Why Do You Have A Title Search When Purchasing A House?

What is a title search and why do we need title insurance when purchasing a house? Mark Schreier gives you the reason for this important process.

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THE DANGERS OF OVERPRICING YOUR HOUSE

                

                    THE DANGERS OF OVERPRICING

·       Many potential buyers won’t even look at a property which is overpriced, thinking it’s out of their price range.

·       Those buyers who look are shopping by comparison, and looking at your home may convince them to make a bid on a different property.  In essence, your property will sell someone else’s property.

·       Since an appraisal is often required in financing a property, it is futile to price a property more than it is worth.

·       Properties left on the market for extended periods of time usually become “shopworn” causing many to believe something is amiss.

·       Overpricing tends to dampen the other salesperson’s attitude, making it less likely to be shown.

·       Overpricing lengthens marketing time, and invariably results in a lower selling price than would have been otherwise obtained.

Data shows home fires burn hotter, faster than ever: How you can reduce risks

(BPT) - While the number of home fires occurring in the U.S. each year has fallen by more than 50 percent since 1977, the ratio of people who die in home fires has remained virtually unchanged, based on data from the National Fire Protection Association (NFPA). In 1977, deaths occurred in .8 percent of home fires, and in 2013, that rate was .7 percent. One possible explanation for this discrepancy: home fires now burn hotter and faster than they did 40 years ago, meaning victims have less time to escape a burning house.
“In a series of experiments, UL demonstrated that the nature of residential fires has changed dramatically,” says Eric Skare, a volunteer firefighter in Minnesota and product manager of fire safety systems for Uponor. “Flashover — the point when intense heat causes an entire room to become engulfed in flames — now occurs less than five minutes after a fire starts. It used to take 30 minutes or longer for flashover to occur. People now have less time to get out of a burning house, even if their smoke alarms have alerted them to the fire.”
The results of this evolution in home fires can turn tragic quickly, Skare notes. “A study by the NFPA found that a third of those killed in home fires were trying to escape when they died,” he says.
The UL study cites several factors as driving the changes in home residential fires, including:
* Modern home design is toward larger homes with more open floor plans, an arrangement that facilitates the spread of fire. Older homes were smaller overall and featured smaller room plans.
* Construction materials currently in use contribute to a faster burn time.
* Today’s home furnishings are made from many synthetic materials that combust easily, meaning fires have more fuel.
* In UL testing, modern windows of all types failed faster than windows made from older — or “legacy” materials. In some cases, the time difference was significant. For example, legacy windows made of wood with a metal frame and nine single-glazed panes failed in about 12 to 16 minutes, while modern premium wooden frame windows with two panes of double-glazed glass failed in about four to six minutes. When windows fail, they admit more oxygen into a burning building to feed the fire.
All these factors contributed to UL test results that showed how much faster modern homes burn, and how escape time is much less than in decades past.
Working smoke alarms in a home are proven to reduce the risk of injuries and fatalities. Virtually every construction code in the U.S. requires smoke alarms in new construction. Functioning smoke alarms reduce the risk of home fire fatalities by 50 percent, according to the NFPA. A residential sprinkler system slashes the risks even further — by 80 percent. The U.S. Fire Administration recommends that all homes should be equipped with both smoke alarms and sprinklers. And the International Residential Code also requires fire sprinklers for new-home construction.
In decades past, concerns over cost may have kept some homeowners from incorporating fire sprinklers in their new-home construction or major renovation projects, but residential fire sprinklers are now more affordable than ever. In fact, a typical system represents about 1 to 1.5 percent of the total cost of new-home construction. For example, a $200,000 new home would require an investment of about $2,000 to install sprinklers — far less than the cost of other, less safety-oriented upgrades, such as premium appliances or flooring.
Multipurpose systems like Uponor’s, which use durable, flexible PEX piping, reduce costs even further. Because the home’s cold-water plumbing fixtures are fed from the sprinkler loop, less piping is required for the installation. And recent approvals now allow Uponor’s PEX piping to be left exposed in unfinished basement applications, which simplifies installation requirements even more. Best of all, multipurpose systems also require no specialized testing or maintenance. As a result, homeowners know the system is ready to protect them every time they use an integrated, cold-water plumbing fixture.
“If you’re building a new home or undertaking a major renovation, there’s life-saving value in asking your builder to install a fire sprinkler system,” says Skare. “It doesn’t have to cost a bundle to buy yourself and your family more time in case of a fire, and it’s well worth the investment.”
To learn more about residential fire sprinkler systems visit www.uponor-usa.com. For more information about fire safety and building construction, visit www.nfpa.org or www.iccsafe.org.

