Monday, February 28, 2011

Can I still purchase a WNY home with a federal tax lien on my credit report?

This question was posed to me a few times by WNY Home Buyers so I was prompted to research it and then I decided to write about it and therefore I can give all WNY Homebuyers an answer to this question. Here is what I know from the jump. Just about every lender will want to see that the lien has been paid off completely.
 If you have been on a payment plan for at least 6 months I have seen some lenders make an exception with enough compensating factors.  From my research I am of the opinion, as many others are as well, that a borrower should take care of their tax obligation with the IRS before they ask a lender to evaluate them as a good risk.
In addition, you MUST have a payment plan established and it’s always helpful if you can show you have been paying it for at least 6 months. This is a non negotiable. So make sure you have the payment plan letter from the IRS.
 Every borrower's situation is unique and every borrower's credit history must be analyzed on a case by case basis! You need the advice of a mortgage lender who can assist you and analyze your entire credit report to see where you stand financially. Your income, expenses and past debt including the tax lien must be taken into consideration and a lender can advise you whether you have to pay the tax lien or not. A tax professional will also be able to help you "Settle", your tax lien perhaps for a percentage of the lien.
So therefore find a lender that you trust and sit down with that person and they will go over everything you need to do. If you are looking for a lender, do some research online, talk to your bank, or talk to a Realtor you trust that can give you some lenders to choose from. ( Remember)
You’re not alone
Tens of thousands of Americans have damaged their credit ratings. They’ve misused or abused their credit cards or prolonged periods of illness or unemployment have engulfed them in financial distress. Whatever the reason, they suffer from having tax liens and bad credit, and must find a way to repair it to return to a normal life. If you’re among this group, don’t despair. Its hard work to rebuild your credit rating, but it can be done. “First you need to understand how credit works and then you need a plan. You may want to refer back to an earlier article What to do when your credits isn't the best?

Please fill free to leave a comment at the bottom of this page and start a discussion and I will respond as soon as I can or you can always ask a question from the Q&A box at the top of the page.
Mark Key
RealtyUSA.com
3830 Union RD Cheektowaga NY,14225
716-603-8649 or e-mail mkey@realtyusa.com



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Saturday, February 26, 2011

Recent Real Estate Questions received

We’ve purchased a new house, and are selling our existing home. We don’t have a lot of money to fix up our existing home before selling it. Do you have any inexpensive suggestions?

Answer: 
My first suggestion is to deep-clean the house and “make it sparkle!” Here are a few more tricks of the trade to help you get the most for your money:

“If your master bedroom looks drab, add new linens, pillows, and shams to spice it up the bedroom and add a little color.

“Buy a bright colored shower curtain and rug to perk up a dull bathroom. Re-grout if your bathroom grout is chipped or discolored.

“Eliminate clutter. Remove photos, knickknacks, refrigerator magnets and other personal items. Organize your cabinets and closets.

“Clear off kitchen and bathroom counter tops. Put away appliances.

“Arrange your furniture so it focuses on your home’s strongest feature (it may a view, a garden, flowers, or a painting). Remove excess furniture.

Create a “model home” look, clean, attractive with well-place items.

“Dress up your rooms with attractive area rugs and framed prints.

“Install new light fixtures if they’re damaged or unappealing.

“Paint your walls in neutral tones. Paint the front door if needed.

“Trim bushes and make sure the outside landscaping is neat and clean.
If you are in the market for a buying or selling a home and need competent and caring representation,
Feel free to ask a question in the Q&A BOX at the top of the page



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Thursday, February 24, 2011

WNY/Buffalo NY Real Estate News Blog: WNY Homes For Sale

WNY/Buffalo NY Real Estate News Blog: WNY Homes For Sale
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http://keyseller.blogspot.com/search/label/FSBO

http://keyseller.blogspot.com/search/label/FSBO
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http://keyseller.blogspot.com/2011/01/choosing-wny-real-estate-agent-to-sell.html

http://keyseller.blogspot.com/2011/01/choosing-wny-real-estate-agent-to-sell.html
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How Will My Credit Score Be Affected After Short Sale or Foreclosure of My WNY Home?

According to the credit agencies the impact a foreclosure, short sale or bankruptcy have on credit scores can vary depending on the credit profile of a particular person. The amount of the score’s drop is based on the person’s starting score. In general, a foreclosure will reduce a credit score by 140 points, he added; a short sale will drop the score by 130 points.
While both a foreclosure and a short sale will remain on a credit report for seven years, they are often reported differently. A foreclosure is reported as a foreclosure, but short sales can appear as “settled for less than balance owed,” or similar terminology.
NOTICE: Homeowners - There are distinct advantages for someone to choose a short sale over a foreclosure. Specifically, you will have the ability to become WNY homeowner’s again faster vs. had you experienced a foreclosure…here are the recently updated lending guidelines:
Conventional Conforming (FNMA/FHLMC)
1) Foreclosure is 7 years
2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.
3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV
4) Bankruptcy is 4 years
According to TransUnion foreclosure won’t in and of itself impact credit, particularly since it arrives on the heels of hard financial times.
“Foreclosure will be regarded as a derogatory action on a credit report and will have a more serious impact than a loan modification or a short sale, but only if it is publicly reported,” ……If a property is going into foreclosure, more than likely the damage has already been done to the person’s credit report with missed mortgage payments that resulted in the foreclosure.”

