Archive for October, 2010

Are You Pre-Qualified, Pre-Approved or Approved for a Brooklyn Real Estate Mortgage?

Friday, October 29th, 2010

One of the more frustrating aspects of buying Brooklyn real estate is qualifying for a mortgage that will allow you to buy the home of your dreams. Lenders use terms to describe your loan status that may be confusing.

For example, what is the difference between being pre-qualified, pre-approved or approved for a mortgage on your Brooklyn real estate?

  • Pre-Qualified – This just means that the lender may approve you for a loan if everything checks out. Pre-qualification is based solely on information you give the lender about your income and debts. This is no guarantee that you will get a loan. People do lie about their finances, so the lender won’t even be able to give you a possible loan amount at this point.
  • Pre-Approved – Once your lender pulls your credit report, they can give you an idea of what kind of loan you may get. When you’re pre-approved, you still have no guarantee that you will get a loan, but you have a better idea of your price range. Sellers like working with people who are pre-approved because it shows that their credit has been verified, and they are more likely to qualify for a loan.
  • Approved – When you are approved for a loan, your financial records have been verified, and the lender can say for sure how much they are willing to lend you for a particular home. You can be approved for a mortgage only after the lender has approved both you and the home. Once you have approval, you can move forward with the purchase.

For more information about the mortgage approval process for purchasing Brooklyn real estate, call me today at (718)253-9600 ext.206 or email me at [email protected]

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573
Brooklyn Real Estate Blog Barriers to Buying Brooklyn Real Estate

Barriers to Buying Brooklyn Real Estate

Saturday, October 23rd, 2010

Buying a new home takes a lot of preparation. Without knowing what you are walking in to, you are bound to run into road blocks. A good Brooklyn real estate agent can help you understand the intricacies involved in purchasing your new home. Some of the most common problems that buyers run into are avoidable.

Buying the Best is Nice… but

If you’re looking at the most expensive house in the neighborhood, in the city or in the state, you’re asking for problems.  The chance that it will go down in value, be difficult to make payments on if anything changes in your lifestyle, or be hard to sell in the event of a foreclosure is high, which makes it tough to get a mortgage.

If you must have the most expensive home, pay the most you can as a down payment.  That will lower the risk and make it more likely your loan will be approved.  If you can’t afford a big down payment, you’re probably looking at a formidable roadblock to a loan.

Being Unprepared

Walking into a mortgage lender unprepared is like shooting yourself in the foot. Have your financial information in hand. If there are any problems with your credit, be prepared to explain them. Have a good budget including the estimated new mortgage to show you can handle the loan.  Think like a Boy Scout and be prepared.

Not Taking All Costs into Consideration

A big mistake many prospective home buyers make is not realizing there are many costs associated with buying Brooklyn real estate besides just a new mortgage. There are closing costs, legal costs, insurance costs, property taxes and deed and recording fees.   All of these have an impact on your wallet and most need to be paid at closing.

Want to know more about how to prepare to purchase Brooklyn real estate?  I’d be happy to walk you through the entire process.  Give me a call today at 718 253-9600 ext 206 or email me at [email protected]

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Is Buying a Brooklyn Home for Sale Ever Going to Be a Good Move?

Saturday, October 16th, 2010

If you’ve thought about buying a Brooklyn home for sale, you have to be wondering, “Is it ever going to be a good idea?” I understand; there’s an endless stream of media pouring out bad housing news. It’s discouraging to say the least if you’re a homebuyer or a home seller.

Yet, the problem with the news from the home buying standpoint is that it focuses on profit. The media says, “You can’t make a profit from buying a home.” They talk about prices dropping and more homes hitting the market, among other things. What they miss, however, are the real reasons most people buy a Brooklyn home for sale.

It’s your home. Period.

You can do what you want with it. You don’t have to worry about whether painting a mural on the wall will get you an increase in rent. You don’t have to deal with the noisy people who just moved into the apartment above you, who obviously brought a zoo because something’s pounding on your ceiling all the time. You can paint the walls black and nobody can say “Boo” about it, because it’s your home.

Fixed-rate mortgages stay put.

Unlike rent, which can go up and up and up, fixed-rate mortgage loans stay the same. They work exactly like they sound; the rate you start at when you buy your Brooklyn home for sale is the rate you end at when you finish paying off your mortgage.

