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Tag Archives: Pound Ridge NY Real Estate for Sale
Pound Ridge Real Estate looks at “3 SEO Ranking Factors To Watch in 2011” | Pound Ridge NY Homes for sale
Check out this website I found at blog.hubspot.com
Can Pound Ridge NY buyer get a mortgage after foreclosure or bankruptcy? | Inman News for Pound Ridge NY Home buyers
‘Cry letter’ to lender can reduce waiting period
For the most part, we are a forgiving society. We believe that people often learn from their mistakes, and everybody deserves a second chance. Our mortgage system incorporates some of that philosophy — up to a point.
The two largest mistakes of consumers that challenge the capacity of the mortgage system to forgive are bankruptcy and foreclosure. Both are recorded in the borrower’s credit file and stay there for an extended period: Mortgage foreclosure and Chapter 13 bankruptcy remain for seven years, and Chapter 7 bankruptcy for 10 years. Check out this article where you will get an extended information about debt relief vs bankruptcy.
Both cause an immediate and sharp reduction in the borrower’s credit score. However, because the scoring system weights new information more heavily than old information, it is inherently forgiving of past misdeeds, provided that the new information generated by the borrower is favorable.
But lenders have a longer memory than credit scorers, and they set minimum time periods for “forgiveness,” independently of and without regard for credit scores. I recently received a letter from a prospective borrower with a credit score of 750 (same as mine) who had been discharged from Chapter 7 bankruptcy three years earlier.
She had used the three years to rebuild her credit. The reason she wrote me was that, despite her good score, she was being turned down for a mortgage.
About 95 percent of all mortgages being written today are sold to Fannie Mae or Freddie Mac, or insured by the Federal Housing Administration (FHA). These agencies set the rules that lenders implement. However, lenders can be tougher than the agencies and many are because they don’t want high default rates on the loans they originate.
Fannie Mae requires the following waiting periods before a borrower becomes eligible for a mortgage the agency will purchase: two years after a Chapter 13 bankruptcy; four years after a Chapter 7 bankruptcy; and five years after a foreclosure.
Borrowers who have been foreclosed on, furthermore, must put 10 percent down, have a credit score of 680, and must wait an additional two years before they become eligible to purchase a second home or an investment property. Freddie Mac’s rules are the same.
But the agencies include provisions for “extenuating circumstances,” which, if met, reduce the required waiting periods — to two years on a bankruptcy and three years on a foreclosure.
Extenuating circumstances are credible excuses for the bankruptcy or foreclosure that can be interpreted to mean that the likelihood of a recurrence is very low. The case is made in what lenders call a “cry letter,” which is included in the borrower’s application.
The burden of proof is on the borrower. The agencies will be looking for a multiple-cause explanation for the bankruptcy or foreclosure. People lose their jobs; they get sick; they have accidents; they suffer deaths in the family; they are victimized by fraud; etc. Not one of these in itself is likely to be viewed as an extenuating circumstance, but a combination of them might.
The agencies will also look for evidence that, whatever the causes of the past problem, the current situation of the borrower is one that is reasonably secure against a recurrence. In addition, they want the borrower to document that since the occurrence of the bankruptcy or foreclosure, the borrower’s capacity to handle financial affairs has improved.
A rising credit score and an ability to make a significant down payment on a forthcoming loan are good evidence of this.
The major hurdle facing the borrower who wants to plead extenuating circumstances is convincing the lender. Some loan officers will help borrowers craft the letter, because they know what the underwriters are looking for, but the prospect of success is much lower than it was before the financial crisis.
Every aspect of loan underwriting has gotten tougher, and the ability to plead extenuating circumstances is no exception.
FHA’s rules on bankruptcy, foreclosure and extenuating circumstances are more liberal than those of Fannie and Freddie. For example, under FHA rules a borrower must wait only two years following discharge from a Chapter 7 bankruptcy, and they can qualify while they are still in a Chapter 13 bankruptcy. They need only to document that all payments within the bankruptcy plan have been made on time for a year, and that they have permission from the court to take a mortgage.
The challenge to borrowers who need an FHA mortgage is that most lenders have more restrictive rules than FHA. They don’t want to take the risk that high default rates on the FHA loans they originate will get them tossed out of the FHA program.
