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What To Expect From The Closing Process05 Jan 2021, Posted By: Ryan Roberts

When you watch a show on HGTV where an eager young couple is looking for a home, it usually ends when the offer is accepted. In real life, however, that is only the beginning of the story. The closing or escrow process has its own rules and challenges. By being prepared for each step of the process, you’ll be able to stay calm, cool, and collected—even if the unexpected occurs.

Generally, the closing process takes anywhere from 30–60 days. In the case of a cash transaction, it may take less time to close, since much of the timeline is built around a loan approval. By contrast, in the case of a sale with a home sale or purchase contingency, the closing process can take quite a bit longer.

Most escrow periods will include the following steps, though there may be some variability based on market conditions and the type of mortgage for which you are applying.

Home Inspection

One of the first things that will happen after your offer is accepted is the home inspection. At that time, your inspector will conduct a thorough review of the home’s condition, including systems, appliances, finishes, and structural issues. If he or she identifies potential problems, you may ask for a secondary inspection from a specialist.

You will receive a report after the home inspection, usually within 24 hours. You will then use this to determine whether or not you wish to continue with the transaction, ask for repairs from the homeowners, or plan to make repairs yourself after you move in.

In some low inventory, high demand markets, you may choose an “information only” home inspection at the outset. That way the homeowner knows that you will not be seeking additional repairs based on the inspection report, though you’ll still have the option of exercising your home inspection contingency and discontinuing the purchase in the case of unacceptable structural or system conditions.

Appraisal

The appraisal is designed to reassure both the buyer and lender that the home is worth the price you’re paying. This protects the lender from loaning money that cannot be recouped in the event of a foreclosure. It protects the buyer from making a bad decision and overpaying for a property that will not retain its value.

If the appraisal comes back lower than the purchase price you have already agreed to, you have a number of options:

You may choose to discontinue the purchase based on the appraisal contingency that was part of your offer.
You may choose to add your personal funds to the loan in order to make up the shortfall from the lender.
You may choose to ask the seller to renegotiate based on the lower appraised value.
You may choose to ask for a reappraisal or provide information to the appraiser to justify the purchase price.

If you choose to add funds to make up the shortfall, check with your lender to ensure that it doesn’t create problems with your loan underwriting.

Loan Underwriting and Approval

During the underwriting phase of your mortgage approval process, you will be required to gather and submit documentation to support your application and facilitate your approval. It is important that you do not take on any new credit or make any major purchase decisions during this time, as a significant change to your financial or employment situation could result in a denial of your mortgage loan.

In addition, your loan officer may ask for repair receipts, proof of homeowner’s insurance, and other documentation before the loan receives final approval. All of this is done to ensure that the house is in good condition and properly protected since it is essentially serving as the collateral for the loan.

Homeowner’s Insurance

You will need to obtain a homeowner’s insurance policy before you can close on your house. Check with your current insurance company to see if you can bundle this with your auto or life insurance policy or check with your real estate professional if you need a referral to a reliable insurance agent or company.

Clear to Close

This is the indication that your loan has received final approval and that you are now able to schedule your closing. Once you have received the clear to close, you will also find out how much money you need to bring to the closing table and how you will provide that money, whether through a certified check or a wire transfer.

Remember to communicate directly with your real estate attorney in order to ensure that any wiring instructions you receive are legitimate. Hackers frequently access emails regarding home sales and send fraudulent wiring instructions. It is essential to exercise caution during this process and double-check any unexpected communication that you receive.

Final Walkthrough

Either the day before closing or earlier on closing day you will walk through your soon-to-be new home with your real estate agent or broker. At that time you will check to ensure that the house is in the same condition as agreed upon in your sales contract and that any negotiated repairs have been properly completed.

Should you find that there is damage to the home or that repairs have not been completed, you can still negotiate to have funds withheld at closing from the sellers in order to complete these items. Alternatively, the sellers can pre-schedule and pre-pay a contractor or repair professional of your choosing in order to ensure that the repairs will be completed after closing.