Note: it’s the MISSED payments that do the most credit damage vs. the actual short sale or foreclosure.
A bankruptcy causes a credit score to tumble a maximum of 365 points and appears on the credit report for seven to 10 years, depending on the type of bankruptcy. Again, if the starting score is already low, bankruptcy will drop that score significantly fewer points than if the starting score is high. So, if you have a B/K and your credit score is already low the actual credit point drop is LESS compared to someone with a higher score.


Please fill free to leave a comment at the bottom of this page and start a discussion and I will respond as soon as I can or you can always ask a question from the Q&A box at the top of the page.
Mark Key
RealtyUSA.com
3830 Union RD Cheektowaga NY,14225
716-603-8649 or e-mail mkey@realtyusa.com


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Wednesday, February 23, 2011

Good To know Wednesdays’

Wells Fargo Refunds $10 Million to Vets
Wells Fargo & Co. has agreed to refund up to $10 million in fees to eligible military veterans who refinanced their mortgage with the bank, in settling a lawsuit that alleges the bank harmed veterans by charging improperly high fees on mortgages.
The lawsuit filed in the State Court of Troup County, Ga., claimed the bank failed to use "reasonable care" in assessing attorney fees when complying with the Veterans Administration's Interest Rate Reduction Refinancing Loan rules.
Veterans who refinanced with Wells Fargo between Jan. 20, 2004, and Oct. 7, 2010, are eligible for the refunds from the settlement.
"Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed," says Cara Heiden, co-president of Wells Fargo Home Mortgage. "We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them."
Banks have been fighting off a number of allegations in recent weeks that they’ve mishandled many mortgages for military families and vets.
J.P. Morgan Chase & Co. recently has apologized for overcharging at least 4,500 active service members and wrongly foreclosing on 18 military families.
Laws are in place for veterans and active duty military members to limit their interest rates and fees with mortgages and protect them from foreclosure.

Source: “Wells Fargo Settles Veteran-Related Suit for About $10 Million,
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Tuesday, February 22, 2011

How to Negotiate a WNY Real Estate Contract like a Pro

The art of negotiation is the procedure of communicating back and forth in order to come to a mutual agreement. Negotiation is done when two parties have different expectations and must come to a mutual agreement before a contract can be signed.

The most experienced negotiators will bring an attitude of high expectations to the negotiation table. They work hard to solve the problems and are easy on the people. It’s more effective to remain cooperative and efficient in order to preserve a civil relationship between the buyer and the seller, so they can work together to solve any problems and to complete the transaction as painlessly as possible.

When negotiating a contract over buying a home you want to get the lowest possible price and close on the house within a reasonable amount of time so you can move in.
Here Are 10 Ways to Negotiate a WNY Real Estate Contract like a Pro
1. Let the seller know what you need or expect in a clear and reasonable manner. Sometimes a buyer may submit a letter to a seller depicting why the property is not worth the asking price and pointing out the faults. This is a sure way to start the negotiations off with a defensive seller. It would be best to anchor a reasonable price, while continuing to remain polite and respectful of the sellers’ home.

2. Be prepared to solve any repair, title, survey or loan problems fairly; so there are no future problems to be addressed at closing.

3. Never respond to offers emotionally. This combative style of negotiating can turn the seller angry or defensive and can escalate into negative comments, table pounding and threats to walk out on the offer.

4. Keep your cool. Never argue. Arguing can sometimes make the seller want to work against you instead of working with you.

5. Do not be too quick to respond. Do not ignore or respond to the sellers’ arguments or statements immediately. Make it known that you are listening carefully and considerately, but do not reject or accept any offers until you have had time to carefully consider them.

6. Have any unclear portions of the proposals clarified completely.

7. Never discuss personal issues that involve the seller or buyer, such as an urgency to move in or a financial status.

8. Let trust increase the buyers leverage by: listening and understanding what the seller has to say; convey an appreciation or admiration for the sellers home decorating and gardens; and respond to counter offers within a reasonable time frame.

9. Find a common ground with the seller. This can be a very powerful tool used to the buyers’ advantage in the event of multiple offers. Sometimes a seller may select a buyers’ contract for personal reasons, like if the buyers’ family reminded the sellers of themselves when they bought a home with their young children, or just by sharing the same religion.

10. Understanding your leverage as the buyer. The more the buyer can find out about the seller’s needs, the better chance the buyer has to find solutions in negotiation. The buyer must be able to appeal to the seller’s concerns.

