Owner: The Scoop on Rochester Real Estate URL:http://rochrealestate.blogspot.com/ Join Date: Thu, 27 Sep 2007 10:10:28 -0500 Rating:0 Site Description: All things real estate in Rochester, New York. News, market reports, trends, funny stories, neighborhood tours and more. Site statistics:Click here
What's In Your SPAM Folder? 2007-10-22 06:28:00 If I don't show up for our real estate appointment this week it's because I've decided to retire. You see, I got this e-mail from a Canadian attorney . He represents the estate of a Shell Oil executive that died in a plane crash. They have not been able to locate family members and so he's asked if I would step in as next of kin and inherit a fortune. (Shell Oil....Shelsby...kind of sounds alike. That must be the connection!) All I need to do is e-mail him some information on my bank accounts for the transfer and my social security number (It's such a large fortune, I won't even mind paying inheritance taxes.)And once I give up the hectic real estate schedule, there will be no need for me to be on the look out for a good deal on a watch. I have always tried very hard to be punctual, but I guess I've not done a very good job. I keep getting these e-mails offering a wonderful price on Rolex watches.When I'm rich, I'll no longer need to buy discounted prescription drugs through t Read more:Folder
Drum Roll Please! 2007-11-09 08:07:00 Big blogging news here. As you may have noticed, I'm not real good about consistently posting three times a week, which is what the blogging experts say you need to do to have a consistent following. (What's the world coming to when we have blogging experts?) So I've decided I need help.Drum Roll Please
. I pleased to announce Steve D'Amico of First Rochester Mortgage will be joining the blog to share his expertise about mortgages and finances. I don't envy his job. I get to write about beautiful homes or ridiculously ugly abodes. I have very nice clients but we do get into interesting predicaments that they allow me to write about. Steve, on the other hand, works with points and percentages and other things that are not fascinating reading. But he has promised to do his best to keep you informed and educated about the mortgage world and to do it as interestingly as possible. Welcome Steve! We look forward to hearing from you.
Sprung a Leak 2007-11-08 14:29:00 We almost didn't do a final walk through. These buyers were suppose to get possession of the house they were buying 5 days in advance of closing. That would have allowed them to move at a leisurely pace and then a day of cleaning up for the new owners of their house. At the last minute the seller reneged! And in the panic of fast paced packing, the sellers almost declined the opportunity to walk through the house one last time before they owned it. "But what if they are refusing early possession because they have something to hide," my client asked? So we all jumped in our cars, drove to Mt. Morris and exercised our right for a final walk through. It is a good thing we did.The primary purpose of a final walk through is to make sure the property is in the same condition as when the purchase offer was accepted. In addition, a typical sales contract calls for heating, electrical, plumbing, and other systems as well as included appliances to be in working order at the time of closi
I Love Rochester 2007-11-13 20:24:00 I spent the day with clients from North Jersey. They came to Rochester
looking for investment property. I spent as much effort introducing them to Rochester as I did showing them property. And every time they asked me about a location, I assured them it was 15 minutes away. The malls are 15 minutes away. The universities are 15 minutes away. We visited Corn Hill and then in less than 15 minutes we were in the South Wedge. Fifteen minutes to the Public Market or Lake Ontario. In fact, Rochester is known to have some of the shortest commute times in the nation.This is in contrast to life in North Jersey. No matter what they want to do, they get in line. One of my clients were telling me about the evening before his visit to Rochester. He dropped his son off at the local mall. He never got out of the car, yet it took him an hour just to get out of the mall parking lot! After hearing stories like that, I know I never want to leave Rochester. By the way, there are some very nice deals
