Archive for October, 2009

Buying A Fixer Upper In Brooklyn? How About The 203k Rehabilitation Mortgage Insurance ?

Saturday, October 31st, 2009

What is A 203k Rehabilitaion Mortgage?

Shopping for a Brooklyn home isn’t always so easy. After you go to a lender to learn how much of a mortgage you qualify for then research the Brooklyn neighborhood and maybe school district you would like to live in.

Now it’s time to find a Realtor to show you houses. As you look around at the houses that are for sale you find some are too big, too small ,not the right street, just right but I hate the kitchen or  the property is in total disrepair, sound familiar to anyone? Well for the Brooklyn house that is in disrepair there is an answer. 203k Rehabilitation Mortgage Insurance, this mortgage Section 203(k) fills a unique and important need for home buyers.

When buying a house that needs repair or modernization, home buyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the Brooklyn property may offer adequate security.

This option allows you to buy the handyman special and borrow the repair money needed to get the house renovated.  Now it does have a process and requirements but it’s a great way to get that perfect ugly duckling to what you want it to be. For the houses that might just need a little sprucing up like kitchens and baths there is  another option called FHA’s Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

This program is not for everyone it can be time consuming with a lot of involvement, the program is just another option to explore and an example of  the great mortgage programs out there to help buyers and sellers to achieve their goal, Remember research is a top priority. Always do you homework !

If you’re ready to buy a fixer upper or would like to know more about the 203k Rehabilitation Mortgage call me  Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]

$8,000 Real Estate Tax Credit:New Deal ?

Thursday, October 29th, 2009

With Time running out on the existing $8000 first time home buyers tax credit, there seems to be an extension in the works. The new deal would be extended to contracts that are finalized by April 30th 2010 ,  and close by June 30th 2010.This will help buyers ,sellers and Realtors until next spring. The tax credit will make available $6,500 to some existing homeowners who lived in a home for five  years out eight years. The income limits will be raised, so tax credits for both programs will be available individuals who earn up to $125,000, or married couples up to $250,000 currently the limits are $75,000 for single and $150,000 for married, these would be changed.Today the news is it looks like it will be passed. Stay tuned .

Today’s Brooklyn Real Estate Market! Trick Or Treat ?

Wednesday, October 28th, 2009

Siting on the fence?Waiting for the market to bottom out? With Halloween 2009 fast approaching we have to wonder are the latest reports we are seeing and hearing about a Trick or a Treat. As a Realtor practicing my trade selling real estate in Brooklyn real estate every day, I do see inventory shrinking.  As my agents are calling to make appointments there are more responses, In contract,accepted offer and multiple offers. Is this real? Over the 20+years have been through many ups and downs in the real estate market, when it turns around it always turns quietly, prices start to rise, interest rate rise and there are less houses for sale to choose from. I have been a little skeptical until now, but I see the signs happening. Will it last? Has the market bottomed out? As I have said you cannot time the market, but you can look for a good deal. There are serious sellers out there,prices and interest rates are still at a low. Don’t miss out!

by Charles D’Alessandro of Fillmore real estate

Advice for First-Time Buyers!

Monday, October 26th, 2009

  • Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.
  • Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
  • List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
  • Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.
  • Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
    1. One or more detailed maps with your areas of interest highlighted.
    2. A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
    3. Paper and pen, for taking notes as you search.
    4. Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
    5. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
  • Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?
  • Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don’t make a hurried decision that you may regret later.
  • Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:
    1. Include inspection & mortgage contingencies in your written offer.
    2. Have the property inspected by a professional inspector.
    3. Request a second walk-through to take place within 24 hours of closing.
    4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
  • All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

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5 Must Do’s Before Selling Your Brooklyn Home!

Saturday, October 24th, 2009
  1. De clutter and create curb appeal : Look at your home as the buyers would , go through the house and be objective .Is your house cluttered? Does it need a paint job? What would I say if I was walking in the house for the first time ? If you have pets, is there an odor ? Is the pet’s area clean? Check the kids room, it’s really never going to be perfect, but make sure it’s presentable in other words: parents, can a potential buyer look without the shock factor? If you had a leak from the roof and fixed or replaced it , fix and paint the water stain on the ceiling , have the heating system checked for regular maintenance.  Walk outside the property start from the curb and look at the house ,examine it closely . What do you think? Does it look as good as it could? If not what can I do to improve the look?  Peeling paint, rusting gutters, over grown garden; these are all easy fixes and all will improve the chances that buyer will choose your house over the competition . If you look objectively and don’t like what you see ,what would a buyer say? A little effort now will make a big difference later on.
  2. Check your market: Be a buyer, Put yourself in the buyers shoes. Look for houses in your area, read the paper, search the internet , check out the signs int he area. You may even go to the open houses’s to compare your home. This will tell many things. What is my competition? How many homes are for sale in the area ? Who are the active Realtor’s in the area? This will help you when it comes to pricing your home for the market.
  3. Interview local Realtors: Choose three active Realtors  and conduct interviews, ask them what they know about the market as well as for their credentials.  What do they think about the market? What price would they suggest? and what is their marketing plan. A good Realtor will make all the difference in the process of selling your home.
  4. Start looking for a real estate Lawyer: A lawyer who practices real estate law in Brooklyn if the property is in Brooklyn. This may  be done by recommendation,ask friends and family or research,basically the same as looking for a Realtor . I recommend, asking friends and family. Most important make sure they practice real estate law.
  5. DO YOUR RESEARCH:Knowledge is empowering ,the process of selling your Brooklyn home is stressful enough. Having the right team working for you can make a huge difference in achieving your ultimate goal of selling your property .

brought to you by: Charles D’Alessandro and Brooklyn Real Estate Sales

Fillmore Real Estate Breast Cancer Fundraiser!

