Daily Archives: November 14, 2010

Home Mortgage Interest Rate on 30 Year Loan is 4.15% | Katonah NY Real Estate

Today’s Lowest Mortgage Interest Rates – Refinance 30 Year Fixed Home Loan Rates at 4.15% on November 14, 2010

As November is halfway through mortgage interest rates continue to remain at very low levels with the help of the federal reserve bank. Over the last several months it has been the case that mortgage rates have dropped due to the fact that the federal reserve bank continues to buy treasuries and expand the quantitative easing program. With this being the case today’s lowest mortgage interest rates are around 4.15% for the 30 year fixed mortgage.

When looking at historical trends of overall mortgage rates it is very hard to imagine that refinanced 30 year fixed home loan rates are well below 4.5%. Never in the history of the United States housing market have interest rates stayed so low for such a long period of time. Much of this is due to the fact that the overall economy continues to struggle.

Federal reserve bank chairman Ben Bernanke continues to make the statement that interest rates will stay low until the overall economy begins to recover. This is a double-edged sword as many people want the economy to recover so jobs are available but interest rates will start to move up which means it will be much more difficult to borrow money at cheap rates.

For those Americans who have made very good financial decisions in the past decade the low interest-rate environment has helped them greatly. With the lowest possible mortgage interest rates at 4.15% many Americans have been able to refinance a home loan to a very low rate. Some homeowners have found that they can save hundreds of dollars on a monthly mortgage payment and possibly pay a mortgage off much quicker.

With the advancements of Google and the overall Internet it is quite amazing to see the possibilities when it comes to research. Almost all mortgage lenders throughout the country offer free resources online and it would be wise to take advantage of these resources as refinancing could save money. As with any major financial decision in one’s life it is always important to step back and think about the multiple options.

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Amanda’s Law in Mount Kisco NY | Carbon Monoxide Detectors | Mount Kisco Real Estate

Carbon Monoxide Alarms

This rule has been adopted as an emergency rule, effective as of October 25, 2010 – the text is below.  The following link provides background on the legislation, Amanda’s Law: Available here.

 


TEXT

Subdivision (d) of section 1220.1 in Part 1220 of Title 19 NYCRR is amended by adding a new paragraph (13) to read as follows:
           

(13) 2007 RCNYS section RR313.4. For the purposes of applying the 2007 RCNYS in this State, the text of section RR313.4 in chapter R3 of the 2007 RCNYS shall be deemed to be amended and restated in its entirety to read as follows: 

RR313.4 Carbon monoxide alarms. This section covers the installation, performance and maintenance of carbon monoxide alarms and their components in new and existing buildings. The requirements of this section shall apply to all new and all existing buildings, without regard to the date of construction of the building and without regard to whether such building shall or shall not have been offered for sale.

Exception: Compliance with this section is not required where no carbon monoxide source is located within or attached to the structure. However, compliance with this section is required if any carbon monoxide source is subsequently located within or attached to the structure.

“For the purposes of this section RR313.4, the following terms will have the following meanings:

“The term ‘carbon monoxide source’ includes fuel fired appliances, equipment, devices and systems; solid fuel burning appliances, equipment, devices and systems; all other appliances, equipment, devices and systems that may emit carbon monoxide; fireplaces; garages; and all other motor vehicle-related occupancies.

“The term ‘dwelling unit’ means a single unit providing complete, independent living facilities for one or more persons, including permanent provisions for living, sleeping, eating, cooking and sanitation.

“The term ‘sleeping area’ means a room or space in which people sleep.

“The term ‘sleeping unit’ means a room or space in which people sleep, which can also include permanent provisions for living, eating, and either sanitation or kitchen facilities but not both. Such rooms and spaces that are also part of a dwelling unit are not sleeping units.

“In the case of a building constructed on or after January 1, 2008, a carbon monoxide alarm shall be installed in each of the following locations:

“1. Within each dwelling unit or sleeping unit, on each story having a sleeping area.