For instance, if the house has been on the market for over 300 days, the seller will have a lot more leverage than they would have with a brand new listing. If the sellers time frame is forthcoming, then the buyer can meet it with some leverage, unless the seller’s have multiple offers.

Most buyers usually offer less than the listed price of the house. So, how much under the listed price should you offer? That all depends if the house is listed in a strong seller’s market and the market analysis of the recent sales in the neighborhood from where the house is being sold. The buyer should do their homework before submitting an offer so low, they might risk offending the seller and have their offer rejected immediately.

If there are multiple offers on one property, disclosure is favored among all parties. However, the seller or agent representing them will make the final decision as to how the offers will be handled. The seller may disclose the terms of one offer to stimulate another buyer to submit a better offer.

Normally the procedure for multiple offers is to notify each party of the multiple offers that have been received. Each of the parties is then given an opportunity to amend their offer and submit it within a certain amount of time.

After all offers are on the table, the seller is once again free to review the amended offers and select a buyer to negotiate with. Sellers are in no way obligated to accept the first offer that comes in. Any offer selected may be countered, negotiated, or accepted as is. take a look at- Help I received a Low Ball Offer On My House

Please fill free to leave a comment at the bottom of this page and start a discussion and I will respond as soon as I can or you can always ask a question from the Q&A box at the top of the page.
Mark Key
RealtyUSA.com
3830 Union RD Cheektowaga NY,14225
716-603-8649 or e-mail mkey@realtyusa.com




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Monday, February 21, 2011

Curb Appeal: Make your WNY home stand out!

Enhancing the look of your WNY home from a street perspective is a great way to attract potential buyers. After all, the ‘curb appeal’ of your WNY home is like a major plus for people driving through your neighborhood in Amherst, Buffalo, Cheektowaga, Lancaster, Orchard Park, Kenmore, Tonawanda ,West Seneca and more of our WNY Areas. Or who see your house in a real estate for-sale photo. By putting in a little extra effort, you can improve your home’s curb appeal and increase your chances of an earlier sale at a higher price.

You probably live in the house you are trying to sell, and therefore you are familiar with its appearance – perhaps too familiar. Chances are, you don’t notice small cracks or peeling paint the same way someone seeing your home for the first time would. Starting from a position on the street, take a close look at your home and be sure to look at you home as if you were a buyer looking to buy your home. What stands out? What looks wrong? Does the tree in front need pruning? Perhaps a shutter needs to be repainted? Maybe the porch light fixture is broken. These are generally small tasks that don’t take a lot of time or money to repair, but that make – or detract—from the look of your home. It may help to take a photograph of your home from the street to see if that gives you a new perspective.

Here are some areas to consider when sprucing up your home for increased curb appeal and sale:
  • You will have more potential buyers in people can find your house. Your house number should be displayed in a prominent location and illuminated so that it is easy to read. This is extremely important in the evening and during the winter when daylight is limited. If your house is set back a fair distance from the street, consider installing your number on a gate, pillar or fence post that is easy to see.
  • The old adage that cleanliness is next to godliness applies to your house, too, particularly when you want to sell.  The exterior, including eaves troughs, should be neat, clean and in good repair. Downspouts should have extensions to take water away from the foundation to avoid pooling. Any settling of backfill around a house should be corrected to ensure that the grade at the foundation is higher than surrounding areas.

·         A lush green lawn enhances your home. It should be freshly cut, weeded, and edged. Flower beds should be weeded and cultivated, hedges trimmed, and garden debris removed. If your lawn isn't in good shape, time will be required to improve it, and professional help may be desirable. Any areas that require new grass should be sodded rather then re-seeded to ensure a finished appearance.
·         If you are selling during the fall or winter, when your yard may not look its best, make sure that all dead material is removed from gardens and leaves are raked off the lawn. Store shovels and other equipment in a shed or other out-of-sight location.

  • Doors should be unmarred, clean, and repainted with care if necessary. The doorbell and door hardware should be in good repair. Potential purchasers who see a Realtor wrestling with a reluctant door lock may wonder what else is wrong with the house.
  • When a WNY Realtor is opening the door of your home, a potential purchaser has plenty of time to look at the porch and entry. Accordingly, they should be clean and tidy. Do not allow flyers to accumulate, and if there is a doormat, it should be clean and in good condition. Decoration such as a tasteful wreath is fine, but don’t overwhelm your entry and door with frilly adornments.
  • Your garage should be a storage area for automobiles, not for miscellaneous articles. To make the best impression, it should be clean and tidy, with garden tools hung neatly off to one side or in a storage cabinet. If they can't be stored elsewhere, bicycles, the snow blower, and the lawn mower should be placed so as not to impede movement around the cars. Garbage containers should be empty and clean. Illumination should be bright, ideally with a 150 watt bulb, at least during the listing period.
  • The driveway should be degreased and sealed.
  • Walkways and patios should be clean and free of cracks; with litter removed (if your walkway or patio has unwanted grass or weeds they can be eliminated easily and in an environmentally friendly way with boiling water or a propane torch). In winter, the driveway walks, and porch stoop should be cleared of snow and salted if necessary. Inside the front door should be an overshoe tray, and a carpeted area where overshoes can be removed.
Your WNY home is an investment, and by taking a little time to put it in top form, you will get a higher return on that investment when you decide to sell.

