Real Estate Mistakes When Selling your Brooklyn Home

If your home is sitting on the market month after month, or you’re only receiving ridiculously low offers, then you might be committing one of several common selling slip-ups. Some homes almost sell themselves, but if you don’t have that amazing home in the perfect location, you’ll need to be especially careful that you’re not committing one these four easily-avoidable Brooklyn real estate mistakes.

1.      Your home is priced too high. If no one’s even looking at your Brooklyn  house, it may be priced above market value. Check out the competition, and reevaluate how badly you need to sell. If you’re unwilling to drop the price to get buyers through the front door, maybe it’s not a good time for you to sell.

2.      Your house isn’t marketed well. Make sure you and your real estate agent are doing everything possible to get the word out about your home.  Include all of your home’s best assets and many flattering photos in your online marketing. With most home buyers starting their search on the Internet, if your home doesn’t look good online, they may be crossing your home off their list before giving it a chance.

3.      You hired a bad real estate agent. If your Brooklyn real estate just isn’t selling, it may be because your agent isn’t doing enough to get buyers through the door.When interviewing make sure you hire a Pro, look for a Realtor® to ensure the best.  Make sure you have detailed and open discussions with your agent from the beginning. That way you’ll each know exactly what you expect from the other.  If you’re not getting the results you want, talk with your agent and put a plan in place to reach your goals.

4.      Your Brooklyn home is in poor condition. Make sure all of the necessary fixes and repairs are done. Clean! And, remove as much clutter from your home as you can. You want potential buyers to come in and imagine themselves living there. Don’t make them want to run right back out of the door.

If you need help ensuring you’re not making a common Brooklyn real estate mistake, give me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate a call at (718) 253-9600 ext.206 or email me at [email protected]

There’s a lot of confusion surrounding short sales, so I thought I’d answer some of the questions I’ve received from clients, owners of Brooklyn real estate and blog readers.

Q:  What is a short sale?

A:  A short sale is when a lender agrees to accept less than what is owed on a home.  For example, you owe $300,000 on your home loan, but your lender will allow you to sell your home for $250,000.

Q:  Who makes up the difference between the short sale price and the amount owed?

A:  In the past, the owner of the Brooklyn real estate would receive a 1099 income statement at tax time.  The “forgiven amount” would then be counted as income subject to income tax.  This left homeowners in debt to the federal government for the tax owed on that amount.  Now, with the passing of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation, the short fall on a primary residence is not counted as income.  This eases the financial hardship of those who are already struggling.

Q:  Does a short sale impact your credit the same way as a foreclosure?

A:  No, the impact of a short sale is milder on your credit than a foreclosure.  Short Sales usually reduce your score by about 80 to 250 points and only stay on your record for around 5 years.  Compare that to foreclosures which reduce your score approximately 250 to 400 points and remains on your record for 10 years.

Q: How do I qualify for a short sale on my Brooklyn real estate?

A:  Contact your lender as soon as you know you are in financial trouble.  Government programs, particularly the Home Affordable Foreclosure Alternatives (HAFA), are designed to make short sales more attractive to lenders by giving them incentives for allowing a short sale over a foreclosure.  However, if you allow your loan to become delinquent (more than 60 days), lenders are less likely to grant a short sale.

Q:  Can I sell my home as a FSBO and still qualify for a short sale?

A:  No.  Lenders rely on “broker opinion” as to what the home is worth at this time.  You need to hire a real estate professional that has experience with short sales.  Short sales take longer to close and properly handling the sale can make a difference in getting an offer accepted by your lender.

If you are facing the possibility of foreclosure and  looking for an experienced, energetic, resourceful  Brooklyn real estate agent , let me help you discover the options that are available to you. Give me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate a call at (718) 253-9600 ext.206 or email me at [email protected]

The Internet has made researching real estate easy for anyone who knows how to surf online. Whether researching real estate to sell homes or to find for their next big investment, many property owners and home buyers think they’ll save a lot of money by doing all the work themselves.

However, statistics show that you’re more likely to sell your property quicker or find your Brooklyn dream house faster when you work with a professional Brooklyn real estate agent.  Working with an agent provides you with an expanded housing database, years of property-purchasing knowledge and valuable contacts for everything from Home inspections to home loans on your Brooklyn Home.

