A little-known tool that I use to keep updated on national and Brooklyn real estate news is Google Alerts. It’s a handy tool. A few days ago, Google Alerts sent me a list of online links, along with one talking about an individual being indicted for real estate fraud. Today, I received another Alert with a link to real estate fraud. Unfortunately, it turned out to be another case, rather than the same one.

I love being a  Brooklyn real estate represenative. I enjoy being able to help home sellers find buyers, and buyers find their dream homes. With all those trying to sell homes, buy homes or keep the homes they have, I get angry when I see reports of fraud like these:

• On June 18, 2010, Sacramento Today reported that two individuals were arrested for six counts of real estate fraud, pretending to be licensed with the Department of Real Estate.

• On July 8, 2010, Fraud News reported that three individuals in New York were found guilty of real estate fraud to the tune of $23 million.

It’s become enough of a major issue, in fact, that the IRS has created a page on their website specifically for information on real estate and mortgage fraud.

Your home is too precious to risk with these con-artists. Don’t take a chance on giving away your savings or your house. The following tips, while few in number, can help ensure that the home you buy is a home you get to keep:

Tip #1: Research potential real estate agents or agency.

Don’t just ask about their credentials, because credentials can be faked. Ask for their client lists. Contact those clients personally to discuss their experiences with the real estate agents. When you do look at their credentials, take it one step further and check with their real estate boards. Are they actually members? Interview them and gather as much information as you can before hiring anyone to sell or find you a home.

Tip #2: Verify details with your lender.

Many agents do the paperwork for you. In fact, it’s one of the big selling points of having an agent. However, an unscrupulous person may provide your lender with a fraudulent amount for the selling price. Before signing any deal, check with your lender and verify the details. Talk with them face to face, if possible, rather than on the phone.  Read everything before signing.

Tip #3: Never use an agent who will “fudge the facts.”

Some agents may be willing to adjust your qualifications to help you get a loan. While this might sound like a great deal if you have a bad credit history, consider this: if an agent is willing to adjust this part, what else are they willing to adjust that they may not tell you about?

While owning Brooklyn real estate can be a dream come true, not doing your homework can turn it into a nightmare. Be careful and, if you suspect fraud, report it!

If you’re trying to sell or buy a home and want a reputable agent, I’d like to apply for the job. Call me at (718) 253-9600 ext 206 or email me at charlesdalessandro@fillmore.com to schedule an interview.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog 4 Reasons to List Your FSBO with a Brooklyn Real Estate Agent

Although the economy has been a catalyst for many issues, some of the trickle-down effects have had positive effects on Brooklyn homes. One of the most notable is that families are drawing closer together.

Over the past thirty to forty years, the “steps” to take for growing up were always one, grow up and two, move out. Few parents ever considered that their now adult children might be moving back in to their quiet, empty Brooklyn homes. However, with the economic problems hitting millions of Americans, the number of multi-generational households is growing.

During the Great Recession and more specifically in 1940, approximately 25% of households were multi-generational. Homes often held children, grandchildren, and sometimes even great grandchildren – four familial generations. However, as the U.S. economy began to prosper and the baby boomer generation grew into adults, more homes became single family households. By 1980, only 12.1% of homes held more than one generation.

Now, the percentages are once again beginning to climb. Loss of jobs, foreclosed homes and lack of security has contributed to approximately 49 million Americans, or 16.1%, living in multi-generational homes. While this is far from ideal for those in a hurry to leave the nest, the benefits are many.

I once asked a single mother what it was like moving back in with her parents.  She said, “It was hard at first, redefining the boundaries, but having my parents around has been a blessing in disguise. My kids have a stabilizing influence and extra attention, while I get occasional breaks that I normally wouldn’t get. We eat dinner together too, which helps build the family atmosphere for my kids. It’s not all smiles and roses, there’s a lot of compromise, but it works.”

For those who have been thinking about letting your family move in to your Brooklyn home, try to consider more than just the negatives. Look at the positives as well.  And what could be more positive than closer family ties?

Whether you need to upgrade to a bigger family home or downgrade to a smaller one, I can help. Call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext.206 or email me at charlesdalessandro@fillmore.com for more information.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

According to RealtyTrac, 1 in 70 homes have received foreclosures notices since January, 2010 – a total of 1.7 million houses in the U.S. Was your Brooklyn home one of them? In previous blogs, we’ve covered several ways to avoid foreclosure, but a rising trend has brought another possibility to the forefront.