Closing Day

While closing day is exciting, you will probably find that it is a surprisingly relaxing part of the process. You may meet in the office of a real estate attorney, title company, or lender’s office. If for some reason you are unable to attend the closing in person, you may designate a proxy to sign for you. In some cases, you can conduct a remote closing as well.

Filed under: Appraisal, Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Home Inspections, Mortgage, Real Estate, Selling by Ryan Roberts
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Pandemic Renovation Trends29 Dec 2020, Posted By: Ryan Roberts

In the first days of the COVID-19 pandemic, economists predicted that the market for goods and services would grind to a halt for months or even years to come. However, in reality, the real estate market, including both the selling of homes and the improvement of existing properties, has grown in strength over the intervening months. Even for homeowners who aren’t thinking about selling, home renovation projects are experiencing unprecedented interest and generating robust economic activity.

Why is the pandemic driving home renovation?

From learning to make homemade baguettes to planting elaborate gardens, homeowners have responded to the pandemic in a variety of interesting ways. Why is home renovation one of the most popular responses to this time of uncertainty?

More time at home

One of the main reasons that home renovation is on the rise is the simple fact that people are becoming more aware day by day of the things that drive them crazy about their homes. In the first weeks, it was all about the squeaky door or the broken hinge. But with fewer outside distractions, and months of 24/7 time in the home with no end in sight, homeowners are finding that they just have to take care of some of their residential pet peeves.

Work from home and virtual classrooms

In terms of logistics, a home that normally accommodates a family for only a few hours each day has become a round-the-clock workplace, schoolroom, plus entertainment and recreation venue. That puts a lot of added pressure on the space to perform.

For dual-career couples, the need for two offices suitable for conference calls and Zoom meetings with appropriate levels of storage, comfort, and privacy is reason enough for a home renovation. Add in the need for a virtual classroom for the kids and you may be looking at either an addition, an ADU (accessory dwelling unit), or a major space reconfiguration.

More space-use versatility

In smaller homes, there’s a need for spaces to perform double-duty, with added flexibility and the ability to make a room work for the family’s changing needs. While wide-open floorplans have been popular for many households, families need spaces that can also accommodate the need for privacy, focus, and increased daily use. In addition, outdoor and bonus spaces are being put to work in order to expand the possibilities for each member of the family.

Top home renovation trends for 2020

When the COVID-19 pandemic first began, taking a call on the front lawn made for a fun change of pace. Now, however, people are beginning to settle in for the long haul and make changes to make their homes more functional for the new normal. Here are some of the trends that we’re seeing now—and that may be popular for the foreseeable future.

Healthier homes

According to the New York Times, designers and contractors are seeing demand for better ventilation and air quality, along with features like mudrooms to create a middle ground between the outside world and the home’s interior. These spaces are also convenient given the increasing popularity of home delivery of goods and services, providing a place to process packages while keeping the home cleaner.

Smarter homes

With more time at home comes the desire for smarter homes to facilitate everything from greener living to added amenities. Smart home integration in the kitchen is popular with newly motivated bakers looking to perfect their bread recipe, as well as harried parents doling out a quick snack during virtual preschool breaks. Proper installation and a fully integrated suite of services can add value to the home, both now and in the future when it’s time to sell.

Security and privacy

According to Contractor magazine, the demand for smart-home integrated security and monitoring was already on pace for 27 percent growth between 2017–2021. In addition, according to referral rate data supplied by Houzz, interest in fence installation and repair is up 166 percent. The increasing demand for security upgrades is motivated by a variety of factors, including more time at home and a greater need to supervise children while working.

Expanded outdoor spaces

According to CNBC, outdoor space renovations are up by 300 percent year over year as homeowners look for more living, dining, entertaining, and recreational space in their own backyards. Pool demand is on the rise as community and school sports continue to decline. New decks and new landscaping designs are popular, creating a variety of outdoor spaces for families to stay active and staycation.