The trick is to find the right Brooklyn real estate agent to fit your needs.  Here are 5 tips to help you find your perfect fit:

1. Knowledgeable – You’ll want to find an agent who is experienced and doesn’t always agree with you. If they’re constantly telling you yes, then they may not be working in your best interest.
2. Hard working – Agents who’ve been in the real estate business for decades could be burned out and new recruits might not be as skilled. Look for an agent who has experience in your neighborhood, loves the work and has the energy to get the job done.
3. Responsive – Communication is key, so you want to find an agent who gives you constant updates.
4. Objective – When it comes to your home, making decisions can become extremely personal. You want an agent who will keep a level head and help you ensure you’re not making emotional or irrational decisions.
5. Innovative – A resourceful real estate agent who is always looking for new ways to market your Brooklyn property or looking in new places to find you a house will help you achieve your goals quicker.

Don’t endure the frustration of marching through the real estate maze alone. With the right agent by your side, you’ll experience less stress, get what you want faster and save money in the long run.

If you’re looking for an experienced, energetic, resourceful  Brooklyn real estate agent or just have a few questions, give me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate a call at (718) 253-9600 ext.206 or email me at [email protected]

As a society, it seems like we’ve gotten away from appreciating our Brooklyn New York homes for their emotional and sentimental worth.  Instead, we focus solely on their monetary value. Do You Consider Brooklyn Real Estate a House or Your Home?

An appraiser can estimate a Brooklyn New York home’s monetary value, but to gain a true concept of your home’s worth, you must also take into consideration:

1.      Pride of home ownership. You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit.  You buy them because they make you look good and feel good.

2.      Security and stability. Your home provides a roof over your head that’s in your control.  You can decorate it how you want.  You don’t have to worry about a landlord selling the property or asking you to move out.  In the “olden days” (or should I say “golden days”), we called our homes our castles because, as homeowners, we felt like the kings and queens of our Brooklyn New York homes.  You can still feel that way!  Claim your castle and crown yourself king or queen today.

3. A safe haven. After a tough day at work or a day of disappointments, where’s the first place you think of going?  Home!  As Dorothy says, “There’s no place like home.”

4. A place to make memories. Your son’s tree house and daughter’s playhouse.  The markings on the wall that tracked your children’s growth.  The porch swing where you start and end every anniversary celebration.

5.      A neighborhood full of friends. In the event of an emergency, your Brooklyn neighbors are your first line of defense.  They’re also the simplest, best and least expensive form of security.  Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.

Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.

Thinking of buying a home?  I can help you evaluate the emotional and monetary worth of your Brooklyn homes and find a home that fits your values and lifestyle.  Give me a call today Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected].

Now is a great time to get into the investment real estate market. Not only does investment property give you a real tangible asset for your portfolio, you can also get Brooklyn real estate investments at great prices right now.

Here are four ways to make money from Brooklyn,N Y real estate investments that you might want to consider.

• Rental properties. Not everyone enjoys owning rental property, but it is one of the most profitable ways to make money from real estate.  Rental properties give you a constant residual income that lasts as long as you keep the property.
• Flipping. While the house flipping craze of the 80s and 90s cooled down with the current mortgage and housing crunch, for serious investors who take the time to know what they are doing, it is still a viable means of making money in real estate.  This is typically a shorter term method of real estate investing.
• Rehabbing. Buying a Brooklyn house to live in while you fix it up and resell it is similar to flipping, except that most rehabbers take longer to renovate the home, and use it as their primary residence while doing the work. There are three reasons this is a more comfortable way to flip Brooklyn real estate investments. First, you have a place to live and don’t have to pay a mortgage on another property.  Second, you don’t have to feel as pressured to sell in a short period of time the way you do a flip.  Third, you may receive all the homeowner benefits like tax breaks and no capital gain tax.
• Subdivide. This form of investment requires a little advance preparation and investigation. When you discover a sizeable piece of land at a good price, find out if it is zoned so you can subdivide it.  If it is, you can profitably sell off individual parcels to those who want to build on it.

If you would like more information on ways to invest in real estate that makes sense for you, I can help. Contact me Charles D’Alessandro at Fillmore Real Estate  at (718) 253-9600 ext 206 or email me at [email protected]

House flipping is still a profitable way to invest in Brooklyn Real Estate , if you know what you’re doing. I’m going to share one of the biggest mistakes prospective home flippers make and how to avoid it.