According to a recent Pew Research Center study, many individuals are surviving the economic blues by expanding their households. By the end of 2008, more than 16%, or 49 million, of Americans lived in a household with more than one generation. Although the statistics aren’t back yet for 2009 -2010, experts expect the numbers to be even higher.

These Americans aren’t all young college graduates moving back in with mom and dad, either. Parents have moved in with children, children with parents – somehow, even siblings have managed to live together in relative harmony. This trend spans across the board from single parents to elderly grandparents. According to the report, approximately one in five adults ages 25 to 34 and 65 + live in a multi-generational home.

Are you suggesting I let family members move in?

Actually, yes I am. Now, depending on your family dynamics, I realize this might be the equivalent of inviting World War III to your doorstep. However, if you face losing your Brooklyn home to foreclosure, you might at least stop to consider the possibilities. For instance:

• More working people in the household means more ability to pay the mortgage and stop the foreclosure.
• With more family members, you have a stronger family influence on children living in the home.
• With more people, responsibility is shared more.  You won’t need to do everything on your own.

No, it’s not an ideal situation. However, if you’ve said, “I’d do anything to keep my home,” did you mean it? Does the definition of “anything” include family World War III? Could you sit down with your family members, work out a set of compromises and live in harmony? If you’ve tried everything else, this may be your best bet for avoiding foreclosure on your Brooklyn home.

You never know; you may even come to like it.

If you’re looking for a home to support a multi-generational household, I can help. Call me at (718)253-9600 ext.206 or email me at charlesdalessandro@fillmore.com for more information.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Downsizing Your Demands for a Home for Sale in Brooklyn

Are you tired of looking for a home for sale in Brooklyn ? Have you found any that had everything you wanted, but cost too much? Are you dissatisfied with the selection?

A while back, I had a buyer tell me he didn’t want to spend more than $300,000 on a home for sale in Brooklyn. He gave me a long list of features he felt the house must have – a pool, a big kitchen for his wife, four bedrooms, etc. With it being his market (a buyer’s market), he said, I should have no problems finding a home with those qualifications and that price. He refused to budge on any of it. That buyer is no longer my customer.

You May Have to Compromise

The buyer had read tons of material about it being a buyer’s market. Prices, while not particularly great for the sellers, are great for the buyers. “Thar’s gold in them thar hills.” In other words, there are deals to be had.

It’s all true, but there are limitations to what your money can buy, even now. If you’re getting frustrated due to a lack of fully automated homes with pools and fallout shelters for $35,000, it’s time to ask yourself, “Do I really need a pool?”

Okay, so that’s an exaggeration, but there is a legitimate question in all this. Can you compromise? If you want a pool, can you buy a home with a big backyard where a pool can be built later? Do you have to have a pool right now?

Consider that a home is a long-term acquirement. Think about what you want versus what you need. For example, maybe you want a big kitchen. What you’ve found are smaller kitchens with big dining rooms. Can the two rooms be opened up to create a dining/cooking area? Again, can you compromise?

Before you go house hunting again, examine your expectations. Are they realistic? If not, create a list of needs, and then create a list of wants. Think about where you can compromise on the two lists. Of course, you should be able to get some of your “wants,” but you may not be able to get all of them.

When you look at a home for sale in Brooklyn that you can afford, also look at the possibilities. Can the affordable home be remodeled over time into the dream home you want?

If you’re looking for a Brooklyn home with great potential, I can help. Call me at (718) 253-9600 ext.206 or email me at charlesdalessandro@fillmore.com.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog 3 Things You Need to Know About the Mortgage Payment for Your Brooklyn Home

When you look for a mortgage, you want to find one that allows you to buy the biggest house possible for a monthly payment you can afford. This seems simple enough. All you need to do is a little division to determine your monthly payment.

Unfortunately, this isn’t the entire picture of your monthly mortgage payment, and lenders don’t always explain this to you. Here are three things you need to know about your monthly mortgage payment for your new Brooklyn home:

1. Interest and Principal. Only part of your monthly mortgage payment actually pays down your loan. A portion of your mortgage payment goes toward your loan principal and part of it pays the interest. The longer you have your loan, the more money goes toward your principal. Be aware that at the beginning of your loan term, most of your payment goes toward interest and does little to reduce the amount of money you owe on your home.
2. Homeowner’s Insurance and PMI. Typically, your lender collects money to pay your homeowner’s insurance premium. This increases the amount of your monthly payment and can change if your insurance company raises or lowers premiums. Depending on your loan amount and property value, you may also have to pay private mortgage insurance (PMI) which protects a lender against loss if you default on your loan.
3. Property Taxes. In most cases, your annual property taxes will be paid through your lender. The lender collects extra money each month that they pay to your local government at the end of the year. When local taxes increase or decrease, so does your payment.

