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By: Paul Denikin | DadKnowsDIY.com  Everyone has their “dream bathroom,” but so few of us move into a home that already has one. While remodeling a bathroom is a lot of work, it tends to be worth it. According to one study, a bath remodel often returns more than 100 percent of the initial investment once the home is on the market. Even if you aren’t trying to sell your property any time soon, an updated bathroom makes it easier and more enjoyable to live in your home every day. With that being said, getting your return on investment has a lot to do with how much you spend. There are big differences between the cost of very basic materials and the high prices of luxury features. For instance, changing your shower door can be done in an afternoon and costs as little as $300. On the other hand, luxury shower doors that have distinct texture and opacity, and need expert installation, can end up costing you a lot more. By setting a budget before you start planning designs, you ensure that you get that return on investment from your bathroom remodel. Ripley on Unsplash Budgeting for a Bathroom Remodel
According to Angie’s List, the average cost for a bathroom remodel is $9,600 to $11,000. On the other hand, an upscale bathroom remodel will cost you almost $62,000. This figure accounts for a 100-square-foot bathroom with relocated plumbing, new custom cabinetry, and luxury appliance, fixture, and finish updates. Your bathroom renovation budget should reflect those estimates based on your home and which updates you’re planning on doing. To do an entire bathroom remodel, the average homeowner needs the expertise of a general contractor. Your contractor manages the entire project and makes sure progress is being made every day. A general contractor may hire subcontractors to handle minute work while he oversees the big picture. Homeowners can skip the contractor fees and hire subcontractors themselves, but note that managing a remodel is a full-time job, and you’ll have to handle it on top of your other responsibilities. Bathroom Remodel Projects You Can DIY Not everybody has the money it takes to do an entire bathroom remodel with a general contractor. If you want to give your washroom an update—without spending tens of thousands or letting strangers into your home—there are a few projects safe enough to do yourself. You still have to invest in materials, but in the end, you have the satisfaction of knowing you made your house better with your own two hands. The following are some DIY bathroom projects:
Is your bathroom less than awesome? Going through with a remodel is one of the best projects for return on investment. When budgeting for a bathroom, take into account the costs of materials as well as labor. If you’re not in a place financially where you can spend tens of thousands on a remodel, start with some budget DIY projects like adding LED light strips, building simple hanging shelves, or changing the whole feel of the room with paint or wallpaper.
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By: Paul Denikin | DadKnowsDIY.com As winter draws near, smart homeowners begin to think about all the tasks that need to be done in order to ensure that their homes remain in good condition. Taking time to prepare your home for the winter months can save you a lot in costly repairs down the road. Read on for tips about maintenance tasks that you should complete before Old Man Winter visits your neck of the woods. Photo via Pixabay  Clean Your Gutters Get rid of the leaves and debris inside your house gutters. If you don’t clean them, they might get clogged. And if they begin to leak, it could lead to multiple of issues, including rotting fascia boards, flooded basements, damaged flower beds or damaged paint on your home’s exterior. Gutters are designed to help prevent water from invading your foundation, siding and landscaping. Keep them in tip-top shape to prevent unnecessary damage to your home. According to HomeAdvisor, the average cost to have your gutters cleaned in Jamaica, NY, is $125 to $247. Store Your Outdoor Furniture When summer is almost over, don’t leave your outdoor furniture and decorations languishing outside. Frigid temperatures, snow and ice can do a number on your garden furniture. After thoroughly cleaning the items, cover and store them in an area safe from moisture and cold temperatures. Taking these steps will extend the life of your furniture so you can enjoy them for many summers to come. Call an HVAC Company Save yourself a lot of trouble and get a licensed HVAC technician to check your heating system. HVAC technicians will inspect your heating system to ensure everything is running efficiently. They also make sure no carbon monoxide is leaking from the heating system. You definitely don’t want your heat to stop working when there’s a blizzard outside. Smoke and Carbon Monoxide Detectors Check your smoke and carbon monoxide detectors to make sure they’re in working order. Put fresh batteries in the detectors and make sure they’re audible to every room in the house. Check Your Roof Before winter knocks on your door, repair any broken or missing shingles on the roof. Roofs in good repair keep melting snow and rain from leaking into your home. Hire a contractor to do this type of work as getting on top of a roof can be dangerous. Store the Garden Hose Before winter arrives, remove your garden hose, drain all the water and put the hose in storage. If you leave it connected to a faucet located outside, it