Date Archives: December 2019

Coldwell Banker American Homes Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Area Information | 27 Posts
BPT | 10 Posts
Buying | 6 Posts
Homeowners | 17 Posts
Real Estate Blogs | 319 Posts
RREIN | 62 Posts
Uncategorized | 148 Posts
Buying a Home | Home Purchase Guidelines | Long Island Homes and Property | Real Estate for Long Island | Energy Efficient Homes | Homeowner Tax Credits | Tax Credits for Home Energy Efficiency | Adjustable Rate Mortgages | Mortgages for the Long Island real estate market | The Right Mortgage for the Right Home Buyer | Real Estate Question of the Day! | Real Estate - scams and mortgages | What you need to know about real estate | Home Purchase Savings | Interest rates offer greatest leverage | Tax credit vs mortgage interest rates | Assisted Living | VA Special Pension | home loans | Home mortgage rates | Another Interest Rate Drop | Mortgage Interest Rates | Defending homeownership | Is now the time to buy a home? | Real Estate - still a great investment | Long Island condo & co-op | Long Island Homes for sale | Long Island Properties | Negotiating house purchase price | New construction on Long Island | Real Estate transfer fees | buy your home through a short sale purchase | selling short with the banks approval | Short sale home purchase | $2000 home buyer grant | New York State home buying grants | home list price vs. home sales price | negotiate a new home sales price | New York State STAR tax exemption | STAR tax exemption for New York homeowners | Buyer Brokerage | Real Estate Representation | Seller Agency | Tips for improving your credit score | Home and property appraisals | Homeowner Tax Advantages | Home Purchase Track | Owning a home vs. Renting | 55+ Adult Community | Senior housing | The Season's at East Meadow | co-op | Condo's | Homes | land for sale | Why Now is a Great Time to Buy a Home on Long Island | Homeownership | Open House weekend | home buying process | mortgage prequalification | Real Estate Investment Tips | Tips to Flip your real estate | Home Shopping Checklist | Look for a house with a checklist | ips to purchasing a short sale home | Short sales: How to purchase | Cut energy costs for your home | home energy efficiency | Loan application mistakes | mortgage loans | mortgage home loans | What home loan is right for you? | house hunting | Hunting for a home | Common Home Defects | What to look for when buying a home | first time home buyers | The 1st time home buyers guide | mobile based home search | Mobile phone users - coupons | smart phone applications | Housing Market Recovery Bright Spots | Natianal Housing Market Report | Home Closing - contract to closing | Home purchase timeline | 203k home mortgage program | Home Improvement Funding | Myths of the real estate market | The Home Buying Process | narrow down your home search | The Best location for your home purchase | buying a home? protect your credit! | credit protection | Home value pitfalls | home closing steps to take | New home closing | Home Styles | Popular Homes | best interest rates | credit scores | Create Energy within Your Home with Feng Shui | Feng Shui within your home | consumer confidence | home buyers more confident in housing market | Real Estate market impact | Rent verse Buy | Renters Outspend Owners on Housing | Benefits of home buying | Winter shopping for homes | Consumers confidence in home ownership | Homeownership attitudes | Real estate tax advantages & tips | Tax tips for homeowners | job opportunity | real estate agent | real estate career | rental agent | 1st time home buyer tips | priorities for home buyers | make moving fun for family | Moving for the family | Buy a foreclosure | REO purchase tips | Tips to buying a foreclosure property | Use a real estate agent to buy a home | Use a real estate agent to sell a home | Why use a real estate agent | Home Buying steps | Home Buying tips | Stepr to take prior to