Archive for the ‘Moving in Brooklyn’ Category

It Takes a Village To Buy or Sell in the Brooklyn Real Estate Market!

Friday, October 30th, 2020
Couple Holding keys to their new home

Buying or Selling a home in the Brooklyn Real Estate market can be a complicated process. Truly it takes a village of people for the purpose of completing just one home sale.

Wikipedia explains the phrase “It takes a village to raise a child” as an African proverb. It means an entire community of people must interact with children to experience and grow in a safe and healthy environment.

The phrase “It Takes a Village” has been adapted over the years for other references. In fact, it is a great explanation of what the home buying and selling experience is like in the Brooklyn Real Estate Market.

How many different parties do you think are involved in one real estate transaction? You may find it surprising. Let’s take a look.

SELLER

First, you need to find someone ready to sell their home. We often hear the term “Motivated Seller.” What would make a homeowner a “motivated seller?” Motivation to sell a home can come for many reasons.

When a buyer hears the seller is motivated, it may trigger many thoughts.
  • There is room to negotiate the price.
  • The owner may be open to making concessions to consummate the sale.
  • There are material defects to the home or property that the seller doesn’t want to address.
  • The home is near foreclosure.
  • The seller is ready to take the home off the market and wants to see any offer.
  • The seller is in a financial bind.
  • The owner MUST sell now.

Determination, not desperation, may be what motivates a seller.

There are many reasons a seller would want to sell a property that is not related to the desperation thinking above.
  • Job relocation
  • Downsizing
  • Upsizing
  • Retiring to a new location
  • Divorce
  • Settle an estate

Knowing the seller’s motivation would be an advantage in negotiations. However, you may or may not understand the seller’s reason for selling when you place your offer. 

BUYER

Next, you need someone qualified and ready to purchase a new home. Obtaining a pre-approval from a reputable lending institution makes you a qualified buyer. They also have proven they have the necessary funds and qualifications to buy a home in the Brooklyn Real Estate Market. The reasons someone may be interested in purchasing a home vary as much as the reasons a seller would want to sell.

Some reasons to purchase may be:
  • Achievement of “The American Dream”
  • Sound investment
  • Build equity
  • Potential tax benefits

The buyer’s motivation is as important as the seller’s motivation. An apathetic buyer can take a home off the market for some time and then decide to terminate the sale. Your real estate agent can help you vet the buyer’s motivation. Unfortunately, you would need to have a crystal ball to definitely know what will happen.

LENDER

In hopes of financing the home, the buyer will choose a financial institution for their mortgage. Surprisingly, the lowest interest rate is not always the best option. You may want to compare several lenders.

Obtaining an estimate of the lender’s fees can be eye-opening. Some things you will want to compare are:

  • Interest rates
  • Lender fees
  • Cash required to bring to closing

By all means, it is essential to find a reputable lender who is knowledgeable in lending in your area. Out of state or internet mortgage companies may not know the intricacies of a home purchase in the Brooklyn Real Estate market.

The lender should do a thorough analysis of the buyer’s financial situation to determine if they qualify for a mortgage. The buyer should offer evidence of their qualifications when they make an offer on the property.

There is a difference between a pre-qualification and a pre-approval. A pre-qualification provides the buyer with a general estimate of what they can afford. A pre-approval is more valuable because the buyer’s credit has been checked, and documentation has been verified to approve the buyer for a specific loan amount. A pre-approval can be valid for 60-90 days and should be re-verified to confirm no buyer’s status changes.

REAL ESTATE AGENTS

Typically you will find two real estate agents involved in any Brooklyn Real Estate sale. The first agent works on behalf of the seller, helping them prepare their home and price it competitively. The second agent represents the buyer and helps evaluate an offering price and terms once the right home has been found.

The real estate agents work together, bringing the buyer and seller to an agreement on the best terms possible.

You will want to find a trustworthy agent to represent you in either a sale or purchase.

What are the qualities of a trustworthy agent?
  • Local Market Expert
  • Proactive
  • Knowledgeable
  • Good Communicator
  • Educated

Your real estate agent should hold the designation of Realtor®, which means they belong to the National Association of Realtors® and their local Board of Realtors®. Notably, a member of these associations must follow guidelines to ensure they are fair and ethical in their business practices.