Happy Thanksgiving 2007-11-17 17:22:00 We are in a panic here. I'm cooking Thanksgiving
dinner for my husband's family. Before I got into real estate I use to think real estate agents were domestic goddesses, second only to Martha Stewart. After all, we're the ones that tell people how to make a house look like it belongs in a magazine so it will sell quickly. But after five years of the 24-7 realtor life style, my dust bunnies have turned into dust gorillas. Aggressive dust gorillas!And then there is the cooking part. I don't do much of it anymore. In fact, we do our part to support the local economy by eating out at least 7 times a week and some weeks up to 14 times. (We're still very practiced at pouring the Cheerios around here.) This should be interesting.The point is, I doubt I get around to much blogging this week. So please, have a safe and happy holiday and make the most of the precious time with your love ones.Mary Read more:Happy
Good to be here! 2007-11-14 06:56:00 Thanks for the intro Mary! Please allow me to formally introduce myselfas Steve D'Amico, a Mortgage Consultant with First Rochester Mortgage Corp., located at 2024 W. Henrietta Rd,Rochester, NY 14623, (585) 427-9200 (sorry, couldn't resist the shameless plug). The company I work for is aResidential and Commercial Mortgage Broker. I'll write more about the benefits of working with a broker in a future blog.For my first post I thought I might bore you with a little bit about myself and my background. Don't worry, I'll keep in verybrief. I was born and raised here in the Rochester area until I ventured off to college. I went as far away as I could go, butclose enough to run home for dinner and be back to the dorm by 8pm, so Iwent to Buffalo. My parents were starting to wonder why I wasn't simply commuting to school, because I came home almostevery weekend that first year, not to mention all the laundry I brought with me. Anyhow, I received a B.S. in Health Science fromS.U.N.Y. Buffa
Real Estate During the Holiday Season 2007-11-23 13:53:00 The time between the Thanksgiving holiday and New Years is traditionally a very slow time for the real estate market. Face it, people usually have other things on their mind than buying or selling a house. Does that mean it is better to wait till the first of the year to put your house on the market or start house shopping? Maybe not!Today, the day after Thanksgiving 2007, there are 6,275 single family houses in the Rochester area multiple listing service. Since families are generally pretty busy this time of year with cleaning, cooking, shopping, visiting, decorating, entertaining and other holiday activities, I would guess that many of the above mentioned home sellers must be pretty motivated to sell if they have their house on the market this time of year. Motivated sellers generally equals a good deal for buyers.Another reason to consider either buying or selling a house during the holiday season is a lot less competition. Sellers may ask a little more for their property if they ar Read more:Estate
, Holiday
, Season
, Real Estate
, Holiday Season
Financing Investment Property 2007-11-20 08:57:00 Happy Thanksgiving everyone! My wife Lori and I are very thankful for Chase. Chase is our first child, born 07/08/07. We just missed that all "07" thing. We certainly won't complain, seeing as though Chase was in a major hurry to enter the world by coming 5 weeks early. He is a happy and healthy baby, and is very social.Another thing I think we can be Thankful for this holiday season, is the fact that Rochester is a great place to own Investment Property. Let me take a moment to give you an update on the mortgage industry, as it relates to investment properties. Gone are the days of 100% financing for 4-unit rentals. Gone are the days of putting very little down and getting a reasonable rate. There are still some lenders that will allow as little as 5-10% down on multi-unit rentals, but the rates are VERY high. High rates plus minimum down payment will equal a bad net cash flow almost every time. The old cliche "You have to have money to make money" certainly rings true these days wit Read more:Financing
Liliana Michelle Ryan 2007-11-29 11:39:00 No time for real estate today! Became a grandma! Liliana Michelle
Ryan was born 8:39 this morning at Highland Hospital. Everyone is healthy and happy!
