Tag Archives: Westchester Homes for Sale

Westchester Homes for Sale

Mortgage Lenders Face Massive Foreclosure Losses | Katonah NY Real Estate

Leave a reply

Panel sounds foreclosure warning, industry downplays

WASHINGTON (Reuters) – Widespread problems in how U.S. lenders documented foreclosures could spark a wave of legal challenges resulting in massive losses to banks and serious new troubles for the housing market, a federal watchdog warned on Tuesday.

The Congressional Oversight Panel, the overseer of the government’s Wall Street bailout, in its latest report laid out a range of possible outcomes for the foreclosure paperwork mess that emerged in September.

In the best-case scenario, the watchdog said, concerns about the paperwork mess are “overblown” and banks would be able to proceed with foreclosures as soon as invalid court documents were replaced with proper paperwork.

But in the worst-case scenario, it warned that banks could face billions of dollars in losses.

Banks are accused of having used “robo-signers” to sign hundreds of foreclosure documents a day without proper review, a fiasco that reignited public anger with banks that received billions of dollars in taxpayer aid in the financial crisis.

Bank of America, Ally Financial and JPMorgan were among banks that temporarily suspended foreclosures pending internal reviews of their practices, but have since begun to resume sales of foreclosed properties.

Bank of America and JPMorgan officials are due to testify before a Senate panel later on Tuesday.

In the worst-case scenario, the panel said banks may be unable to prove that they own the mortgage loans they claim to own, legal challenges could call into question the validity of 33 million mortgage loans — many of which were then securitized and sold to investors — and banks could face billions of dollars in unexpected losses.

“If such problems were to arise on a large scale, the housing market could experience even greater disruptions than have already occurred, resulting in significant harm to major financial institutions,” the 125-page report said. “At present, the reach of these irregularities is unknown.”

The American Securitization Forum on Tuesday pushed back against claims that mortgage servicing problems could pose problems for the mortgage backed securities market, saying it has conducted its own study of the issue.

“We are confident that the process in which market participants assign and transfer mortgage notes and mortgages is valid, sound and legally binding,” ASF Executive Director Tom Deutsch said in a statement.

The panel, created to oversee the $700 billion bank rescue approved by Congress in 2008, also said banks could end up losing $52 billion from so-called mortgage put-backs, or loans that were sold to other investors but would have to be bought back due to problems that have turned up.

Those losses would be borne predominantly by Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, the panel said.

LAWMAKER SHOWDOWN

Banks have been eager to downplay the impact of the mess over foreclosure paperwork, saying evictions through foreclosure have been “materially accurate.”

Bank regulators and all 50 state attorneys general are investigating bank foreclosure practices. On Tuesday Bank of America Chief Executive Brian Moynihan said a quick settlement with the states is best for all involved.

“It is in everyone’s best interest to get this settled and behind us,” said Moynihan, speaking at the Bank of America Merrill Lynch Financial Services conference in New York.

He also said the bank was working through its mortgage repurchase requests from private investors. While the costs for buying back bad mortgages, or put-backs, will be manageable, Moynihan said such disputes could drag on for years.

Banks face lawmaker scrutiny later on Tuesday in hearings by the Senate Banking Committee, and then another hearing on Thursday before the House of Representatives Financial Services Committee.

A top Bank of America executive acknowledged problems in the bank’s foreclosure practices in testimony prepared for the Senate hearing and said Bank of America is working to replace previously filed affidavits in as many as 102,000 pending foreclosure cases.

“Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process,” said BofA home loans chief Barbara Desoer in the prepared testimony.

David Lowman, chief executive for home lending at JPMorgan Chase, also laid out missteps in foreclosure paperwork and said the bank is cleaning up errors.

The banks are not the only ones under fire. Regulators are facing criticism from lawmakers for not picking up on the paperwork problems earlier. Many of these regulators — including officials from the Federal Reserve, the Office of the Comptroller of the Currency and the Housing and Urban Development Department — are scheduled to appear at Thursday’s House hearing.

