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Home Buying or Home Selling

Coram Home For Sale

This Coram home for sale is offered at $425,000.  It is located on a 1/3 acre corner property situated on a quiet cul-de-sac.  This brick colonial, built in 1999, has 4 bedrooms, 2-1/2 baths and comes equipped with a granite and SS kitchen.  Add a full finished basement with a separate outside entrance and you certainly have lots of home for the money.  Call Glen Hagen at 516-429-9399 to request a showing today!

 

Housing Market Expected to “Spring Forward”

Housing Market Expected to “Spring Forward” | Simplifying The MarketJust like our clocks this weekend in the majority of the country, the housing market will soon spring forward.” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

But that hasn’t happened this year.

The housing market has remained strong as mortgage rates have remained near historic lows.The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to the housing market in the next few months.

Bottom Line

If you are planning on selling your home in 2017, let’s get together to evaluate the current opportunities in our market.

What to Expect From Your Home Inspection

What to Expect From Your Home Inspection | MyKCM

So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. What should you expect from your home inspection?  More often than not, your agent may have made your offer contingent on a clean home inspection.

This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.

How to Choose an Inspector

Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. Realtor.comsuggests that you consider the following 5 areas when choosing the right home inspector for you:

  1. Qualifications – find out what’s included in your inspection & if the age or location of your home may warrant specific certifications or specialties.
  2. Sample Reports – ask for a sample inspection report so you can review how thoroughly they will be inspecting your dream home. The more detailed the report, the better in most cases.
  3. References – do your homework – ask for phone numbers and names of past clients that you can call to ask about their experience.
  4. Memberships – Not all inspectors belong to a national or state association of home inspectors, and membership in one of these groups should not be the only way to evaluate your choice. Membership in one of these organizations often means that there is continued training and education provided.
  5. Errors & Omission Insurance – Find out what the liability of the inspector or inspection company is once the inspection is over. The inspector is only human after all, and it is possible that they might miss something they should have seen.

Ask your inspector if it’s ok for you to tag along during the inspection, that way they can point out anything that should be addressed or fixed.

Don’t be surprised to see your inspector climbing on the roof, crawling around in the attic, and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating & air conditioning systems, ventilation, windows, the fireplace & chimney, the foundation and so much more!

Bottom Line

They say ‘ignorance is bliss,’ but not when investing your hard-earned money in a home of your own. Work with a professional you can trust to give you the most information possible about your new home so that you can make the most educated decision about your purchase.

6 Things You Must Know Before You Buy

6Mostcommonbuyermistakes1

“Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can literally cost or save you thousands of dollars and years of expense.”


Consider These 6 Things Before You Purchase a Home

“How you shop for a new house, even the way you structure your mortgage. These and other choices you make can either save or cost you a huge amount of money and even a lifetime
of expenses.”

There are new regulations on Mortgages. Over the past few years mortgage regulations have gone through several changes, allowing for broader options when it comes to how we approach mortgage shopping. However these same changes can also cost us a lot of money if we are not careful on how we structure our
mortgages. The margin for error is narrower compared to earlier years. we have to carefully plan this significant investment, otherwise we could be looking at a lifetime of regret.

Obtain the correct information

Knowing is winning half the battle, so we have to arm ourselves with the correct information before we even start looking for a new home.

A new research by industry insiders highlights 6 of the most common mistakes that homebuyers make. These 6 mistakes can have a huge impact on our negotiation for our new home. If we are aware of these 6 mistakes, we can avoid them and get a mortgage that will cost us less money.

There are 6 things you must consider before you even pull out your checkbook and spend your hard-earned money to pay for a monthly mortgage:

1. Obtain pre-approval for your mortgage prior to shopping for a home.

When you have a pre-approved mortgage, you’ll find that shopping for a new house is easier and less stressful. Most lending institutions will provide you a written pre-approval over the phone at no cost and under no obligation. Carrying a letter of pre-approval can greatly increase the chances with most banks that you’ll get the mortgage you want at the specified level when you spot that dream home of yours. This written pre-approval has a complete credit application and a certificate as well.

2. Determine a monthly amortization that will work with your income.

What most home buyers neglect to do is to work out a solid dollar amount that they can commit to every month. You can determine this amount by talking it over with your lending institution. Spend a great deal of time considering how much you’re willing to pay for a new home and if you can sustain
the monthly amortization for your new home. Your preferred lending company can help you sort out what monthly repayment you can afford and what kind of houses would be suited for your budget.

3. Think of what kind of mortgage would be suited to your needs, and what your situation would be in the long run.

Before you even secure a mortgage, ask yourself a few questions.

• Will my income in the coming years be the same or do I expect it to change?

• How many years will I be living in this house?

• Which way are the interest rates moving and how will this affect my mortgage payments?

The answer to these and other questions will help you choose a mortgage that you can afford.

4. Find out what payment frequency options and prepayment privileges are at your disposal.

If we have frequent payments that are weekly and biweekly, we can remove years of your mortgage. By adjusting our payments so that we can settle our mortgage sooner rather than later, we can reduce the amount of interest we have to pay in the long term.

The pre-payment of a percentage of your mortgage, or deciding to increase your monthly amortization will have a huge effect on the number of years it will take to pay off your mortgage.

Find out if the mortgage you’re planning to get has the option for pre-payment. These payment options can save you a lot of money in terms of interest.

5. You need to know if your mortgage is assumable/ or portable.

An Assumable Mortgage is when a buyer of your home can assume ownership when you move to your new house. This is a potent tool to use during the negotiation process; it makes your house more attractive for a buyer. You can also avoid any discharge penalties.

If it’s available you can make use of a portable mortgage. This is under the condition that you do not choose to live in a more expensive house.

6. Get help from a Mortgage Professional

Enlist the assistance of an expert in mortgage. Often times there is no cost or obligation involved to inquire. Since they specialize in mortgages, they can help speed up the process and avoid any delays. They can determine whether the mortgage you have is  best for your needs.

 

2007 Mortgage Forgiveness Debt Relief Act Extended

Well we averted a catastrophic event with Congress allowing for an extension of the 2007 Mortgage Forgiveness Debt Relief Act to January 1, 2014. Had this law NOT been extended, anyone forgiven debt from the “short sale” of their principal residence, from agreeing to a “deed in lieu of foreclosure,” or having their property foreclosed, would have had to pay federal income tax on the forgiven amount. Thankfully, that isn’t going to happen thanks to some NOT so swift action by Congress.
The New Law reads as follows:
SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.
(a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and
inserting ‘‘January 1, 2014’’.

Mortgage Calculator

The entire ‘‘American Taxpayer Relief Act of 2012’’
Download the entire ‘‘American Taxpayer Relief Act of 2012’’

 

 

 

 

 

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