Dual home offices

The need for dual home offices is one of the largest drivers of home renovation right now, with Houzz seeing requests for home extensions and additions up 52 percent year over year. On top of that, homeowners are looking for ways to accommodate increased high-speed internet access and implement soundproofing to make offices more private.

Space for another home office can come from a variety of places, including small bump-outs within a larger space, spare bedrooms, or even repurposing a walk-in closet. In addition, some homeowners are going further afield, converting small outbuildings or garage apartments into private spaces. Think about your home’s traffic patterns and look for those empty spaces that never get used. These may be likely candidates for a new home office.

As always, discuss home renovations with a real estate agent to find out what is popular in your area and what improvements have the potential to make your home more attractive to buyers down the road. In addition, a real estate agent or broker knows all of the best professionals in your area, from contractors to help you plan your renovation to lenders who’ll help you tap into your home’s equity to finance the work.

Filed under: Blog, Brooklyn, Buying, Real Estate, Selling, Smart Home by Ryan Roberts
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Preparing For A 2021 Home Purchase27 Dec 2020, Posted By: Ryan Roberts

While you may have been ready to buy a home during the 2020 spring market, the uncertainties caused by the pandemic may have put a damper on your plans. At this point, you may be uncertain about your post COVID 19 real estate goals and unsure whether the opportunity to work from home will inspire you to move to another market or another type of home.

If you’re looking to get ready for a home purchase down the road, this plan will help ensure you’ve covered all your bases. From finance to logistics, it’s important to think through the changes on the horizon to streamline your 2021 home purchase.

Preparing to finance your purchase

One of the first things you’ll want to think about is the financing for your home purchase. Talk to a real estate professional and ask for an introduction to a mortgage lender, if you don’t already have one in mind.

Talk to your lender about the pre-approval process. When it’s time to begin seriously looking for your new home, you will want to have a pre-approval in place so that you can show sellers that you are serious about any offer you may make and that you are approved for a home mortgage.

In the meantime, you’ll want to check your credit score and your credit report to ensure that there are no mistakes. If your score is less than optimal, explore strategies for raising it in the months ahead. These can include:

Paying bills on time
Having rent and utility payments added to your credit report
Paying down debt and avoiding accruing new debt

In addition, talk to your lender about the types of home mortgage products you qualify for—VA, FHA, and conventional, among others—and the credit score range you’ll need so that you can be approved for each.

Determining your price range

By working with your lender you’ll be able to come up with a ballpark price range for your home search. This will be important as it will help you to narrow down the neighborhoods, home types, and home sizes you should be considering.

Remember, just because you qualify for a certain amount, you don’t have to shop at the top of your budget. Consider your lifestyle, other debt, future plans, and disposable income needs when determining your home purchasing power.

Comparing potential markets for your search

This is a good time to begin looking at markets where you might be inclined to move. Talk to your real estate agent to find out what features you’ll find in the areas you’re considering. Determine what you are looking for so that you can narrow down your search. Do you care more about:

Recreational opportunities?
Children’s programming?
Dining and nightlife?
Convenient shopping and services?
Commute times?
Larger lot sizes?
Larger homes?
Resale potential?

If possible, spend some time in your potential neighborhoods. Shop at the stores, eat in a local restaurant, and visit a nearby attraction. Check out the people to see if they seem like good future neighbors for you and your family.

Comparing potential home styles and features

Spend some time looking over listings to determine what home styles and features are most important to you. Put together a wish list and prioritize with must-have, nice-to-have, and optional items. Determine how different updates, upgrades, and other features impact price. Consider what you might be willing to add or change after the purchase and what you’ll want to have completed before you move in.