Full Article

Katonah NY Homes

Katonah Luxury Homes

House of The Week | Brooke Astor’s Holly Hill | Bedford NY Real Estate

Leave a reply

BRIARCLIFF MANOR — The asking price on the
majestic Briarcliff Manor estate of the late Brooke
Astor fell to $9.75 million this month.

It was the second price reduction for Holly Hill,
which was put on the market for $12.9 million in
2008 and came down to $10.5 million in 2009.

“There aren’t many properties of this type on the
market, and I see a lot of impressive properties,”
said listing broker David Turner of Houlihan
Lawrence in Bedford. “Holly Hill is a wonderful
opportunity for the buyer with the resources,
insight and desire and who understands its rarity
and value.”

“I didn’t know (Brooke Astor), but walking around
here, I wish I had,” Turner said while moving
through a circular foyer with a black-and-white
marble floor into what had been a library and then
into the dining room. The 1927 stone mansion
designed by William Adams Delano features
fireplaces with marble-carved surrounds and French
doors leading to terraces. The famed New York
socialite and philanthropist bought the estate in
1964 after her third husband, Vincent Astor, died.

In August 2007, she died here at 105. Her only
child, Anthony Marshall, was convicted last year of
taking advantage of Astor and altering her will that
had left $60 million to charities. He was sentenced
to one to three years in jail, but is free on $500,000
bail pending an appeal.

Personal items have been removed from the 10-
bedroom, 21-room house. Now the 10,888-square-
foot home on nearly 65 acres of prime Westchester
land is empty, save for some draperies and well-
worn chintz-covered chairs. Most items are in
storage, said Turner, and will be distributed to heirs
or sold at auction at a future date.

Although vacant, Astor’s country house seems to
still hold touches of the grand dame — a Chanel
powder puff in a bathroom, tiny satin slippers
glimpsed on a closet floor and plush pink paisley
towels hanging on rods.

Bathroom sinks are sunk into large slabs of marble
 standing on thick crystal legs. The kitchen has
1960s-era yellow formica counters, metal St.
Charles cupboards, linoleum tile floors, a
commercial-grade Garland stove and a Traulsen
refrigerator. The property also has a pool, a four-
bedroom gardener’s cottage, a carriage house, a
root cellar and two separately deeded tax lots.
Annual total property taxes are $200,842.

“It is a marvelous piece of property,” said Eileen
Weber, 92, whose own family house bordered the
estate at 298 Scarborough Road and who worked in
real estate.

“But it is not just a flat piece of land. And in these
times, who wants to gamble on putting in all this
work, sewers, roads and such?” said Weber.

She is concerned that possible development of the
property could change the neighborhood.

It is one of four large parcels in the village. The
other three are the 98-acre Philips Lab campus, the
97-acre property owned by Barbara and Albert
Erani, and the 57-acre former Kings College
property that is being tranformed into luxury senior
housing for The Club at Briarcliff Manor.

Briarcliff real estate agent Mark Seiden says the Holly
Hill property could be a tough sale to close.

The potential buyer would either be a developer
who wants to transform the entire parcel or
someone who wants to renovate the home and sell
off a piece of the land, Seiden said. The village
rezoned the area recently, requiring 2 acres per
parcel.

There aren’t many large estates in Briarcliff, he said,
explaining that most buyers want to be near similar
properties in North Salem or Bedford. Currently
there are 52 homes marketed in Briarcliff and so far
this year, 45 properties sold at an average price of
$862,297, he said.