Call me today at (718) 253-9600 ext.206 or email me at charlesdalessabdro@fillmore.com to help you find the home (and mortgage provider) of your dreams.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog 10 Things to Do While Waiting for Your Brooklyn Home to Sell

— @ WiseStamp Signature. Get it now

A past filing of bankruptcy does not mean you can’t buy Brooklyn real estate.  Your real estate agent may be able to help you get a mortgage or find other ways to buy a home, if you do get turned down for a traditional mortgage.

Before you meet with your Brooklyn real estate agent, here are a few ways to prepare:

• Have a copy of your current bank statement
• Have written proof of your monthly income
• Make a list of all your current monthly bills
• Collect all your recent credit card statements
• Have a copy of your bankruptcy agreement

Put all this info in a file folder and take it to your meeting.  Your Brooklyn real estate agent will appreciate you doing your homework!

If you have straightened out your credit since the bankruptcy, you are in a much better position to get a mortgage. Hopefully, you are currently paying all your monthly bills on time and rebuilding your credit rating.

The bigger your down payment, the easier it will be to get a mortgage.  So, where can you get money for a down payment?

• Have you been having money taken out of your checks and put into a savings?
• Do you have any money market accounts?
• Do you have money invested in mutual funds?
• Do you have certificates of deposit about to come due?
• Will you be receiving a bonus from your employer?
• How about a friend or relative who would loan you the down payment?

Hopefully, you are now ready to go shopping for your new home. To get started, give me a call today at (718) 253-9600 ext.206 or email me at charlesdalessandro@fillmore.com

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog 5 Tips to Creating Stress-Free Brooklyn Homes

Advice for home sellers is everywhere!  Turn on the TV, radio, or computer and you’re practically bombarded with ideas on how to prepare your Brooklyn real estate to get it sold.

Curb Appeal: It’s Elementary, My Dear Watson

Sometimes the simplest solution is right under your nose.  Sure, renovations, additions, upgrades and updates are great—and should not be overlooked. But common sense says buyers make their first judgment of homes for sale based on the homes’ exterior.

Increasingly Discerning Buyers in Today’s Brooklyn Real Estate Market

Today’s real estate market is challenging for sellers, all the more reason why every little detail matters. Buyers know they are in a strong buyer’s market and literally won’t put up with any rubbish, when window shopping for homes.

Before a potential buyer even considers stepping a foot inside your home, they want to see curb appeal—and not just any curb appeal, mind you. The discerning home buyer of today wants everything “just so.”

Here’s what buyers are looking for:

• Precision lawn care: That means weekly mowing and edging in the warm months and snow or ice removal in the cold months.  The perfect lawn features mowing done in precise straight lines resulting in a very symmetrical, uniform look.  Don’t forget to trim around the driveway, stones, garden, trees, and especially the sidewalk.
• No junk lying around: Pack rats, you know who you are!  Put things in storage.  Don’t have an RV blocking your driveway or bikes and toys strewn everywhere.
• Beautify: Pick up leaves, weeds, branches and other debris.  Plant beautiful flowers.  You can even buy pre-bloomed flowers and replant.
• Splash o’ Color: Paint the house, garage, doors and shutters in neutral, updated colors.
• Fix and Re-Finish: Wooden decks and porch railings should be in tip-top shape.

Shoot for Showroom Shine

Just imagine that you are trying to win a contest for best looking home in the area. Think model-home quality.

You’ve got a Friend!

To help you get the most out of your precious Brooklyn real estate, I’m here for you.  Give me a call today at (718)253-9600 ext.206 or email me at charlesdalessandro@fillmore.com.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Brooklyn Condos vs. Houses: Which Should You Choose?

Brooklyn condos or houses:  that is the question!

You may be thinking of getting a home but wondering how much space you really need. If you opt to look at houses, your choices are vast.  Houses, both large and small, are abundant in today’s real estate market.

Even though Brooklyn condos are typically smaller than most houses, there are large condos available (even condos larger than houses).  And, just like traditional houses, there are a lot of condos available in this buyer’s market.

So, how do you choose?  Your selection should be based on your current and near-future needs.

Let’s demystify the differences and clarify your selection:

• Space: Is your family large?  Are you planning to add many more?  Do you work from home?  Consider your plans for the next 5 to 7 years, and buy the size that fits those needs.