There are a few FHA lenders who are as liberal as FHA, but charge rates and points well above those posted by other lenders. They are the subprime lenders of the post-crisis market, and should be avoided if at all possible.
via inman.com
Pound Ridge NY Real Estate up 40% | Sales Up Prices down | Six Month RobReportBlog
Pound Ridge NY Real Estate up 40% | Sales Up Prices down | Six Month RobReportBlog
Pound Ridge NY Real Estate Report RobReportBlog May 2011
Pound Ridge NY real estate saw Sales up 40% but the median price has dropped to $650,000 from $751,000. The lesson learned is if you want to sell your home price it aggressively.
Pound Ridge NY homes 2011 Sales stats (6 months)
21 homes have sold
$650,000 median price
$3,100,000 high price
$375,000 low price
3499 average size
$244 average price per foot
192 average dom
90.11% sold to ask price
Pound Ridge NY homes 2010 Sales stats (6 months)
15 homes sold
$751,700 median price
$3,325,000 high price
$295,000 low price
4034 average size
$263 average price per foot
195 average dom
93.27% sold to ask price
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Cool tech to drive real estate biz | Inman News in Pound Ridge NY
One of the great things about owning an iPhone, iPad, or an Android-based mobile device is all the fun applications that improve the quality of both your life and your business.
At our recent Awesome Females in Real Estate conference, Cary Sylvester, the executive director of technology for Keller Williams, spoke at a great session, entitled, “There’s an App for That: Technology Tools to Drive Your Business.” The cost of most of those apps she discussed ranges from free to $1.99.
The first category Sylvester discussed was communication. (Please note that these apps are available for both Apple and Android operating systems, unless noted.)
1. Google Voice
Most agents have multiple phone numbers on their cards and their marketing materials. The challenge is that clients have neither the time nor the inclination to track the agent down. Google Voice creates a single, personalized phone number that rings on all of your phones at the same time.
via inman.com
Real estate listings: here, there, everywhere | Inman News in Pound Ridge NY
There are some things that real estate agents care about, and some things that we don’t care about. I can’t speak for all agents, but people like me who sell real estate for a living don’t always see things the same way that the industry leaders and experts see them.
We don’t always agree with our Realtor boards or the National Association of Realtors.
Most of us don’t care if the data on third-party property websites is accurate. I know I don’t — why should I? I am not the “data police” for someone else’s website.
I am a salesperson, and if I get a call from a prospective buyer about a listing that I sold a month ago I can find another house to sell to that individual. It doesn’t hurt me at all if one of my listings shows up on a website long after it has been sold.
The existence of so many sites with homes for sale on them hurts my business, and manually updating listings takes time away from important tasks like selling houses. If the sites did not exist, consumers would just find my listings on a local brokerage site like my own.
There are many real estate sites in my market that get data fed to them from the area’s multiple listing service. In fact, I just Googled a listing that I have had on the market since Friday and it shows up on thousands of sites.
The way I see it, third parties need my listings for their websites, but I don’t need their websites for advertising, and consumers don’t need them, either.
It is in my best interest to have homes that I have listed for sale appear on numerous websites — even if they are no longer on the market. They are bait for me, just like they are for the companies that use them to sell advertising and services.
But it is against the MLS rules to have a home listed for sale that is not for sale, so I will correct an outdated listing once it is brought to my attention.
Sellers don’t seem to care if we continue to advertise their home after it has been sold, and the buyers don’t seem to notice, either — probably because they are no longer searching on the Internet for a home.
Some property site owners tell me they are doing consumers a favor by giving them alternative sites to search for property listings. I have also been told that consumers don’t trust industry sites and would prefer to go to third-party sources for information.
I don’t think most consumers know who owns their favorite real estate websites — they just want information.
On some days I feel like I am competing with the third-party companies and lead aggregators.
Even though those companies are not brokerages and they don’t sell real estate, they are sucking traffic away from my websites and blogs. Staying ahead in the search engines is a constant battle.
They are using my own listings to attract people to their sites so they can sell those people to real estate agents as leads, or so that they can sell advertising space to agents or others. It is a difficult proposition to help those sites if I find that they are not helping me.
It would be nice if there was more education for consumers about websites. Some of the sites do not have all the listings and some do not have accurate data. Some sites require consumers to sign up, but other sites let them look at the same data without signing up.