Preparing for associated expenses

Buying a home brings with it a large number of expenses before, during, and after the purchase process. It’s important for you to have an idea of these ahead of time so you can ensure that your savings are adequate. Remember, you won’t be able to run up additional debt while your mortgage is in underwriting, so it’s important to have a budget in mind before you begin.

Expenses for your home purchase may include any or all of the following:

Earnest Money Deposit (EMD): 1–5% of the purchase price
Down Payment: Generally 3–20% of the purchase price
Closing Costs: Variable (discuss with a real estate professional or lender)
Moving Costs: Variable
New furniture and design elements
Needed repairs and improvements

Planning for your upcoming move

Once you’ve determined where you’re moving and the type of home you’ll move into, you’ll need to begin planning for the move itself. If you’re in a rental home, check with your landlord to determine how much notice you’ll need to give before ending your lease as well as what information needs to be included in that notice. You’ll also want to check on month-to-month rental options, in case you are not ready to close at the end of your current lease.

You’ll want to save up money for your upcoming move but the budget can vary widely depending on the services you require. While you may be able to manage a do-it-yourself move for only the cost of a rental truck, a professional move can cost thousands of dollars. This price can be further increased depending on the distance of the move as well as services like packing and unpacking.

If you’re moving with children, you’ll want to spend some time preparing them for the emotional impact. If possible, take them to visit their new neighborhood, play in the park, or spend a day with classmates at their new school. The more you can do to communicate and demystify the process, the more comfortable (and excited) the youngest members of your family will be on moving day.

Filed under: Blog, Buying, Finance, Investing, Mortgage, Real Estate, Selling by Ryan Roberts
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What is the best way to find a reputable contractor?23 Nov 2019, Posted By: Ryan Roberts

Complaints about home improvement contractors are one of the most frequent grievances received by the Better Business Bureau and the office of State Attorneys General. Below are a few ways that you can improve your chances of finding a reputable contractor:

Get referrals from other building professionals. Ask professionals who you know. For example, ask your plumber, roofer, painter or real estate professional for recommendations. Since they work with other contractors on other jobs, they know who is good and who is not.
Get references. Get three customer references from the contractor for similar projects that were completed in the past two years. Check these references carefully and if you are able to; maybe even see the work that was done. Ask them if they would hire the contractor again in the future.
Check the contractor’s license, insurance, and permits. Make sure they are in order. Contact the Registrar of Contractors in your area.
Get a written cost estimate with specific details, schedules, and the projected completion dates for all work that needs to be done.

Filed under: Blog, Brooklyn, Buying, Contractor, Douglas Elliman Real Estate, Real Estate, Selling by Ryan Roberts
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Can Automating Your Home Really Make Your Life Better?20 Nov 2019, Posted By: Ryan Roberts

We are living in a fast paced, ever changing environment where it is extremely important for us to not only stay connected but also maneuver seamlessly between our personal products, our social networks and above all; our surroundings. Our homes are no different. Homeowners are looking for smart solutions to make their lives more efficient and enjoyable.

Take a look at some of the most of the most widely used smart tools to automate your home and building.

Smart Intercom

What if you could open and manage doors with a swipe of your smartphone, issue virtual keys to your family, friends and guests or enable your Alexa or Siri device to unlock doors with the sound of your voice. Well…Butterfly MX allows you to do just that. It is a cloud based virtual doorman smart intercom system. Since the system is cloud based it provides many benefits. Developers can cut costs because there are no wires needed to install visual intercoms within each apartment. Property managers can also enhance the tenant experience through efficient interaction with one another through the online portal. Take a look below to see how it works.

Smart Thermostat

The Ecobee Smart Thermostat is a wifi based thermostat that lets you control your home heating and air condtioning system directly from an app or your own voice. Ecobee also supports all of your favorite voice assistants; Alexa, Siri and Google Assistant.