“2. Within each dwelling unit or sleeping unit, on each story where a carbon monoxide source is located.

“One carbon monoxide alarm installed on a story of a dwelling unit or sleeping unit having both a sleeping area and a carbon monoxide source shall suffice for that story within that dwelling unit or sleeping unit.

“In the case of a building constructed before January 1, 2008, a carbon monoxide alarm shall be installed in each of the following locations:

“1. Within each dwelling unit or sleeping unit, on the lowest story having a sleeping area.

“When more than one carbon monoxide alarm is required to be installed within an individual dwelling unit, the alarms shall be interconnected in such a manner that the actuation of one alarm will activate all of the alarms in the individual unit. The alarm shall be clearly audible in all sleeping areas over background noise levels with all intervening doors close.

Exception: Interconnection is not required where carbon monoxide alarms are permitted to be battery operated in accordance with section RR313.4.2.

“All carbon monoxide alarms shall be listed and labeled as complying with UL 2034 or CAN/CSA 6.19, and shall be installed in accordance with the manufacturer’s installation instructions and this code.

“RR313.4.1 Prohibited locations. Carbon monoxide alarms shall not be located within or near the openings to garages, bathrooms or furnace rooms. Carbon monoxide alarms shall also not be located in or near locations specified as ‘prohibited,’ ‘not recommended’ or the like in the manufacturer’s installation instructions.

“RR313.4.2 Power source. The required carbon monoxide alarms shall receive their primary power from the building wiring when such wiring is served from a commercial source or an on-site electrical power system, and when primary power is interrupted, shall receive power from a battery. Wiring shall be permanent and without a disconnecting switch other than those required for overcurrent protection.

Exception. Carbon monoxide alarms shall be permitted to be battery operated when installed in buildings without commercial power or an on-site electrical power system or in buildings constructed before January 1, 2008.

“RR313.4.3 Maintenance. Carbon monoxide alarms shall be maintained in an operative condition at all times, shall be replaced or repaired where defective, and shall be replaced when they cease to operate as intended.

“RR313.4.4 Disabling of alarms. Carbon monoxide alarms shall not be removed or disabled, except for service or repair purposes.

“RR313.4.5 One-family dwellings converted to bed and breakfast dwellings. One-family dwellings converted to bed and breakfast dwellings shall have carbon monoxide alarms installed in accordance with the requirements of section F611 of the Fire Code of New York State.

“RR313.4.6 Buildings under custody, licensure, supervision or jurisdiction of a department or agency of the State of New York.  A building which is under the custody, licensure, supervision or jurisdiction of a department or agency of the State of New York and which is regulated as a one-or two-family dwelling or multiple single-family dwelling (townhouse), in accordance with established laws or regulations of such department or agency, shall have carbon monoxide alarms installed in accordance with the stricter of the requirements of this section or the requirements of section F611 of the Fire Code of New York State.”

Subdivision (d) of section 1225.1 in Part 1225 of Title 19 NYCRR is amended by adding a new paragraph (3) to read as follows: 

(3) 2007 FCNYS section F611. For the purposes of applying the 2007 FCNYS in this State, the text of section F611 in chapter F6 of the 2007 FCNYS shall be deemed to be amended and restated in its entirety to read as follows:  

“F611 CARBON MONOXIDE ALARMS 

“F611.1 General. This section covers the application, installation, performance and maintenance of carbon monoxide alarms and their components in new and existing buildings and structures. The requirements of this section shall apply to all new buildings and structures and to all existing buildings and structures, without regard to the date of construction of the building or structure and without regard to whether such building or structure shall or shall not have been offered for sale. 

“F611.1.1 Definitions. For the purposes of this §F611, the following terms shall have the following meanings:

Carbon monoxide source. The term ‘carbon monoxide source’ includes fuel fired appliances, equipment, devices and systems; solid fuel burning appliances, equipment, devices and systems; all other appliances, equipment, devices and systems that may emit carbon monoxide; fireplaces; garages; and all other motor vehicle-related occupancies. 

