Hudson Valley Happenings Blog : August 2009

Middletown NY - Farmer's Market is on Erie Way between Cottage and Grove Streets From 8:00 AM - 1:00 PM

Pine Bush NY - Farmer's Market just off Main Street Pine Bush NY From 9:00 AM - 1:30 PM

Port Jervis NY - Farmer's Market in the Front Street Municipal Lot From 8:00 Am - 2:00 PM

Tuxedo NY - Farmer's Market at 240 Route 17 From 9:00 AM - 2:00 PM

Sugar Loaf NY - Farmer's market at Romer's Alley across from the Barnsider on King's Highway.  Starts at 11:00 AM

The Greater Hudson Valley is a great place to live or to have a weekend place.  If you would like to start a search for a permanent residence or vacation home in the area I would love to help you.  Working with an experienced buyer's agent can help you to choose what is best for you.  I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.

With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution.  Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk.  Sometimes a lower price brings a higher cost in repairs later on.  This continues this home inspector's list of issues that may occur with windows in his series of articles on Bank Owned Homes.  Thanks to Michael Thornton for his expertise:

With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution.  Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk.  Sometimes a lower price brings a higher cost in repairs later on.  The forth in this series of articles will provide people interested in Bank Owned Homes withsome thoughts on windows.  Thanks to Michael Thornton for his expertise:

With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution.  Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk.  Sometimes a lower price brings a higher cost in repairs later on.  This third post in the series of articles will provide people interested in Bank Owned Homes some idea of what surprises might be found in the mechanical systems of the house.  Thanks to Michael Thornton for his expertise:

With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution.  Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk.  Sometimes a lower price brings a higher cost in repairs later on.  Part II of this series of articles will provide people interested in Bank Owned Homes with some things to check for on the exterior of the house.  Thanks to Michael Thornton for his expertise:

With so many Foreclosures in and around Orange County, Sullivan County, and Ulster County NY it is important for buyers to proceed with caution.  Even if a property says "As Is" a good home inspection will allow you to decide whether the house is worth the risk.  Sometimes a lower price brings a higher cost in repairs later on.  This series of articles will provide people interested in Bank Owned Homes with a good knowledge of potential pitfalls.  Thanks to Michael Thornton for his expertise!

I speak with many people who feel they will never be able to buy a home of their own and you know what?  Unfortunately many of them won't.  Oh it's not that they couldn't.  It is that they defeat themselves before they start. This is the third post in a series to help you prepare to become a home owner.  

When we close our eyes and imagine the house we want to live in we all have different pictures.  Most of us will see a dream home.  Many people are realistic enough to know that they can't afford the dream house but what exactly can they afford?  If you don't know where you should start, how are you ever going to get to your goal. Don't allow self defeating thoughts to stand in your way.

I Can Never Afford To Buy A House - You should be a meet with a Mortgage Adviser who can let you know just where you are at.  As discussed in previous posts in this series they can check your credit, offer advise on how to improve that, and let you know what you can afford based on today's income.  They can also let you know some information that may help if your income is not at a level to allow home purchase at this time.  It is important to know how much you should be making to be able to afford to buy a house.  This may be just the push you need to get out there and hustle for that raise or start looking into a new line of work.

Where Do I Start? - The road should take you towards finding a Real Estate Buyer's Representative.  A Buyer's Agent will help you to see what types of houses you can currently afford and how condition, location, and other factors affect the prices.  You should interview to find the right Buyer Representative for you.  Find one that you can relate to, who seems to have your best interests in mind, is patient with your questions, and offers you alternatives.  The agent should have resources that will help you along the rest of your journey.

Every House I See Costs More Than I Am Qualified For - The biggest roadblock for many potential Home Buyers is learning the difference between Wants & Needs.  We need to determine what we need right now.  The first house you buy can not be the dream house you envision unless you plan to save and live for a long time under a landlord's roof.  It might be great to live 5 minutes from the office but if houses in that area are out of your financial reach you might find a longer commute will bring you a house you can afford.  It would be wonderful to have a lot of extra rooms for the children of the future but right now it might be just the two of you and you can live in a 2 BR very comfortably for now.  You may want land and open spaces but can't pay for a large lot right now.  Your Buyer's Representative can help you sort out your wants and needs and that may allow you to close your eyes and see a home you can afford now or in the near future and give you the push to make it come true.

Thomas A. Edison said "Good fortune is what happens when opportunity meets with preparation"  I wish you good fortune as you prepare yourself for home ownership.