Full Article

Bedford NY Homes

Bedford Luxury Homes

NAR Reports First Time Buyer Survey in Chappaqua NY | Chappaqua NY Real Estate

Leave a reply

Highlights from the 2010 NAR Profile of Home Buyers and Sellers

The National Association of REALTORS® surveys home buyers and sellers annually to gather detailed information about the home buying and selling process. These surveys provide information on buyer and seller demographics, housing characteristics and the experience of consumers in the housing market. Buyers and sellers also share information on the role that real estate professionals play in home sales transactions. NAR’s Profile of Home Buyers and Sellers reports – based on results of those surveys – provide real estate professionals with insights into the needs and expectations of their clients. This year’s data provide valuable insight into how buyer and seller demographics have changed based on shifting market conditions. The latest 2010 NAR Profile of Home Buyers and Sellers* was released during NAR’s annual conference and expo in November. Below we highlight some of the findings of that survey report that focus on home buyers.

Homebuyer Demographics: Who’s Buying

In 2010, home buyers saw the continuation and expansion of the home buyer tax credit. While the original home buyer tax credit only covered first-time buyers, the expansion covered move-up

buyers. The tax credit and record home affordability changed the home-buyer landscape.

One of the most important changes reflected in this year’s findings was the share of first-time buyers. Over the last 10 years, first-time purchasers have accounted for 40-41 percent – on average – of all home buyers during the course of a year. The 2010 survey results show that 50 percent of all purchasers between July of 2009 and June of 2010 were first-time buyers. This is the largest share of first-time buyers in more than 19 years.

Improved affordability has opened the home-buying market to those who would not have been able to purchase a home in the past. Median household income of home buyers declined nationally and in all regions for the last two years. But at the same time, mortgage interest rates declined to historic lows and home prices remained affordable. Consequently, the decline in the median household income of home buyers reflects how improved housing affordability – coupled with government programs supporting home buying – opened the market to home buyers who would not otherwise have been financially able to purchase a home.

Improved affordability and the increased share of first-time home buyers are also reflected in the increased share of single buyers. Single buyers in 2001 accounted for 22 percent of the home-buying market; that share grew to 32 percent in 2010. The role of single female buyers has also been expanding in recent years, and held stable at 20 percent in 2010. This year the share of single male home buyers climbed to an all-time high of 12 percent of the market. The share of married couples declined to 58 percent in 2010 from 68 percent in 2001.

Why They Buy

Among buyers of nearly every age bracket and every household composition – those with children and those without children – the primary reason for purchasing a home was the desire to own a home. This result has been consistent over the years. Nearly 31 percent of all buyers cited this reason in 2010. This was especially true for first-time buyers—53 percent reported the most important reason for purchasing a home was the desire to own a home.

For repeat buyers the most important reason for their recent home purchase was the desire for a larger home and a job-related relocation or move. Affordability as a motivator has increased among first-time and repeat buyers and for buyers who are under 44 years of age.

The Home Purchased

What a buyer purchased depended greatly on the quality of the neighborhood, convenience to job, overall affordability of homes, convenience to friends and family, and the quality of the school

district. Whether a buyer was a first-time or repeat buyer, approximately three quarters of all home buyers purchased a detached single-family home.

Continuing a trend since 2007, the share of home buyers purchasing a previously owned home has increased, while the share purchasing a new home has declined. The typical home purchased was 1,780 square feet, had three bedrooms and two bathrooms, was built in 1990, and was 12 miles from the buyer’s previous residence. Once buyers find the home they are looking for they plan to stay in their home for 10 years.

The Home Search

The Internet is playing an ever increasing role in the home search process. Thirty-six percent of buyers looked online for properties for sale as their first step in their search for a home to purchase. An additional 11 percent began by finding information online about the home buying process. Nine in ten buyers used the Internet in some way during their search process.

While the usage of the Internet in the search process has grown, it does not diminish the use of real estate professionals; rather, it provides a complementary relationship. In fact, home buyers who used the Internet to search for a home were actually more likely than those who did not use the Internet to buy their home through a real estate agent (85 percent vs. 70 percent). Often those Internet users take steps to look at a particular property they saw online. Eighty-eight percent of recent buyers used an agent during their home search process. The use of other information sources has declined in recent years.