• Price: Condos can be more affordable, especially the smaller ones.  But, with condos you have to pay condo association fees.

• Location: If you want a condo with a great view, close to work, for example, prepare for a premium.  Conversely, many homes with great yards and neighborhoods are quite affordable.  Not choosy?  Competitive pricing awaits you with either choice!

• Luxury: Lavish Brooklyn condos, much like ideally-located ones, are often steeply-priced.  Luxury houses are expensive, too.  The good news is that whichever style of housing you choose, you’ll find luxurious versions.

• Availability: There are typically more houses on the market than condos, so, in general, your selection is greater with houses.

• Privacy: Houses typically offer more in the way of privacy.   But, the trade off is that you also have more responsibilities and maintenance when you own a house.  Want a care-free, low-maintenance lifestyle?  A condo may be your best bet.

• Acreage: If a smaller yard (or no yard) doesn’t bother you, a condo can offer excellent square footage and lower payments.  Looking for land?  A home is your best way to go.

Still Unsure?

I’d love to assist in your juggling act.  Call me at (718) 253-9600 ext 206 or email me at charlesdalessandro@fillmore.com and together we’ll find the perfect home to fit your budget and lifestyle.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Should You Stay in Your Brooklyn Home or Should You Go?

We, meaning the real estate industry, say, “It’s a buyer’s market!”  Buyers think that means that deals are available out in the big wide world of Brooklyn homes for sale. Although that’s true, it’s not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you’re in the market for one of the Brooklyn homes for sale, follow these tips to help you get a great deal:

1. Go back to school. In other words, do your homework. Yes, due to the buyer’s market, you have an advantage, but you still need to do your research.  Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The main point of the research is to find out how much homes are actually selling for in the area in which you want to live, and to determine if you can afford to buy there.

1. Line up the home team. Be prepared to jump on a deal as soon as you find it. Get pre-approved for a mortgage. Gather your real estate agent, home inspector and insurance agent. By having this team of real estate professionals on hand, the transaction will be smoother and faster.

1. Look for motivation. There are motivated sellers and not-so-motivated sellers who just “think” they “might” want to sell if “the right buyer” comes along (quotes are so handy, aren’t they?). You don’t have to guess which is which, however. Has the price been reduced? Is the home vacant? These clues lead to a motivated seller, willing to genuinely negotiate to get the home sold.

1. Don’t buy angry. One of the worst mistakes a buyer can do is to get into a war with the home seller. Emotions grab hold and you find yourself in a fierce competition based on who’s going to WIN WIN WIN! If you find yourself in this situation, learn how to negotiate and listen to your real estate agent’s advice. If you don’t, your great deal can turn into a big mess.

There are plenty of Brooklyn homes for sale out there and great deals to be had, but being cautious is the best way to get the best deal.

Are you a motivated seller or a buyer looking for a great deal? I can help. Call me now at (718) 253-9600 ext.206 or email me at CharlesDalessandro@fillmore.com to get started!

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog I’ll Sell My Own Brooklyn Real Estate, Thanks

— @ WiseStamp Signature. Get it now

On June 16, the Senate approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives.  If the plan passes, it means you’ll have until September 30, 2010, to close on your Brooklyn home and qualify for tax credits of up to $8,000.  (First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.)

Who Qualifies?

Originally, you had to sign a contract to purchase a home by April 30, 2010, and close no later than June 30, 2010.  With this extension, anyone who had a signed purchase agreement by April 30 would have until September 30 to close on the sale of that home.

Why the Extension?

Mortgage lenders have been swamped with borrowers trying to get their Brooklyn home purchases approved by June 30.  Many potential borrowers are having difficulty meeting that deadline.

The National Association of REALTORS® (NAR) estimates that 180,000 buyers are likely to miss the June 30 deadline “because of delays in the process.” That’s particularly true of short sales, the NAR noted.

Is it Approved?

Unfortunately, an extension of the deadline for the federal homebuyer tax credit remains tied to Senate legislation that would extend unemployment benefits, complicating efforts to get the deadline extended before the expiration date of June 30.

But don’t give up hope.  If lawmakers extend the deadline after June 30, the language in both the House and Senate bills will apply retroactively.

Have questions about the federal tax credits?  Or any other questions about Brooklyn homes?  Give me a call today at (718)253-9600 ext.206 or email me at charlesdalessandro@fillmore.com  I’ll respond promptly and personally.

Charles D’Alessandro

charlesdalessandro@fillmore.com
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Brooklyn Realtor Charles D’Alessandro of Fillmore Real Estate Presents