Dwelling unit. The term ‘dwelling unit’ means a single unit providing complete, independent living facilities for one or more persons, including permanent provisions for living, sleeping, eating, cooking and sanitation. 

Existing buildings and structures. The term ‘existing buildings and structures’ means buildings and structures constructed before January 1, 2008. 

Multiple dwelling. The term ‘multiple dwelling’ means a dwelling which is either rented, leased, let or hired out, to be occupied, or is occupied as the temporary or permanent residence or home of three or more families living independently of each other, including but not limited to the following: a tenement, flat house, maisonette apartment, apartment house, apartment hotel, tourist house, bachelor apartment, studio apartment, duplex apartment, kitchenette apartment, hotel, lodging house, rooming house, boarding house, boarding and nursery school, furnished room house, club, sorority house, fraternity house, college and school dormitory, convalescent, old age or nursing homes or residences, and a dwelling, two or more stories in height, and with five or more boarders, roomers or lodgers residing with any one family. 

New buildings and structures. The term ‘new buildings and structures’ means buildings and structures constructed after December 31, 2007. 

“The term ‘sleeping area’ means a room or space in which people sleep. 

“The term ‘sleeping unit’ means a room or space in which people sleep, which can also include permanent provisions for living, eating, and either sanitation or kitchen facilities but not both. Such rooms and spaces that are also part of a dwelling unit are not sleeping units.

“F611.2 Equipment. Carbon monoxide alarms shall be listed and labeled as complying with UL 2034 or CAN/CSA 6.19, and shall be installed in accordance with the manufacturer’s installation instructions and this section.

“F611.2.1 Combination smoke and carbon monoxide alarms. Combination smoke and carbon monoxide alarms are permitted, provided the alarm is listed for such use. Combination smoke and carbon monoxide alarms shall have distinctly different alarm signals for smoke or carbon monoxide alarm activation. 

“F611.3 Where required. Single and multiple station carbon monoxide alarms shall be provided in the locations described in this section.
            “Exception: Compliance with this section is not required where no carbon monoxide source is located within or attached to the structure. However, compliance with this section is required if any carbon monoxide source is subsequently located within or attached to the structure.

“F611.3.1 New buildings and structures: one-and two-family dwellings, multiple single-family dwellings (townhouses), and buildings owned as a condominium or cooperative and containing dwelling accommodations.  A carbon monoxide alarm shall be installed in each of the following locations:
            “1. Within each dwelling unit or sleeping unit, on each story having a sleeping area.
            “2. Within each dwelling unit or sleeping unit, on each story where a carbon monoxide source is located.
            “One carbon monoxide alarm installed on a story of a dwelling unit or sleeping unit having both a sleeping area and a carbon monoxide source shall suffice for that story within that dwelling unit or sleeping unit.

“F611.3.2 New buildings and structures: Group I-1 occupancies. A carbon monoxide alarm shall be installed in the each of following locations:
            “1. On each story having a sleeping area.
            “2. On each story where a carbon monoxide source is located.
            “One carbon monoxide alarm installed on a story having both a sleeping area and a carbon monoxide source shall suffice for that story.

“F611.3.3 New buildings and structures: Group R occupancies not covered by section F611.3.1 or section F611.3.2, nursery schools (with sleeping units) not covered by section F611.3.1 or §F611.3.2, bed and breakfast uses not covered by section F611.3.1 or section F611.3.2, and multiple dwellings not covered by section F611.3.1 or section F611.3.2.  A carbon monoxide alarm shall be installed in each of the following locations:

“1. In each dwelling unit or sleeping unit where a carbon monoxide source is located. In a multiple-story dwelling unit or sleeping unit, a carbon monoxide alarm shall be installed on each story having a sleeping area and on each story where a carbon monoxide source is located. One carbon monoxide alarm installed on a story having both a sleeping area and a carbon monoxide source shall suffice for that story.

