For Sellers

Selling your home has always been challenging, and the past few years have made it even harder.  To help earn the best possible price for your home in the timeframe that works with your needs, you need to choose a real estate professional with the local knowledge to price your home, the marketing tools to bring buyers to your door, and the business experience to negotiate the possible best deal.  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, able to promote what’s special and unique about your property, and savvy enough to answer hard questions from sellers.  An Executive understands local market conditions to set a price that will be attractive to buyers, but still get you what you need format he sale.  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 the next stage in your real estate journey, knowing you’re in good hands.

Setting the Stage

An Executive will work with you to balance your financial desires and time constraints with the current market situation in your neighborhood and region.  Your Executive can also advise you about the viability of home repairs and additions, home staging, and other pre-sale improvements that could help you sell your property–or end up losing you money.

Marketing Your Home

Once you’ve settled on a price and prepped your home for showing, your Executive will market your home in a number of ways, including yard signs, print ads, Web marketing, and email campaigns.  When you work with an Executive, you can expect highly-targeted exposure that bears results.  Executives are expert networkers with years of experience finding buyers–not just browsers.

Sealing the Deal

By the time you receive an offer, you and your Executive will have established a negotiation strategy and financial baselines.  When negotiations begin, Executives can use their knowledge of the process to field counter-offers and work within your guidelines to ensure that you accept only the best possible deal.  Part of that deal includes limiting your legal liability, to avoid unexpected post-sale costs related to unknown issues with your home.  Your Executive will escort you through the entire buying process, until the final paper is signed, escrow is closed, and the check has cleared in your bank.

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 sell your 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

Three Ways to Increase the Value of Your Home

Posted on October 7, 2010 by Realty Executives

Buyers only get one first look at a property, and they don’t want to use their imagination. They assume the house they see is as good as it’s going to get. If you want your home to sell, step out of your comfort zone and think like a buyer. Here are three ways to help you turn your house into the home of someone else’s dreams. We’ve broken down each category into low-cost, “Basic” tips and tricks, and an “All-Out” blow-the-budget transformation. How far you take it is up to you.
Continue reading – Three Ways to Increase the Value of Your Home

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Find the Best REALTOR® to Sell Your House

Posted on October 7, 2010 by Realty Executives

By: G. M. Filisko
Published 2010-03-11 16:55:53

Ask detailed questions about their experience and skills to help you find the right agent for your home sale.

Working with the right real estate agent can mean the difference between getting prompt, expert representation and feeling like you’re going it alone when selling your home. Here are 10 questions to ask when you’re interviewing agents.
Continue reading – Find the Best REALTOR® to Sell Your House

Posted in For Sellers | Tagged , , , , | Leave a comment
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