buying a home | home loan good faith estimate | Tips to your home loan mortgage | FICO Scores | How FICO scores are calculated | Your FICO score | Invest in a home | tax refund - invest it in your home purchase | VA Loan | The Home Buyers Wish List | Home buying expectations | real estate market report | Bidding on real estate properties | purchase offers for your home | home mortgage | downsizing your home | moving to a smaller house | Jumbo Loans for Home Purchase | Mortgage Money Lesson | newlywed home purchasing tips | The perfect wedding gift... a new home | Avoid these home buying mistakes | common mistakes when buying a home | Good News for Housing | Home Price Index | Bank fees for the homeowner | understanding banks and their fees | Home Inspections for your new home purchase | What to know about home inspections | Fire safety for your home | Is your home fire safe? | Home Mortgage programs | LTV | Mortgage loan to value | Mortgage relief for disaster challenged areas | Location | Property location - real estate | buying a short sale property | short sale tips | buying a home - best investment? | When is the best time to buy? | New Years resolutions | Resolutions: a Reality for Realty's | Get a mortgage after foreclosure | mortgage financing - after foreclosure | Is it a good time to buy a home? | What age is old enough to buy a home? | Buy a short sale property | Short Sale real estate properties | Home property tax deductions | real estate tax deductions | Real Estate License School | Apartment Rentals | House Rentals | Real Estate Rental Agent | House Hunting Tips | Simple house hunting tips & ideas | Mortgage advice - current trends | mortgaging & refinancing in 2013 | Good credit score = best equal rates | How to build up your credit score | lease - option to buy | Rent with option to buy | Avoid Home Improvement Blunders | Home improvements ideas for the property owner | Home Buyers - What do you really want? | Needs & wants of home buyers | mortgage loans for new home construction | New construction home loans | Home Buyers - Price & proximity to work | Key Concerns for the home buyer | Impressive mortgage applications | Keys to getting your mortgage approved | Home buying mistakes to avoid | Home purchasing blunders to avoid | New homes vs older homes | to buy or not to buy a home | pet friendly rentals | Pets or no pets - apartment rentals | tips for home purchasers | Flipping houses | home flpipping 101 | spec houses | home buyer how to's | how to be a better home buyer | Mortgage amortization | A happy home | What makes you really happy? | Low housing inventory | Low inventory housing market | Home prices on the rise | Rising property values | Home buyer tips to open houses | Open House etiquette | Winning a home purchase bidding war | Home mortgage rate tips | mortgage tips for the new home owner | Home Equity Line versus 2nd Mortgage | buy a new home or expand your current home | Home improvements vs. new home purchse | Mortgage Rate Lock | Residential home mortgage rates | Improve your economic profile for home mortgage | Personal Finance | Costly problems for new home buyers | New home buyers avoid costly problems | Handy man special | The home fixer-upper | How to refinance | Refinance - without perfect credit | Debt to Income | Tackling Debt | Seasonal real estate trends | The fall season housing market | Factor in home repairs in your mortgage payment | Home repairs for new home purchasers | Home sellers negotiation techniques | negotiations for home buyers & sellers | The home buying process - stress free | The process of buying a home | Recently Read | Saved for Later | Great Neck | Massapequa | Huntington | Ronkonkoma | Brooklyn | East Meadow | Coldwell Banker American Homes | Local Attractions | Home Improvement | Interior Design | Queens | Fresh Meadows | Long Beach | Local Businesses | Farmingdale | Home selling | Suffolk County | Nassau County | Wantagh
December
27