You can eventually stop paying out.

Rent will always be owed. At no time in the future will your landlord say, “You’ve paid enough rent. You don’t have to pay anymore.” Mortgages, however, will eventually be paid off. Therefore, while renters pay for 15 years and then must continue to pay, homeowners, who have a 15-year mortgage, can pay for 15 years and then stop.

It’s your castle.

Nobody owns it but you. There’s a certain pride to owning a home that far outweighs profit. The excitement from making a profit, however small or large, is a fleeting, momentary thing. When you buy a Brooklyn home for sale, you’re buying a castle – a safe haven where you can get away from the world; a place where you can relax and be comfortable.

If you’re ready to find your castle, I can help. Call me at (718) 253-9600 ext 206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Winning the War on Brooklyn Homes for Sale

Monday, October 11th, 2010

Selling your Brooklyn Home

It’s a war out there. If you’re still sitting in your robe and slippers, sipping a cup o’ joe while you casually read the Sunday comics – with the absolute knowledge that your house is going to sell – you haven’t been paying attention. The percentage of Brooklyn homes for sale versus qualified potential buyers has made this an extreme buyer’s market.

It’s time for some tough love, sellers – some straight talk.

If you’re not ready to do more than spruce up your lawn a little, you won’t win the battle. You won’t even win a skirmish. In short, if you’re not doing everything you can (or pushing your agent about him doing everything he can) to get your home taken off the list of Brooklyn homes for sale, you’re not a motivated seller.

Motivated sellers use all the knowledge they can squeeze from their agent. Unless it’s a matter of money (they don’t have any), they don’t argue when the agent mentions things like home staging. They ask, “What are my options?”

Motivated sellers don’t think “negotiation is a bad word. They consider it common business sense. For example, if a home inspector looks your home over and notices a few issues, offer to fix those issues immediately. If a potential buyer offers you $5,000 less than your listed price, actually think about it. You may not get another buyer anytime soon.

Motivated sellers don’t consider taking photos of the house “a waste of time,” or posting them online as “useless.” They listen to real estate agents (their own or in posts like these) and do what they can to implement what’s been learned.

If you aren’t a motivated seller, why is your home listed? Now isn’t the time to test the waters, because the waters are full of sharks, barracudas and other dangerous things with big teeth. Before you wonder why that house of yours is still one of the Brooklyn homes for sale, think about it. Are you a motivated seller?

If you’re a motivated seller looking for a real estate agent who can help you win this war, call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 or email me at [email protected] today for a free market price evaluation.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate For Sale by Charles D’Alessandro At Fillmore Real Estate

Thursday, October 7th, 2010

Midwood Spacious Detached One Family

Detached one family home in the heart of Midwood. Private driveway, huge yard, 3 + bedrooms and full staircase to attic, room to grow, won’t last! An absolute must see! For more information, call Fillmore Real Estate at 718-253-9600. ext 206
Midwood /East Flatbush One Family

Newly Listed at Fillmore Real Estate

Located in Brooklyn’s East Flatbush/ Midwood community,

this one family home is priced for a holiday sale.

Close to all it will not last come see and compare.

Call me at 718 253-9600 ext 206

or e mail me at [email protected]

Midwood Prime Detached Two Family!

Just Listed Today!

This spacious two family home features Eleven Bedrooms,Four bathrooms a full finished basement and attic, private drive two car garage on a 40+ x100 propertyShowings start today call for your appointment.

Marine Park At Market Price!

Located in the quiet community of Marine Park,

this all brick one family with three bedroom,two baths, finished basement and a spacious yard is

just steps from Brooklyn’s finest park priced to sell this

Will not last call today!

Marine Park/ Gerritsen Beach Coops

Prices Adjusted to below market Value

Custom Kitchen and Bath!

2251 Knapp Street apt. 5B asking price $210,000

Wow … this bright and sunny two bedroom Coop loaded with closets. Renovations are complete, from it’s custom kitchen with designer cabinets,granite counter tops and full size washer and dryer to it’s fully custom bathroom.This unique apartment is a must see ! Call now for a private showing.

Three Bedrooms on Second Floor!

2251 Knapp Street apt# 2A

Three Bedroom coop in the Marine park community of Brooklyn. Spacious apartment with lots of closets. Just blocks from transportation, Shopping,Banking and the pleasure of the park.
Call today for and exclusive showing.