“2. In each dwelling unit or sleeping unit that is on the same story as a carbon monoxide source.

“F611.3.4 Existing buildings and structures: one-and two-family dwellings, multiple single-family dwellings (townhouses), and buildings owned as a condominium or cooperative and containing dwelling accommodations.  A carbon monoxide alarm shall be installed within each dwelling unit or sleeping unit on the lowest story having a sleeping area.

“F611.3.5 Existing buildings and structures: Group I-1 occupancies. A carbon monoxide alarms shall be installed on each story having a sleeping area.

“F611.3.6 Existing buildings and structures: Group R occupancies not covered by section F611.3.4 or section F611.3.5, nursery schools (with sleeping units) not covered by section F611.3.4 or section F611.3.5, bed and breakfast uses not covered by section F611.3.4 or section F611.3.5, and multiple dwellings not covered by section F611.3.4 or section F611.3.5.  A carbon monoxide alarm shall be installed in each of the following locations:

“1. In each dwelling unit or sleeping unit where a carbon monoxide source is located. In a multiple-story dwelling unit or sleeping unit, a carbon monoxide alarm shall be installed on the lowest story having a sleeping area.

“2. In each dwelling unit or sleeping unit that is on the same story as a carbon monoxide source.

“F611.3.7 Work completed within one-and two-family dwellings, multiple single-family dwellings (townhouses), buildings owned as a condominium or cooperative and containing dwelling accommodations, Group R occupancies, bed and breakfast uses not covered by section F611.3.8, and multiple dwellings not covered by section F611.3.8.  Where work includes the addition or installation of a carbon monoxide source, the construction of a chimney, or the connection of the building to a garage or to any other motor vehicle-related occupancy, a carbon monoxide alarm shall be installed within each dwelling unit or sleeping unit on the lowest story having a sleeping area.

“F611.3.8 Work completed within Group I-1 occupancy. Where work includes the addition or installation of a carbon monoxide source, the construction of a chimney, or the connection of the building to a garage or to any other motor vehicle-related occupancy, a carbon monoxide alarm shall be installed on each story having a sleeping area.

“F611.4 Prohibited locations. Carbon monoxide alarms shall not be located within or near the openings to garages, bathrooms, or furnace rooms. Carbon monoxide alarms shall also not be located in or near locations specified as ‘prohibited,’ ‘not recommended’ or the like in the manufacturer’s installation instructions.

“F611.5 Power source. When the building wiring is served from a commercial or on-site power source, carbon monoxide alarms shall receive their primary power from the building wiring and, when primary power is interrupted, shall receive power from a battery. Wiring shall be permanent and without a disconnecting switch other than those required for overcurrent protection.

Exceptions:

“1. Carbon monoxide alarms installed in buildings without a commercial or on-site power source shall be permitted to be battery operated.

“2. In existing buildings and structures, cord-type, direct plug, or battery-operated carbon monoxide alarms shall be permitted.

“F611.6 Interconnection. When more than one carbon monoxide alarm is required to be installed within an individual dwelling unit or sleeping unit, the alarms shall be interconnected.

Exception: Interconnection is not required where cord-type, direct plug, or battery-operated carbon monoxide alarms are permitted.

“F611.7 Maintenance. Carbon monoxide alarms shall be maintained in an operative condition at all times, shall be replaced or repaired where defective, and shall be replaced when they cease to operate as intended.

“F611.8 Disabling of alarms. Carbon monoxide alarms shall not be removed or disabled, except for service or repair purposes.”

 


Amanda’s Law   

CHAPTER TEXT:

LAWS OF NEW YORK, 2009

CHAPTER 367

   AN  ACT to amend the executive law, in relation to establishing Amanda’s law requiring certain residences to have installed an operable  carbon monoxide detector

       Became a law August 26, 2009, with the approval of the Governor.
       Passed by a majority vote, three-fifths being present.

The  People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Short title. This act shall be known and may  be  cited  as “Amanda’s law”.

