FSBO vs. REALTORS

Making the transition to sell your home and relocate or purchasing another home can be very tedious and stressful. Most homeowner want the sale of their home FAST and QUICK with little or no hassle and NO WAITING. Unfortunatly in Real Estate it doesn't work that way, unless you have a cash buyer to eliminate the bank.

 Trying to sell your home on your own to save on the commission can cost you more in the long run than you might expect. Everyone thinks it's a 1,2,3  and PRESTO your home is sold.. Well if it were that easy the every state wouldn't have issue out Realtor Licenses to those who meet their requirements to be a realtor. There are rules and guidelines that are in place to help realtors to help you to get the home sold efficiently, tirelessly and correctly.

Here are some things homeowners do that can hurt their cause when they are selling on their own.

1. Do not have enough open houses because of their schedule.

2. Lack of multiple advertising strategies.

3. Inability to screen whose a Buyer verses who is a Looker.

4. Pricing their home- They either run it above market value or way below.

Rates

Don't miss the opportunity to capitalize on the low mortagage rates.. They are steady climbing.

FHA Changes

In June of 2013 FHA has change their guidelines in how to purchase a home using there program. The intentions for the new guidelines is to avoid another housing market meltdown, but the stipulations seems to be very burdensome for good qualify buyers who want to own a home. Example of one of the changes is the PMI-Percentage Mortgage Insurance which is added to a monthly payment because the buyer is financing less than 20+% and also was a way to protect the mortgage loan for a duration of time for a buyers monthly payment and would eventually drop of the monthly payment as soon as the home has more than 20% in it, but now FHA is saying that the PMI will stay on the loan for the duration of the loan. i.e if your principle and interest on a $380,000 loan is $1,707 base on 3.5% down payment they will add $450 PMI to the loan which will bring your loan to $2,157 but the taxes and insurance has yet to be applied and that my buyers varies base on where your buying your home. The process is deeper than my example, but the idea is for buyers to have more money, higher scores and enough income to facilitate the cost of owning a home. They are saying if your scores are below 680 and your making $80,000 or less and have $35,000 that your monthly payments will be high. Which is fine, but what about the buyers who has the $30,000, making $80,000 and a score of 640-670?? Those are reasonable numbers to work with, but it's not reasonable according to FHA and the buyers will have to pay for it. So If your looking to buy make sure you have a monthly payment in your head you're desiring to pay and then ask your lender to qualify you for the price of home you want to buy. Be very specific to tell them to please add the PMI, estimated property taxes ( base on where your living) and property insurance. It will ease the areggrevation of finding a home and then you'll see what your monthly payments are rather higher than what you thought. Research, research and more research your lenders and rates.. Visit www.bankrate.com and FHA.gov

What would you do?

What would you do with 70 acres of land if you inherited it?

Check Your Realtor's Status First

When you are in search for a Realtor make sure they are who they say they are. I've gotten a lot of complaints about people who have misrepresented Realtors by using our title to either sell or rent properties that they have no rights to. Please do not give money to anyone before you verify these step:

1. That they have a valid New York State License- you can check on the NY Department of State (DOS) site via Real Estate Licenses

2. If they are an Agent that they are being monitor by Licensed Real Estate Broker who you can also check on the DOS website.

3. They show you their Pocket Card which is a snapshot of their License- it looks like a Drivers License Card with a photo on it.

4. If your still in doubt just move on to another Realtor. They are many of us out there, just make sure you ask questions and verify who they are.

5. Finally please do not give any money unless you are signing a contract of sale ( which should go to an attorney's escrow account) or a lease for rent (which also should go into the Broker's business account until transaction is over then the money is turn over to the Landlord).

Call me if you have any further questions about Real Estate.

Cell: 917-776-2044

Office: 646-801-1671

Email: higginsrealtygroup@yahoo.com

Debt

Getting out of Debt requires Discipline in your Thinking... As a man thinkth so is he... So the question is, how far are you thinking?? Is it to get out of debt or building wealth?

OPEN HOUSE

Time to get the plans for the Open House going today 1:00pm-3:30pm @ 1119 East 59th street between Ave. K and L