can freeze in frigid temperatures. It might also reach the interior walls of your home. This situation may lead to extensive damage since this kind of leak is difficult to detect. Prevent Frozen Pipes When it’s extremely cold outside, let your faucets drip cold water. This prevents outside pipes from freezing. Keep bathroom and kitchen doors open so warm air can circulate. This will keep the plumbing fixtures warm. Filters Do you want your heating and cooling system to work efficiently during the winter months? Make sure you change the furnace filter. If your furnace filter is dirty, air can’t flow freely through the fan. This can damage your HVAC as well as the fan. Keep the Wildlife Out When the temperatures plummet, you aren’t the only one that scurries into your home to get warm. Animals like mice and other small animals want to get inside your home too. Keep those pesky pests out by searching for any holes or openings that they can squeeze through. If the holes are small, fill them with caulk. For larger openings, use strong hardware cloth. Don’t Forget the Trees If you have trees on your property, don’t forget to prepare them for the winter. Wind, heavy snow and ice are famous for causing branches to fall when Old Man Winter comes around. This can lead to property damage as well as serious injuries to anyone nearby. Prevent this from occurring by trimming your trees and getting rid of any dead branches. Take steps to keep your house in good condition before winter sets in. Don’t wait till winter arrives to try to make home repairs. Take care of home maintenance tasks while the weather's cool. If you take the time to care for your home while the sun is shining, you‘ll be ready for the long days of winter and the wind, snow and ice that comes with it. About the author Paul Denikin is passionate about sharing his experiences working on DIY projects to benefit people with special needs children. He learned everything he knows through trial and error and many helpful Youtube videos. He created DadKnowsDIY.com to share some of the great resources he’s come across and to offer home improvement project how-tos and other accessibility information. Congratulations on your new home! If this will be your primary residence, take a few minutes to register for the star credit. Eligible new home owners will receive their STAR savings in the form of a check directly from New York State. But you must register with the New York State Tax Department to receive a STAR credit check. You can register 24 hours a day, 7 days a week at www.tax.ny.gov/star/ Property owners without access to a computer can register by phone weekdays from 8:30pm to 4:30 pm by calling (518) 457-2036. Register by JULY 1ST to receive your STAR CREDIT CHECK in 2018  Already registered for the STAR credit? Unless there’s been a change in ownership, please do not register again. Your information will be reviewed every year and automatically your STAR credit check will be sent to you if you’re eligible. If you’ve recently bought your home or you’ve never applied for the STAR benefit on your current home, you may be able to save hundreds of dollars each year. You only need to register for the STAR credit once, and you’ll continue to receive the annual benefit as long as you’re eligible.
Before you register Before you start, have the following information at hand for reference. If you don’t have the necessary information, you won’t be able to save the registration to complete at a later time.
LEARN MORE/HELPFUL LINKS Credit: Tax.ny.gov. No infringement intended.
Now that you're back; I understand home ownership is not for everyone based on their circumstances but lets face it, on the first of each month you have to pay a rent for the roof over your head; whether you're living with family, friend or even renting an apartment of your own. When you rent, you write your monthly check and that money is gone forever, there are no returns on it and this is what your landlord is silently saying: "thanks for paying my mortgage". Instead of paying your landlord, you can pay yourself in the long run through paying down the principal balance on a mortgage on a house. All that monthly rent you’re paying definitely doesn’t accrue equity—in fact, you’ll never see it again. Whereas little by little, as you pay off the principal balance on your loan, your house builds equity. Equity is the difference between the market value of your home and the outstanding balance on your loan, or in simpler terms, the value your house builds over time. Minimum Down Payment requirement for 1 & 2 Family Homes are 3.5% of the purchase price. Closing Cost is approximately 4-6% (this varies by lender) MONTHLY EXPENSES AFFILIATED WITH OWING A HOME  STEPS TOWARD THE ROAD OF HOME OWNERSHIP: 1. Hiring a Licensed Real Estate Professional NEVER go house hunting without a realtor. A realtor's full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents and sellers. Both the buyer's and seller's agent work full time as realtors and they know what needs to be done to get a deal together. They will provide you with all the necessary documents needed in order for you to make your decision. Negotiating is tricky business, realtors act as a "buffer" with negotiations with all parties throughout the entire transaction and they will help with all disclosures and paperwork necessary in today's heavily regulated environment. Most importantly, your realtor will be there with you every step of the way to answer all your questions and address any concerns you may have.