Are you considering buying a foreclosure or bank-owned home? It can be tempting to look at foreclosed properties if you want a bargain, but are the lower prices really worth the potential problems? A different approach is needed when you are looking to buy a foreclosed house. Below are some tips and tricks to make the process smoother.



It's essential to know that these kinds of real estate transactions can be a bit riskier than your traditional purchase. Quite often, first-time homebuyers are under the impression that foreclosure properties are the bargain of the century. While at times there is a discount, don't expect it to be monumental. If only going from a renter to a homeowner translated into instant equity. Unfortunately, it rarely ever works that way.
Keep your eyes wide open and use these simple tips for buying a foreclosure:

Is It a Good Idea to Buy a Foreclosed Home?
A foreclosed property has been recovered by the lender when the owner was unable to keep up their mortgage payments. The lender wants to get as much of their money back, and they want to do it quickly. This leads to foreclosed homes coming on the market for less than the value they really offer.

For buyers, this can present an excellent opportunity to save thousands on the house. There are some downsides and potential pitfalls to purchasing a foreclosed property, and it won't be for everybody. If you're happy with the higher risks involved and can move quickly on a deal, this could be a way to get a decent discount on a home. Here's what you'll need to do to secure a foreclosure bargain:

Get the Right Real Estate Agent
It'll be helpful to get the services of a buyer's real estate agent who's knowledgeable about the foreclosure market. To find an excellent REALTOR®, check the online listings for foreclosed properties in your area. Look for agents with specialized qualifications, like the Certified Distressed Property Expert and the Short Sales and Foreclosure Resource training certificates.

Buyers will sometimes go directly to the seller's agent, which, frankly, isn't smart. The thinking for doing so most often is getting savings in commission. Keep in mind that the listing agent works for the seller. Their fiduciary duty in every way is to the seller. Getting a discount in commission isn't beneficial if you make a terrible mistake or overpay for the property.

If you find a great agent, you can expect them to look out for properties that meet your needs. You have to be ready to do things quickly, however, as these listing don't usually remain on the market for long.

There are specific online search tools you can use to find foreclosure properties.

Have a Preapproved Mortgage
If you aren't able to pay cash for the property, you'll need to show a preapproval mortgage letter to prove that you're serious. It will show that you can close on the property quickly, being able to pay the amount offered.

Having a loan ready will mean that you can better compete with offers from real estate investors, which will normally be offering cash. Lenders will need the property appraised to find the value. You need to take this into account when making an offer so that the loan amount isn't below the offer you've made. If this happens, you may have to find the difference if the sellers won't reduce the price to match.

Comparative Market Analysis
It can be challenging to judge the right amount to offer for a foreclosed home. Analyzing the recent sales information can provide a better understanding of the bid you should offer to get the house. Your agent should be able to run this analysis for you. They should also be able to give you some idea about how quickly sales go through, which will inform you on how much you need to bid.

Your agent needs to realize when running comparable sales data to be comparing apples to apples. The condition will play a vital role in the value. The agent will need to have decent skills at estimating necessary improvements.

Bidding Higher
If you find that foreclosures are selling quickly in your area, you will need to bid more to make sure you're successful. Your agent should be able to help you create an offer that has a good chance of success. The foreclosure price may be discounted by the lender already, so putting in a low-ball offer may not be a reliable approach. In fact, you may find that bidding the asking price or slightly above is the best way to win the purchase. You may need to waive some of the contingencies which seem essential in a regular purchase. While it may seem crazy to do so, some buyers will waive a home inspection when buying foreclosure homes. As an agent who has been in the business for 33 years, I wouldn't recommend it, but it certainly happens.

The waiver of a financing contingency, even when you're not paying cash, is also a possibility. This will make sure the sale goes through faster, which is what the lender is looking for. If you decide this is the route you're going to take, make absolutely certain you'll have no problem getting the mortgage. Otherwise, you would be putting your earnest money at risk.

Condition of the Property
Often, a foreclosed property will be in a worse condition than you would expect from a typical house sale. The previous owner may not have cared much about the state of the property when they left it. Quite often, bank-owned properties are fixer-uppers that need quite a bit of work. The lender isn't going to be particularly interested in making any repairs, either.

You should have a home inspection done to make sure you fully understand the problems the property may have. As previously mentioned, not having one is foolhardy. Things may be uncovered that were unknown to the lender, and a better deal could be possible if that happens.

While lenders aren't going to care about routine maintenance items, if something significant pops up, like a non-functioning heating system, there may be some consideration.

Final Thoughts
Buying a foreclosed home is not for everyone. When purchasing this type of property, it is essential to make sure you do extra due diligence. It's not out of the realm of possibility there could be the next problem you weren't aware of lurking around the corner.

This was originally published on RISMedia's Housecall.

Bill Gassett is a nationally recognized real estate leader who has been helping people buy and sell Metrowest Massachusetts real estate for the past 33 years.