The Role of Real Estate Professionals

Home buyers still rely heavily on the expertise of real estate agents to navigate the housing market and help guide them through the home sales transaction. Eighty-three percent of buyers purchased a home through a real estate agent, up from 77 percent in 2009. Fifty-seven percent of buyers found their agent through a referral or used an agent they had used in the past to buy or sell a home.

Buyers most want their agent to help them find the right home to purchase, but they also want help negotiating the terms of sale and with price negotiations. Sixty-six percent of buyers benefited by having their real estate agent help them understand the process.

Satisfaction with one’s real estate professional is very high, and home buyers report that they were very satisfied with the services they received from their agents. More than 95 percent of buyers said they were very or somewhat satisfied with their agent’s honesty and integrity and their agent’s knowledge of

the home purchase process.

In Summary

Buying a home is a complex and at times can be a daunting process. There are many options as well as constraints that households face when searching for the right home that will meet their needs today as well as in the future. However, it is important to know that even amidst market uncertainty buyers want to make an investment through home ownership. Buyers are overall satisfied with the home buying process, with nine in ten reporting they were at least somewhat satisfied. Additionally, 87 percent of buyers would use their real estate agent again or recommend their agent to others.

Full NAR Article

Chappaqua NY Homes

Chappaqua Luxury Homes

Fair Housing Rules and Regulations in Westchester NY | Westchester NY Real Estate

Leave a reply

Westchester Putnam Association of REALTORS®, Inc.
60 South Broadway, White Plains, NY 10601
914.681.0833

INFORMATION ABOUT FAIR HOUSING IN REAL ESTATE TO WESTCHESTER HOMEBUYERS, RENTERS, SELLERS, AND APARTMENT OWNERS:

The Westchester Putnam Association of REALTORS, Inc., of which I am a member, has asked its member REALTORS to distribute this memo to everyone with whom they do business. The purpose is to promote better understanding of current fair housing laws and the ethical obligations of REALTORS.

Discrimination in the sale or rental of residential property based on race, color, religion, sex, national origin, age, familial and marital status, or disability is prohibited by one or more provisions of federal and state law. In addition, Westchester County and some individual communities have local fair housing laws to supplement the federal and state laws. An abstract of key federal, state, and county laws is printed on the reverse side of this memo.

Real estate agents are subject to these laws. If the real estate agent is also a REALTOR member of the Board of REALTORS, he or she is subject to the additional standard of total nondiscrimination that is a part of the REALTOR Code of Ethics. Violation of the Code leads to

disciplinary action against the REALTOR in addition to the penalties under applicable laws.

But real estate agents and REALTORS are not alone in being subject to the fair housing laws.

IT IS IMPORTANT FOR REAL ESTATE BUYERS AND SELLERS TO KNOW THAT THEY, TOO, ARE SUBJECT TO MOST PROVISIONS OF THE FEDERAL, STATE, OR LOCAL FAIR HOUSING LAWS WHETHER OR NOT A REAL ESTATE AGENT OR REALTOR IS INVOLVED IN THE TRANSACTION. IN PARTICULAR, RACIAL DISCRIMINATION BY ANYONE IN THE SALE OR RENTAL OF HOUSING IS A VIOLATION OF FEDERAL LAW. Although the sale or rental of real property is a private act, it is subject to fair housing laws. Ordinary buyers and sellers, “testers,” and regulatory agencies can and do take legal action against parties who do not deal on an equal opportunity basis. We hope this information clarifies our mutual responsibilities in fair housing. Thank you for your attention.

REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. SUMMARY OF IMPORTANT FAIR HOUSING LAWS

EXCERPTED FROM PUBLICATIONS OF THE NATIONAL ASSOCIATION OF REALTORS AND FROM A

WESTCHESTER REALTOR’S GUIDE TO FAIR HOUSING AND EQUAL OPPORTUNITY REAL ESTATE

The 1866 CIVIL RIGHTS ACT provided that:

“All citizens of the United States shall have the same rights, in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold and convey real and personal property.”