Please fill free to leave a comment at the bottom of this page and start a discussion and I will respond as soon as I can or you can always ask a question from the Q&A box at the top of the page.
Mark Key
RealtyUSA
3830 Union RD Cheektowaga NY,14225
716-603-8649 or e-mail mkey@realtyusa.com

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Saturday, February 19, 2011

Rent vs Buy WNY HomeOwners

 
While this video was made for Washington Homeowner it still apply to our WNY Home Owners  it has away of explaining the process of rent vs buy
Tell me what you think and lets discuss it further leave me a comment below for further discussion. 

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible or call 716-603-8649
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Friday, February 18, 2011

Look at what’s for Sale in Cheektowaga New York . Take The Crowd Pleaser Survey

162 Wallace Ave, Cheektowaga, NY 14227

For Sale: $85,900

Take a look at this cozy Cape that has been completely redone from top to bottom! New roof, hardwood floors, ceramic tile, new carpets, windows, lighting. Nothing else to do but move in!


Single Family Home
Bedrooms: 3
Bathrooms: 1 Full
Square Feet: 1,040
Taxes: $3,608
# Stories: 1.5
Year Built: 1959
Garage Size: 2
Lot acreage is: 0.13
Lot size: 52x110
School district: Cheektowaga
MLS Number: B379161

Please Take The Crowd Pleaser Survey Below this survey will help us see if this property pleases the crowd or needs to aim higher to please.

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Thursday, February 17, 2011

For Sale By Owners In WNY: Tips to make the sale go smoothly

 If you decide to sell your WNY home yourself, instead of working with a real estate agency, then there are some very important things you should know before placing your first “For Sale by Owner” (FSBO) advertisement. First, you would have to do your own marketing analysis and develop a reasonable asking price for your house. Then you will also have to work on the home’s interior and curb appeal and repair any minor problems.

Some states’ haves laws that require the seller to give the potential buyers at least one property disclosure when you sell the home. These disclosures basically pertain to the condition of the property or location.

Some of these disclosures may be as simple as how old the house is and whether there are problems existing within the house that the potential buyer needs to be made aware of. But these disclosures can also extend to property disputes and whether the house is located in a flood zone, on an earthquake fault or near an airport. There may be other issues depending on your location.

Most Western New York houses built before 1978 may have lead-based paint. Federal law requires the sellers of FSBO houses to disclose this information and provide details to the potential owners about past lead tests or offer the opportunity for the buyers to do their own testing. Many WNY home buyers and sellers won’t perform the lead tests, but the seller should at least provide the buyers with a lead paint pamphlet, that is available for free of charge from the Environmental Protection Agency.

When selling your WNY home, the property’s exterior, or ‘curb appeal’ can greatly affect the buyer’s decision on looking at the inside of your house. If buyers see a cluttered, unkempt yard, they are most likely to assume that the inside of the house has nothing better to offer. Therefore, you will be losing a potential buyer. You want to get the best possible offer on your house, which may require you to take a look around and clean up your house’s general appearance.

Curb Appeal not only includes your front yard, but also applies to your back yard as well. Buyers will eventually want to view the back yard as they are shown the rest of your house. In order to have an attractive curb appeal, you can:

1.    Mow the lawn and pull all the weeds by hand or by the use of a weed eater.

2.    Rake and get rid of leaves so there aren’t any unsightly leaf piles in the yard.

3.    Pick up any debris and properly dispose of.

4.    Trim bushes, shrubs or tree’s that are overgrown. Trees’ with branches extending toward your roof should be trimmed back to avoid damage to the house.

5.    Store your lawn mower or other unnecessary lawn maintenance tools or garden implements out of sight to avoid a cluttered lawn.

6.    Clean all windows, siding and decks with a pressure washer to brighten the appearance of the house.

7.    Clean all gutters and make sure they are all attached and working properly.

8.    Clean up any animal waste on a regular basis.

9.    For those with children, keep the yard free of toy clutter and wash away any chalk marks or other art mad by children on the sidewalk or concrete.

Now that your Western New York/ Buffalo home has curb appeal that is attractive enough to entice potential buyers, you must apply the same care and attention to the inside of your home to make it just as appealing. Making the inside of your home appealing to buyers can be done by simply maintaining a clean and clutter free appearance, killing any odors and possibly making a few minor repairs.