Introducing Kruk & Campbell 2007-11-28 11:04:00 Shhhhhh! Don't tell my husband, but I'm admitting to the whole world that I don't know it all. And for this reason, I'm expanding my blog to be a team blog. The law firm of Kruk and Campbell
of Lima, NY have agreed to join my blog and share their wisdom about the legal aspects of real estate. Keep in mind, they will not be providing legal advice in this forum, but simply explaining and answering many of the common questions that come up in uncomplicated real estate transactions.Kruk and Campbell is the firm that represented me in my last three real estate transactions. So I trust them. And they are often the first name that comes to mind when a client gives me a blank stare when I ask them who they want to represent them at the closing table. I'm looking forward to hearing what they have to say and I hope you will as well.If you have a specific legal concern, consider giving them a call. They are located at 7312 E. Main St, Lima, NY 14485 or call them at (585) 624-5030, or visit t Read more:Introducing
Never Do This if Your House is on the Market! 2007-12-05 20:25:00 A couple of weeks ago I was in the middle of showing a house when the phone rang. I continued to show the house, pointing out the deep closets and hardwoods in good condition, when the answering machine turned on."This is Joe. Leave a message," we all heard."This is a collect call from an inmate at the Monroe County Jail. Do you accept the charges?" was the message that was left!We all looked at each other and quickly left. Negotiating with a seller who is buddies with local inmates didn't appeal to my clients.The moral of the story is if your house is on the market, either turn off the anwering machine or hit the mute button! Read more:House
, Market
Hey Future Home Buyers, Easy on the Holiday Shopping! 2007-12-04 21:21:00 I can't count the number of times I pre-approved people before the Holiday
s, only to see their credit scores have dropped by the time they find a home during the Spring market. The culprit you ask, why its excessive Holiday spending of course. Lets face it, we as red blooded Americans spend to much money, a lot of which is credit debt. This just in, revolving trade lines (i.e. credit cards) that have a balance of more than 50% of the limit WILL LOWER our credit scores. Credit cards that are maxed out with consistent minimum payments is a sure fire way to have the old credit scores in the low 600s. I won't bother to insult your intelligence by telling you the impact of late payments on our precious ficos.I know what your thinking, "but Steve, I'm doing a conventional loan with 10% down and the rate is the same whether my credit score is a 600 or an 800." Well not any longer! New guidelines from Fannie Mae and Freddie Mac for most conventional mortgage products state that rates will b Read more:Future
, Buyers
, Shopping
, Home Buyers
Buying Based on Property Taxes 2007-12-04 09:05:00 "The biggest disparity between New York and the rest of the country is the property tax."That's what the front page of today's Democrat and Chronicle reported! No sh#%t!!! I talk to people all the time that are considering relocating to New York and once they get a peak at the property taxes, well, I need to bring out the smelling salts! Case in point, last week I got a call from Costa Rico from a gentleman considering waterfront property in the Finger Lakes. He picked out two properties, similarly priced, located about a mile apart. One has annual property taxes of approximately $8799 and the other tax bill runs about $11,500. Interestingly, the house with the lower taxes has an asking price of $11,000 more than the other and from the questions that this buyer was asking, I got the feeling that he was leaning towards the more expensive house with lower taxes.The house with the lower taxes was assessed for approximately $90,000 less than it's competitor. The reason, it has ap Read more:Buying
, Taxes
My Buyer Was Offended! 2007-11-30 11:51:00 I recently submitted an offer on behalf of a client for a vacation home on the Finger Lakes. In response, the seller countered our offer with a request for a letter from the bank that proved they didn't have to sell their existing home to qualify for the mortgage."I am so offended!" exclaimed my clients. "Why would we look at property we couldn't afford?"When you are buying property, it pays to think like a seller. Ultimately, it is a business transaction and a seller knows next to nothing about the buyer. It is very reasonable for a seller to want to see in writing that the buyer is qualified for the purchase. There is nothing personal about it!By thinking like a seller, my buyers were able to let go of the emotions and come back to the negotiation table to focus on the more important terms of the contract. As a result, they should have a very nice summer in 2008, full of boating and relaxing! Read more:Buyer