On June 17, 1968, in the case of JONES v. MAYER, the United States Supreme Court held that the 1866 law prohibits “all racial discrimination, private as well as public, in the sale or rental of property.”

Thus, any individual, who feels he or she has been discriminated against, can immediately file a suit in Federal Court. The court can stop the sale of a house, or rental of an apartment, to someone else

or award damages and court costs.

The 1968 Supreme Court decision further held that the 1866 Act protects all individuals against the following:

1. Denial that housing is available for inspection, sale, or rent when it is really available.

2. Discrimination in the terms or conditions of sale or rental lease.

1968 FAIR HOUSING LAW

Title VIII of the Civil Rights Act of 1968 (the Federal Fair Housing Law), declared it a national policy to provide fair housing throughout the United States. This law and subsequent amendment makes discrimination based on race, color, religion, sex, or national origin illegal in connection with the sale or rental of most housing and any vacant land offered for residential construction or use. The Fair

Housing Law provides protection against the following acts, if they are based on race, color, religion, sex or national origin:

1. Refusal to sell or rent, to deal or negotiate with any person.

2. Denial of a loan or creation of different terms or conditions for home loans by commercial lenders, such as banks, savings and loan associations or insurance companies.

3. Discrimination, by advertising that housing is available only to persons of a certain race, color, religion, sex or national origin.

4. “Blockbusting” for profit i.e. persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood.

5. Denial to anyone of the use of, or participation in, any real estate services such as brokers’ organizations, multiple listing services, or other facilities related to the selling or renting of housing.

NEW YORK STATE LAW

New York law prohibits discrimination in the sale, rental or lease of housing accommodations on the bases of race, color, creed, national origin, sex, disability, age or marital status by the owner, lessee, sublessee, or managing agent of housing accommodations or by real estate brokers and salepersons.

The law also prohibits discrimination in:

1. The terms, conditions or privileges of the sale, rental or lease or in the furnishing of facilities or services in connection with any housing accommodation;

2. The printing or circulating of any statement or publication or the use of any form of application or publication for the purchase, rental or lease of a housing accommodation.

There are certain limited exceptions to New York State’s Human Rights Law: (1) the rental of one and two family dwellings where the owners or their families reside in such dwellings, (2) the rental of

rooms in housing accommodations by owners or occupants where such persons or their families actually reside in such accommodations or (3) the rental of all rooms in a housing accommodation to persons of the same sex.

FAIR HOUSING AMENDMENTS ACT OF 1988

This Act strengthened the enforcement of the 1968 Fair Housing Law. It also provided substantial additional protection for disabled persons seeking housing, and limited restrictions on purchasers or

renters on account of familial status or age. Sellers or landlords who would decline to sell or rent to persons on account of handicap or familial status are advised to consult an attorney beforehand.

WESTCHESTER COUNTY HUMAN RIGHTS COMMISSION

In 1999 the Westchester County Board of Legislators passed a County Human Rights law and created a Human Rights Commission to enforce compliance and promote equal and fair opportunity in Westchester County. In addition to the protected

classes addressed in Federal and State law, the Westchester law also prohibits discrimination by owners and real estate agents based upon an individual’s alienage or citizenship status, or their

sexual orientation.

North Salem NY Real Estate Report | RobReportBlog | Robert Paul Realtor

Leave a reply

      
      
Actives71    
Median$675,000    
Ave DOM149    
High Price$24,900,000    
Low Price$159,000    
Ave Size3900    
Ave Price/ft$387    
      
      
Sold North Salem NY Properties Over the Last SIx (6) Months     
      
 11/15/2010 11/15/2009  
Sold20 20  
Median$475,250 $550,000  
Ave DOM140 200  
High$2,050,000 $1,750,000  
Low$190,000 $115,000  
Ave Size2212 2707  
Ave Price/ft$278 $223  
Sale price/Ask93.71% 93.52%  
      
North Salem NY Homes     
North Salem Luxury Homes     

History of Mortgage Rates in North Salem NY | North Salem NY Real Estate

Leave a reply

 
We keep hearing that mortgage rates are the lowest in recorded history and it is true. Presently, the 30-year fixed rate on Zillow Mortgage Marketplace is 4.16 percent, the 15-year fixed is 3.56 percent and the 5/1 ARM is 3.03 percent.

