For Buyers

Market conditions have never been better for buyers, but finding the right property, negotiating the best deal, and managing all the details are as complicated as ever. Whether you’re a first-time buyer, a current homeowner, or a real estate investor, you need a trustworthy, knowledgable real estate professional to help you through the home buying process. You need an Executive.

Executives Versus Agents

A real estate Executive is more than an agent. An Executive is a trusted source of local information, familiar with every block of every neighborhood, and able to help you understand how and where you’d fit best. An Executive understands local market conditions, so you can make a conservative but fair offer that will get you in the right home at the right price. Above all, an Executive is a professional, with years of experience negotiating deals and managing legal and regulatory red tape. When you’re dealing with an Executive, you can relax and focus on finding the perfect home, knowing you’re in good hands.

The Perfect Home

A home is more than a number of bathrooms and bedrooms. While amenities set baselines and standards for your search, an ideal home is one that meets your needs for things that can’t be measured in bedrooms, bathrooms, and square footage. Style, safety, history, neighborhood character, local schools, cultural resources, and how much you can reasonably afford are just a few of the factors your Executive will consider during your home search. A perfect home should stir your emotions, and an Executive will help you find the home that does just that–without letting emotions get in the way of your negotiations.

Negotiations and Financing

An Executive is an expert negotiator who knows where to start an offer, how far to push, and when to walk away. Executives can also help you understand the “hidden” costs and fees associated with the home buying process to ensure that you don’t get in over your head. Once your offer is accepted, an Executive will walk you through inspections and other contingencies, closing, underwriting, and escrow, so you can move into your new home without any worries.

I’ve included some relevant blog posts and links for your review. If you would like more information on how an Executive can help you find you dream home, please contact me.

Other Links:

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Q & A

Posted on February 3, 2012 by carmelavlacich


Taking Responsibility for a Roof Leak

Q I live on the top floor of a co-op. I recently reported a ceiling leak. Then there was a larger roof leak and it damaged my TV. The board says I am responsible for all damages within my apartment, including the TV. Fixing roof leaks is the building’s responsibility, and I reported the problem, so is this correct?

A Andrew Berkman, a Manhattan co-op and condo lawyer, said that under most proprietary leases, the co-op is responsible for structural elements, including the roof, of the building. Therefore, and particularly because the writer reported the problem, the leak and the damage it caused should be the responsibility of the co-op. Mr. Berkman suggested that the writer report the damage to his or her insurance company, providing a copy of the notice to the managing agent, and request that the agent forward the claim to the co-op’s insurance carrier.

A Bank Loan for Capital Repairs

Q Can a condominium association get a bank loan for capital repairs? I read that this was possible in Connecticut, but is it in New York as well?

A Steve Troup, a Manhattan co-op and condominium lawyer, says a condo in New York State is able to borrow money from a bank or other lender if its bylaws so provide. “If permissible,” he said, “the bylaws will provide whether the board has the power to do this alone, or whether unit owner approval is required.” If approval is required, the bylaws will indicate whether a simple majority will suffice, or a “supermajority” of two-thirds or three-quarters of the vote is required.

Lender Says No to Co-op Sublet

Q I want to sublet my co-op apartment in Chelsea, and I know that paperwork must be submitted to the management company to get approval of my subtenant. The co-op board also requires a letter from the bank stating that it approves. But the bank said it would allow a sublet only if I was called up for active military service, died or had an extreme medical emergency. Because I bought the unit to be “owner-occupied,” it says it can restrict my ability to sublet. Is this right?

A “The co-op corporation is correct in stating that it will not allow the sublet without the lender’s consent,” said Adam Leitman Bailey, a Manhattan real estate lawyer. But a “recognition agreement” between the lender and the co-op contains language to the effect that the lender’s approval shall not be “unreasonably withheld.” Mr. Bailey said the writer should check the “security agreement” that he signed with the lender at the closing to determine whether the lender may restrict subleasing.

Next Time, Don’t Forget the Key

Q I got locked out of my unit while moving, and the landlady had her nephew come by to let me in. Now she is charging me a $50 “lockout fee.” The fee isn’t allowed for in the lease, so can she collect it? I’d rather give her a box of chocolates and a “thank you” card.

A David Kaminsky, a Manhattan lawyer who specializes in landlord-tenant matters, said that if the landlady had genuinely incurred a cost, she would be entitled to recover the amount incurred due to the fault of the tenant. But absent a lease clause addressing the issue, the landlord cannot charge an arbitrary amount as a “lockout fee.”