Part One of this It Can Happen To You series discussed how to save for a down payment and closing costs.

Part Two of this It Can Happen To You series dealt with working on your credit.

Working with an experienced Buyer's Representative can help guide you to what is best for you.  I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.

I speak with many people who feel they will never be able to buy a home of their own and you know what?  Unfortunately many of them won't.  Oh it's not that they couldn't.  It is that they defeat themselves before they start. This is the second installment in a series will help you to prepare to become a home owner.  

The next thing you will need to work on is your credit score.  You may have bad credit.  A low credit score will make obtaining a mortgage difficult (if not impossible).  You may have no credit.  Some might think that always having paid cash is a good thing but without any credit history the banks will have no way of gaging if you are a good risk for a mortgage loan.  There are things that you can do to improve that credit score and certainly ways to establish credit if you never had any.

First you need to check what your credit score is.  You can pull your own credit report at one of the many sites available but it may be just as easy and you can learn some great tips on how to improve things by meeting with a Mortgage Adviser.  I normally suggest that a potential home buyer contact the bank or credit union where they have their savings and or checking account and speak with the mortgage department there.  You can also check with a Real Estate Professional who can refer you to some Mortgage Advisers who work well with first time buyers.  These Mortgage Advisers can provide you with constructive ideas that will bring you to the point where you will be ready to buy at some point in the future.  


Avoid taking on new debt.  While you are working on your credit in order to qualify for a mortgage loan keep in mind that it is not a good time to take on major new debt.  Don't buy a car with a car loan or open multiple store credit cards.  Your debt to income ratio will affect the qualification on any mortgage and may prevent you from qualifying at all.





Pay your bills on time.  Being late with bills even if you do pay them will negatively affect your credit rating if you are habitually late.




 




Pay down the balances on your credit cards. Those with high credit card balances should start paying down credit card debt today.  Paying minimum payments will get you nowhere fast.  Every extra dollar you can pay towards the balance will help.




Establish credit if you have none. Those who have managed to get through life so far without any credit should open some sort of account.  A gas
card that is used to buy your gas and then paid off every month will help.  Some of you may need to look into a secured credit card until payment history can be established.








Thomas A. Edison said "Good fortune is what happens when opportunity meets with preparation"  I wish you good fortune as you prepare yourself for home ownership.

Part One of this It Can Happen To You series discussed how to save for a down payment and closing costs. 

Working with an experienced Buyer's Representative can help guide you to what is best for you.  I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.

I speak with many people who feel they will never be able to buy a home of their own and you know what?  Unfortunately many of them won't.  Oh it's not that they couldn't.  It is that they defeat themselves before they start. This series will help you to prepare to become a home owner.  

Well first you will need to save some money.  The first self defeating notion I have heard when people think about saving for down payments and closing costs are that they can not possibly save enough so why bother?  I think many people believe incorrectly that they need a lot more in the bank than they do.  There are many programs to help with savings and there are mortgage products out there that can get you into a home for less money than you think.  No you don't need 20% down on a house.  There are low down payment programs out there that can help.  Many of my First Time Homebuyers start out with $3000 - $5000 in the bank.  That may be enough to get started on the journey to your new home so .... Start saving today and get yourself in to see a good mortgage adviser who can help you determine which programs will work for you and how much you will need. I know it is tough but there are ways to save.  

Do you go out to eat a lot?  Maybe you can cut back on the restaurant and fast food meals and save the difference.  

Do you buy new cars or lease them every few years?  Can you try to get by with the one that is already paid off and put away the old car payment amount in the bank each month?

Do you go shopping without a list or a specific need in mind?  I know I spend more when I hit the stores without a specific goal or a list in hand at the grocery.

Do you spend a lot of money on entertainment? Are there things you can do that don't cost as much and can still make you happy?

There are many ways to cut expenses and save.  Even if it seems like a small amount, every penny will bring you closer to having the money that you will need.

Another option for you may be a Saver's Club.  Several local lenders participate in programs that can set you up to earn four dollars in matching funds for every dollar you save.  Call me today for information on these programs.

Several mortgage programs also allow gift funds to help you but there are specific guidelines that your Mortgage Adviser can review with you.

I am not saying you should give up everything to save, life is too short to deny yourself all pleasure but you can spend less of your money satisfying your needs. Thomas A. Edison said "Good fortune is what happens when opportunity meets with preparation"  I wish you good fortune as you prepare yourself for home ownership.

Working with an experienced Buyer's Representative can help guide you to what is best for you.  I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.