Now you are ready to open your home to all those frisky real estate agents and their potential buyers. Although showing your home isn’t very difficult, it can be very time consuming because as the seller, you will have to flexible. You will have to be prepared for same day requests to show your home and for those last minute requests, when the WNY real estate agent or buyer is calling you from your front porch.

Granting these requests can make a huge difference between the buying and selling of your WNY home.

If you are showing the house yourself, be prepared to answer all questions as politely, truthfully and accurately as possible. What is most important, never get too personal or let your emotions take over when showing your house. The buyers are there to look at your house as a possible purchase and not to discuss your love of collecting clown figurines or how great your nifty little sports car runs.

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible or call 716-603-8649



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Wednesday, February 16, 2011

Good To know Wednesdays’

PMI Remains Tax Deductible for 2011
Great News! Congress has once again extended legislation that makes mortgage insurance (MI) tax deductible for many Americans. The New legislation ensures the tax deductibility of mortgage insurance on both purchase and finance on both purchase and refinance loans for qualified borrowers through 2011.
Why is this important?
·         Tax relief is much needed in a time of struggling economic recovery, and continue to help protect the dream of homeownership for many.
·         Mortgage insurance is not only safe and predictable, but it’s also cancelable and some offer other features borrowers want today, including job loss protection, Homeowner Assistance Program and homebuyer education discounts.
Will all borrowers with mortgage insurance qualify for the MI tax deduction?
This MI tax-deductibility legislation only applies to eligible borrowers with adjusted gross incomes of $109,000 or less who purchase or refinance a home in 2007-2011, and pay mortgage insurance premiums. It will be fully deductible for eligible taxpayers who are married. Single or head-of-household and who earn up to $100,000. The amount of the deduction incrementally phase out for those who have adjusted gross incomes between $100,000 and &109,000 annually.
How much can typical homeowner expect to save with MI deduction?
Individual savings will vary depending on the size of the loan and a borrowers adjusted gross income and tax bracket. According to an analysis by Bank rate, a homeowner with an $180,000 mortgage could save about $351 in taxes a year.

        Contact your 1st Priority Mortgage Consultant for additional information 

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible or call 716-603-8649
Mark Key
RealtyUSA.com
Cheektowaga New York 14225
716-603-8649
And Remember Every Home Needs A Key


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Tuesday, February 15, 2011

What Does A WNY Realtor Charge A Seller For Their Services?

This is question often posed by many of my WNY sellers and buyers’ which prompt me to blog about this specific question. Here is my long answer! I think a better question to ask is, what does a Realtor offer? By focusing on the commission it is a poor gauge of the quality of service. By quality of service I mean. Will that agent sit down with you and price your home to sell in this market? What is the type of marketing that agent will use? How good is the agent at negotiating the best price possible from the offers you receive? A good WNY Realtor may charge a higher commission but has the knowledge to get the best price possible for your home in this market
The real estate sales commission is a fee negotiated between the broker and the home seller.  There is no set amount, but the listing broker can charge what he/she chooses for compensation of their services.  The amount is an agreement that is written in the listing agreement.  The commission is the amount that the seller agrees to pay the listing broker upon the sale of the home.  The listing broker then uses this commission to pay other brokers to bring a buyer to purchase the home.
Each real estate agent you come into contact with has the right to charge whatever they feel is an adequate compensation for their services. There is no fixed rate. That being said the client must agree to pay whatever the agreed upon commission is. All fees are negotiable it is the basis of any agents job. There is no standard amount.
Do not base your selection on commission or the sale price alone. Your home will not sell for more than it's worth no matter who sells it, but it can sell for less if not priced, staged, marketed and negotiated correctly. With a great Western New York Realtor accomplishing these items will be a piece of cake. For a full service agency who would not only list on the MLS. But also do additional advertising. Negotiate any offers for you, schedule showings, meet inspectors, etc. . .And most importantly helps you price your home to sell in this market.
My point is that commission, while it is of course one of the considerations to hiring an agent .It should not be the main reason. The same is true in real estate as in most any service you pay for. You get what you pay for.
The best practice would be to interview a few Realtor s and then compare what they charge. Different Realtor s offer different incentives and/or services, and as many of us as there are, there are no two alike. In this way you will also get much more out of a Realtor than just what they charge.
Keep in mind normally to get a reduction in commission; you give up some service or benefit.  

There are only a few places an agent can cut commission. Here are a few
1.      The amount paid to buyer agents
2.      Marketing your home.
Cutting buyer’s agents’ commissions WILL result in fewer showings and less emphasis to sell your particular home.  Of course buyers buy the home they want, they often rely on the agent for help in that decision.
Cutting marketing will also reduce showings, which on average reduces offers and sales price.  Like everything else, more interested buyer’s equal faster sale at a higher price, it's the law of supply and demand.
Commissions should be discussed between you and the agent you are interviewing. Just because someone says a commission is "average" or "usual" doesn't mean that's what you should pay.
The question is what is your goal? Is it to pay the least commission or is it to get the most money for your home?
While there are agents who will not show a home if the commissions are not what they want to get paid Well, I for one would show the homes that are right for MY BUYERS! And ethically we as agent have fiduciary and legal duty to our buyers. I hope this post has answered some of the question about what WNY Realtors   Charge.