Rochester Public Market 2007-12-09 12:28:00 "Location, Location, Location," is what it is all about when you are thinking about investing in real estate. Investors and want-to-be investors are often asking me what's the current "hot spot" for investing. Usually, once it is a "hot spot" property values have started going up and there are no real bargains to be found. So how do you find a hot spot before it's a hot spot? Generally, you need to pay close attention to the news so you know where new projects are planned. Then you need a ton of guts and a lot of luck as you scope out what is on the market.In recent weeks, there have been numerous articles about the RochesterPublicMarket
area and the newly opened Station 55. I went exploring this morning to try to figure out if this might become the next Rochester Hot Spot. First stop was the Public Market, all decked out for the holidays, llama included. It was cold, but a lot of fun, with great food and plenty of hand-made holiday decorations. Then we stopped at Station 55, and
Three Things to Keep in Mind About Foreclosures 2007-12-07 12:58:00 Lots of people are talking about foreclosures these days. There are those with variable interest rates on their mortgage that are worried about loosing their home to foreclosure and there are those who hope to buy foreclosures at a bargain price. I have a few pointers for those considering buying bank-owned and government owned foreclosed property. First off, budget for extra closing costs. In the Rochester area, it is normal for the seller to pay for a survey, updating the abstract and transfer tax. With foreclosures, most banks and government agencies will NOT pay these expenses and so they must be paid for by the BUYER. Transfer taxes on a $100,000 home run $400 and survey and abstract could cost in excess of $1000. You will also want to be sure there are no back taxes due on the property.Foreclosures
are almost always sold in "as is" condition and not all foreclosures are a good deal. Often, when a homeowner is struggling to keep up with mortgage payments they will neglect importa Read more:Three
A Holiday Gift For First Time Home Buyers 2007-12-21 21:00:00 A recent client of mine was struggling with coming up with all the funds necessary to purchase his first home. He had a steady job, good credit but was short of money. To help him out, I put together a list of organizations that provide support to first time home buyers in Rochester and surrounding areas. He was so appreciative, that I thought this would make a good holiday gift for my readers.NeighborWorks570 South AveRochester, NY 14620(585) 325-4170 Ext 316Providence Housing Development Corporation 1136 Buffalo RdRochester, NY 14624(585) 328-3228 ext. 1319Marketview Heights Association308 North StreetRochester, NY 14605(585) 423-1540Rochester Housing Development Fund Corp183 E. Main Street, Suite 900Rochester, NY 14606(585) 423-6326Urban League of Rochester - Home Store 265 North Clinton AveRochester, NY 14605(585) 325-6530 ext 3078Bishop Sheen Ecumenical Housing Foundation, Inc.935 East Ave, Suite 300Rochester, NY 14607(585) 461-4263 ext 102Rural Opportunities, Inc.Monroe County ( Read more:First
, Holiday
, Buyers
Closing Costs Take 1! 2007-12-18 18:44:00 Hi everyone! Today I'd like to take a moment to talk about a topic that can be confusing for first time home buyers. Many times home buyers will mistake the term "closing costs" with the "Total Money Required to Close". When in fact "Closing Costs
" are just one of two or three components of whats required at closing. I say "two or three" because sometimes home buyers are not coming up with a "Down Payment", which would eliminate your first component. Some mortgage products offer 100% financing, but most often, home buyers are putting down a certain percentage of the purchase price. In summary, component 1 is the down payment.The 2nd component is the "Closing Costs" or the actual cost to get the mortgage. This includes the banks junk fees, such as the; application fee, underwriting fee, tax related service fee, flood certification, and so on. Lender fees are not dependent on the actual loan size, compared to title insurance and mortgage tax. Those two fees are state specific and based
A Temptation 2008-03-09 21:20:47 It's bound to happen. I spend many of my days dashing in and out of homes, most staged to make a visitor fall in love, so it should come as no surprise that from time to time I get urge to move. Well it happened again. But when I mentioned it to my husband, he gave me one of those stern looks and said it's to close to golf season to even kid about moving.
I didn't have the nerve to tell him I
Greetings From Vegas 2008-03-05 09:55:39 The 2008 ReMax International Convention is in Las Vegas
this week and I decided to attend. It's been a long, long time since I've visited sin city. Not much has really changed. It's a bit flashier and I'm truly on sensory overload and this city has gotten really expensive. Our $200 a night room is nice but they want an additional $12.99 a day for Internet and $25 a day for a pass to the workout Read more:Greetings
How Did You Spend Your Extra Day? 2008-03-01 10:01:40 I worked! Several meetings, showed a piece of property for the third time and just kind of scrambled to try to accomplish a few things before I turned over another page on the calendar.
