Sunday, September 28, 2008

Century 21 Prevete Has Added Two New Locations,

Steve Prevete owner of Century 21 Prevete Real Estate announced that he will soon be opening the doors to a new office in Elmont during the Syosset grand opening celebration this past Friday. When the market gets tough, the strong get stronger and the weak sell or go under. Our aggressive agents, and powerful leadership team are the key to Prevete's success


Tuesday, September 16, 2008

Understanding Real Estate Terminology


Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.
For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.
Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.
After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.
The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.
In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can’t exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.
Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property’s value with the appraiser’s signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer’s ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it’s found to be imperfect.
Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.

Wednesday, September 3, 2008

Who Said Houses Aren't Selling?? Plainview Real Estate Closings For August 2008

Mark Schreier Licensed Sales Person

1 ) 60 Nassau Ave $368,000 Cape
2) 14 Nautilus Ave $400,000 Split
3) 25 Washington Ave $415,000 Split
4) 11 Gates Ave $450,000 Split
5) 6 Cranford Rd $473,000 Colonial
6) 27 Myron Rd $460,000 Split
7) 54 Mitchell Ave $510,000 Split
8) 82 Virginia Ave $490,000 Cape
9) 35 Sylvia Ln $495,000 Split
10) 11 Sunrise St $500,000 Colonial
11) 9 Bayberry Dr $500,000 Split
12) 39 Acorn Ln $480,000 Hi Ranch
13)27 Steven St $518,000 Farm Ranch
14) 12 Linda Ln $560,000 Split
15) 14 Pleasant Ave $525,000 Split
16) 34 Wensley Rd $550,000 Exp Ranch
17) 11 Theodore Dr $538,500 Split
18) 33 Hollywood Dr $563,000 Split
19) 9 Rosalie Dr $618,000 Colonial
20) 2Roxbury Ave $642,000 Split
21) 12 N Irene Ln $622,500 Split
22) 21 Donna Dr $635,000 Ranch
23) 36 Glenwood Rd $632,500 Split
24) 16 Peter Ln $650,000 Colonial
25 ) 6 Lillian Ln $850,000 Colonial
26) 6 Colgate Dr $886,000 Colonial
27 ) 19 Mitchell Ave $910,000 Colonial

*info supplied by stratus