Home Inspection Checkmark

HOME INSPECTORS

A critical component of the buying process is the home inspection. The purpose of the home inspection is to determine if there are any major ticket items or safety issues affecting the home. In reality, these are items that the seller may not have been aware of. Nitpicking the seller for trivial issues or updates that were visible upon your visit to the home is not the purpose of a home inspection.

The home inspector will usually look at the following areas of the home:
  • Exterior structure
  • Roof
  • HVAC System
  • Hot Water Heater
  • Electric Panel
  • Outlets
  • Windows
  • Plumbing in kitchen and baths
  • Attic

Be sure to check the credentials of the home inspector you choose. There are certifications required for home inspectors in the Brooklyn Real Estate market.

The home inspector will highlight areas of concern. You will also learn from the inspector the home components that may need to be replaced in the future. With this information in hand, you can make an informed decision about whether this is the right investment for you.

LAWYER

You will most likely need to hire an attorney to represent you either as a buyer or a seller when purchasing in the Brooklyn Real Estate market.

What is the lawyer’s role in a real estate transaction?
  • Write and negotiate the sales agreement.
  • Represent their client’s best interest.
  • Review closing documents.
  • Attend the closing to ensure a smooth transition.

For more information on the importance of real estate lawyers, see this previous blog post that explains it all in detail.

TITLE COMPANY

The title company researches the history of homeownership to determine the buyer receives a clean title to the property when they take possession of the home. In the event that they find any issues on the chain of title, they will resolve them before closing.

They will also research any judgments, liens, outstanding mortgages, or unpaid taxes on the property.

The title company will then prepare a report (abstract of title), revealing all the research findings. This document will validate the title of the property.

Title insurance is issued to protect the lender and new owner against any lawsuits or claims undetected on the original title search. The lender will require a title insurance policy.

If you are a cash buyer, it would be your decision to purchase title insurance. Although, if you are purchasing a home with cash it is highly recommended that you purchase the title insurance policy.

APPRAISER

An appraiser will visit the home to prepare an opinion of value for the lender. Do not confuse the appraisal with a home inspection but, the appraiser may note any safety issues that are apparent to them. Requirements for an appraiser and a home inspector are different. An appraisal is not a substitute for a home inspection.

An appraiser will prepare a report called an appraisal that will provide their opinion of value based on several factors.
  • Location
  • Structural Construction
  • Age
  • Bedrooms
  • Bathrooms
  • Condition
  • Square Footage
  • Recent Neighborhood Home Sales

Providing a fair and unbiased assessment of the property can be accomplished by randomly assigning appraiser through a third party.

The cost of the appraisal is an expense the buyer will pay. This is a requirement of the buyer’s lender.

In the event that the home does not appraise for the amount of the sales price, it can trigger a negotiation between the buyer and the seller. If both parties come to an agreement acceptable to the lender, the sale will be completed.

UNDERWRITER

The underwriter works for the lender. Their role is to review the buyer’s information and the appraiser’s opinion of value to determine if the mortgage can be issued for the purchase price agreed upon. The underwriter will evaluate that granting the mortgage to the buyer is a sound investment for the lender.

An underwriter will look at several different areas to determine any risk of the buyer defaulting.
  • Credit and payment history
  • Income and assets of the buyer
  • Downpayment
  • Appraised home value

The underwriter may need to request additional information to clarify any uncertainties that arise to be sure lending the money to the buyer is a solid investment for the bank/lender.

The last hurdle in the process of buying or selling a home is clearing underwriting. The type of loan, buyer’s financial situation, title issues, survey issues, and missing paperwork will all affect the time the underwriter will need to complete the process.

Once they have completed their review, the Underwriter will issue the loan a “Clear to Close” status!

TEAMWORK

Real Estate Team

Buying or selling a home in the Brooklyn Real Estate market involves many parties and this doesn’t include assistants and others within these companies who help. It really does take a village to pull all the pieces of buying or selling a home together.