§  2.  Subdivision 5-a of section 378 of the executive law, as amended by chapter 202 of the laws of 2006, is amended to read as follows:

5-a. Standards for installation of carbon monoxide detectors requiring that every one or two-family dwelling [constructed or offered  for  sale after  July  thirtieth, two thousand two], or any dwelling accommodation located in a building owned as a condominium or cooperative in the state [constructed or offered for sale  after  July  thirtieth,  two  thousand two,]  or  any multiple dwellings [constructed or offered for sale after August ninth, two thousand five] shall have installed an operable carbon monoxide detector of such manufacture, design and installation standards as are established by the council. Carbon monoxide detectors required by this section are required only where the dwelling unit  has  appliances, devices  or  systems  that  may  emit carbon monoxide or has an attached garage. For purposes of this  subdivision,  multiple  dwelling  means  a dwelling  which  is either rented, leased, let or hired out, to be occupied, or is occupied as the temporary or permanent residence or home  of three or more families living independently of each other, including but not  limited to the following: a tenement, flat house, maisonette apartment, apartment house, apartment hotel, tourist house,  bachelor  apartment,  studio apartment, duplex apartment, kitchenette apartment, hotel, lodging house, rooming  house,  boarding  house,  boarding  and  nursery school,  furnished  room  house, club, sorority house, fraternity house, college and school dormitory, convalescent, old age or nursing homes  or residences.  It  shall  also  include a dwelling, two or more stories in height, and with five or more boarders, roomers or lodgers residing with any one family. [For the purposes of this section, sale shall  mean  the transfer  of  ownership  of  a  business  or property, provided however, transfer of franchises shall not be deemed  a  sale.]  New  construction shall  mean  a  new facility or a separate building added to an existing facility.
     § 3. This act shall take effect on the one hundred eightieth day after it shall have become a law.

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Westchester County Airport for All Bedford NY Homes | Bedford NY Real Estate


 
IATA: HPN – ICAO: KHPN – FAA LID: HPN
Summary
Airport type Public
Owner/Operator County of Westchester
Serves White Plains, New York
Location Harrison, New York
Elevation AMSL 439 ft / 134 m
Coordinates 41°4′1″N 73°42′27″W / 41.06694°N 73.7075°W / 41.06694; -73.7075
Website airport.westchestergov.com
Runways
Direction Length Surface
ft m
16/34 6,548 1,996 Asphalt
11/29 4,451 1,357 Asphalt
Statistics (2008)
Passenger boardings 901,831
Aircraft operations 154,128
Based aircraft 326
Source: Federal Aviation Administration 

Westchester County Airport (IATA: HPN, ICAO: KHPN, FAA LID: HPN) is a public airport located in the towns of Harrison, North Castle and Rye in Westchester County, New York, United States. It is approximately 3 nautical miles (5.56 km) northeast of the central business district of White Plains, New York. It serves the areas of Westchester, a suburban county of New York City, as well as Fairfield County, Connecticut, as the New York-Connecticut state border coincides with the airport’s eastern limits. It also serves, to a lesser extent, the New York metropolitan area, as it is located approximately 33 miles (53 km) north of Midtown Manhattan. It is often used by those who wish to avoid the congestion of the other New York City-area airports. According to Federal Aviation Administration records, the airport had 901,831 passenger boardings (enplanements) in 2008, up from 823,478 boardings in 2007.  The Westchester County Airport currently has 7 airlines flying to 16 destinations around the United States only.

Westchester County Airport was originally built during World War II in 1942 as a home to an Air National Guard unit to protect New York City and Rye Lake, part of the city’s water supply system. In May 1983, with the quick growth of the suburban area in Westchester, the Guard unit was moved to Stewart International Airport further to the north near Newburgh.

In 1947, passenger service began, and before the passing of the Airline Deregulation Act the airport was served by several regional airlines, including Allegheny Airlines, Command Airways and Empire Airlines. On January 5, 2006, the airport was the point of departure for the last flight of Independence Air; a flight to Washington, D.C. at 7:26 pm.

