Staten Island, NY First Time Buyer Information

Buying real estate for the first time may be somewhat scary. The Staten Island NY first time buyer information below will clarify some things. Real estate is a major financial investment and buyers should enter with as much information as possible. Before Purchasing Select a Reputable Mortgage Company Speak with a local lender and ask for a pre-approval. The options and requirements may differ from one company to another. Evaluate the services and closing costs to identify the best option. Getting this information in advance may help you understand the estimated up-front and monthly costs of property ownership. This also helps determine your price range. Find a Real Estate Expert Find a real estate professional to help with your home purchase. Choose one that best suits your needs. Experienced agents will help explain the options, submit contracts, and facilitate a smooth transaction. This guidance can be a huge help first time buyers. Steps in the Real Estate Process Real Estate Viewings Only see properties within your budget. This prevents the heartache of wanting a home that is not possible for you to purchase. Home viewings can be time consuming, so sticking to your range will also preserve valuable time. Legal Paperwork Real estate professionals can provide information on contracts and help you negotiate them, but they do not practice law. If you require legal counsel, consider hiring a local real estate attorney to interpret terminology and add any necessary language. It is important that you sufficiently understand the terms and requirements of any contract prior to signing them. Inspections Do not rely on an inspection to address price or change purchase terms as they may not find any issues at all. Also avoid negotiating clearly visible issues. Such strategies often fail and may cause you to waste the money spent on the inspection. In cases where defects are uncovered, homeowners may agree to address defects, compensate you for them, or refuse to do nothing at all. Fair items have a better likelihood of being negotiated. Final Walk-Thru Shortly before the closing, you may have the chance to walk thru the property one final time. It is a good idea to make this after the sellers have moved out. Resolve any issues before signing closing paperwork as you may have few options afterwards. The Closing You must have acceptable identification for the closing. Any amounts owed must be certified. Have your checkbook ready for any unpredictable changes. After the closing, the real estate is officially yours! Additional Staten Island NY First Time Buyer Information The property purchase process will be less intimidating with some advanced knowledge. For assistance with your home purchase and additional Staten Island NY first time buyer information, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499

Lender Good Faith Estimates For Staten Island NY Real Estate Buyers

The Consumer Financial Protection Bureau is in charge of overseeing and applying laws relating to finances. The Real Estate Settlement Procedures Act (RESPA) is a federal law that specifically pertains to real estate and loan transactions, including mortgages. One of the guidelines by RESPA is the stipulation that a Good Faith Estimate (GFE) be supplied to all customers who apply for a mortgage. This article provides facts on lender good faith estimates for Staten Island NY real estate buyers. Good Faith Estimate Defined A Good Faith Estimate includes closing costs, loan percentages, and other costs related to getting a home loan from a certain lender. It is intended to allow real estate buyers to analyze options offered by individual lenders and to outline the total charges involved with getting a mortgage. Mortgage companies are required to furnish a Good Faith Estimate within 3 days of a loan application. What Can Vary In Good Faith Estimates Various fees in GFEs are administered directly by a lender while others (such as recording charges) are decided by municipalities where the paperwork is filed. Mortgage company determined items, such as underwriting costs, vary from one lender to another and comparing GFEs is how you will notice those differences. Remember that a GFE is only an estimate calculated by facts available during the mortgage application. Some charges may not increase, some may change by a limited percentage, and others may be driven by your purchase price or other factors. Ask your mortgage professional about which charges can increase or decrease if you are concerned about increases. Making Sense of Lender Good Faith Estimates For Staten Island NY Real Estate Buyers Although GFE documents have been improved in recent years, it may still be somewhat difficult to comprehend. Ask your lender or lawyer to go over the figures in the GFE and make sure that you understand it before proceeding with a specific loan. If you would like to be connected with a local lender for guidance about lender good faith estimates for Staten Island NY real estate buyers, contact Gina Guerriero or Greg Diaz(Broker Owners at S.I. Premiere Properties) at 718-408-1499

An Overview Of Staten Island NY Real Estate Transfer Taxes And Who Pays Them

When properties are bought in Staten Island NY, real estate transfer taxes (sometimes called deed recording taxes) are levied. Different from annual real estate property taxes, transfer taxes are due only once at closing. It is helpful for home buyers and sellers to be familiar with what a transfer tax is and how much it may affect money needed at closing. The following is an overview of Staten Island NY real estate transfer taxes and who pays them. Staten Island NY Real Estate Transfer Taxes and Who Pays Them The transfer of real estate means a grant, sale, exchange, assignment, quitclaim, contract for sale, or other conveyance of ownership in title to real property. In Staten Island NY, buyers take on the burden of real estate transfer taxes. The sum of Staten Island NY real estate transfer taxes is based on the market value of the piece of real estate and the tax rate of . It is included as part of closing costs for buyers and is commonly required before the deed put on record. The determination of the tax is often the task of the closing agent and is noted on the settlement statement. An Overview Of Staten Island NY Real Estate Transfer Taxes The amount of tax paid is based on the applicable rate when a closing completes and the deed is put on record. From time to time property taxes may increase. Suggested increases are often a source of controversy. Check with a real estate professional for relevant details on tax rates. You may also want to consult your accountant on whether real estate transfer taxes aredeductible on your federal and/or local tax return. An overview of Staten Island NY real estate transfer taxes and who pays them, as provided above, is strictly a basic overview. Contact Gregory Diaz and Gina Guerriero (Broker/Owners) at S.I. Premiere Properties by calling 718-408-1499

