Check out this new Single Family property that I just posted on my Web site. It is at 870 N Fletcher Ave in Valley Stream. This Single Family property has 4 bedrooms and 3 baths. Excellent Residential Area, Close to Highways…..Best Deal in Valley Stream .

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Most of the real estate professional (us) get really happy when see a commitment from a lender institution

, but we all know that a mortgage commitment in today’s market is not 100% guarantee that is going to close!!!!, maybe because something that we don’t talk about , which is MI , mortgage Insurance, Or Mortgage Insurance Premium.

Just because we get an automated approval from a bank there are always conditions in order for a file to be clear to. AND even tough we get all the conditions clear the bank has one more condition that says , subject to MI insurance coverage!!!!!!!!!!(MI IS USE FOR LOANS OF 80% LTV OR HIGHER, EXCEPT FHA WHICH IS FOR ALL LTV)

But with today’s market the MI companies , their underwriting are really though, so even tough you get an approval from the bank you won’t be able to get mortgage coverage and that means that this loan will never happen!!!!!!

that’s why the way to go is FHA.

ANY QUESTIONS, PLEASE DON’T HESITATE TO VISIT LONG ISLAND REAL ESTATE EXPERTS

If 4 of the biggest companies in the world are in trouble that someone had to take action in order not to collapse the us Economy!!! Fannie and freddie were saved by the us government.

Merrill was saved by bank of america, and now that Lehman Brother filed for bankruptcy , on my opinion , this is country is OFFICIAL in a recession .

There are many other financial institution that will go down do to the leverage power that they had which at one point it was almost 35 to 1, they had chance with 1 dollar save to use 35 dollars!!!!!!

This week the stock market will plunge , but there is good news!!!!!!!!!

with all this bad news there is something for real estate professional, that the 10 year note which is the one that determine our 30 year fixed mortgage in the US will go down drastically and that we our real estate clients will be able to pay a lower mortgage for the new home.

If you are interested in Buying or Selling real estate in New York , please don’t hesitate to visit  REMAX IMPERIAL  for more information , and don’t forget!!!

1% CASH BACK TO AL OUR BUYERS!!!!!

As we all know fannie and freddy are one the biggest companies in the US.

The hold 6 TRILLION DOLLARS, YES THAT NUMBER IS CORRECT according to www.realtor.org .

half of the nation mortgage paper is owned by them!!!!!! and if the government takes over that will mean that the stock value of those companies for the stockholders will be basically wipe out!!!!!

BUT ON MY OPINION if that happens I think that we might get a good rally on interest rate drop because even tough the 10 year treasury note (tnx) has gone down , the spread is over 130% and the interest rates haven’t drop as it should.

but when our government starts with the bailout. I would think that it will help us as Real Estate Professional in New york, Long island, California, Everywhere. because if interest rates drop even more and with the decline in home prices , we might see a better real estate market , or better activity report than expected!!!!!’

please let’s hear everyone opinion.

Sincerely Remax Imperial
Long island Real estate company!!!!!!

If you think buying or selling a home is a simple matter of cruising open houses or posting a “for sale” sign on the front lawn, consider the following: Do you have access to every home for sale in the neighborhoods you’re interested in? Do you have the time, energy and resources to research the housing market? Can you market a property effectively? Can you read real estate contracts and, if selling a home, do you understand your legal obligations toward buyers?

Fact of the matter is, buying and selling real estate can be complicated, not to mention the biggest financial decision most people ever make. With so much at stake, working with a professional real estate agent can help locate the right property at the right price, or negotiate the best deal possible on your home sweet home.

But how does one choose a real estate agent? Here are a few helpful hints:

* Interview candidates from different agencies. Look into their qualifications. How many years have they been on the job and how competent are they? Have there been any complaints filed with the State Board of Realtors? Finally, how compatible are you? There’s no underestimating the importance of personality when choosing a real estate agent.* Do they know the neighborhood? Is the agent familiar with the housing market in the areas you’re looking to buy or sell? Agents with a history of transactions in neighborhoods that interest you will know what’s available and in what price range. If you’re listing your property, a good agent will know the market well enough to set an optimum asking price attractive to both seller and buyer.

* Keep in mind when choosing a real estate agent that he or she has access to a powerful tool — the Multiple Listing Service (M.L.S.) that inventories all available properties by region. A skilled agent can use the M.L.S., plus their own experience, to locate homes in neighborhoods matching your property wish list — such as a quality school system, convenient shopping or close highway access. A great source for M.L.S. information is Realtor.com.

* What level of customer care will you receive? A real estate agent is your business partner in a huge financial undertaking, so you’ll want to choose a real estate agent that is always ready, willing and available. Be sure that communication stays open and phone calls are returned. Some agents employ assistants to handle much of their legwork. If this is the case, be certain your agent is the one present and accounted for when it comes time to check the contracts and close the transaction.

* Know what you’re signing. Take the time to read through all of the fine print if asked to sign a working contract with an agent.”

I was looking at the MlS REPORT OF MY REGION AND GUESS WHAT.THERE WAS 13,000 TRANSACTIONS, or closing in the month of July 2008. there were 13,005 closing , in queens, Suffolk and Nassau County
QUEENS =3,573 CLOSINGS

SUFFOLK= 4,873 CLOSINGS

NASSAU= 4,559 CLOSING

TOTAL 13005 CLOSING IN JULY OF 2008.