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible or call 716-603-8649
Mark Key
RealtyUSA.com
Cheektowaga New York 14225
716-603-8649
And Remember Every Home Needs A Key

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Monday, February 14, 2011

WNY/Buffalo NY Real Estate News Blog: WNY Buyers Closing Costs: What to expect?

WNY/Buffalo NY Real Estate News Blog: WNY Buyers Closing Costs: What to expect?: "It might surprise you to find out that there are many fees associated with buying a home. Often future homeowners are shocked at the added c..."
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WNY Buyers Closing Costs: What to expect?

It might surprise you to find out that there are many fees associated with buying a home. Often future homeowners are shocked at the added costs of buying a home because of the varied closing fees for things such as document preparation and other types of administration fees.

Having an expectation of the potential closing cost associated with buying your WNY home will aid you to budget your finances appropriately, and help you determine early on what you can realistically afford to pay for a home.

Lenders fees vary from state to state. However, you can expect certain fees to be tacked onto your loan. Make sure to check out with your lender the different costs that will be applied to your purchase for your home. Typically you will be required to pay these fees at the closing.

  • Processing Fees – Monies paid to begin the processing of the loan. Costs run can run from a few hundred dollars to a couple of thousand.

  • Document Preparation Fees – A fee for the write up of your loan. Costs run approximately from $300 – 400 dollars.

  • Review Appraisal Fees – Cost vary accordingly, but you can expect a payment of $200.00 dollars on average.

  • Wire Fees – Electronic payment form for funding your loan and fees fluctuate.

You need to be aware that there are other fees that will be incurred when purchasing your WNY home. Some of the fees associated with home buying are advanced or one time fees and others are fees that will have to be paid again. Check out some of the other fees that you will be required to pay when purchasing your home.

  • Loan Origination Fees – Fees based on a point system for your mortgage. Usually if you are able to pay more in a down payment, your points will be lower, thereby saving you costs on a higher interest rate.

  • Credit Report and Underwriting Fees – Depending on the finical institution running a credit report the fees will vary, but expect to pay for a detailed report on your credit history. Costs are typically around $100.00. Costs for underwriting a loan can be on the costly side – running from several hundred to a thousand dollars.

  • Property Tax Fees – Independent fees paid yearly to an outside representative to ensure payment of property taxes. Property tax fees can be in a special escrow account which can be required by the lending institution before you purchase a home.

  • Appraisal Fees – Prices vary on home price and geographic area. Independent appraisal fees usually run from $350.00 and upwards.

  • Homeowner Insurance Fees – Dependent on the financial institution a six month to one year payment for home insurance is usually required.

It’s easy to see why most first time home buyers believe that there couldn’t possibly be any more fees to consider when purchasing their home. However, there are other fees that they might not realize that they will have to pay to be able to move into their dream home.

Other fees include title clearance fees which insure that the title is properly titled, and cleared to and for them. Also, notary fees for the different documents associated with home buying is necessary, it makes the documents a legal and viable document.

Costs to have your documents notarized are not that expensive, but it is another fee that you must consider. Fees for recording your documents at your local courthouse are another area of cost; again they are not that costly.

This list of fees is certainly not an all inclusive list, other costs can be found when dealing with mortgage companies, or federally sponsored programs such as HUD (Housing and Urban Development). The best defense against rising cost, and subsequently defaulted loans and ruined credit, is to check out as much as you can about home owning in general, and then to wisely evaluated your economic portfolio.

Consider other factors outside of closing costs, such as long term savings and investments that will need to be managed once you retire.  Never jump too quickly into the responsibility of a long term financial commitment such as home ownership unless you’re sure that you can meet it. If you will like to know more about the closing process between Seller and Buyer go to Closing the deal for Seller and Buyer

With that being said In addition, never let emotions guide you. Stay practical and realistic during the home buying process.

My tip for every buyer is to - Hang on to your dreams! Your home is in the palm of your hands! don’t let it slip away.

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible

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Friday, February 11, 2011

WNY/Buffalo NY Real Estate News Blog: Is Now A Good Time to Buy A Home In WNY?

WNY/Buffalo NY Real Estate News Blog: Is Now A Good Time to Buy A Home In WNY?: "I know every time you go to real estate blogs or website you get the same answer and the real question is will any Realtor ever tell someone..."
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Is Now A Good Time to Buy A Home In WNY?

