Posts Tagged ‘New York’

5 Steps to Selling Your Brooklyn New York as a Home Short Sale

Wednesday, June 15th, 2011


Short Sale vs. Foreclosure on your Brooklyn Home

Although selling your Brooklyn New York home as a short sale probably isn’t what you’d prefer, it may be the best option for you.  The good news is that short sales are becoming the preferred option for lenders hampered by the huge number of  Brooklyn foreclosures.

To get you started on your short sale journey, here’s the condensed version of how to sell your Brooklyn home as a short sale:

  1. Hire an experienced real estate professional. Find a real estate attorney and/or agent who have successfully closed a lot of short sales.  Additionally, REALTORS® with the Certified Distressed Property Expert (CDPE) designation have a thorough understanding of how to assist their clients in foreclosure avoidance options. Having experienced professionals guide you through the process is crucial to your success.  You want them working for you as soon as possible because they’ll be communicating and negotiating with your lender.
  2. Start now. As soon as you know you can no longer afford your home, hire your real estate professionals and get started.  The longer you wait to get the short sale process started, the harder it’s going to be.  Like everything in life, the more options you have the better off you are.  Don’t wait until foreclosure is your only option.
  3. Prove to your lender that you’re truly a financial hardship case. If you just want to stop paying your mortgage, you won’t be able to sell your home as a short sale.  You must prove you honestly cannot afford your home by giving your lender a:
    1. Detailed financial worksheet documenting your expenses and income.
    2. Copy of your income tax returns for at least the last two years.
    3. Hardship letter providing details about why you cannot pay your mortgage.
  4. Submit Letter of Authorization.  Write a letter to your lender giving him permission to talk with your real estate professionals about your loan.  Include the names of all the borrowers and their social security numbers, your real estate professionals’ names and contact information, your home’s address and loan reference number.
  5. Take the advice of your real estate professionals. You hired them for their expertise.  Now, take their advice and allow the pros to guide you the rest of the way through this process.

Whether you have questions about short sales, foreclosures or traditional Brooklyn New York  home sales, I can help.  Please give 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].  I’ll give you a free home price  analysis to determine how much your home is worth in today’s market.

9 Tips for First-time Brooklyn New York Home Buyers

Tuesday, February 8th, 2011


Are you a first-time home buyer?  There are a lot of things you’ll want to learn before making that first purchase.  Here are 9 tips to help you get a Brooklyn New York home you’ll love and be prepared for additional costs you may not have considered:

1. Ask yourself if you’re ready. Are you financially ready to buy a Brooklyn New York home?  Do you have a steady job and income?  Do you have money for the down payment?

2.      Get pre-approved. When you get pre-approved for a mortgage loan, your lender checks your credit and lets you know the amount of mortgage for which you qualify.  Having a pre-approved loan will put you at the top of the list when presenting an offer.

3.      Identify closing costs. The cost of closing on the sale of your Brooklyn New York home shouldn’t be overlooked. Closing costs include origination fees, title and settlement fees, taxes and prepaid items such as homeowner’s insurance or homeowner’s association fees.

4.      Calculate your total monthly housing cost. Include taxes and homeowners insurance.  In some areas, what you’ll pay for your taxes and insurance escrow almost doubles your mortgage payment.

5.      Include home maintenance expenses in your budget. Maintaining your investment can be labor-intensive and expensive. Unexpected costs for new appliances, roof repairs and plumbing problems can drain your bank account.

6.      Find a Brooklyn home. Identify the neighborhood, you want to live in.  Hire a full-time REALTOR® who specializes in that neighborhood to help you find and negotiate the purchase of the home.

7.      Get a home inspection. Make sure your agent includes a home inspection contingency in your offer to buy a home. If you’re unsatisfied with anything found in the home inspection, have your agent negotiate with the seller to make repairs, pay for repairs or lower the price.

8.      Make it to closing. You have your financing, your offer has been accepted, and you’re anxiously awaiting the day you close on your home.  Now, you just have to make sure you don’t do anything to jeopardize your credit.  Do not change jobs, buy a new car or apply for credit cards.

9.      Celebrate. Congratulations!  You’re now the proud owner of your first home.

Buying your first home can be exciting, especially if you’re knowledgeable about the process and prepared. Follow me for more Questions &  Answers About Buying a New Brooklyn Home .

If your goal for this year is to be a first-time homeowner, let me guide you through the process of finding and buying a home. For a FREE copy if Michael Reinhardts book “Buying Real Estate does Not Have To Be Stressful, call Charles D’alessandro your Brooklyn Realtor® of Fillmore Real Estate today at (718) 253-9600 ext 206 or email me at [email protected] for more information.