Reprinted with permission from RISMedia. ©2020. All rights reserved.

December
14

During the winter, many homeowners are vigilant in keeping their driveways clear of snow and their front steps free from ice, but how much time do you spend thinking about your pipes?

"Frozen pipe issues are more than just a minor hassle," says Max Rose, owner of Four Seasons Plumbing. "Damage caused by frozen pipes bursting can cost thousands of dollars in repairs, property damage and loss. Fortunately, most homeowners can avoid untimely expenses like this by being proactive instead of waiting on freezing lows to arrive."

Rose and the Four Seasons team list the following tips to prevent freezing pipes:

Survey the home's exterior – Small air leaks near pipes can cause them to freeze very quickly. Use caulk or insulation to seal any troublesome cracks.

Monitor indoor air temperatures – It's a great money-saving practice to lower the thermostat at night or during absences, but temperatures should never be set below 65 degrees to prevent pipes from freezing.

Pack-up outdoor hoses – Stow away outdoor hoses in the winter months and make sure the indoor valve is completely shut off. Make sure hose bibs are completely drained before covering.

Let faucets drip – On nights where a below freezing temperature drop is in the forecast, be sure to let faucets drip with warm water. Even a trickle of water helps prevent pipes from freezing.

Open cabinets – Cabinet doors can prevent warm air from getting to pipes under kitchen and bathroom sinks. It's an important practice to leave them cracked so that the heat can circulate around the pipes.           

"Cold weather is troublesome enough on its own, and more so around the holidays," Rose says. "If you do happen to fall victim to a frozen pipe disaster, turn off the water at the main as soon as possible, then call a professional right away."

December
9

Each new year gives you the chance to reset and start new routines. When you're considering new approaches to healthy living - whether eliminating or adding habits to improve your daily life - beginning with your home is an optimal choice. Your living environment has a strong influence on your life, and it's worth evaluating how you can make updates that create a positive space for you and all that the new year will bring. Consider these ideas to refresh your home and simplify your house cleaning routine so you can spend more time focusing on your goals this year.  Start by Decluttering. It's practically impossible to get excited about a fresh start when you're surrounded by last year's junk. Make decluttering and purging unnecessary items a top priority for your refresh. Clear counters and tables to create more inviting surfaces and force yourself to assess which items are worth keeping. Get rid of items you don't need by donating, selling or disposing of them. Tackle piles of things you've carelessly tossed aside and find (or create) purposeful places for them to belong.  Simplify Your Laundry Routine. Whether it's the frustration of having no clean laundry or never-ending baskets filled with clothes that need folding, laundry is an area where nearly every home can use a refresh. Start with the basics to make laundry easy and quick. A streamlined laundry system starts with the right tools for the job, such as single-dose detergent pods that release while inside your machine, so you can simply toss one in and start the load. Create a Fitness Space. One way to stay committed to a new workout regimen is to create a place where you enjoy spending time. Even if you don't have a room to dedicate to fitness, you can make a fitness corner feel more intentional and less like an afterthought with some simple changes. If possible, locate your fitness area near a window so you can soak up the energy of natural light. Clear away unnecessary items and make room for the equipment or floor space you need. Add inspiring posters or make frames to hold your current workout guide. Add storage for hand weights, resistance bands and other small equipment to create your own home gym.  Reconfigure Your Furniture. A full-fledged renovation may not be in the cards (or budget), but you can give your living space a quick facelift by simply rearranging the furniture. Beyond simple aesthetic changes, think about how you can make better use of natural light and improve traffic patterns. You might also eliminate extra pieces if the space feels overcrowded or consider borrowing functional items that add storage or seating from other rooms in the house. Add Greenery. The middle of winter may not seem like an ideal time to hone your green thumb, but adding a few plants can make your home feel more inviting and chase away the cold weather blues. Plants can also help serve as a natural air purifying system; they absorb carbon dioxide to help stimulate their growth and are believed to absorb a host of other airborne pollutants. Published with permission from RISMedia.

Login to My Homefinder

Login to My Homefinder