The airport is served by seven commercial airlines. Besides Independence Air, Continental Airlines used to serve the airport, with non-stop service to Cleveland on Continental Connection.

This airport has now become a big focus for low-cost carriers AirTran and JetBlue, for their Northeast to Southeast markets. They are looking to continue to add new service and add connections throughout their route networks.

Today, JetBlue is the airport’s largest carrier. It operates 12 daily round trips to 5 destinations: Fort Lauderdale, Fort Myers, Orlando, Tampa, and West Palm Beach. JetBlue began service at the airport in 2007. Customers use this airport as an alternative to the busy John F. Kennedy, LaGuardia, and Newark Liberty airports.

In June 2009, Cape Air became the latest airline to serve Westchester County Airport, with service to Nantucket and Martha’s Vineyard in Massachusetts. Cape Air introduced service to Lebanon Municipal Airport in New Hampshire during early 2010. All Cape Air flights depart and arrive from the Signature Flight Support facility located south of the Main Terminal as a result of the lack of availability for ticket counter space in the Main Terminal.

In June 2010, Air Canada, operated by Air Georgian, announced that it would be dropping service at the airport.

After several renovations, as well as discussions about the airport’s viability, the airport today is served by seven airlines to a range of destinations in the United States. Although there has always been some controversy about the airport and proposed expansions, more have occurred recently due to travelers seeking to avoid delays at the other New York airports. The most recent concerns have to do with flight paths[6] and traffic congestion, the latter of which Westchester County is addressing via increased Bee-Line bus service and the county encouraging travelers not to drive.

Due to its location near a number of residential neighborhoods, Westchester County Airport instituted a Voluntary Restraint from Flying Program, sometimes referred to as a voluntary curfew,[8] which has helped to ease some of the local worry over the airport’s activity. In an effort to alleviate concerns over expansion and noise, studies are done on a regular basis.

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How to Buy Foreclosure Property In Pound Ridge NY | Pound Ridge Real Estate

Jackson bought a bank-owned three-bedroom, single-family home with one-and-a-half baths in the Chatham neighborhood of Chicago.

“I made an offer the second day after it went on the market,” says Jackson, who was working with a real estate agent. “There were a couple of bids thrown in the day after I contacted the bank. Another day of waiting — I probably would not have gotten it.”

Jackson didn’t know much about buying foreclosures before putting in a contract for this home. He’d spent the previous five months reading online articles about how to buy a foreclosure and asking questions of his agent before bidding on this one. He ultimately put in an offer that was 15 percent under the $57,000 list price and the bank countered two days later around 10 percent under. He bought the move-in-ready home for about $52,000, closing two-and-a-half months later.

“The home only needed minor cosmetic upgrades,” he says. “I got lucky with this one by bidding reasonably.”

Buying a foreclosed home may seem to some like a scary process, but as was the case with Jackson and many others, it’s similar to buying any other home, especially if your offer is on a bank-owned property versus one sold at auction (which can be a tricky process for the inexperienced).

There are, however, many nuances that any potential buyer has to be aware of when dealing with foreclosures, such as checking for liens against the title, or knowing that on a foreclosure “even something as simple as cracked paint can make an FHA loan impossible,” says Twin Cities foreclosure expert Tim Kindem, a Keller Williams realty agent.

Here are some other very important basics about buying properties in foreclosure.

Where to find foreclosures

Finding foreclosure deals in your area can be simple, and worth a try for first-time homebuyers or those wanting to get into real estate investing. Here are some ways of locating foreclosures:

•Leading real estate portals have local foreclosure listings.
•Bank websites sometimes list properties in their possession that are for sale.
•Asset management companies hired by lenders to handle foreclosures offer a list of available properties.
•Auction companies often hold auctions in which they sell huge volumes of foreclosure homes on a single day.
•Real estate agents can point to foreclosed homes in your area.
•”For sale” signs in yards that say “foreclosure,” “REO property” (Real Estate Owned property) or “bank owned,” indicate foreclosed homes.