Take a look at the history of the average 30-year fixed mortgage rate each year since 1972, when Freddie Mac started keeping track:

1972 – 7.38
1973 – 8.04
1974 – 9.19
1975 – 9.05
1976 – 8.87
1977 – 8.85
1978 – 9.64
1979 – 11.20
1980 – 13.74
1981 – 16.63
1982 – 16.04
1983 – 13.24
1984 – 13.88
1985 – 12.43
1986 – 10.19
1987 – 10.21
1988 – 10.34
1989 – 10.32
1990 – 10.13
1991 – 9.25
1992 – 8.39
1993 – 7.31
1994 – 8.38
1995 – 7.93
1996 – 7.81
1997 – 7.6
1998 – 6.94
1999 – 7.44
2000 – 8.05
2001 – 6.97
2002 – 6.54
2003 – 5.83
2004 – 5.84
2005 – 5.87
2006 – 6.41
2007 – 6.34
2008 – 6.03
2009 – 5.04

Article

North Salem NY Homes

North Salem Luxury Homes

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

Leave a reply

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.

Home Mortgages

Katonah NY Homes

Katonah Luxury Homes

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

Leave a reply

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.

 Mount Kisco NY Homes

Mount KIsco Luxury Homes

Chappaqua NY Buyer Real Estate Representation | Chappaqua NY Real Estate

Leave a reply

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

Chappaqua NY Homes

Chappaqua Luxury Homes

How much home can you afford In Armonk? | Armonk NY Real Estate

Leave a reply

The answer involves a lot more than the down payment.

NEW YORK (CNN/Money) – The house is perfect: it feels right, it’s in the right neighborhood, and it’s got those star-gazing skylights you’ve always dreamed about. You must have it.

The only question is whether you can afford it.

The answer has to do with far more than the down payment and how big a mortgage you’re told you can get. In fact, just because a lender tells you that you can borrow a bazillion dollars doesn’t mean you should.

That’s because buying a home is probably not your only financial goal. You still have to fund your retirement and you may want to help pay for your kids’ educations, not to mention take a vacation or two. Committing every last dollar to the roof over your head can make for financial frustration at best, disaster at worst.

Here’s a quick guide to help you assess how much home you can really afford without committing yourself to the poorhouse.

Step 1: Make friends with reality
Before running off to see every cute colonial on the market, get estimates from lenders of how much you can borrow and then get a loan preapproval. “Why not couch the entire process in reality?” said Barbara Steinmetz, a certified financial planner and former real estate broker. Otherwise, you’ll waste time falling in love with houses out of your league, which can be “frustrating and demoralizing emotionally,” she said.

There are no absolutes that mortgage lenders apply in assessing a potential borrower’s eligibility, but there are some general guidelines that can help you figure out whether you’re a candidate for some of the best loans. (For a ballpark estimate, try our Mortgage Qualifier.)

For starters, the better your credit score, the better your chances of getting a favorable deal. Typically, too, a mortgage lender uses two ratios to assess the risk you’ll default on a mortgage. The first is the ratio of your total monthly housing costs to your total monthly gross income. Ideally, your expected housing costs — namely, the mortgage principal, interest, taxes and homeowner’s insurance (PITI) — shouldn’t exceed 28 percent of your income, although many lenders may allow up to 33 percent, according to Eric Tyson, coauthor of “Mortgages for Dummies.” The second is a debt-to-income ratio. Ideally, your total monthly debt — including your expected housing costs plus credit card bills and loan payments — shouldn’t exceed 38 percent of your gross, and preferably not more than 36 percent.