My neighbors, however, were much smarter than me. Heck, with 366 days on the calendar this year they used the extra day to have some fun.
We woke up this morning to find a huge igloo across the street. If you Read more:Extra
Things are Heating Up 2008-02-27 17:29:46 I wish I was talking about the weather heating up. It was cold today, never getting out of the teens. But it was pretty! The overnight snow really stuck to the tree and so I drove through Highland Park and grabbed a few shots.
Real estate does seem to be heating up. Two weeks ago I lost a deal to multiple offers. There were three offers, including ours. That hasn't happened in a while. I talked Read more:Heating
A Good Picture's Worth Thousands of Dollars 2008-02-26 20:34:45 Yesterday, I wrote about some very bad photos in the Rochester MLS. Today, I'd like to provide a few tips to get your home ready to be photographed to put on the market.
Looks are everything in today's real estate market. The current public watches tons of HG-TV and their expectations are often unrealistic. A colleague recently described the current Rochester market as a beauty contest. And just Read more:Picture
, Worth
A Picture is Worth a Thousand Words 2008-02-25 20:40:52 A client I'm currently working with suggested that I put together a course to teach fellow Realtors how to photograph houses. The first thing that went through my mind was that he felt I need to supplement my income. After all, things are pretty slow. But this afternoon I took a hard look at some of the stuff that's in the MLS and they are just to funny not to share.
This first gem is from a Read more:Picture
, Worth
, Thousand
, Words
www.RochesterScoop.com 2008-02-24 21:20:04 Every once in a while some one will ask me the web address for my real estate blog. I'd blush, say, "it's something like www .Rochester real estate.blog spot or something or other.com" and then make a joke about being very blond. Well, no more!
No, I didn't dye my hair. I finally bought a domain name. It's easy to remember. ! It's easy to tell your friends. http://
Ready to Write An Offer - 8 Big Questions To Answer 2008-02-24 11:20:34 I've been working with a first-time home buyer for a couple of weeks now. We've been out 3 or 4 times to look at property and yesterday we went back to look at one a second time. He's really thinking that this might be the one.
Choosing which property to purchase is a big decision. BUT, it is only ONE of many important decisions that come with buying a property. That is why I like to begin Read more:Write
, Offer
Why Start With Pre-Qualifying! 2008-02-21 18:27:42 When I start working with new buyers I always encourage them to start the home search by calling the bank and get prequalified. The usual response is grumbling about how they know they have good credit. For some reason, most people just hate to start their search with a call to the bank.
Today, I had my credit pulled to do a refinance of our home and boy did I have a big surprise. The loan Read more:Start
Sticky Situation 2008-02-13 08:04:50 My husband is such a sweetheart, even when it's not Valentine's Week. Last night I was hard at work up in my office and he brought me up a mug of steaming hot chocolate. Isn't that sweet? Except as he was sitting it down and I was reaching for it, it somehow got bumped and, well, not a drop remained in the mug. Which means everything on my desk got covered in thick, gooey hot chocolate.
So
Most Expensive Offering in City of Rochester 2008-02-11 20:55:46 The snow is blowing and the wind-chill is below zero tonight and so it's a good time to dream of living somewhere else. That is, until you look at the price of housing.
One of Rochester
's most magnificent homes, the Charlotte Whitney Allen Home on Oliver Street is currently on the market. The 6000 sq foot museum-quality mansion complete with gardens designed by renowned landscape designer
Houses Can Sell Quickly in Rochester, NY! 2008-02-10 21:51:27 Much of the country is crying the real estate blues, but that is not really the case in Rochester
, NY. If a house is sparkling clean, tastefully decorated and priced fairly, it will sell. Case in point, 32 Justinshire Drive, in Henrietta, NY.
I listed this house early Thursday morning, had the first showing Friday morning and by suppertime that evening had a nice offer in hand. My sellers are
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