Tagged: Brooklyn real estate attorney

November 8th, 2013 Real Estate Law No Comments »

Staten Island Real Estate: Latest Data from Case-Shiller Shows Now is the Time to Buy a Home

Some of you, especially if you are considering buying a home, may constantly be checking to see if the housing market is improving to base your decision of whether or not you should buy a house, may have recently seen the Case-Shiller report which recently was released.  According to a recent article in the Wall Street Journal the Case-Shiller report should be used as evidence that now is the time to purchase a home.

According to the Case-Shiller report two things are true and those same truths are reasons why now may be the perfect time to buy a home:

  • The Case-Shiller 10-city index shows that real estate prices have fallen 30% since 2005
  • Mortgage rates have fell.  Mortgage rates are currently 1.4% lower for a 30 year fixed loan than in 2006.

These two major points that were released in the Case-Shiller report show that individually it improves a buyers reason to purchase a home.  When these two things are put together it is an ideal time for someone to purchase a home as long as they have the funds to do so.

If you are interested in purchasing a home in New York and are looking for legal representation for your home purchase contact Steven T. Decker Staten Island and Brooklyn real estate attorney at 718.979.4300 or 800.976.4904.  We look forward to speaking with you and answering any legal questions you have regarding your Staten Island or Brooklyn real estate purchase.

 

November 8th, 2013 Real Estate Law No Comments »

Housing Tax Credit Extension Approved | It is Time to Take Advantage of the Housing Credit

It is finally official after months of protesting to the lawmakers real estate agents, builders and banks finally voiced their concern for the housing market loud enough that their concerns were taken into consideration and were granted the tax credit extension they were looking for.  The First Time Homebuyers tax credit will now be extended until mid 2010 (military members who are deployed will have a longer period of time to take advantage of the tax credit) and will not also include additional housing tax credits for current homeowners looking to sell their house and purchase a new house.

The decision to extend the tax credit to existing homeowners purchasing homes was decided becuase 60% of buyers currently own a home or have owned a home within the past 3 years whereas only 40% are first time home buyers.  Congress figures that by extending this credit to current homeowners it will boost home sales even more, by an estimated 10%, over the next few months.

If you are interested in taking advantage of the housing credit you will want to start your search for a home sometime within the next few months because you want to allow yourself enough time to find a house that you like and can see yourself living in for the next few years.  You will also want to allow enough time to get approved for a mortgage, if you plan on obtaining one, and to make sure the title is clear of all violations.

Finding the best Staten Island or Brooklyn real estate lawyer is key to making sure that your real estate transaction goes smooth and is done properly.  To contact Staten Island real estate attorney Steven T. Decker regarding your Staten Island, Queens, Brooklyn, Bronx, Manhattan or northern or central New Jersey property purchase you can either call 800.976.4904 or 718.979.4300 or you can fill out our form on the web and someone will get back to you about your purchase.

November 8th, 2013 Real Estate Law No Comments »

Senate Considering Housing Credit Extension

This week Senate leaders have been more open about the talks of extending the housing credit that is available to first time homebuyers.  While Senators have yet to come to a decision as to what type of extension will be put in place they are highly considering some type of extension.

Senator Majority Leader Harry Reid and Senate Finance Committee Chairman Max Baucus are proposing that the housing tax credit be extended throughout 2010 but decrease in amount quarterly.  The credit would continue at $8,000 until the end of the first quarter and if successful would continue into the second quarter but will only be for a tax credit of $6,000 and so on and so forth until the end of 2010 at which time the last quarter would consist of a $2,000 tax credit for first time homebuyers and then would end at the end of 2010.

Another idea that is being proposed by Senator Banking Committee Chairman Christopher Dodd and Senator Johnny Isakson which is that the first time home buyer tax credit should be extended until June of 2010 but will be able to used by all first time home buyer couples who make less than $300,000 a year.

