchasing a Home In New York If You Don’t Have Enough Money Saved for the Downpayment

Purchasing a home may seem like it is an impossible task for some people, especially for those who have never owned a home before.  Sometimes it can be challenging to find the perfect home but even more of a challenge to some may be saving up money for a downpayment on a house.

Downpayments for homes in New York is generally 10% of the purchase but can be higher or lower depending on the seller of the home.  You may find yourself in a dilema because you want to purchase a home and want to take advantage of the homebuyer tax credit, low interest rates and low housing prices but do not have enough money saved up right now for the downpayment amount.

Here are some tips that may help you get the money for the downpayment amount you need so that you can purchase a home and take advantage of the first time homebuyers tax credit of up to $8,000 before the time is up on April 30, 2010 (must be in contract by this date):

  •  If you see a house you are interested in find out how much they are asking for the downpayment amount if it is a little too pricey for what you are looking for in a downpayment amount but you are able to handle the monthly payments it would cost for the mortgage of the house try to negotiate with the seller to find out if they would be flexible with the downpayment amount and lower it slightly;
  • If you get a lump sum of money back for taxes and are expecting your refund to arrive soon you may want to consider using the money you get back from taxes for a downpayment on a home;
  • If you do not have enough for a downpayment on a house and are looking to purchase a home in New York City (Staten Island, Brooklyn, Manhattan, Queens and the Bronx) you may be eligible for assistance with your downpayment amount with the HomeFirst Downpayment Assistance Program.

The Homebuyer Tax Credit: Do You Know When You Have to Be In Contract By?

The Home Buyer Tax Credit, which was extended late last year, is running out of time for you to use it if you plan on purchasing a home.

The Home Buyer Tax Credit is available to first time home buyers and current homeowners alike the only difference is that the first time home buyers will receive a larger tax credit than those who are currently homeowners or have owned a home within the last three years.

If you are considering buying a house in New York or New Jersey now may be the time for you to purchase a home because of the home buyer tax credit that you can receive if you are in contract by April 30, 2010.  If you would like to discuss with one of our real estate attorney’s whether now is a good time for you to take advantage of purchasing a home while receiving up to $8,000 (or $6,500 if you have owned a home within the last 3 years).

To speak with a Staten Island real estate lawyer from our law firm call 800.976.4904 or email us and we will respond back to you.

New York City Listed as a Top 10 City to Bargain for a House

According to ABC’s Good Morning America and Zillow.com New York City is one of the nations top 10 place to find a bargain on a house right now.

New York City – Staten Island, Brooklyn, Manhattan, Queens and the Bronx – ranked number 8 out of 10 for the nations best bargains across the U.S. right now.

If you have been considering purchasing a house in New York City now is the time to buy if you want a bargain according to this recent report.

If you would like more free information such as Steven Decker’s book 5 Myths that Can Ruin the Purchase of Your Home call us at 800.976.4904 or email our real estate law firm.  If you are looking for an attorney to represent you in the purchase of your home contact Steven Decker to discuss the process of purchasing a home and how to go about obtaining a real estate lawyer from our firm.