Wednesday, June 17, 2009

Multi-Family Units & the Federal Tax Credit

I learned something new today regarding the Federal Tax credit for first time home buyers (defined as not owning a home in the past 3 years.) If you purchase a 2-family unit as your primary residence, you are only eligible for half of the tax credit and only a third of the credit if you purchase a three-family unit, etc.

There are still no local mortgage lenders that are providing a short term loan so that the tax credit may be used for closing costs. Since Labor Day weekend is the realistic cutoff to have an offer accepted in order to close before the November 30th deadline, I'm no longer optimistic that this loan is even going to be offered. Most lenders are now advising that buyers get a gift from a family member and give a gift back after closing.

Sales are still brisk in Rochester, with houses in the North Winton area selling within hours of being listed. If you'd like more information about buying in the Rochester area, consider signing up for my Buyer Seminar scheduled for Wednesday, June 24, 6 to 7:30 pm.

Monday, June 15, 2009

City Offers Grants to Landlords for Lead Removal

The City of Rochester is offering a lead grant for rental properties that will assist with 90% of the lead remediation related project cost up to $18,000 per unit for porch repair/ replacement, window/door repair/replacement, painting and bare soil treatment. In extreme cases, funding may be used for exterior siding. Landlords are required to contribute 10% of the total project cost.

There are only 75 of these grants available so act fast. To receive an application simply e-mail your: 1) full name, 2) telephone number, 3) address of business, and 4) email address to with "City LEAD Grant Application" as the subject line.

Friday, June 12, 2009

Home Buying Seminar - Wednesday, June 24, 6 to 7:30 pm

I've not done a home buyer Seminar in a couple of years but there is so much good stuff going on right now with the $8000 first time home buyer credit that the timing just seems right. So mark your calendar or tell a friend.

Wednesday, June 24, 6 to 7:30 pm at 2024 W. Henrietta Road, Suite 2A; which is the home office of First Rochester Mortgage Corp.

I'm real proud of the impressive panel of real estate professionals that have agreed to help with this project.

* Home Inspector Adam Backus of Pillar to Post will share tips on what to look for before putting in a purchase offer.
* Attorney Steve Kruk of Kruk and Campbell will discuss the $8000 Federal Tax Credit for first time home buyers.
* Steve D’Amico, Vice President of East Cap Mortgage will chat about the current mortgage environment.
* Mary Shelsby, Broker Associate with ReMax First will offer advice on the great adventure of finding the perfect home.

We will be serving food, so it is crucial for an RSVP. If you’d like to attend but this particular day or time are not convenient, please let us know so that we can schedule another event or a one-on-one consultation. RSVP to Mary Shelsby at or call 585-756-7457.
If you RSVP before Friday June 19th, I will send you a coupon for $200 off your closing cost from eastCap mortgage.

Monday, June 08, 2009

Tortuous Weekend!

There is absolutely nothing more fun in real estate than calling your buyers and saying, “Congratulations! Your offer was accepted!”

And there is almost nothing worse than calling buyers and having to tell them their offer was out-bided.

My weekend started off marvelously when I showed a house in Brighton to a young family that had been looking most of this year. We were the very first to get to see the house and it was lovely. The buyers loved it and so we got together that evening and wrote an offer, a generous offer more than $2000 over asking price. And we made the offer good until Sunday at 1, which is when their open house was scheduled to start.

Well, Sunday at 1 came and went with no call from the listing agent. 3pm and the end of the end of the open house came and still no word. By 5 pm, I was getting steamed and called the listing agent. Of course all I got was voice mail. Finally, at 7 pm I received a call from him to say that he still had not been able to reach the sellers to tell them about our offer and by the way, there are now two additional offers on the table.

It was not until Monday morning that we learned that a total of three additional offers came in. Since ours was first, they did give us an opportunity to match the highest offer, which was $11,100 over asking and a cash deal. And so, I have emotionally drained and heartbroken clients that are still looking to buy a house in Brighton, which has to be hottest market around!

In between phone calls and property showings, I took a nice walk through Linear Park (also known as Philbrick Park) in Penfield. That’s where the photos were taken. It was a great escape from the stress and burned more calories than chewing my nails.