Tagged: real estate

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.

How Do I Know What to Do In This Real Estate Market? Is It Time to Buy or Sell a Home or Not Do Anything?

The real estate market these days can be so confusing no matter where you live in America and one thing you have to understand is the national housing reports may not reflect your local real estate condition or it may.  With there being so many conflicting reports in the news about the housing market how are you supposed to be able to determine if it is a good time to buy a house, sell a house or just hold off from doing anything?

We understand that it can be difficult to figure our what you are supposed to be doing and looking in the newspaper or searching the internet news section to this answer may only make things more confusing for you.  The only way to get the honest opinion of what move is best for you in your areas real estate market whether you live or are looking at a home in Staten Island, Brooklyn or any other part of New York is to speak with a real estate expert.  Speaking with a real estate expert such as Steven Decker Staten Island real estate lawyer will help you determine what is good not only in your areas housing market but also what is best for you personally.

To speak with Steven Decker and our real estate team at Decker, Decker, Dito & Internicola, LLP call 800.976.4904 or email us and we will help you determind what move is best for you right now, if any.

Finding the Right Decisions in Real Estate Transactions

Whether you are purchasing a home or selling a home you always have many questions and throughout the real estate process you may often wonder if you are being too safe or too risky and if the decisions you are making are the right ones.

According to a recent article in the Staten Island Advance titled “Walking Real Estate Tightropes” The article explains the similarities between an documentary about a man who in 1974 walked between the twin towers on a tightrope and the current real estate situations and decision a person must make when buying or selling a home.

Often times questions may arise throughout your real estate process that require you to take the safe approach or the “risky” approach but sometimes the safe approach may not always be the correct choice.

For some the answer to certain real estate questions may not have an actual correct or incorrect answer but may just depend solely on the opinion and risk level that a person is willing to take while other times there may be a correct answer but you may not know what it is.  The article explains that in these type of situations where there is a correct answer out there it makes sense to not just move forward with a decision based on your own opinion but rather to seek advice from a real estate expert to help find out the correct decision you should be making.

Speaking with a real estate expert such as a real estate attorney will help clarify a lot of questions that are lingering over your head regarding the real estate process.  It is good to educate yourself by speaking to other homeowners who have been through similar situations, by speaking with a real estate lawyer and by reading real estate books.  If you would like more information regarding purchasing or selling a house in Staten Island or Brooklyn New York call Steven Decker Staten Island real estate lawyer at 800.976.4904 or email us by filling out our contact form.

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.

Military Members Looking to Purchase a Home Can Now Take Advantage of First-Time Homebuyers Tax Credit

If you are a military member who is looking into purchasing a home for the first time you may be curious to know if you qualify for the first time homebuyer tax credit that everyone has been talking about this year.  Many service members that purchased a home over the past year using this tax credit have quite possibly had the question run through their head “Will I have to pay back the first time homebuyers tax credit if I have to get re-stationed?” or “I just came back from a deployment – do I have enough time to purchase a house before November 30 when the tax credit deadline is?”.  Thanks to an extension and revision of the bill these questions have now been answered.

The Service Members Home Ownership Act of 2009 was presented not even a month ago for approval and last week Congress approved both the extension of the first time homebuyers tax credit for an additional year for service members who were deployed outside of the U.S. for over 90 days in 2008 and it would also allow service members to not have to pay the $8,000 credit back if they have to get re-stationed before the initial three years of owning their home.

Many military personnel who purchase homes usually either have to sell their homes or rent them out if they are getting changing locations and are no longer going to be able to live in the home.  This was causing a lot of military members to not want to purchase a home and take advantage of the first time home buyers tax credit because more than likely they would have to relocate within the first three years of owning the home and the chances that the new home could remain their primary residence is usually slim.  With the Service Members Home Ownership Act of 2009 military members no longer have to worry about these provisions in the First Time Homebuyers Credit.

Robert Dietz, the director of tax issues for the National Association of Home Builders, predicts that the approval of the Service Members Home Ownership Act of 2009 will probably result in an additional 10,000 home sales.  While he says this won’t have an impacting effect on the national level of the housing market it will have an effect on the local communities, especially the communities that are near Army, Marine, Air Force, Navy or Coast Guard bases.

No matter if you are in the military or if you are not there are certain tips you will want to use when purchasing a house whether it is in New York, New Jersey or anywhere in the U.S.  To get more information on what steps and precautions you should take when purchasing a home get a no cost, no obligation copy of “5 Myths that Can Ruin the Purchase of Your Home” by Steven T. Decker.  This book is being offered free to residents and those who are looking to become residents of New York or New Jersey.