Keep the heat in and the cold out this winter: Tips for a cozy home

(BPT) - Winter this year promises to be harsh across much of the U.S. The Farmers’ Almanac predicts conditions will be “bitter cold,” “unseasonably cold,” “very chilly” and “frigid” for states east of the Mississippi River. In a word, brrrrrr!
Autumn is the perfect time to make sure your home stays warm and cozy, in preparation for when the bitter blasts of January and February come pounding. With some simple DIY insulation projects, you can keep the heat in and the cold out this winter, while also saving on your heating bill.
Check the basement
One of the first places to check for proper insulation is the basement.
“Up to 25 percent of a home’s heat loss is through the basement,” says Tom Savoy, technical director for Insulfoam.
Many homes in the U.S. were built with fiberglass batts between wood wall studs, which is notoriously leaky, providing a bridge for heat to pass through the wall, says Savoy. Such insulation can also trap moisture in the walls, causing a musty basement smell.
“Even if you don’t spend time in the basement, it’s crucial to insulate it right to help manage the heating throughout the rest of your home,” says Savoy.
A simple solution is adding a layer of continuous insulation to the home’s basement walls using rigid foam boards, such as expanded polystyrene (EPS).
Available in home improvement stores, EPS insulation is easy to cut and install using standard tools around the house. Unlike many other insulations, rigid foam boards are thin and easy to handle, without messy fibers to clean-up.
“EPS is a professional grade insulation that even DIYers can install,” says Savoy.
To get started insulating your basement, you will first need to figure out how much insulation you will need, based on its “R-value.” R-value is the measure of an insulation’s ability to resist heat flow, with higher numbers meaning better performance. A quick call to your city or county building department will let you know what R-value is appropriate, and if you’ll need to take anything else into account with your insulation project.
Take a look in the attic
In addition to insulating the basement, another leaky area to check is attic hatches. As heat rises, these hatches often have gaps around them, allowing the warm air to escape. Properly sealing them with weather stripping and adding a layer of rigid foam to the hatch will help keep heat in your living area.
To get ready for the coming shivery weather, the Farmers’ Almanac suggests stocking up on “sweaters, long johns, and plenty of firewood.” Part of your preparation should also include an easy weekend or two of adding insulation to your home.

Home Projects To Complete Before You Put Your House On The Market

The goal of every home seller is to sell his or her home as efficiently as possible for the highest price. Every seller should clean and stage their home for potential buyers, the following are projects that should be completed before you put your home on the market.
If it’s broke, fix it - This is crucial in the selling process. Repair the broken cabinet or loose railing before buyers view your home. Damage detracts from your home and may make buyers question what else you have not maintained.
Shades of grey - Interior paint is inexpensive and revitalizes a space. Covering scratches or wear and tear with fresh neutral paint is aesthetically pleasing and even creates that ‘new home’ look and smell!
Floored! - Transform your space by refinishing wood floors, updating tile or professionally cleaning any carpeting.
First impressions - Consider replacing your front door, as this is an investment that often pays for itself in the final price of your home.
Subtle accents - Fixtures and hardware, such as cabinet knobs, faucets, light fixtures and door handles can be relatively inexpensive and done without a professional.
Clear view - Upgrading old windows throughout a home makes a big difference both inside and out.
Keep up the façade - Garage doors often account for a large percentage of a home’s front façade. Similar to the front door, homeowners who upgrade or update their garage doors, may see a good return on their investment.