Maybe the people who sign up don’t know that they don’t have to share contact information just to look for a home. Consumers should be told that the prettiest site doesn’t always have the best data and that they don’t have to sign up to look at property listings.
If you are depending upon someone like me to make sure that the data on your site is accurate then you are in trouble. I am your worst nightmare because I don’t give much thought about your site or the data on it — not even if my name is attached.
I am motivated to make sure the information I put in the MLS is correct, because if I don’t and I get caught, I will be fined.
I don’t have any control over third-party sites, but if someone had asked me I would have said that we don’t need any more sites with real estate listings on them.
There is a point when listings become ubiquitous, and we reached that point years ago. If having them on many sites meant that they would sell faster, I would be in favor of more sites with property listings on them.
via inman.com
Picking Your House Color in Pound Ridge NY | Pound Ridge NY Real Estate
How to Pick Exterior House Colors
Picking exterior house colors is an exciting time. House exterior painting adds a fresh look to your home. But finding a flattering color scheme can also be overwhelming. You want the color scheme for your house design to be perfect. To help reduce frustration when planning to house exterior painting, you need to know the ins and outs of picking a color scheme for your house design. Read on to learn how to pick exterior house colors that will have you grinning from ear to ear. The beauty of your home begins with the right exterior color scheme.
Difficulty: Moderate
Instructions.
1) The first step on how to pick exterior house colors is to choose between a light or dark color scheme. Painting the exterior of your house with a light color scheme will tend to make your house stand out more from its surroundings. A house design exterior color scheme that is dark is usually good for when you want your home’s colors to blend in more with the surrounding environment.
2) Next, decide if you want a warm or cool color scheme for the exterior of your house. A warm color scheme can give your house design a livelier look. A house exterior with a cool color scheme tends to match its surrounding environment and not stand out as much.
3) The last step on how to pick exterior house colors is to choose an accent color. An accent that is lighter than the main exterior house color will help a small house look bigger. A lighter accent color on the front door and window shutters will also help these areas stand out more. Just be careful to pick an accent color that contrasts well with your main exterior paint color.
Costs of Owning A Home with air conditioning In Pound Ridge NY | Pound Ridge Real Estate
Hidden Costs Of Owning A Home in Pound Ridge, NY
Owning a home in Pound Ridge, NY is no different than anywhere else. The reality is, home ownership is not just about budgeting to cover your monthly mortgage payments and property tax, you also have a responsibility to care for your property- which means maintaining the foundation, structure and inner workings of your house, but also being prepared to pay for UNEXPECTED REPAIRS! Obviously this is easier said than done when money is tight, and you’re not a contractor or have your own live in handyman. Needless to say, whether you’ve owned your home for twenty years, or you’re considering becoming a homeowner for the first time, there are some absolutes that you should know how to fix yourself, budget for, and pay forward, to avoid catastrophic repairs & major surprise expenses!
Repairs to Fix IMMEDIATELY!
1. Don’t Ignore Electrical Inconveniences
Any electrical problem should be taken care of immediately to avoid potential blowouts or worse, A FIRE!
a) Dead Outlets: A sudden non functioning outlet (that does not go out from a blown fuse) could indicate a more serious problem such as a loose wire that could spark and cause serious damage. Get these problems checked out and repaired by a qualified electrician as soon as possible!
b) Dead Light Switch: A non functioning light switch (that does not go out from a blown fuse), could also mean something is shorting out inside the walls.
c) Excessive Static on TV or Radio: These malfunctions could indicate the house is not properly grounded (not safe)- which can cause even more serious problems down the line.
d) Strange Noise from a Major Appliance: Any electrical appliance (oven, stove, refrigerator) that starts humming should be repaired immediately!
e) Frayed Wires: Any frayed wires (exposed or not) should not be used and replaced immediately!
2. Deal with ALL Leaks
a) Ceiling Leaks & Water Damage: If you see water dripping from your ceiling, or if you see any discoloration due to water damage, you may have a small problem that is about to get much worse! Water takes the path of least least resistance, so just because you see discoloration in one spot, it does not mean that that is where the leak has originated. If there is a spot on your ceiling that gets wet more than once, or you see actual water dripping down, find the leak & get it repaired at once!
b) Pipes & Plumbing: A continually running toilet, a dripping sink, a leaky pipe under the sink, or any drips you hear in the wall, all should be repaired to avoid further damage, flooding and MOLD!