Friday, October 23rd, 2009

October 22nd 2009 a great night for the fight against breast cancer.It took place at the Hudson River Yacht Club in the Bergen Beach section of Brooklyn.Sponsored by Fillmore Real Estate and the Reinhardt family.There where lots of raffles,laughter and friendship and all for a great cause .A real success for all!

Charles D’Alessandro of Fillmore Real Estate

Important Dates For Parents @ P.S 236 of Brooklyn New York

Thursday, October 22nd, 2009

As a member board member at community board 18 ,I come across bits of information that may be important to my neighbors through out the neighborhood I will do my best to keep you informed ,I hope this is useful to some of you.Brought to you by Charles D’Alessandro and Brooklyn Real Estate Sales.com

The Dates of P.S. 236’s PA Meetings

Tuesday, December 15th @7:30 PM

Tuesday, January 19th @7:30 PM

Tuesday, February 23rd @7:30 PM

Tuesday, March 23rd @7:30 PM

Tuesday, April 20th @7:30 PM

Tuesday, May 18th @7:30 PM

Tuesday, June 15th @7:30 PM

Important Dates

November 9th Parent/Teacher Night
Nov. 10th Parent/Teacher afternoon

June 22nd is the 5th grade graduation

June 28th is the last day of school

P.A. at P.S. 236 Mill Basin School

Garden Appreciation Program Open [email protected] Brooklyn Botanical Garden !

Thursday, October 22nd, 2009

Brooklyn Botanical Garden invites you to learn about a great youth internship called Garden appreciation Program (GAP).Apprentices are eligible for service/school credit and tier 2 and 3 of the program recieve a stipend upon successful completion of the program.If you are familiar with the program we would like to let you know about our exciting change:GAP now starts in the spring,continues through the summer and end in the fall.in years past we began the apprentceship program in the summer,but made the change to better serve the needs of the apprentices and the garden. That means Students must apply in the fall to join the amazing Garden Apprentice Program. APPLICATIONS ARE DUE ON WEDNESDAY DECEMBER 9th 2009. There is an OPEN HOUSE ,Saturday November 14th 2009 1-3pm at the BBG auditorium rsvp ;[email protected]  or call 718-623-7252

Marine Park Community Center, Eye Spring 2010 Opening!

Thursday, October 22nd, 2009

Marine park community center is hoping to be ready for spring 2010. NYC’S Parks Department first totally green building is the Carmine Carro Community Center.Carmine  Carro was the MPCA president and a champion for the Marine Park community. With the help of our elected officials,Lou Fidler,Marty Golden and  Alen Meizel as well as Mayor Bloomberg Carmine’s dream of a senior center for Marine Park is going to become a reality spring 2010.If you visit the park the center is located in the middle of the park. along with the construction funds have been provided to improve the walk ways and bicycle path ,we look forward to the event of the spring 2010.

Buying Brooklyn Real Estate! The American Dream!What’s Going On?

Wednesday, October 21st, 2009

As a licensed Realtor with Fillmore Real Estate ,I read statistics from the experts every day that say real estate is getting better,then it’s not ,or it may in the future. As a Realtor it drives me crazy when I think about it .I can also see the confusion in the buyer and seller actions. Is It a good time? Should I wait? Will Prices go up or down if I buy now? My opinion is “YOU CAN’T TIME THE MARKET”! You are the only one who can decide what is good for you and your family.When Charles D’Alessandro SR. my Dad and Rose, Mom looked for a house 55 years ago they where looking for a home,A home to raise their family, that they could afford to pay the bills in an area close to friends and family (The Neighborhood) .In their mind it was not an investment it was a home they could call their own the “AMERICAN DREAM”. They lived through the ups and downs of the real estate and financial market paying the mortgage,raising their three children as best they could making sacrifices and in the end paying that mortgage off . Today interest rates are at long time low,Prices are a lot lower then even last year and the financial markets are getting stronger,Government tax incentives and mortgage programs to help an array of scenarios  are out there. This opportunity will not last.With this in mind when is it time to get of the fence? The only one who can answer these questions is you. Yes it is a little scary,(A LOT SCARY) but this is an old story from generations before , Brooklyn real estate is alive and well ” As much as things change they stay the same”. There is tons  of information out there so if you make your decision make it an informed one .

by : Charles D’Alessandro of Fillmre Real Estate