Determining the right price

After finding a foreclosure that you want, a key step is negotiating the right price. In most cases, foreclosed homes are already discounted from their appraised value, but you can still negotiate down from list price as you would with any home.

When there are a variety of foreclosures on the market, buyers can sometimes get a below-market price as much as 50 percent less than it would normally sell for, although a typical price is usually only 5 percent less.

In order to estimate a potential discount that you can get on a foreclosed house, you have to know its market value as well as the amount of any loans or liens that the property may have against it, as this will give you an idea of how much the bank will make or lose by selling the property.

The discount means built-in equity, but also it should help make up for any repairs and maintenance that may need to be done if the house has been vacant for a while or otherwise not properly maintained.

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Search Foreclosures for SaleNegotiating the contract

“Consumers have the ability to negotiate repairs even if they agreed to buy the property ‘as is,’ ” says Rebecca Gallardo-Serrano of Portelo Realty in San Jose. “When REO brokers post ‘no repairs,’ including no water heater strapping or smoke detectors,” they could be in violation of the law.

“Some banks are willing to shell out thousands of dollars to make repairs to help get a home sold,” says Kindem, but only if the buyer asks. “The agent listing a bank-owned home isn’t likely to fight for these repairs for you, so consider having your own skilled buyer’s agent represent you.”

Make sure that your real estate agent is skilled with the REO foreclosure process. A way to find out is to ask agents how many successful offers they have written for foreclosures, advises Minneapolis-area mortgage specialist Jay Dacey. But don’t take their word for it, he says. “Ask for a list of past transactions that they have completed, otherwise you could waste months of your time waiting to hear if your offer was accepted, only to find out that the agent didn’t submit the proper documentation to the bank.”

Financing a foreclosure

“Many popular loans first-time buyers use, like FHA loans, can’t be used because they require the home to be in a certain condition,” says Kindem.

“Fannie Mae offers certain streamlined mortgage options, often requiring lower down payments and even waiving the need for an appraisal,” says Dacey. Find a local mortgage expert who is approved to offer products like Fannie Mae’s “Homepath.” A good mortgage broker, in conjunction with your agent, should be able to help point you to down-payment assistance programs and city or county loan programs for rehabbing fixer-uppers.  

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Chappaqua NY Buyer Real Estate Representation | Chappaqua NY Real Estate

Buyers Representation is important when you decide to buy a home in Chappaqua NY. 

NYS has codified your relationship with your Realtor and as a buyer you should make sure you understand it.  Knowing your Realtor’s responsibilities to you will make your purchase process go smoothly.  Get it right from the start and you will clear up many misunderstandings.

The relationship formed between an agent and a client is a fiduciary relationship because it is based on trust. 

The agent owes a client:

Loyalty
Diligence
Confidentiality
Reasonable Skill & Care
Obedience
Disclosure
Accountability
Buyer’s Agent

A buyer’s agent is employed to find an acceptable property for a prospective purchaser. The buyer’s agent represents the purchaser in a position of trust and confidence. He or she will negotiate the best possible price and terms for the buyer.

Seller’s Agent
Also know as a listing agent, a seller’s agent works for and represents the seller in a position of trust and confidence.  A listing contract spells out the relationship.  A seller’s agent negotiates the best possible price and terms for the seller

Disclosed Dual Agency
Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction.  Since the agent will be in a position of trust and confidence to both buyer and seller, there is the potential for a conflict of interest, especially in negotiating price and terms.  New York law requires the buyer and seller to consent to a dual agency relationship in writing.

Designated Agency
To eliminate the potential conflict of interest that arises in disclosed dual agency, New York law allows the sponsoring broker to designate a salesperson to represent the seller and another salesperson to represent the buyer.  Each designated salesperson can represent their client, without the potential for a conflict.  New York law requires a client to consent to designated agency representation in writing.

NYS DOS

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