3. Maintain Your Heating & Cooling System (HVAC):
a) If you have central heating and air conditioning, have your system professionally maintained at least once a year to prolong the life and efficiency of your system. Have your filters & coils cleaned or replaced, and have your duct work swept. Heating and air conditioning repair and optimization is one solution that can benefit both the tenants and your wallet by improving the efficiency of the system and also decreasing energy consumption. You can check right here on JC’s Heating and Air systems provide ventilation as well as warming and cooling assistance. They are the best solution for dealing with the need for circulation and removal of contaminants and foul odors. This is just as important in an office where many people are sharing the same environment, as it is in large warehouses where the fumes and chemicals can be an unpleasant experience. When properly maintained, these systems offer comfortable environments in any sort of structure. Typically, a professional heating and air contractor will install a complete central system to service the entire building. This is great because with professional installation there is a far greater reliability and efficiency. The drawback is that when they are very large and complex they are difficult to maintain on one’s own. Instead they require a professional to come in and flush the ductwork and service the heat pump and cooling system. Fortunately, many contractors are available to provide continued maintenance after they have installed their products and so it is easy to set up a scheduled maintenance plan. For your commercial enterprise you are saving yourself and your tenants money by retaining this type of work. You will be able to reduce the energy bills that are paid every month because the heating and air unit does not have to work as hard to go through clogged ducts or overcome dirty coils. It is also saving money by eliminating the need for constant repair. It is a simple fact that a clean unit is an efficient unit and that means less calls to the service technicians and more trouble free operation.
b) If you have radiator heat, have the system flushed at least every other year to remove excess build up and air pockets that can decrease the efficiency of the system (not to mention causing that haunting banging sound).
c) Clean the filters of your window unit air conditioner once a month in the summer, and hose the coils at the beginning of each summer. Calling a company for air conditioning repair will save time and get you the professional help you need to make sure you get the best air conditioning service.
4. Mind Your Roof: Replace any missing shingles on your roof, and have any cracks or areas where water is pooling repaired before damage spreads or weakens that spot further. Roofing calculator helps to measure correctly and determine how much roofing material you need for your project.
5. Cracks in Your Foundation:You know what they say about relationships, well it holds true in your house as well! Make sure that any cracks in your foundation are sealed immediately to avoid water damage, mold or potential pest problems.
6. Seal Your Windows: Keep heat or cool air from escaping, avoid leaks and unwanted pests by keeping your windows properly sealed. Replace any old dried out caulking around the inside and outside of each window!
7. Keep Your Gutters Clean: Have your gutters completely cleaned 1-2 times each year to prevent clogs and avoid improper drainage. If the water backs up, it can seep under roof shingles, or the siding of your house and cause it to pull away. Visit GutterAdvantage-PA.com for professional service to clean and repair your gutters.
8. Seal Your Deck: Sealing your wood deck every two to three years is essential not only for looks, but it will prolong the life of the wood as well. If you do not reseal often enough, the wood will rot and the deck will need to be replaced- ouch!
9. Sweep Your Chimney: If you have a working fireplace, and use it often, it is important to have your chimney cap checked and your chimney swept once a year by a schoorsteenvegen. If an animal, debris or build up from use accumulates, it contribute to cracking the inside of the chimney- not to mention causing a major FIRE!
We’ve all heard the phrase little things mean a lot and nowhere is that more true than in the roller-coaster world of home ownership. While owning your own home is of course the proverbial American Dream, letting seemingly small things go can turn it into a nightmare. Spending money on small repairs now, can mean HUGE savings down the line. So the next time that roof starts to leak, know that it could turn into much more than just a drop in the bucket if you don’t fix it now!
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Owning a home in Pound Ridge, NY is no different than anywhere else
Robert Paul is a real estate agent with Prudential Holmes and Kennedy in Bedford, New York. I specialize in new homes, luxury homes, and first time home buyers, in Bedford, Armonk, Chappaqua, Pound Ridge, Lewisboro and North Salem. Give me call at 914-325-5758 for all your real estate needs.