Tagged: New York

November 8th, 2013 Real Estate Law No Comments »

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.

November 8th, 2013 Real Estate Law No Comments »

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
November 8th, 2013 Real Estate Law No Comments »

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.

 

November 8th, 2013 Real Estate Law No Comments »

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.

November 8th, 2013 Real Estate Law No Comments »

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.

November 8th, 2013 Real Estate Law No Comments »

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.
November 8th, 2013 Real Estate Law No Comments »

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.

November 8th, 2013 Real Estate Law No Comments »

Quick and Inexpensive Home Fix-ups that Can Help Your Home Sell for More

If you are considering selling your home but know it needs some fixing up and do not have the money for expensive repairs and fix-ups there is still hope for selling your home.  Doing some quick fix-ups to the appearance of your home can help you get more for the value of your home and won’t cost you much either.

Here are 15 quick fix-ups that can get your more money for your home:

  • Remove excess furniture
  • Remove excess clutter
  • Clean out your closets and organize anything that needs to stay in there in an orderly fashion
  • Patch up any nail holes in the wall that do not have pictures hanging on them
  • Keep your lawn mowed
  • Wash exterior and interior or windows thouroughly
  • Paint or replace your front door if needed
  • Power spray the outside of the house to get rid of excessive dirt and cobwebs
  • Replace the welcome mat at the front steps if the one your currently  have looks used
  • Paint or replace your mailbox if necessary
  • Wash or replace the front porch light fixture
  • Make sure your house has the house number well displayed and that the display is clean
  • Thouroughly clean the house before you put it on the market – sweep, mop, scrub, shampoo your carpet or wax your floors
  • Re-do anything that is worn down in your kitchen and bathroom
  • Re-paint the interior of your house if you are in need of a paint job

Having any edge over everyone else in this economy will  help your house sell for more and will make your house look more appealing and like it is worth more.  Once you have a buyer for  your house you will need to find a real estate lawyer in your area.  If you are looking for a real estate lawyer in Staten Island or if you are selling your Brooklyn, Manhattan, Queens or Bronx New York or New Jersey home you can contact us at 800.976.4904 to find out how we represent clients selling their home like you everyday and how we can be of assistance to you.

November 8th, 2013 Real Estate Law No Comments »

Staten Island and Brooklyn Lawmaker Speak Out on the Housing Tax Credit Extension

As you may have heard the time you have to purchase a house and take advantage of the housing tax credit was extended officially and went into effect yesterday.  The extension will be a four month extension which will being the extension to April 30, 2009.

Michael McMahon, Congressional representative for the 13th district of New York which includes Staten Island and Brooklyn, said that he “encourages all who are able to take advantage of this extension”.  The extension was not only extended as far as a time extension is concerned but is also being extended to current homeowners who have have owned their home and been residents of it for five years or more.  Current homeowners taking advantage of the tax credit will receive a tax credit of 10% of the purchase price up to $6,500 and first time homeowners will be given a credit of 10% up to $8,000.

For many Staten Island and Brooklyn residents this is a great time to purchase a home and the new housing tax credit may be just the thing to cause them to make a move to purchase a new or first home.

If you are interested in buying a home in Staten Island or Brooklyn there are five things that you may want to consider to avoid ruining your home purchase.  If you are interested in finding out how to avoid these five things request a free copy of Steven Decker Staten Island real estate lawyer’s book “5 Myths that Can Ruin the Purchase of Your Home“.

Also if you would like to speak with a real estate lawyer regarding a possible Staten Island or Brooklyn home purchase or if you just have real estate legal questions that you would like answered before you decide to purchase a Staten Island or Brooklyn home contact us at 718.979.4300 or 800.976.4904 for assistance.

November 8th, 2013 Real Estate Law No Comments »

Alternative Options to Consider if you are not Eligible for the First Time Homebuyers Tax Credit

So if you are not eligible for the first time home buyers tax credit should you still consider buying a home?  For most people the answer will probably be yes as long as you have the necessary income to make a down payment and to pay your mortgage every month while still having enough money for additional expenses.

The home buyers tax credit requirements are not able to be filled by everyone looking to purchase a home especially if you have owned a home within the last three years so where does that leave the buyer who is not eligible for the tax credit but still is looking for a break.  Here are some some reasons to buy a home now if you are not eligible for the first time homebuyer tax credit:

  • Low interest rates – For some who are considering purchasing a house they may find that their monthly mortgage payments for their house will actually end up being less expensive than renting an apartment. Mortgage rates have been at record lows over the past year and right now are still low (in the 5% apr range).
  • Special provisions for military members – There is a special provision in the first time home buyers tax credit for military and some federal members that was recently added by Congress that allows military member to not have to abide by all of the requirements for the first time homebuyers tax credit.  A military member does not have to live in their new home as their primary residence for the first three years if they receive PCS orders to depart from their unit and get restationed within that period of time.  The will be able to sell the house or rent it out to someone else and will still be eligible for the $8,000 credit.
  • Lower house prices – While home sales are up house prices are still down lower than what they were worth a few years ago.  Sellers are still not able to raise the prices of their homes if they want to sell their house quickly or, in some circumstances, at all.

If you are interested in purchasing a house in New York you will want to cover all of your grounds before signing a contract.  One of the first steps you will want to take once you have found a home you are interested in is to contact a New York real estate lawyer, such as Steven T. Decker a Staten Island real estate lawyer, and discuss your home purchase with him/her.  Your real estate attorney will go over your contract of sale with you so that you understand its terms and conditions.  To speak with a real estate attorney call 718.979.4300.

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    Phone: 718.979.4300
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