Once you gathered all the above documents, go to your financial institution (bank) or Mortgage Broker and speak with one of their Licensed Loan Officers about getting pre-qualified. Many lenders offer down payment and/or closing cost assistance programs to first time home buyers, be sure to ask your loan officer what programs are available to you. Even though your lender says they will give you a $450,000 mortgage, you need to figure out what monthly payments you can afford now and in the future. List all the things that you need to pay for, pay off and pay down. 3. Hiring a Real Estate Attorney You will need to hire an attorney to negotiate the terms and conditions of contract of sale and to represent you at the closing. Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special issues of practice, and problems not present in other transactions. A real estate lawyer is trained to deal with these problems and has the most experience to deal with them. 4. Finding Your Home Before sitting with your realtor, here's what I want you to do; sit with those whom are involved in the home buying process with you and write down the features or characteristic or the house you want based on your pre-qualification. For example: No. of Families, City/Neighborhood you want to purchase in, Style of house (ranch, colonial) Brick/Frame, No. of Bedrooms, Bathrooms, Attached/Detached, Basement, Driveway, Backyard, etc. After you complete this, set up an appointment with your realtor to discuss your options. Please keep in mind, your first home may not be your dream home but you will get a change to personalize it to your liking and remember, realtor cannot show you properties that do not exist. 5. Making An Offer Once you find your home, ask your your realtor to checking the property for department of buildings violations, HPD Violations, liens and/or Lis-Pendens, etc before making an offer. After your realtor finishes his/her due diligence, he/she helps you decide on a good price to offer, and the offer is sent to the seller’s agent. Make sure your contingencies in the offer mention that you can back out of the offer if something major comes along in the inspection. Sometimes, you’ll hear back right away from the seller whether or not they accept.
8.Get Final Mortgage Approval Once your offer to purchase is accepted, you'll work with your lender to get final approval for your home purchase by the date specified for the closing. The lender may require you to pay property taxes or homeowners insurance for the first year at the time of closing, so make sure you know what funds will be expected.
Finally, your attorney will represent you at the closing, reviewing and advising you on the documents that you are signing, such as the deed, transfer tax returns and mortgage documents, and making sure that all payments are accurately made.
Now that you are informed, before you sign another lease, perhaps you should sit with a real estate professional in your area and discuss your options. Stop throwing your money away. Find out if home ownership is right for you.
Please feel free to leave us your feedback with any comments, suggestions or questions in the comment section below. Thank you! No infringement intended. During difficult times many people are forced to downsize. Many people think about the idea of renting out their home and/or apartment. They may want the benefit of extra income to save money or pay down bills, or they may choose this method as a way to wait things out until the economy improves. Whatever the case is, there are some important facts you need to know and understand before taking that step of becoming a landlord/landlady. Ask yourself one question, are you ready for the responsibility and do you understand them? With that said, being a landlord is one more responsibility you'll need to fit into your life, and it's safe to assume that things will sometimes fail to run smoothly. You'll need to stay on top repairs and maintenance, collect rent, dole out more for your home insurance policy and try to avoid creating a less appealing home for potential buyers by keeping an eye on your tenant's housekeeping skills. Tips For Preparing Your Home or Apartment For Rent:
HIRE A PROFESSIONAL TO ASSIST YOU IN ALLOCATING A TENANT
Often homeowners/landlords think that they have a better chance of renting their home or apartment by themselves by putting a "FOR RENT" or "APARTMENT FOR RENT" sign on their window. Yes, you will receive lots of calls from people wanting to rent but ask yourself one question, are they qualify to rent your home or apartment? Do you know how to qualify them? Hiring a Real Estate Professional will assist you with this process and help you secure a qualify long term tenant. Benefit of enlisting the service of a professional:
1. CREDIT CARDS
High balances - call your credit card company and ask for a rate reduction. Chances are, if you are paying your monthly bill on time, they may be willing to negotiate. Avoid late charges by paying your bill on or before the due date. Alternative, stop spending using your credit card until you're financially stable. 2. CABLE AND INTERNET Let's be honest here, many of you have the premium cable package that cost an arm and a leg and you barely even watch television. Internet is important I get it, especially with kids - homework, assignments, streaming, etc. Call your provider and find out what deals and discounts they're offering and how you can tap in to it. Perhaps, you may want to consider downgrading from premium to basic cable and keep the high speed internet. Also, if you’ve had a disruption to your cable or satellite service, call and ask for a credit/refund! The goal here is to save as much as you can so do your homework first before calling your service provider. 3. CELL PHONE BILL Ask yourself how much you really use your cell phone. Let face it, many of you have individual cell phone plans - I'm talking about husbands and wives and other family members living under the same roof. Talk to your carrier and find out whether or not a family plan will fit your needs depending on your monthly usage. Also, take advantage of company discount. 