I know every time you go to real estate blogs or website you get the same answer and the real question is will any Realtor ever tell someone when it wasn’t a good time to buy?
 In some cases yes but in other cases probably not likely.
Now is the time to buy depending on your situation. Now is not the time to buy if your situation doesn’t require purchasing a home. The smart money says don't try to call the bottom but rather look for a "margin of safety" in your purchasing decision, which is to say, what is the property's "intrinsic value" (rent vs. total cost of ownership on a monthly basis) and then try to get it at a price below that break-even point. I don't like to think of myself as pessimistic - more of a realist. I'd rather tell my clients the truth about what's going on in the market - no matter how bad it is.
In my view it really depends on each individual person's situation. Properties are still selling here in WNY when they're priced right. If not, they sit like everything else.
People are still scared. They listen to the media instead of performing their own due diligence. Remember the old adage: "Be greedy when others are fearful and fearful when others are greedy." It’s nice to know that in Western New York our market didn’t change when the real estate market went crash in the past few years.
The best time to buy is NOW for so many reasons. The great interest rates are just one of the reasons. The prices have come down to being affordable and there are a lot of homes to choose from. Sellers are more likely to be open to negotiations. There will be a time when you can tell your grandchildren, "I could have bought that house in 2011 for $------------- (Great Price) and for rates under 5%." The rates have recently gone up slightly but when they go up, the buyers can only qualify for a less expensive home. When the economy gets better, the rates go up. Buying a home is a great investment. Over the last 10 years, many people have lost money in the stock market and other investments but real estate has gone way up over the last 10 years as compared to other investments. Also, the buyer's situation has a lot to do with the purchase. When you own your own home, you don't have to answer to a landlord and it’s a long term good investment. A home is also where you can raise your family, make memories and you don't have to pay off someone else's mortgage by renting.
So is now the time to buy? Here is the answer in a nutshell- It will never be the best time for everybody to buy- It will always be the best time for somebody to buy.

To conclude
It depends on your personal situation and your particular market. If your financial situation is relatively stable and you are likely to remain in your particular neighborhood for the long term, then you are very likely to find yourself 5-10 years from now extremely glad that you bought your WNY home in 2011 during the downturn.


If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible
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Thursday, February 10, 2011

College Students Buying Homes in Western New York Is It Profitable?

Do you have a Son or Daughter who’s going to college in the WNY Area? You may be deciding if you should rent or buy a house for your college student. If you are thinking about buying a house or condo during your Child's term at the college university here are some of the Pros of doing so.
1. Difficulty finding quality rentals
Quality rentals are often hard to locate there not always in the best conditions or if they are there gone pretty quickly or could be very costly if there still available.
2. Control
Having complete control -Most rentals have lots of limitations such as parking, how many roommates your child can have  or who can have access to the garage. When you’re the homeowner you will have much more control of what and who your child can have as a roommate or how many roommates you’ll like to acquire and most of all you will have peace at mind that your child is in good hands.
3. Building profitable equity
Did you know that your monthly rent can be the same as owning a home in WNY?  It’s nothing more rewarding than paying towards your own investment and equity instead of someone else financial investment.
Buying a home and renting it to their friends is a great way to live virtually rent free, all the while building up equity in real estate. While the national housing bust has devastated property values, it has also created some outstanding bargain opportunities for would-be home buyers—if you know where to look.
In the WNY area our prices never soared so therefore you still are in the running to receive good equity and high rents. So do I think that buying a property in WNY for a college student is profitable? YES

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A Ask a Question BOX at the top of the page I promise to get back to you as soon as possible


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Wednesday, February 9, 2011

Good To know Wednesdays’

Showing Support for our WNY Schools!
Cleveland Hill Central School District
On Saturday February 19, 2011 the Cleveland Hill School Softball Program is pleased to host its 2nd annual one of a kind fund-raising event. This event has been Very successful in the districts across WNY over the last 3+years and they now have the opportunity to run their Second Mattress Fundraiser sale at Cleveland Hill!
The Cleveland Hill softball program had great success with this fundraiser last year! The customers were thrilled at the savings and high quality of each mattress! The proceeds to their team allowed them to offset cost that would have otherwise been shouldered by the parents.
If anyone might be in need of a mattress (or mattress set). Or if you know of any friends or family that might be in need. Please keep Saturday, February 19,2011open.
The sale will again be at the Cleveland Hill Elementary School from 10am-5pm
There will be 15-20 sets on display to try out and a team of experts to answer any questions you may have. No pressure. Just savings to our community from 30-60% below retail!
It is a pleasure for the Cleveland Hill school district to be able to find a way to help there students and their families while providing cost savings to their community.
Cleveland Hill would very much appreciate your all of our support of their fundraiser. We hope that you would be able to spread the word to neighbors, families and friends.

Cleveland Hill is located at 105 Mapleview Road Cheektowaga, NY

If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A BOX at the top of the page I promise to get back to you as soon as possible.

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Tuesday, February 8, 2011

WNY/Buffalo NY Real Estate News Blog: Should I buy a WNY Short Sale Property?