That is why it is so important to hire the right Realtor® to work for you, whether you are buying or selling a home. Coordinating all these parties takes a thorough understanding of the sale process and experience in the local market.

Charles D'Alessandro

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help both buyers and sellers coordinate all the details.

In the event our office is shut down we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

How You Can Avoid a Mess with Your Movers

Friday, June 30th, 2017

Movers

Use these tips to hire reputable, licensed, and experienced movers and avoid a stressful mess for your next move.

Moving is stressful, and buying and/or selling your home means moving. Is it possible to rid yourself of some of that stress by hiring professional movers? Yes and no. Believe it or not, there are pretty sad stories of lost, stolen, and broken belongings and surprise added charges told by those who hired professional movers. Avoid becoming the next moving horror story. Protect yourself and your belongings and make your move less stressful with a few moving tips.

9 Tips to Avoid the Stress Movers can Cause and Help Your Move Go Smoothly

  1. Research Movers Thoroughly

If you decide to hire movers, start early and take all the time needed to research moving companies thoroughly. Movers can steal, lose or recklessly damage belongings. Ask for references. Check reviews and the Better Business Bureau for ratings. If you’ll do your homework to make sure a moving company is reputable, licensed, and experienced, you’ll hire some great movers confidently. And just in case something should go awry, purchase insurance for your belongings.

  1. Book Movers In Advance

Moving companies get busy during the summer, just like real estate agents do. Start researching movers early, find one you can hire with confidence, and get on their schedule.

  1. Assess Your Belongings Honestly

Before you get a quote, assess your belongings with honesty. Your already high bill will only get higher if you end up moving more than originally discussed with your movers. Or worse, the truck they think will fit all your belongings won’t be big enough. Side note: If you downsize your belongings after receiving a quote, you could wind up paying more than necessary.

Find out whether or not the moving companies allow you to pay by the foot and what this entails. Paying by the foot means you pay only for the space you end up using, but you may have to share space with another customer.

  1. Ask About Labeling

Professional packers aren’t pros at labeling, so ask what their policy for labeling your boxes is. It’s quite common for movers not to label boxes, so make it your job to label each box as it’s packed. Label your boxes with your last name as well.

Here’s an idea our family used for our recent move. We created a moving legend (just an inexpensive notebook from Walmart) with tabs marked A, B, C, D, … (one letter for each room in the house which were color-coded to match the moving labels we purchased from Amazon). For example, we decided the A tab would be designated for everything packed from the kitchen, colored the A tab in the legend yellow, marked A1 in the moving legend in the A section, and listed all items packed in that box behind A1. (A1: measuring cups, measuring spoons, baking spatulas, cookie cutters, hand mixer, …) Then we marked that box with an A1 on three sides and slapped a yellow Kitchen label on two or three sides.

On moving day we put a yellow Kitchen label on the wall or door jam of the kitchen in our new home. All those who helped us unload the truck knew that all boxes with a yellow kitchen label were to go in the kitchen.

  1. Avoid Long-Carry Fees

Ever hear of “long-carry fees”? If your movers are unable to park the moving truck close to your home, they’ll tack long-carry fees onto your bill. Save yourself this added fee and the added time it will take to get the truck unloaded by blocking out close parking in advance. Park your cars in the spaces closest to the homes (old and new), use cones and signs, and talk with your neighbors to make sure the truck can be parked as close as possible on the day of the move.

  1. Measure Openings at the New Place

Measure the doorways and stairwells of your new home before moving day. Why? If movers are unable to get bulky furniture through openings at the new place, you’ll be forced to leave that furniture behind. You could ask for hoisting services, but that’ll cost you a pretty penny.

  1. Let the Movers Position the Big Stuff

Let the movers put the big stuff into position before they drive away at the end of moving day. Rugs and heavy items you can’t easily manage on your own should be put into position by the movers. Everything else can wait. Station yourself in your new home before the movers arrive to decide where you want the big stuff to go (and place those handy dandy moving labels on the door jams). Then be available to provide direction and answer the movers’ questions about your belongings.