Choosing the Wrong Brooklyn Real Estate to Flip

Nothing will make your venture into the world of house flipping a bigger nightmare than a finished product that will not sell. To avoid this, learn all you can about what’s currently selling the fastest and for the most money in your Brooklyn real estate market.

It doesn’t mean you have to pick expensive homes in up-scale neighborhoods.  In fact, those may be the worst Brooklyn properties to try to flip, depending on your market.  Typically, there are houses you can flip for profit in every price range.

Choosing the Right Brooklyn Property to Flip

The things you need to avoid when buying a Brooklyn home you’re planning to flip are basically the same things you would avoid if you were purchasing that same home as your primary residence.  Here are three things to avoid when choosing a home to flip:

1)      Distractions that would make living in the home undesirable such as busey avenues, comercial streets or manufactuing plants.

2)      Crazy floor plans that cannot be easily fixed in a quick and inexpensive remodel.

3)      Homes with major structural damage. Getting a home inspection is the best way to avoid this.  However, if for some reason you cannot get a home inspection, always make provisions in your operating expenses for unexpected major repairs.

If you would like more information on how to turn a profit by flipping Brooklyn real estate, give me Charles D’Alessandro of Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]

One of the least understood aspects of Brooklyn home loans is the different types of lenders.  Many people assume they have to get a home loan from a traditional savings and loan.  Not so.  There are many different types of lenders.

Here are the main types of mortgage lenders and how they function:

1. Mortgage Bankers: Mortgage bankers are loan originators that operate with the sole objective to sell the loan they create to another source. Even though they will sell the loan they must have the ability to finance the loan in the first place and hold it until it is sold.

2. Mortgage Brokers: This type of lender does not originate loans for your Brooklyn real estate, they prepare the paperwork to submit to multiple lending institutions and get offers they will present to you to choose from. Their offers may come from any of the other types of mortgage lenders.

3. Banks and Savings & Loans: These are the most common traditional sources of mortgage loans.  They use the backing of their depositors to fund mortgages.  In turn, they use the money paid by borrowers to repay the depositors’ interest for allowing them to use the money as an investment.

4. Credit Unions: Credit Unions operate in largely the same way a bank or savings and loan does by using money from a pool of depositors to finance investments in the form of mortgages and other types of loans. The difference is that most credit unions are operated out of a collective pool of closely associated people generally through a work place or professional organization.

If  planning getting into the Brooklyn real estate market to buy a home to always get Pre Qualified by a lender before you start.

If you’d like help determining the best type of mortgage lender for your Brooklyn real estate purchase, give me a Charles D’Alesssandro of Fillmore Real Estate call today at (718) 253-9600 ext 206 or email me at [email protected].

As a life time Brooklynite I have seen times change, but not always for the best.  Consider the change we’ve seen in attitudes toward Brooklyn real estate over the last few decades.

Brooklyn Home Owners used to love their homes because they were their safe havens.  Many now only worry about whether or not their houses will appreciate enough in value to allow them to upgrade to McMansions or refinance to buy luxury vacations in Hawaii.

What’s your stance on the Brooklyn real estate you own or wish to own some day?   Is it a house or a home to you?  There’s no right or wrong answer to this question, simply a varying point of view.

It’s a house if you:

• Bought it because you want to build equity
• Value it most because of its monetary value
• Worry primarily about it because it might lose some of its value in today’s market
• Appreciate it if it gives you short term profit
• Like the Brooklyn neighborhood because it increases the Market value of your property
• Plan to sell when you can make the biggest profit

It’s a home if you:

• Bought it because you want to build a happy life there
• Value it most because of its emotional value
• Worry primarily about it because without it you wouldn’t have a roof over your head
• Appreciate it if it gives you long term profit
• Like the neighborhood because of the people who live there
• Plan to sell when your lifestyle needs change

Personally, I’m nostalgic for the days when a house was called a home because of the love that was inside.

Whether you’re interested in buying Brooklyn real estate as an investment or as a home to raise your family, I can help you achieve your goals.  Give me a call today ask for Charles D’Alessandro your Fillmore  Agent (718) 253-9600 ext 206 or email me at [email protected]