Archive | February 2015

My Weekly Best Nest

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10 Byram Meadow Road, Chappaqua

 

Tuesday is broker open house day after visiting many, my outstanding pick is 10 Bryam Meadow Road, Chappaqua. On a cul-de-sac street with light filled space this custom built 6,400 square foot Shingled-Style Nantucket Colonial greets you with a  grand two story entry.  Elegant yet peaceful easy living with special features for every member of your family.  The Christopher Peacock kitchen with it’s clean classic design for gourmet cooking overlooks the spacious breakfast area into the open family room.   The elegant dining room is just the perfect size for holiday happenings.  The other standout space includes a master bedroom suite complete with it’s own sitting area, walk-in closets and luxurious master bath. There are three family bedrooms, 2 large bathrooms (five bedrooms and 6 bathrooms total) convenient upstairs laundry room and a bonus entertainment room.   I saved the best for last, toys for all; a media room, home theatre with surround sound, billiard room, gym and a 500 Bottle walk-in wine cellarProfessionally  landscaped property, specimen plantings and outdoor speakers complete the enjoyment of flat yet lush property. This happy home has so many features that add to easy living.  Make an appointment to view this special home because you will be happy you did.

 

The Long Tale Of, “A Short sale in Westchester.”

QAsignpost-wideWhere do I begin to tell this story……  The definition of a short sale, “Any sale of real estate that generates proceeds that are less than the amount owed on the property.”  “A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan.” The bank or mortgage lender will agree to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. About two years ago, I was referred to homeowners wanting to list their home for sale. The house had previously been listed with several other agents.  Of course, I did my homework visiting the municipalities so that I knew what we were putting on the market.  Then after visiting the house I prepared a comparative market analysis. Yes, the price had to be lowered. Meeting with the homeowners I learned they were interested in trying to get their banks to consent to a short sale.  Yes, a 1st and a 2nd mortgage.  Many homeowners are facing difficulty  dealing with more than one mortgage on their home  And  if the property is going to be sold to a new owner, all liens and mortgages against the property have to be satisfied or released.  In our case, my homeowner was prepared to hire an attorney to negotiate with the banks. Now all we needed was a buyer, with a strong stomach for the rollercoaster ride that would become a two years journey.  And we found just the perfect buyer after many showings, months on the market, price reductions and offers.  Lucky for my homeowners, their buyers had the liquidity to purchase the house without a mortgage, hired a NYS licensed inspector and were willing to purchase this home in need of many repairs in “as is,” condition. My clients hired an attorney and we went to contract.  And in addition they hired a short sale specialist to handle all negotiations with the loss mitigation  department. Many attorneys handle short sales without the help of a specialist. home

        Now we were just one file on a desk that was filled with hundred if not thousands of cases just like ours.  First, on the agenda  was to negotiate with the bank that held the first  mortgage.  An independent real estate broker was sent to value the property  and the condition of the home. In most cases the bank pays for a Broker Price Opinion based on the licensed real estate broker’s inspection of the subject property, recent listings and sales near the subject property. It is less costly than an standard form appraisal by a licensed appraiser. The specialist still had to negotiate the price with the bank.  It was a long process filled with too much paperwork back and forth.  Including a title report on the property paid for by the buyer. The specialist would be on  hold for the servicer of our account just to try and negotiate the paperwork needed and price.  It took months to come to an agreement and that was just with the first bank.  Then the specialist had to start the process all over again with the second bank.  And there was a ticking time clock from the date given to close with the first bank.  But of course, all loans would be paid off at one closing.

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Success came after a three tiered review  from the second bank’s upper echelon.  We were given 48 hours to close, wire transfer the money to the banks account by 3:00 PM yesterday. Yes, done and it only took 23 months.

Style Your Home

My favorite site for all good ideas from decorating, painting, furniture and everything you need to make your house a home.

“Add Excitement With Vibrant Ceiling Color,”  “Slather on some bold ceiling color for an instant — and eye-catching — transformation”

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Joanna Tovia

Houzz Editorial Team; Staff Writer for Houzz Australia. Houzz Editorial Team; Staff Writer for Houzz Australia. I live in the beautiful Blue Mountains and have been a journalist my whole working life.

“Painting your ceiling can seem like a daring move, but as these rooms demonstrate, it ain’t necessarily so! A bright and beautiful ceiling hue can bring a layer of personality to a space that just can’t be achieved by painted walls alone. These homes will have you thinking of ceiling paint in a whole new way. Just don’t be surprised if you look up at your own ceiling when you’ve finished reading — oh, the possibilities!”

 

Little Getaway Homes

Here is a novel idea, small might just be better. The article by Amy Gamerman, “Little Getaway Homes, interested me because trips to a weekend home should like a vacation.  The articles point is simplicity might just the ticket to having it all!

For homeowners who can have almost anything, virtually nothing may be the greatest luxury in a vacation home.

“For homeowners who can have anything, next-to-nothing may be the greatest luxury when it comes to designing their vacation getaway.” Photo: Amy Mikler for The Wall Street Journal
By
Amy Gamerman

Feb. 12, 2015 11:33 a.m. ET

“The biggest thing about Ken and Doreen Gray ’s coastal Maine vacation home is the view: a panoramic sweep of water and sky, framed by wraparound picture windows.