WNY/Buffalo NY Real Estate News Blog: Should I buy a WNY Short Sale Property?
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Should I buy a WNY Short Sale Property?

Buying a short sale is not like buying a property in a traditional way. A short sale may have some risk but it also can be very rewarding. When you are searching for a short sale you will want to make sure you are prepared. Here are some things you will need to consider.
First of all, you will want to make sure your WNY Realtor is qualified to work short sales and more importantly the seller’s agent knows the requirement in which to sale a short sale.
If your Realtor is a pro in this area they would know that a Seller would need to be qualified for a short sale. See The Number one most important part of the short sale is: Does the seller qualify for a short sale? Is there a legitimate hardship? What is the reason the seller can’t continue making the payments or why do they have to sell? This is the make-it or break-it part of the short sale.
Don’t waste your time if the seller does not have a true hardship. But dose your Realtor know this?
This is the reason that you have to make sure that your Realtor is qualified because little known tidbits like this can cause you the deal and whole lots of time.  If you have the time to wait, a short sale is a good way to go. One thing to be sure to ask when purchasing a short sale is, "who is handling it?" Is the Realtor an experienced short sale expert? Or is the listing agent using a Short Sale company that strictly focuses on short sales? By having someone with knowledge and expertise in short sales, it will make the process go much smoother and faster.
Don’t lose out on your home because your Realtor don’t know what to do because the benefits can be very rewarding and One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.
So now that you know a little about short sales go out and find one.
If you should have any questions regarding this topic or any other real estate topic from this blog please feel free to send Mark Key a question from the Q&A BOX at the top of the page I promise to get back to you as soon as possible.
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Monday, February 7, 2011

Help I Received A Low Ball Offer On My WNY Home.

Remember This is Not A Boxing Match- Let’s Just Play Tennis !

What I mean is this is just a starting point and you the seller have the right to counter that offer but just make sure your ready to make the next play. Often times a buyer like to feel that they’re getting a deal, and a seller feels that they’re not going to be taken advantage of. (Now I can appreciate that). But if you have an agent that is a master negotiator there are no reasons why you can’t come to some type of an agreement with the other party. I know it's hard but try to keep from becoming emotional about it. Remember it is not where you begin but rather the ending result.
I have had many experiences working with buyers where most would have thought there was no chance in reaching a mutual agreement because the spread was too far but I remained PATIENT, Respectful and just focused on the goal. In the end what seemed impossible was not. Are you the seller willing to take the emotions out of it and go the distance?
My advice to all my Western New York sellers is to engage with every qualified buyer, remembering that it is not where you begin, but where you end that matters. The buyer is likely testing your floor - my suggestion is to respond with a counter and begin a process of advancing to a place that is acceptable to both parties. As any good negotiator will point out a good compromise is one in which both parties are equally disappointed. I find that those are the deals that have the best chance of making it to the closing table. For the seller do your best with any bona fide offer you receive - there is no guarantee that there will be another?

Another thing to keep in mind is how long have your home been on the market? Have your Realtor check what has sold within the last three months comparable to your property in your area. Your Realtor would know to also counter in the upgrades you have in your home. Based on that information, then you can consider a suitable counter or not. Also remember Some buyers look for a message with the seller's counter....your message should convey the fact that you are serious about selling and value their offer as a serious one, "without giving away the farm."  Remember this is not a boxing match where just playing tennis they hit the ball and you hit it back. But no blows has to be thrown. Better Yet Lets Make This A Charity Tennis Match. Where there are no losers.

Let your agent take the lead on this but make sure the numbers are something you can live with.
One thing that you might ask your Realtor to do, assuming that you have listed your home with a Realtor, is to ask the agent presenting the offer some questions. It would be helpful to you and your Realtor to see your home through the buyers’ eyes. What is it about your home that appeals to them?
And what is it about your home that they feel needs to be changed. This might help you determine the real value of your home. The buyer has been shopping and knows what alternatives are available and they may be your new best friend right now. If they are just looking for a bargain, you may not be the right fit; however, if they have constructive reasons why they are offering you less than asking price, it may be your best offer.
In Conclusion
Be sure to check with your WNY Realtor, run some comparable s, and see what the homes in your area and in similar condition are going for then make an informed decision. Remember Tennis Can Be Fun.
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One More Good Reason I Love Living In WNY

Good service from Auto Zone 4819 Union Rd, Buffalo, NY

Thank you Auto Zone for such professional service, I went to Auto Zone to see if I needed a battery for my truck because one morning it didn’t start. I went to auto zone to buy a new battery and the worker said to let him check the truck first to see if that was the problem. My first question was how much is this going to cost me and right away he put me at ease and said no charge. That is what I call service before the purchase. Well he checked and it was the battery but the moral of the story is I could have purchased a battery without needing one. also I learned a tip for all of WNY

Tip: A battery lifespan in Western New is about 5 years so keep that in mind when your car suddenly doesn't  start. http://www.autozone.com/autozone/

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