4. PAST DUE & COLLECTION ACCOUNTS At some point in life we are faced with hardships. Some of us managed to get out ok and rebuild while others struggle to simply understand where to start. The process can be overwhelming, and it is nothing to be ashamed of. For those of you with past due and collection accounts such as; credit cards and medical bills it's time for you to stop running/hiding from them and start taking action. Call up each of the collection agency and/or the creditor and ask for a reduction on the balance, tell them what you can afford to pay - then ask for small monthly payments. For most hospital medical bills, financial assistance is available for low income families. Start with one account at a time, and eventually you will get to the finishing line. If you or someone you know need assistance with PAST DUE AND COLLECTION ACCOUNTS, please do not hesitate to give me a call http://www.sovereignrealty.net/blog/are-you-or-do-you-know-someone-who-is-facing-financial-hardship 5. INSURANCE - Home & Auto One the biggest mistake many homeowners make is not understanding the different types of property insurance and not knowing what type of policy they have. You may also be eligible for discounts and may not even know it. If you're guilty, please call your insurance broker or insurance company to find out. Also, you may want to start shopping around for some quotes on your home and auto insurance. Ask yourself if you could live with a higher deductible or different limits, and make sure you are taking advantage of all the discounts available to you (security system, fire extinguisher, new roof, etc). If you can save a substantial amount and maintain your current level of coverage or get better coverage, it’s well worth switching to another provider — but give your current one a chance to match their quote. Most insurance companies also offer a good discount if you bundle your homeowners and auto policies together. If you currently use two separate insurers, ask what kind of discount each would offer if you bundled the policies together. Now is the time to shop around for home and auto insurance, especially if you're in good standing. Remember though, that cheapest does not always equal the best. http://www.sovereignrealty.net/blog/renters-insurance-why-you-need-it If you’re a Bank of America customer, take advantage of their CASH BACK DEALS - earn cash as you shop & SPECIAL OFFERS like free museum and zoo admission the first weekend of the month. Check their website for a listing of participating museums / zoos. With your flexible expenses, you can find ways to reduce or eliminate them altogether. We get consumed by the idea that certain luxuries are necessities. Stop making impulse purchases! Get in the habit of asking yourself if it’s a need or a want. It is very important for you to have discipline and set goals that are actually important and will add values. By simply cutting down on your flexible expenses, you can put the extra savings to good use such as down payment on your home, kids college funds, starting a new business, etc. Here is another way to save http://www.sovereignrealty.net/blog/the-52-week-money-challenge Trying a few of these strategies could lead to huge savings down the road. Meanwhile, trying all of them could literally transform your financial future. Simplify your life as much as possible - you'll be happier. PS. Don't forget to leave your comments or helpful tips you may want to share. Thank you.
 Now that you understand the meaning of the word “Budget”, budgeting is an important component of financial success. It's not difficult to implement, and it's not just for people with limited funds. Budgeting makes it easier for people with incomes and expenses of all sizes to make conscious decisions about how they'd prefer to allocate their money. It is very easy to overspend by spending what you don’t have and before you know it you’re barely keeping your head above water. The key to spending within your means is to know your numbers and to spend less than you make. A good monthly budget can help ensure you pay your bills on time, have funds to cover unexpected emergencies, and reach your financial goals. Know your numbers: 1. Itemized Income - what is your combined household income? Using the form/worksheet provided below, write down the dollar amount next to each income source such as; salary, tips, social security, disability, food stamps, any sort of residual income, etc. The expenses are divided into two categories – 1. Fixed Expenses Fixed expenses are considered to be your monthly reoccurring expenses such as; rent/mortgage, utilities, car loan, insurance, credit card bills, etc. 2. Flexible Expenses Flexible expenses are considered to be luxury not necessity; entertainment, dining, recreation, travel, etc. 2. Itemized Expenses – how much does it cost you on a monthly basis to take care of your household? Not many of you can answer this question. Using the form/worksheet provided below, you will write down the estimated dollar amount next to each itemize expenses such as; rent/mortgage, credit card bills, car loan, utilities, etc. 3. Figure out the difference - Do the math Now that you have completed the two columns (I.e. Income and Expenses) I want you to total each one of them up. Once you’re done, take your income number and subtract it from your expense number – Do you have a positive or a negative number? A positive number means you are spending less than you earn – congratulations! A negative number means you are living above your means – it’s time to trim down some of your unnecessary expenses so you can live within your means and create cash flow. How easy was that? Way to go, you have just created a budget. The final step to this exercise is to keep on track with your budgeting.  