The house itself is small—1,250 square feet with two bedrooms, set on a tenth-acre sliver of bayfront so narrow, it’s partly underwater. The beds, cabinets and desks are all built-in, like on a boat. Although the Grays own several other homes, filled with furniture, artwork and family mementos, their petite retreat near Blue Hill Bay is deliberately spare.” Continue reading

Secret Agent

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Are you confused by dual agency, you are not alone.  Will the agent that you  choose truly represent you and your interests.  It is important you understand  your agent’s fiduciary obligation to you. A while back real estate agents represented  only the seller.  So, if you listed your home your agent was called, “the listing agent.”  And a cooperating agent had a potential buyer that signed a contract to purchase your home, that agent was a buyer’s agent.

Today we have a many different forms of agency       

       NEW YORK STATE DISCLOSURE FORM FOR BUYER AND SELLER             

Seller’s Agent

A seller’s agent is an agent who is engaged by a seller to represent the seller’s interests. The seller’s agent does this by securing a buyer for the seller’s home at a price and on terms acceptable to the seller. A seller’s agent has, with-out limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller’s agent does not represent the interests of the buyer. The obligations of a seller’s agent are also subject to any spe-cific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a seller’s agent should (a) exercise reasonable skill and care in per-formance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.       

Buyer’s Agent

A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests. The buyer’s agent does this by negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The ob-ligations of a buyer’s agent are also subject to any specif-ic provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in perfor-mance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer.

BROKER’S AGENTS

A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer agent’s buyer. The broker’s agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the broker’s agent. The buyer and the seller therefore do not have vicarious liability for the acts of the broker’s agent. The listing agent or buyer’s agent do provide direction and instruction to the broker’s agent and therefore the listing agent or buyer’s agent will have liability for the acts of the broker’s agent.

DUAL AGENT

A real estate broker may represent both the buyer and the seller if both the buyer and seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller. An agent acting as a dual agent must explain carefully to both the buyer and seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation before agreeing to such representation.  A seller or buyers may provide advance informed consent to dual agency by indicating the same on the form. 

Dual Agent with Designated Sales Agents

If the buyer and the seller provide their informed consent in writing, the principals and t he real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase priced and sale of real estate.  A sales agents works under the supervision of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyer’s agent representing the interest of and advocating on behalf of the buyer and the designated sales agent for the seller will function as the seller’s agent representing the interest of and advocating on behalf of the seller in negotiations between the buyer and seller. A designated sales agent cannot provide the full range fiduciary duties to the buyer or seller.  The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty.  A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated ales agents before agreeing to such representation.  A seller or buyer may provide advance informed consent to dual agency with designated sales agents by indicating the same of this form.

 This form was provided to me by ____________________ (print name of licensee) of ____________________________ (print name of company, firm or brokerage), a licensed real estate broker acting in the interest of the: ( ) Seller as a (check relationship below) ( ) Buyer as a (check relationship below) ( ) Seller’s agent ( ) Buyer’s agent ( ) Broker’s agent ( ) Broker’s agent ( ) Dual agent ( ) Dual agent with designated sales agents If dual agent with designated sales agents is checked: ____________________ is appointed to represent the buyer; and ____________________ is appointed to represent the seller in this transaction. (I)(We) acknowledge receipt of a copy of this disclosure form: Signature of { } Buyer(s) and/or { } Seller(s): ____________________ ____________________ ____________________ ____________________ Date:_______________ Date:_______________ http://codes.lp.findlaw.com/nycode/RPP/12-A/443#sthash.t8NCCeqC.dpuf

Information is always useful and if you are looking to purchase a home or list your home for sale call me at c914 450 666

 

The Right Real Estate Agent

Choosing the Right Real Estate Agent

You have been visiting real estate sites searching for properties, communities, perhaps schools, commutes and now that it is spring you may have some favorite houses that you want to see. There is a lot to know when trying to find the right home and that’s where an experienced real estate agent can help you. We can put the pieces of the puzzle together for you and even point some things out that you might not realize, especially if you are a first time buyer. I think it is great that so much information is available on the internet and that you can educate yourself before even venturing out to view properties, but that is only the beginning.

Finding the right real estate agent is not easy. So what are some of the things that you want to look for?

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      1. Not all real estate agents are Realtors. A Realtor is a member of the National Association of Realtors® and is bound by the Realtor Code of Ethics. Some real estate agents are licensed in New York State but do not belong to the National Association of Realtors® and are therefore not bound by the ethics.
        Yes, I am a Realtor
      2. You want an agent that belongs to the local multiple listing service (MLS). Again, not all agents belong to the MLS and don’t have access to comparables and other information that you will need when you move forward on a house. An agent who doesn’t belong to the MLS does not have a lockbox key and can’t gain access to properties easily.
        Yes, I belong to the HGMLS (Hudson Gateway MLS) and CMLS(Greater Fairfield County CMLS) – licensed in New York and CT.
      3. The more experienced agent has more tools they can offer you in a negotiation. Experience is cumulative; the more the better. As in all professions, you want someone with experience to help you in your journey.

Yes, I am an experienced agent. I have over 26 years of experience.

So, if you are considering the communities of Armonk, Bedford, Chappaqua or wherever our wish list takes us. I would be happy to show you some homes and/or answer questions you may have.

I am the recipient of top producer awards and a Five Star Agent.  Let’s work together to bring your real estate wishes to reality.

Contact me at any time: rstengel@houlihanlawrence.com or cell 914.450.6566. Please be confident that your information will not be shared.

Posted By:  Renee Stengel