THAT IS VERY GOOD!!!!!!:)
WE SHOULD BE VERY HAPPY, EVEN though you hear on news that fannie and freddy is in huge trouble, or that lehman is closing a division , or that job reports are in lowest times ever. WE HAVE IN NASSAU, QUEENS, AND SUFFOLK 13000 transactions!!!!!!!!!!!!

and on my opinion is excellent news because everybody know that we have less real estate professional now than a year ago. that means more opportunities to generate better services for our clients.

and if we compare to last year in july of 2007, real estate tansaction in long island, queens and suffolk it was 17000.!!!!!!!!!!! but we still had ALT A BANKS, we still had Subprime banks, Fannie & freddie stock were 70 dollars, lehman brother stock was excellent, we still had a secondary market to sell mortgage besides the GSE or fha , va . BEAR STERNS WAS AROUND. jobs claims were good and more thing !!!! OIL it wasn’t that high last year

and with everything that has happened in our economy We still closing real estate transactions every single month!!!!!!!

13000!!!!!!! and going

SHORTSALE, IS IT WORTH IT? YOU WILL BE JUDGE!!!!!! (edit/delete)

For the judicial states where foreclosures take place, shortsale is the best way to save money to the bank as well to the real estate professionals (Realtor).

On the bank or lenders point of view they don’t have to wait one year or more just to able to get to the  auction date where 90% of the time that you go an real estate auction in Nassau, Queens or Brooklyn the bank has to take the property back because the LTV (loan to value) is so high that no real estate investor will buy it.( foreclosure attorney)

After that bank gets the property back at the auction , they have to do an eviction procedure(more attorneys) , and this could take 6 month or more!!!

and we are not done yet!!!!!!

the bank after they do the eviction, they have to do the clean up!!!!

And finally is ready to sell with the expertise of an  REO BROKER!!!

NOW, IS TIME TO DO THE MATH

EXAMPLE:   
INTEREST RATE:                                                                               7.5%

ORIGINAL MORTGAGE AMOUNT :                                                      $400,000.00
2 YEARS FOR THE BANK TO GET THE PROPERTY BACK                         $  67,200.00
Foreclosure Atty                                                                             $    8,000.00
Eviction  + Clean up to be ready to sell(nyc)8 months mortgage pmt   $  22,400.00
Eviction Atty + Clean up cost                                                            $  6,400.00
3 year of real estate taxes                                                              $  18,000.00
3 year of Force Home Owner Insurance                                              $ 12,,000.00

TOTAL COST for the before it goes an Experience REO BROKER             $134,000.00

400,000.00- 134,000.00                                          $266,000.00

ASSUMING THAT THE BANK SELLS IT AT $400,000.00 , BUT We know that is not true.

WE ARE NOT DONE YET!!!!!!!!!!

now let’s talk about Depreciation : 0.5 % per month  
 36 months (assuming that the original value was 400k)              $  64,365.00

$266,000.00 -64,365.00 =   $201,635.00

49% LOST TO THE BANK.

OR  TO DO A SHORT SALE

U BE THE JUDGE!!!!!!

Any questions, please don’t hesitate to call the Experts at Remax Imperial located in New Hyde Park NY.

RE/MAX IMPERIAL

LONG ISLAND HOMES FOR SALES!!!!!
http://www.remax-imperial-ny.com/
 

516-355-9000

REAL ESTATE BUYERS TIPS IN NASSAU COUNTY (edit/delete)

In nassau county NY , the best real estate website besides www.bestrealtyny.com is www.mynassauproperties.com .

This site tells you information about any house in Nassau county (real estates taxes with or without an exemption, property description, section, block and lot and more)

follow this steps 1)go to www.mynassauproperties.com

I you need to find out about the original report card of any property you will find it there.

As well as the original house structure and room count.

and from there you will be able to see the changes that from the original contruction!!!

If you have any questions about , please don’t hesitate to contact me at Remax Imperial at                516-355-9000        .

thanks

In order to be able to be successful in today’s maket we need to have this requirements:
1)We need to see through walls  so that we don’t waste our time to see houses that doesn’t meet clients expectations.

We need to be able to distinguish among potential clients, potential referal, prequalified buyer, qualified buyer or Conditional Commitment approval subject to title, appraisal, contract of sale and homeowners insurance.

2)We need to have a MASTER CMB , www.mbaa.org (certified mortgage Banker) highest certification in MORTGAGE BANKER.
 

OR

THAT’S IS WHY WE HAVE THIS BLOG!!!!!!

TO SHARE IDEAS, COMMENTS , COMPLAINTS, ABOUT THE REAL ESTATE INDUSTRY IN TODAY’S MARKET.

THE GOOD NEWS IS THAT THE BAD REALTOR ARE NOT LONGER HERE.

THE BAD MORTGAGE BROKER ARE NOT LONGER HERE.

LET’S HELP EACH OTHER TO HAVE A BETTER LIFE!!!!!!!!

Free market community info at http://www.bestrealtyny.com/community_report.asp

If you are buying or selling your house you need to know about your community.
Every day new people sell or buy in our community,new stores open or close in our community( food markets, Department Stores , Pharmacies, grocers etc).

As a real estate professional is extremely important to know about the city ,town or community that we provide real estate services because information is the key for success in today’s real estate market.We need to know  many restaurants are,grocers,pharmacies, movie theaters , museums, health clubs ,churches, mosques, synagogues, banks, clinics, hospitals ,libraries ,police departments, fire departments, golf courses…     and that is not all.
We need to know about the

• Population density

• AGE DISTRIBUTION
  
  HOUSEHOLD/MARITAL STATUS
  
  EDUCATION
  
  HOUSING/HOUSING TYPE
  
  EMPLOYMENT BY INDUSTRY
  
  EMPLOYMENT BY OCCUPATION
• 
• COST OF LIVING
  

AND MORE.
As real estate professionals, we need to do our research, we need to get the right info for our clients.
We need to be the experts in our market.