Smart Plug

If you use a lot of lamps, fans or common small appliances; smart plugs can be the secret to a seamless smart home. Scheduling, timer, power and away modes are some of the features you can expect from an effective smart plug. Here are a few smart plugs that are leading the way. TP-Link Kasa Smart WiFi Plug Mini. This space saving device works with Google Assistant and Amazon Alexa and also offers a multitude of options to customize scheduling and timers. If your on a budget the SmartThings WiFi Smart Plug might be the right fit you. Retailing at just $18; this one of the most affordable options on the market. Energy usage monitoring and voice control makes this device a solid choice.

Filed under: Blog, Brooklyn, Douglas Elliman Real Estate, Real Estate, Smart Home, Uncategorized by Ryan Roberts
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Should You Ever Buy A House That Is An “AS IS” Property?12 Nov 2019, Posted By: Ryan Roberts

It really depends on the house and the situation. There may be two reasons a house is marketed as an “As Is” Property. The first may be because the seller just doesn’t have the money to make the necessary repairs, and wants to get out from under the cost of repairing the property.

The second reason is much more difficult. A word of caution is in order. The house may have serious problems! Something serious may be defective…so buyers beware. Generally speaking, an “As Is” property tends could have a major structural or functionally obsolete (i.e. expensive!) problem. Typical problems may range from a faulty roof, termite damage, problems with the foundation, leaking pipes or other plumbing problems, to problems with the electrical or mechanical systems to name a few.

It is in the buyer’s best interest to have a full home inspection completed and all the problems documented, so that the buyer is aware of any potential problems with the property.

Filed under: Blog, Electrical, Home Inspections, Investing, Real Estate, Roof, Uncategorized by Ryan Roberts
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A Midsummer Nights Dream14 Jul 2018, Posted By: Ryan Roberts

There is always so much going on Brooklyn; especially this time of the year. I got a chance to check out Smith Street Stage’s rendition of one of William Shakespeare’s most popular work’s; A Midsummer Night’s Dream. Smith Street Stage is a theater company committed to providing classic stories to all ages and backgrounds. Starting with a five-actor adaptation of Romeo and Juliet in 2010; they have grown to hire over thirty artists where they now perform Shakespeare for over two thousand people each summer in Brooklyn’s Carroll Park. Click here to check out some of their upcoming performances throughout the rest of the summer. Trust me, you will have a blast.

Filed under: Blog, Brooklyn, Carroll Gardens, Douglas Elliman Real Estate, Theater by Ryan Roberts
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2nd Quarter Brooklyn Sales Market Recap13 Jul 2018, Posted By: Ryan Roberts

The blistering pace of the Brooklyn real estate market has eased slightly with fewer sales and more inventory. The median sales price slipped 1.9% to $780,000 from the same period last year to the third highest level ever recorded and the first decline after twenty-two consecutive increases. Luxury median sales price, representing the top 10% of all sales, declined 2.1% to $2,467,500 with a 4.4% lower price threshold of $1.840,000. The number of sales declined year over year for the second consecutive quarter after 10 consecutive quarters of gains. Sales fell 5.7% to 2,683 from the year-ago quarter.

The absorption rate, the number of months to sell all listing inventory at the current rate of sales, was 3 months, up from 2.4 months in the year-ago quarter. The average days on the market rose 15.1% to 107 days, and listing discounts slipped to 2.6% from 2.9% in the prior-year quarter. Take a look at the graph below and click here to view the full 2nd quarter Brooklyn sales market report.

Filed under: Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Market Report, Real Estate, Selling by Ryan Roberts
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Opening Reception For BRIC’s Alchemy Summer Arts Exhibition28 Jun 2018, Posted By: Ryan Roberts

BRIC is a leading presenter of free cultural programming in Brooklyn, and one of the largest in New York City. They present and incubate work by artists and media makers who reflect the diversity that surrounds us. BRIC’s programs reach hundreds of thousands of people each year. On June 27th, they hosted their opening reception for their summer art exhibition; Alchemy. Alchemy highlights the work of seven artists whose work reflects new ways of thinking about the ancient concept of alchemy – the transformation of matter. Check out some of the work below from a few of the artists. In addition, Alchemy will be accompanied by a series of lively Wednesday evening and Friday afternoon public programs including those dedicated to conversation, performance, dance and the healing arts. Check them out here.