The benefits of buying a home in the winter

Typically, home sales are strongest in the spring and summer months; however, there are several advantages to shopping for homes in the fall and winter. Sellers are often more motivated in the winter and may be willing to negotiate terms such as price, repairs, and even a closing date. The rule of thumb is that anyone braving the elements (or taking the time during the busy holiday season) to view a home is a serious buyer, and the same can be said for those who leave their homes on the market during this time and continue to have viewings.
Fewer buyers in the marketplace during these months mean less competition and a better chance of getting a home at a lower price. Also, potential buyers in the winter months have the luxury of spending more time researching homes without as much concern of losing a house to another party. When viewing a home in the cooler months buyers get a realistic idea of a home’s energy efficiency. Pay attention to the thermostat temperature and take note of any drafts in the home. Trees without leaves give potential buyers an accurate picture of the privacy (or lack thereof) from neighbors or the street.
Because the majority of moves take place in the warmer months, moving companies may be readily available when it comes to your desired move date and even flexible on their rates.

Will a local short sale have an impact on the sale-ability of my house???

Will a local short sale have an impact on the sale-ability of my house??? I was asked this question recently by a prospective client. There is no absolute answer to this question. The bottom line is the sale price of any house is determined when the buyer and seller reach an agreement. Once that transaction is made that price now becomes an active comparable for ~60 - 90days after contract date. Some agents argue that a short sale has a third party (the bank) in the equation. The bank has different motivation than the homeowner, thus these sales should not be considered as comps. There is also argument that banks price their short sales by securing BPO's Broker Price Opinions and that these opinions are made with active comps with possible short sales included to determine market price and adjustments made to account for money owed and property condition. When pricing a property I must look not only at active and closed short sale contract price but the number of short sells in the area. If there are only a limited number and I have many active two party comps with higher contract prices we might exclude these sales. Property condition, number of short sales and foreclosures (REO's), and 2 party active comps all have to be considered when determining marketability. Other factors to consider is the sellers motivation and time frame that the house needs to be sold by. We must also remember that if we secure a higher selling price from a buyer that is using bank financing we could have problems making it through the appraisal process.

Plainview Real Estate Short Sale

Countless homeowners are facing tough decisions and frightening situations - they're feeling the wall of their financial world close in on them.

If you or someone you know...

* Is behind on their mortgage

* Owes more than the house is worth

* Is facing foreclosure

* Has lost their job or had a pay cut

* Can't sell their Home

...let them know that there ARE options and people that you can trust.

Contact me today to discuss those options (516) 263-9094
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Tips on Selling Your House This Fall

Tips For Selling Your House This Fall
No matter what the season, or where you live, remember the tried-and-true tips when presenting your home to potential buyers. It is always important that your home is neat, organized, clean and clutter-free during an open house or private showings. However, here are some ideas on how to take advantage of the fall season to really make your house stand out.
‘Tis the season - spruce up your entryway and yard with plants that thrive in the fall like chrysanthemums. A cornstalk or pumpkin on the front porch, or a decorative fall wreath on the front door is a nice touch…though all accents should be in moderation.
Safety first - Don’t forget to rake the leaves, as they can be slippery on sidewalks and steps. Also, scattered leaves may detract from your home’s facade.
Sugar and spice - Capitalize on the season with scented pinecones or cinnamon sticks to create warm fall aromas inside your home.
Rain or shine - Depending on the weather, you may need an indoor mat so the floors don’t become treacherous.
Warm hearth - A fireplace is a desired feature, make it a focal point of your open house with a fire and arrange the furniture accordingly.
Food for thought - It’s always good to provide delicious treats during an open house so potential buyers linger. Warm pie, hot apple cider, or fresh cookies and milk are good selections for a cozy fall snack that will make potential buyers feel at home.