This Apartment has true value!

2251 Plumb 1st 5th Floor

Expensive but worth it! Located In the Gerritsen Beach/Marine Park neighborhood of Brooklyn N.Y Fillmore Real Estate presents this two bedroom coop ,features include a custom kitchen and bath, tiled floors in kitchen with granite counter-tops. A great value!Call today for your exclusive showing.

Stunning and Detached !

Located in Brooklyn’s Midwood community, this one is a keeper! Located on Bedford avenue this one family home is in pristine condition with a park like yard and is a must to be on your show list it will not last asking price $775,000

For these properties and more; Call Charles D’Alessandro

at Fillmore Real Estate

at 718 253-9600 ext 206 or e-mail me anytime at [email protected]

4 Reasons You Should Buy Brooklyn Real Estate in a Down Market

Thursday, October 7th, 2010

The national and Brooklyn real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.

Here are 4 reasons why you should consider buying Brooklyn real estate in a down market.

1.      Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.

2.      Negotiation. There’s a reason down markets are called “buyers’ markets.” Sellers want to sell their homes, and they are often willing to do whatever it takes. This means you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives like paying all or a portion of your closing costs.

3.      Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range than you can when the market is booming.

4.      Investment. Even though doom and gloom is forecasted in a down market, your Brooklyn home will still most likely go up in value or at least retain its value. Keep in mind that your home is your most personal investment. It’s a place where you will create memories and maybe even raise a family.

If you’re considering buying a Brooklyn home, let me help you find a wonderful home at a great price. Call Charles D’Alessandro of Fillmore Real Estate Today at (718) 253-9600 EXT 206 or email me at [email protected]

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Buying a Brooklyn Home: Death, Taxes and Closing Costs Guaranteed

Saturday, October 2nd, 2010

Buying A Brooklyn Home?

You know you’re going to pay a mortgage for however many years once you sign the paper on a Brooklyn home. You know your real estate agent is going to get paid for the absolutely wonderful, fantabulous and professional job he or she did to help you find the home of your dreams. What you may not be expecting, however, are the closing costs.

The saying goes “nothing’s guaranteed except death and taxes,” but you can add “closing costs” in there. Now, I’m sure the mortgage was expected, and you don’t mind your agent earning a bit, but what the heck is this “closing cost” business? While the government forms explain them, they might as well have been written in chicken scratches; government lingo has never been exactly easy to understand.

Be Prepared to Pay

“Closing costs” is a catch all term for all the expenses that wouldn’t fit under a convenient title like “mortgage.” Be prepared, because they can range anywhere from 3% to 8% of your total loan. For example, if you have a $150,000 loan, your closing costs could be anywhere from an additional $4,500 to $12,000.

What are you paying for?

Aren’t you already paying for the Brooklyn home? What’s with these closing costs? It probably feels like hidden fees, but they aren’t. Here are just a few of the fees you might end up paying, depending on the lender and the circumstances:

  • Prorations – The allocation of property taxes, interest, Home Owner Association dues, insurance premiums or rental income between buyer and seller proportionate to time of use.  For example, if the property tax is paid up to a period after you close on the house, the seller might be entitled to reimbursement.
  • Appraisal Fee – The fee charged for a written appraisal by a qualified person setting forth an opinion of a property’s fair market value.
  • Fire Insurance – Just in case you burn the house down after you buy it, lenders might require you to have a fire insurance policy.
  • Purchase Points – These are known as “discount points,” or just “points,” but it’s more like “pay the lender less now or pay the lender more later.” Each point costs 1% of your loan amount and reduces your interest rate for the life of your loan (usually by fractions of percentages). Since it can take a few years for the lower payment difference to offset the initial closing cost, paying for points is probably only a good idea if you plan to live in the house for five years or longer.  With interest rates as low as they are now, it may not be a good use of your hard earned income.

The good news is you won’t have to guess what the closing costs are for your new Brooklyn home. The lender is required to give you a list of the closing costs and the potential cost of each, so you won’t be completely surprised.

If you have questions closing costs or any other real estate related questions, I’m happy to help. Call me Charles D’Alessandro the Brooklyn Realtor® of Fillmore Real Estate today at (718)253-9600 ext.206 or email me at [email protected]