 Do you know New York State has over $13 billion in lost money? Every day $1 million is returned to those who file claims.
Unclaimed money is any financial asset that has been abandoned knowingly or unknowingly by the owner for one or more years. These sometimes happen when you moved from one residence to the next, using one or more mailing addresses, etc. Some examples of unclaimed money are: closed bank accounts, payroll or cashier's checks, stocks, mutual fund accounts, rebate checks, etc. It's very easy, click on the link and follow the instructions; https://ouf.osc.state.ny.us/ouf/ If you need help, give us a call and let us help you retrieve your UNCLAIMED MONEY! http://abc7ny.com/news/check-now-are-you-owed-big-bucks-in-unclaimed-funds/1174693/
The passport provision is now official, as President Obama signed the 5-year infrastructure spending Bill. It adds a new section 7345 to the Internal Revenue Code. It is part of H.R. 22 – Fixing America’s Surface Transportation Act, the “FAST Act.” Why are passport covered in the tax code, you might ask? The title of the new section is “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The idea goes back to 2012, when the Government Accountability Office reported on the potential for using the issuance of passports to collect taxes.
It was controversial then, but this time sailed through, slipped into the massive highway funding bill, passed here. The section on passports begins on page 1,113. The joint explanatory statement is here, beginning on page 38. The law says the State Department can revoke, deny or limit passports for anyone the IRS certifies as having a seriously delinquent tax debt in an amount in excess of $50,000. Administrative details are scant. It could mean no new passport and no renewal. It could even mean the State Department will rescind existing passports. The State Department will evidently act when the IRS tells them, and that upsets some people. We think of passports when traveling internationally, but some people may find that passports are required for domestic travel in 2016. That could make the IRS hold even more serious. The list of affected taxpayers will be compiled by the IRS. The IRS will use a threshold of $50,000 of unpaid federal taxes. But this $50,000 figure includes penalties and interest. And as everyone knows, interest and penalties can add up fast. Notably, if you are contesting a proposed tax bill administratively with the IRS or in court, that should not count. That is not yet a tax debt. There is also an administrative exception, allowing the State Department to issue a passport in an emergency or for humanitarian reasons. But how that will work isn’t clear, nor is the amount of time it will take to get special dispensation. You would still be able to travel if your tax debt is being paid in a timely manner, as under a signed installment agreement. The rules are not limited to criminal tax cases or where the government thinks you are fleeing a tax debt. In fact, you could have your passport revoked merely because you owe more than $50,000 and the IRS has filed a notice of lien. A $50,000 tax debt including interest and penalties is common, and the IRS files tax liens routinely. It’s the IRS way of putting creditors on notice. The IRS can file a Notice of Federal Tax Lien after the IRS assesses the liability, sends a Notice and Demand for Payment, and you fail to pay in full within 10 days. http://www.forbes.com/sites/robertwood/2015/12/04/irs-power-over-passports-signed-into-law/#2715e4857a0b761893492030 No infringement intended.  Are you or do you know of someone that can use our help, please feel free to share this information. You/they may feel scared, ashamed or overwhelmed. It is very important that you/they act quickly to communicate your situation clearly and reach out for the help you need.
We will help you understand your options and we will show you how to turn those options into a fresh start for you and your family. Our specialist are available to provide you with the information and assistance you need. Call (347) 838-3200 / (718) 835-9300 to speak with an expert about your individual situation. The market is continuing to raise. Don't miss your chance of home ownership.Buying real estate is the quickest way to create wealth. A home is an investment. One of the best reasons why owning a home is great is that at the end of the day, it’s yours to do with what you wish. Sure, you may have to take out a great big loan, but with every monthly mortgage payment you’re getting one step closer to total ownership, and you’re building equity, too. Purchasing a new home is a big step, especially for first–time buyers. Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason).  Owning a home is a good way to increase your personal wealth. Little by little, as you pay off the principal on your loan, you build equity. All that monthly rent you’re paying definitely doesn’t accrue equity—in fact, you’ll never see it again.