Serra Victoria Bothwell Fels

Phoebe Grip

Kennedy Yanko

Attendees having a good time.

Filed under: Blog, Brooklyn, Douglas Elliman Real Estate, Uncategorized by Ryan Roberts
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7 Truly Inexpensive Tips To Prepare Your Home For Sale21 Jun 2018, Posted By: Ryan Roberts

There is no doubt about it; first impressions count with buyers. Potential buyers are much more likely to return to a home that resonates with them at first glance, while homes that appear disorderly or poorly maintained seldom sustain a buyers interest. Below are a few helpful tips that are simple, quick and inexpensive things you can do to prepare your home for sale.

Tip #1 – The entryway sets first impressions. So make sure it’s in great condition with fresh paint and clean floors. If the entry tile floor has build up, consider using a commercial stripper and re-waxing.

Tip #2 – Clear out about one-third to one-half of your furniture. You want your home to look uncluttered and the rooms to feel open and bright. The average home has way too much furniture and you need to move anyhow. So you might as well pack away any furniture that clutters any rooms in the home.

Tip #3 – Make sure your home is clean by doing the following: 1) Shampoo carpets, 2) Clean washer, dryer and laundry tubs, 3) Clean the refrigeration and stove, 5) Clean and freshen the bathrooms. Hire a professional cleaning service if needed. Here is a link to a local, reputable cleaning company “We Can Do It”.

They are a cooperative of women based in Sunset Park; they bring their own supplies and they work all throughout Brooklyn and the tri-state area. The money you spend on these areas will come back to you in the purchase price.

Tip #4 – Speaking of bathrooms. Repair loose tiles. Remove loose grout using a grout file and apply new grout. Faded tile colors can be improved using an epoxy spray. Remove old tub and tile caulking with a hooked scraper, install new white silicone tub and tile caulk. Concentrate on areas such as counter corners, shower corners and the base of the toilet. Clean mildewed caulk by spraying Tilex, or use diluted chlorine bleach and let stand for at least 30 minutes before rinsing. Old tubs can often be sprayed with an epoxy coating. Remove all soap scum and dirt build-ups. Again, diluted chlorine bleach will help here. Clean glass doors with vinegar, and replace badly soiled shower curtains. Don’t forget to vacuum exhaust fans.

Tip #5 – Your Kitchen. Clean ovens thoroughly. Clean cook-tops and exhaust fans. Remember to clean behind your appliances. Double-check all burners to make sure they are working. Defrost freezers and thoroughly clean the interior of your refrigerator. Remove mold from refrigerator gaskets. Empty the water collection tray under the refrigerator. Neatly arrange soaps and cleaning accessories. Thoroughly wash fronts of cabinets using Murphy’s Oil Soap or Pine Sol. Cover counter burns with ceramic tile or heat resistant glass. Make sure all handles are securely in place. Install new shelf and drawer liners.

Tip #6 – Wax or polish floors and glue down any seams if you have vinyl flooring.

Tip #7 – Save those receipts and utility bills. If you need to make or have made substantial repairs to your home, save the receipts in a manilla envelope. This will show what has been updated in the home. Many times extra work will increase the value of your home beyond your costs. In addition, save those utility bills as well. Buyers frequently have questions about the utility costs of owning a home. This information will provide a prospective purchaser with greater confidence in making their final decision and assist in helping to provide precise answers to important questions. Save electric, gas, water, oil, sewage and waste management bills.

Filed under: Blog, Brooklyn, Buying, Douglas Elliman Real Estate, Real Estate, Selling by Ryan Roberts
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