Having said that, there are numerous programs designed to help low-income consumers and those with weak credit obtain an affordable mortgage. For example, Freddie Mac, a government-established company that buys mortgages from banks, offers programs that do not apply a maximum on the housing-to-income ratio, that raise the cap on the debt-to-income ratio and that let home buyers obtain mortgages for as little as 3 percent down.

By learning which loans you qualify for, you can better assess the maximium price of the homes you should be looking at. “Now you can narrow the market,” Steinmetz said.

Step 2: Learn to love gutters and lawyers
Say you’ve got $60,000 saved for a new home and a bank willing to lend you up to $240,000. You figure you could look at homes priced up to $300,000, right?

Not so fast.

Two of the most shocking realizations for new home buyers is the cost of buying a house and the cost of owning it. First there’s the down payment, often tens of thousands of dollars. And if you put down less than 20 percent of the purchase price, you’ll end up paying monthly for private mortgage insurance (PMI), which protects the lender against the possibility you’ll default.

On top of that, you’ll pay anywhere from 2 to 5 percent of the purchase price in closing costs, which include inspections, discount loan points and lawyers’ fees.

Once you get the keys, you may pay far more, depending on how much renovation and redecorating you’d like to do. Then there’s the cost of maintaining your home and making repairs — everything from gutter cleaning, lawn care and termite inspection to replacing the water heater.

So, in calculating how much home you can afford, factor in the cash cushion you’ll need, after browsing through this official site, once you’re through yelling at the movers for scratching your new floor. Tyson recommends having at least three months’ worth of expenses on hand to help pay for maintenance and emergency repairs. And, indeed, a lender will insist you have some cash reserves left over after the closing.

Step 3: Flirt with the future
“Yeah, yeah, o.k.,” you say, still stuck on the house. “I’ll make the numbers work.”

Alright then. Start working. Estimate what your monthly payments would be if you actually had a $240,000 mortgage and then live for at least three months as if you had to make those payments, Steinmetz suggests. This dry-run serves two purposes: first, you get a good sense of what your cash flow would be with a mortgage that size; and second, you’ll save more money toward a new home by socking away the difference between your current house payments and your imagined ones, Steinmetz said.

In calculating your monthly payments, don’t just count the principal and interest on your mortgage, the property taxes and the insurance. Estimate, too, how much it will cost to heat — or cool — your new home. And factor in all your other expenses — from your commute to your club memberships. Don’t neglect your retirement account, either, and, if you have kids, continue to put aside money for college if that’s a priority. And remember, you’re no monk. You’ll probably still want to buy new clothes, go to the movies, eat out and indulge your love for pricey gizmos.

If, after all this, you find yourself running short every month, then you’ll know you either have to make some lifestyle changes or you have to get a smaller mortgage.

Step 4: Remember, ‘hock’ is a bad word
Given all these costs, that $300,000 house may be out of your league. Take closing costs alone. Assume you have $10,000 in closing costs (3.3 percent of purchase price); that reduces your $60,000 in savings to $50,000. Coupled with a $240,000 mortgage, that would only add up to $290,000. You’d have to borrow more money to buy the house, and you’d have to take out PMI since $50,000 is only 16.6 percent of $300,000.

But even if you know you can afford the monthly payments a $240,000 mortgage incurs, you have an emergency fund on top of your $60,000 and you’re willing to put down less than 20 percent, Steinmetz suggests looking for homes that are slightly less than you can afford. Here’s why: Real estate brokers, she explained, often show clients homes that are more expensive than the client’s stated price range. So it’s better to set your ceiling lower than your real top limit. That way, if you tell your broker you don’t want to spend more than $275,000 but are shown a $290,000 house you love, you’ve left yourself wiggle room to make a bid.

Full Story

Armonk NY Homes

Armonk Luxury Real Estate