Once your home increased in value and you were making monthly payments, your equity will grown. You can take out a home equity loan or line of credit using your gains for cash to pay for a whole lot of major costs, like medical bills, home improvements, college tuition for your children, or a car. A home is an investment, by putting your monthly living costs towards something you could eventually pay off and own outright; buying a home can be a great investment for your family’s future. Nothing compares to the personalization and privacy that comes with owning your own home. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are. 
Your landlord's insurance takes care of any structural damage to your apartment as a result of a fire or wild weather, which leaves your personal belongings - vulnerable.
(Unless, of course, you have the funds to replace everything yourself!). You also need liability coverage for damages caused by negligence. For instance, if you accidentally leave the kitchen sink on and it overflows into your neighbors’ apartment, you could be found liable for that damage—and required to pay for repairs, medical bills related to the accident, as well as defense costs if they bring a suit against you. Renter’s insurance would cover those costs. First, contact the insurance company that provides your auto insurance—most will give you great discounts if you bundle both policies. If they don’t offer renter’s insurance, you may want to shop around. Prices will vary by state, liability limits, and the personal property values you want to cover.
No infringement intended. It's time for a change!!! How can those who currently aren’t saving afford to save money? And how can those saving only a little save more? If you're ready to make a change in your life and your financial future, now is the time. I strongly recommend you make some time and attend these workshops. Registration is required.  Hey Guys, I came across this article and wanted to share it with you. It was modified to highlight the most important parts and I also include the link for more details. If you know of anyone that can benefit from this, please share it. For assistance filling out the application, please call our office for an appointment. Our agents will be more than happy to assist you for free. Good Luck!  Lottery applications are now being accepted for 20 subsidized apartments in Bedford Stuyvesant, which will be ready for tenants by summer’s end. The two-bedroom units will rent for $573 a month. The low-income units are part of a new facility to be run by the social service group The Bridge, which broke ground on the 53-unit building, at 437 Herkimer Street, in December 2012. The Herkimer Street Residence is an “integrated” facility, which in addition to the apartments up for lottery will contain housing for 40 people with mental-health conditions, including 20 homeless adults and and 20 young adults aging out of state residential treatment facilities for youths. As reported by DNA info this week, the six-story building — which during the planning stages was opposed by neighbors worried about an influx of tenants with mental-health issues — will have round-the-clock front-desk assistance, a community room, and social services available to all tenants. The lottery closes June 30. Applicants must have a minimum household income of $21,086, with a maximum ranging up to $51,780 depending on the number of people who’ll live in the apartment. Veterans and surviving spouses get preference. Eligibility:  Application:
By Richard Lovell
Tell us about your company and its foundation. Although first admitted to practice law in New York in 1981, I did not immediately begin practicing that profession until 1987. Up until that time I served as a writer, editor and Vice President of Marketing for a national publisher of books for law students. By 1987 I decided to start practicing law by establishing my own law practice in Westchester County. As a struggling young attorney, I accepted a position as an Adjunct Professor at Iona College teaching Real Estate Sales and Real Estate Brokerage. As my real estate students started developing their own careers, they started to send me referrals for real estate clients and my law practice grew. A Queens County native and resident, I worked to develop contacts there too! It was through those contacts that I began to represent real estate brokers, mortgage brokers and mortgage bankers from all over the New York City Metropolitan Area and also national mortgage lenders with their regulatory compliance needs. I served as a member of the Board of Directors of the New York Association of Mortgage Brokers for over thirteen years. In addition to representing buyers and sellers of real estate I also handled Criminal Law Matters, Business Matters and Wills and Estates issues. As I started to represent more and more NYC and Long Island based clients, I moved my practice to Queens County to better serve their needs. Currently, I teach the Real Estate Sales and Real Estate Brokerage licensing classes for a number of institutions as well as the Mortgage Loan Origination licensing classes. In addition to the New York Bar, I am admitted to the Florida Bar and the Bar of the United States Supreme Court. Please provide a brief explanation of what a "short sale" is. In all residential real estate sales, first a homeowner (usually with the assistance of a licensed real estate sales agent or broker), makes a determination as to