Home Insection - Interpreting Results

Home inspections can be a challenging step in the home purchase process. Buyer emotions are normally high and there is a large amount of information to process. Understanding how inspections function will make it less difficult to handle when the time comes. The following is detail on reviewing Staten Island NY inspection results. What Inspections Entail Inspections provide buyers an opportunity to evaluate the major systems in a residence, look more closely the home condition, and understand how everything in the home works. Buyers should hire a licensed inspector to assist with this process. They commonly inspect the electrical, heating/cooling systems, roof, plumbing, appliances, floors, windows, doors, and structure of a property. Inspectors carry out differing approaches to these tasks, but most will check the full exterior and interior of a home and prepare a full report. Buyers should follow the inspector during this process and see as much as they can about the home. If any issues are found, buyers should see the area in question for themselves and get a full explanation of inspector assessment. Remember that although inspectors attempt to perform a complete assessment of all areas of a home, they cannot see through walls and other invisible areas, so inspections always have several limitations. Home Defects When buyers visit a property, they normally only catch the most visible problems. A trained inspector will uncover problems that may not have been obvious or disclosed and detail those items in a report. Buyers must then understand the depth of the problems. Again, attending the inspection will facilitate this. Suggestions for Work to Perform Normally included in inspection reports are basic recommendations to home owners. These are not in fact pressing issues, but rather ideas that will protect against future problems or enhance the functionality of a home. For instance, an inspector may suggest that the exterior grading around a home be changed to lower the chances of moisture entering a foundation. Evaluating The Report Buyers must carefully read inspection reports and distinguish issues from suggestions. Buyers can try to negotiate issues in a piece of real estate, but it is difficult to ask sellers to perform upgrades. Homes are generally priced based on their age and features, and certain elements of a home simply come with its age. If upgraded with all modern systems and features, it would likely sell for higher than its current price. For items that are serious issues, a negotiation process must be completed. Detail On Reviewing Staten Island NY Inspection Results Discuss the results with your real estate agent for suggestions on the next step you should take. Keep in mind that inspection reports include both defects and general suggestions, and that trying to receive upgrades is almost never successful. Inspections are not a time to renegotiate price but rather to resolve serious problems that were not previously known. Discuss different options and expected outcomes with your agent. This detail on reviewing Staten Island NY inspection results was offered by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties. Contact Gregory Diaz for additional information on home inspections and other procedures in the home buying process.

Staten Island NY Home Inspection Tips

A home inspection is an assessment of the physical structure and all major systems by a licensed professional. It commonly includes an examination of each visible aspect of the interior and exterior of a home. A professional home inspector has usually inspected thousands of structures and is therefore abreast of all the factors of home construction, heating and other major systems, and how they all should function. Even a capable home buyer may not have the expertise of a proficient inspector. Below is information on Staten Island NY home inspection tips for home buyers and sellers. Staten Island NY Home Inspection Tips Home Buyer Tips Home buying is a significant investment that you should not approach blindly. An inspection identifies the condition of a home and necessary repairs. You may find that most defects are minimal and can be easily fixed, while others may tell you not to buy a specific home. Alternatively, an inspection can also confirm that a property is in great condition. Negative or positive, having this critical knowledge will help you make better real estate purchase decisions. A buyer agent can help you analyze and negotiate inspection items in a way that is reasonable yet at the same time protects your best interests. Home Seller Tips Sellers may obtain home inspections to consider necessary repairs in their property before trying to sell it. A renovated home listing may sell better than one that is not. If you choose not to correct all of the problems uncovered in the inspection, be aware that you are required to disclose any known defects to potential buyers. This is not necessarily a bad thing since the buyer would ultimately uncover those items during their own inspection and would likely negotiate the repairs or request monetary compensation. By providing the information in advance, buyers can take it into account when making an offer, saving you the trouble of negotiating with them after the inspection. Costs and Other Considerations The cost of an inspection usually depends on the size of the home. Additional fees may apply for detailed testing of things such as radon. Fees can also vary based on the expertise of the inspector. Review the qualifications of an inspector related to training, experience, and professional certifications. Even with the expense, an inspection is important when compared to the large financial commitment that you will be making in the home. For additional guidance on Staten Island NY home inspection tips and tips for home buyers and home sellers, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499 or emailing gregdsells@aol.com.