Posted in For Buyers, For Sellers, Home Finance, Home Improvement, Lifestyle and Community, Miscellaneous News, News | Leave a comment

Mortgages Shrinking the Escrow

Posted on February 3, 2012 by carmelavlacich
Mortgages

Shrinking the Escrow

WHEN you choose a fixed-rate loan for a home purchase or refinancing — as more than 9 out of 10 people currently do — only one part of the monthly mortgage statement is ever likely to change: the escrow amount.

But with home values sinking, and many people filing property-tax challenges as a result, the monthly escrow could possibly decline a bit.

The escrow amount, which is added to the principal and interest of the monthly mortgage payment, is typically adjusted annually, and often in December or January, as lenders review for overages or shortages. Some lenders review the escrow account on the anniversary of the mortgage closing.

Escrow collection is set up before a mortgage closing and based on property-tax bills and the homeowners’ insurance, including lender-required polices like flood coverage, according to Peter Graubard, a real estate lawyer in Manhattan who often represents Wells Fargo and other banks at home closings.

Homeowners would do well, however, to assess their own escrow statements, industry experts say, as mistakes may sometimes occur.

There can be errors from the start, especially if the property is in an area with several taxing authorities and one of them is overlooked, said Michael G. Barone, a real estate lawyer at Abrams Garfinkel Margolis Bergson in Manhattan. “They’re only escrowing for two of the three taxes owed,” he said.

Other mistakes may be made later on: the lender or mortgage servicer may have missed a tax payment or allowed the balance to grow beyond limits allowed under the Real Estate Settlement Procedures Act. The federal law allows lenders to keep a cushion of up to two months’ total escrow payments.

One way to avoid any problems is to pay your homeowners’ insurance and property taxes yourself. Mr. Graubard says borrowers can request to do so before the mortgage closing or by contacting the customer service department of a lender or servicer.

Some lenders charge a one-time fee to forgo an escrow, typically around a quarter of a percentage point of the loan balance, or $500 on a $200,000 mortgage, according to Jeff Lipes, a senior vice president of Family Choice Mortgage in South Windsor, Conn., and the president of the Connecticut Mortgage Bankers Association.

Many homeowners, meanwhile, are filing property-tax grievances to reduce their assessed valuation and tax payments, since many towns and municipalities only reassess properties every five to seven years. (Appeals are generally due from March through May.)

Glenn Newman, the president of the New York City Tax Commission, said there had been steady growth in the number of successful residential tax appeals, partly because of declining property values. In 2011, approximately 3,888 condominiums, co-ops and rental buildings accepted offers of tax reductions totaling $1.95 billion; in 2010, there were 2,526 acceptances and reductions totaling $982 million. (These numbers include appeals from unit owners as well as building boards and management.)

Even if your home’s value has decreased, however, your taxes may not fall, because some cities and towns are raising millage rates, or the rate at which property taxes are calculated, to preserve local services.

After a successful appeal, your lender may continue with the same escrow arrangement — at least until the next tax bill arrives, and possibly until the annual review. “You could be paying more money into the escrow account than you need to pay,” Mr. Graubard said.

If you want the amount to be decreased based on newly reduced taxes, go to the lender or servicer’s customer service department and make the request, presenting documentation of the lower taxes. “It’s up to the homeowner to get the information to the bank,” Mr. Barone added.

 

Published: January 26, 2012
Posted in Area Info, For Buyers, For Sellers, Home Finance, Miscellaneous News, News | Leave a comment

Home Inspections 101

Posted on October 7, 2010 by Realty Executives

According to a study conducted by the National Association of Realtors (NAR) and the American Society of Home Inspectors (ASHI) in 2001, 97 percent of home buyers who received home inspections believe they received a good value for their money. A home’s history gives it character and charm, but also takes a toll.

Over time, roofs sag, mortar cracks, and furnaces lose efficiency. Beyond this normal wear and tear, older homes can harbor mold, water damage, termites, or other structural threats that can cost tens of thousands of dollars to fix.
Continue reading – Home Inspections 101

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Homeowners Insurance Checklist

Posted on October 7, 2010 by Realty Executives

A home is the single biggest investment most Americans will ever make. Protecting that investment is not just a legal responsibility, but the smartest move you can make. Here are 7 tips for getting the most out of your homeowners insurance for the smallest premium.

1. Research Early and Often
Continue reading – Homeowners Insurance Checklist

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