While the Senate has not decided on the exact terms of the extension yet House Speaker Nancy Pelosi said “generally we do support it” when asked about the tax credit extension but she also said that it is still too premature to determine if and under what conditions the first time homebuyers tax credit will be extended until the Senate reviews the situation and comes up with a proposal.

The consideration to extend the housing tax credit comes after mortgage brokers, real estate agents and home builders have been putting pressure on lawmakers to extend the first time homebuyer tax credit which they believe will cause the housing market to slump if taken away prematurely.

November 8th, 2013 Real Estate Law No Comments »

Buying a Short Sale in New York or New Jersey

In the past couple of years foreclosures have hit a record high and short sales became more popular for homeowners trying to avoid a mortgage default going on their credit report.  Prior to short sales becoming more popular most people did not even know what a short sale is.  A short sale is when a seller can no longer afford their mortgage payments and are risking a mortgage default and the lender agrees to accept funds less than what the mortgage is worth.  Short sales can be a great thing for both the seller and the buyer but it may not be an easy road getting there.

Here is a brief description of the process of a short sale:

  1. Purchaser will want to have an engineers inspection or a home inspection done
  2. Contract of Sale must be signed by the purchaser and the seller
  3. Short sale documents requested by the lender must be submitted by the seller
  4. Lender has to approve the short sale and the price the house is being sold to the buyer for – if the bank does not agree on the price they may request that the sales price be raised or they may not approve the short sale.
  5. Purchaser, as with any other real estate transaction, must get approved for a mortgage if they do not plan on paying cash for the house.
  6. Title must be cleared of any violations and liens.
  7. Closing of title must take place at which time the deed is signed over to the purchaser.

Short sales are great for the seller because they do not have to have a foreclosure listed on their credit report; they are great for the lender because it allows them to not lose as much money on the loan as they would if the house was to be foreclosed on; and they are very attractive to the prospective purchaser because they sell for less than a regular sale would be listed for but they have to opportunity to treat the process as more of a home purchase rather than a foreclosure purchase.  Although this may sound appealing to the potential homebuyer, and may turn out to be a great and well worth experience, there are a few things that the buyer should be aware of regarding the short sale process such as the length of time it may take to get the short sale approved, the risk of putting money out for legal fees, appraisal fees, mortgage application fees and the cost of an engineers inspection report.

A recent announcement by the Treasury Department said that they are looking to approve a widened incentive program for short sales that would entice lenders to be more likely to consider the approval of a short sale instead of allowing the property to be foreclosed on.  If approved, the program, which is part of the Obama Administrations Home Affordable Modification Program, would offer $1,000 to the lender for going through with the short sale, up to $1,000 if there is a second lien holder and would offer the borrow $1,500 towards closing costs.

Here are a few things you may want to consider before purchasing a short sale in New York or New Jersey:

  • Hire an experienced real estate agent.  Hiring an experienced real estate broker for your purchase will help
  • Check public records. You can check the public records for the property to see if there was a foreclosure notice filed yet and to see how many loans the seller has open.
  • Be aware and open minded. If you decide that you are willing to take the chance associated with a short sale purchase be aware that the seller is awaiting bank approval keep and open mind to the fact that the seller may not end up getting approved for the short sale and if they do you could possibly be asked to pay an additional amount of money for the purchase price.
  • Be sure to have a home inspection done. When you are purchasing a short sale you are purchasing the home as is so it is important to have a home inspection (engineers inspection) done to determine if there are any major property defects in the home.
  • Hire a knowledgeable and experienced New Jersey or New York real estate attorney.  Hiring a knowledgeable and experienced real estate attorney is a critical asset to your home buying process, especially if you are purchasing a short sale.  Whether you are purchasing a short sale in Staten Island, Brooklyn, Manhattan, the Bronx, Queens, New York or New Jersey you will want to make sure you select a lawyer who has experience in short sales.

 

  • Decker & Decker
    3 Kermit Avenue
    Staten Island, NY 10305
    Phone: 718.979.4300
    Fax: 718.351-3514
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