what his or home is worth. Say, for example, that it is believed that the home is worth $600,000 and the homeowner owes $400,000 to their mortgage lender. In this standard (i.e., non-short sale transaction), if the home actually sells for $600,000 the Seller will receive at closing $600,000 less the $400,000 owed to the mortgage lender, or $200,000 (excluding expenses of sale, of course). When the Seller's mortgage lender receives the $400,000 it is owed, that lender issues a Satisfaction of Mortgage and the home being sold is released from the mortgage lien. The lender being paid off has no choice but to accept the $400,000 and release the property from the mortgage lien. The seller has not further obligation to that lender. A Short Sale transaction is different and somewhat more complicated. Like with the traditional sale, a home's value is determined and the homeowner tries to find a purchaser who is willing to pay the highest possible price to the seller. However, with a short sale, the amount that the seller owes to his or her mortgage lender may be MORE than the value of home being sold. For example, suppose that the value of the home is $600,000 BUT the seller owes $700,000 to the mortgage lender. Unfortunately, many homeowners are finding themselves in this position. A likely question for a home owner to ask is "how can I sell my house for $100,000 less than what I owe my mortgage lender when I do not have an extra $100,000 to give them from my pocket at closing"? Many homeowners are discovering that in many cases the transaction can be consummated, often with the assistance of experienced professionals (such as real estate agents and attorneys). The goal, after a Contract of Sale is signed by the buyer and the seller at the agreed upon price, is to convince the mortgage lender being paid off that the selling price is the best price that will be paid for the home. If the lender agrees, they will accept an amount less than what is owed to them in exchange for issuing a Satisfaction of Mortgage upon receipt of the agreed upon amount of money. Also, the mortgage lender usually agrees to cancel any additional debt that the homeowner owes to the lender. How low do short sale sellers typically go? The real question should be, how low of an amount will the mortgage lender being paid off go? Since the seller of a short sale property is not going to receive ANY money at closing except for that amount needed to pay off his or her mortgage and to pay the closing costs, a seller generally doesn't care about how low the purchase price will be as long as the mortgage lender will satisfy the mortgage. So, the best answer is that a seller will usually go as low as the property is truly worth under present market conditions. If they were to accept a price much lower than this, the mortgage lender would probably not accept the short sale payoff amount and the transaction would not be allowed to close. What are the benefits of buying a short sale home? For the buyer, purchasing a home utilizing the short sale process may be the only way to purchase the particular home that they desire. A buyer rarely will purchase a home for more than its market value. Unfortunately, without following the short sale process, a seller may NOT be able to ever sell their home and satisfy their mortgage obligation unless their mortgage lender is willing to accept less money than is owed. In this case, the buyer would have no choice but to purchase the property as a short sale. Additionally, while mortgage lenders have learned plenty about the process in the last few years and have become smarter in how they determine the amount that they will accept, they will sometimes accept prices slightly lower than market value. What is the ideal situation to buy a short sale home? The ideal situation to buy a short sale home would be where the seller is VERY motivated to sell, usually because their mortgage lender has already begun a foreclosure action to take the property away from the homeowner for non-payment. A short sale may be the homeowner's only opportunity to reach a settlement with their mortgage lender for all money which the homeowner may owe under the terms of the mortgage loan made to the seller. If the seller is not very motivated, they might not cooperate as fully with the requests made by the mortgage lender, thus making approval of the short sale that much more difficult and time consuming. Do you have any significant advice for homeowners deciding to make these decisions? For a seller, owing more money to the mortgage lender than the home is worth can be both frustrating and difficult to deal with on a regular basis. If the seller is in a position to continue to make timely mortgage payments, then they will be allowed to stay in the home for as long as they continue to do so. While this, in and of itself, may be comforting, at some point the homeowner is going to have to decide what the long term solution is. For most homeowners, there will come a point that they just don't want to live in that particular home anymore and they have to decide how they can get out. Most simply cannot afford to pay their mortgage lender the additional amount needed to satisfy their mortgage obligation (over and above the selling price) from money in the bank upon sale. This homeowner should be asking questions such as "where would I like to move to if I could sell my house?" Is this a good time in my life to move on regardless of the status of my present