  1. Read the Fine Print Carefully

At the end of the day you’ve moved into your new home, you’ll be “slightly” tired and ready for a long rest. This is the time the movers will ask you to sign off on the inventory sheet and your bill. Don’t give in to your exhaustion and just sign whatever the movers put in your hand without reading the fine print. Take the time to read everything before you sign anything.

  • Double check that everything that went into the truck actually arrived.
  • Carefully look over the bill and make sure there are no extra charges.
  • If you shared space with another customer, look inside the truck for belongings that may have been missed before it pulls away. Look closely for tiny items such as drawer knobs and shelf brackets, too.
  1. Locate the “Last-On, First-Off” Boxes

    You’ll appreciate this tip as soon as the movers drive away. Pack boxes labeled “Last On First Off” with bedding, pillows, pajamas, towels and washrags, toiletries, toilet paper, tissues, and cleaning and pet supplies. You get the picture, right? Then after the movers drive off, locate these boxes and prepare for a good night’s sleep! You will have earned it.

Hiring movers is stressful because moving is stressful, plain and simple. But there are things you can to do to keep your move from turning into a horror story. Minimize the stress. Do your research early, and hire a moving company that is reputable, licensed, and experienced. Need some referrals? Contact Charles D’Alessandro at (718) 253-9600 ext. 206 or email [email protected]. With over 30 years of real estate experience in Brooklyn, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate knows about good movers.

To Move or Not to Move in Brooklyn? That May Be Your Question

Monday, December 15th, 2014

move in Brooklyn

Is it time to make a move in Brooklyn?

As a Baby Boomer, chances are you have had to come to terms with one or more of the following by now:

  • Your home has become too big. You’re an Empty Nester now and no longer need 5 bedrooms and 3 bathrooms. Cleaning rooms you no longer use or need just isn’t practical.
  • You want to downsize your home maintenance. Lawn care and maintenance of your home’s exterior is overwhelming and burdensome.
  • You’ve retired. You need a new and more manageable lifestyle.
  • Your neighborhood is deteriorating. You are concerned about safety.
  • Stairs in your home, if you have them, have become hard to navigate.
  • Cash is needed, but your assets are tied up in your home.
  • You no longer drive. The availability of adequate transportation is a must.

Whatever the reason, choosing to move or not to move in Brooklyn takes a lot of planning. Moving is always stressful, but if you do your homework and know what to expect before deciding to move in Brooklyn, you’ll be happy with your new location.

There is a wide variety of independent living options available to you:

  • retirement homes or retirement communities
  • low-income or subsidized senior housing
  • 55+ or 62+ communities
  • senior apartments or congregate care housing
  • Continuing Care Retirement Communities
  • Active adult communities

Ask yourself these questions about each independent living option listed above before you make a move in Brooklyn:

  1. Will I have common interests with my neighbors or other residents?
  2. Are the people that will be around me friendly and helpful?
  3. Are support services timely?
  4. Is this move going to take me farther away from friends and family than I want to be?
  5. How active is the community? What kinds of activities are offered?
  6. How large is this community?
  7. Is medical care available at the facility? If not, is a medical care facility nearby?
  8. What amenities and services are included? If none are included, how much does it cost to add on services if I need or choose to want them later? Are the amenities and services outside of the facility within walking distance or is transportation needed?
  9. What is the climate like here?
  10. Do you feel safe coming and going at any time of day in this community?
  11. Are pets welcome?
  12. Can I comfortably handle the initial investment and monthly fees?

Moving is a major life change that can be tough to do. Feelings of anger, embarrassment, regret, grief for the loss of your home and memories of the old neighborhood, vulnerability, anxiousness, loss of control, longing for the way it used to be, are normal. It’s okay to admit that you are not as independent as you once were. It’s time to reach out to those you trust for support.

Give yourself time to mourn what once was and to adjust to your new home and living environment. A new chapter in your life has opened up. Look forward to and enjoy new experiences and relationships. Explore new interests, too.

To move or not to move in Brooklyn? For help with the answer to that question, call your Brooklyn Realtor, Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, at (718) 253-9600 ext 206 or email [email protected] today. You can trust me to sell your home for the best possible price and find the perfect independent living home for you.

More help for independent living for seniors:

 

Article Resource for this post:

http://www.seniorresource.com/house.htm