mortgage? What affect will a short sale have on my future credit rating? If I stay in the house much longer will the house require a significant investment for major repairs that I just cannot afford? The answer to these questions will assist the homeowner to make the right decision for them! It is also most important to note that mortgage lenders have become extremely alert to potential fraud between short sale sellers and purchasers. Fraud is not only wrong but is a criminal offense. Seller should be very careful to make sure that they do not do anything which could be considered fraud that might induce their mortgage lender to accept the terms of the short sale. What's the best way to contact you and your company? We love hearing from purchasers, sellers and real estate agents whether or not we are involved in the transaction. While we can only give legal advice directly to clients, we can sometimes answer general questions for everybody. Our office telephone number is 718 835-9300 and my email address is [email protected] Emails always receive a prompt reply. Our website is www.LovellLawnewyork.com. We also would be happy to send, at no charge, to anyone our Buyer's Guide and/or Our Seller's Guide to Home Transactions ? just send an email. See more at: http://www.longislandforsale.com/articles/benefits-of-buying-a-short-sale Are you ready to have your best year ever? GREAT! Let's get started with SAVINGS.......now that the holidays are over and we started to get back into the groove of things, one of the first thing we look at is our bank account and start making faces or shaking our heads and all sorts of thoughts come into action, you become angry at yourself for overspending. Well, to avoid this next year, here is the 52 Week Money Challenge.
The Challenge works like this, each week you deposit the number of that week of the year into a savings account. During the first week of the New Year, you would deposit $1; the second week, $2 etc, etc. By the end of the year, you will have saved almost $1,400!! You can even double up on the savings. Pretty cool huh?  Way #2: Reverse It As you well know, most people don’t stick to New Year’s Resolutions. The reason being is that as the year wears on, your resolve diminishes. I suggest saving $52 in week 1, and $1 in week $52. In this way, the closer you get to December (and holiday shopping), the less you’ll have to save. Use the 52 Week Money Challenge Reverse Chart below to help you:  Good luck!
Credit:http://thebudgetnistablog.com  Very often many homeowners make the mistake of renting their apartment without providing a lease agreement to their tenant. However this can cost you heavily in the months or years ahead and I will explain why. You see, when you have someone who will be renting your apartment, whether that person is family, a close friend or simply someone you met for a brief period of time - don't you want to establish some boundaries or rules since you will be sharing the same roof? I thought so. A "Lease Agreement" protects both you the landlord and the tenant. In the event one party breaches its duties to the other and legal action is required you will need your proof, which will be your lease agreement to proceed. Here are some important items that should be included in the apartment lease agreement for both the landlord and potential tenant's protection: (1) Use and Occupancy - How many occupants & the use of the apartment - residential or commercial (2) Rent - due date, grace period & late fees (3) Condition of Unit - what condition are you getting the apartment in (4) Security Deposit (5) Services & Utilities - what utilities the tenant is responsible for, what will the landlord be providing & what appliances are allowed to be used by the tenant. (6) Repairs & Alterations - is the tenant allowed to make any alterations to the apartment? (7) Pets - are they allowed and type of pets (dog, cat, etc) (8) Landlord's Consent - for example, if you're having visitors staying for more than 30 consecutive days (9) Landlord Rules - to avoid any discrepancies during the term of the lease such as: access to driveway or backyard, where smoking is permitted, shoveling of snow, garbage removal/disposal, etc. For you the potential tenant, we strongly suggest you purchase renters insurance to cover your personal belongs in the event of a fire or burglary. A lease is a legal binding document, if you do not understand the terms, before signing you should consult your lawyer. A lease is a legal binding document by which one party conveys land, property, services, etc., to another for a specified time, in return for a monthly payment. If you do not understand this document, before signing you should consult your lawyer.
Once entered into, a lease contract binds both parties to perform the promises contained in the lease and gives rise to a claim for damages in the event one party breaches its duties to the other.
Are you or do you know someone who is being sued for a debt in Civil Court and cannot afford an attorney? If yes, FREE legal help is available.
Visit CLARO - The Civil Legal Advice and Resource Office Legal advice for people sued for consumer debt. Location: Queens Civil Court, 89-17 Sutphin Blvd - Room 116 Jamaica, NY 11435 Hours of Operation: Fridays: 1:30 PM to 4: PM. No appointment necessary. Please take with you all Civil Court and debt-related papers. For questions about CLARO call: (718) 739-4100. |
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