About Us
My name is Pauline Simpson-Donaldson and I am a Realtor with Century21 Milestone Realty, Queens, New York. I want thank you for visiting my Website. I specialize in First Time Buyer programs, Foreclosure, Reo, Short Sale, Commercial and other residential real estate in Queens, Long Island, Brooklyn, and NYC. If you are looking for a good deal in real estate, now is a great time to buy. Interest rate is at a record low, down payment assistance is available and housing price has drop substantially. With over ten years’ experience in the industry, I have assisted many a homeowners to get a fresh start and realize the American Dream.
I am a professional with in-depth market knowledge, a strong negotiator representing all your real estate needs. A realtor who is motivated, business savvy, proactive, trust worthy, detail-oriented, result- driven, and really care about your needs. I am very knowledgeable of the neighborhoods,
schools, market conditions, zoning regulations and local economy. I will provide you with up-to-date information on the latest houses sold, foreclosure, short sale, new listings and conditions as they impact the market.
Let me guide you through the complexities of buying or selling your home, eliminating hassles and stress. I would welcome the opportunity to earn your trust and deliver you the best service in the industry. You are just one call away from the key to your new home. Reaching milestone in your community one house at a time.
Contact Us
Pauline Simpson
Licensed Real Estate Agent
Century21 Milestone Realty
148-31 Hillside Ave
Briarwood, NY 11435
718-291-7000 ( Office)
347-965-9746 ( Cell)
www.thesimpsonrealtyexpires.com
Real Estate – ‘What Buyers need to know’
The 5 stages of buying your first home.
Homeownership is becoming a reality for more and more Americans. During 2000, the US homeownership rate reached 67.7%, the highest rate ever. Yet many Americans don’t realize that homeownership is within their reach. Knowledge is said to open doors. This is literally true when it comes to buying a home. To become a first-time homebuyer, you need to know where and how to begin the home buying process. The following have been carefully selected to give you a foundation of basic knowledge. In addition to helping you begin, this will give you the tools necessary to navigate the entire process – from deciding whether you’re ready to buy, all the way to that final proud step, getting the keys to your new home.
A home is a financial asset and more: it’s a place to live and raise children; it’s a plan for the future; it’s an investment in your community. That’s why we at Century21 Milestone want all Americans to have an opportunity to enjoy the benefits of owning a home, and we are especially proud of our work to help first-time homebuyers to navigate the buying process.
Now, buying a home is one of the biggest investments you will ever make. So it is very important that you have the right realtor on board to help you to accomplish your goal.
Today, you hear a lot a talk about Buyer’s market and maybe wondering what that is all about. Basically all that means is, in the housing industry, there are more sellers than buyers. When there are more houses on the market for sale, and so few buyers are looking, it will create an adverse effect on prices. Nowadays, Sellers are more flexible and they are willing to negotiate prices sometimes more than 10 % below the listing price. Interest rate is at an all time low, and on 30 years mortgage, you could get an interest rate below 5%.
In addition, buyers could benefit from the current government incentive programs designed to stimulate the housing market and the economy. At present, I work closely with Welfargo and they are offering down payment and closing cost to buyers. You can get up to 6% of the purchase price of the house without paying it back if you are qualify. With so much bargain out there, now is a great time to buy your first home.
Tips on buying your first home: -
Stage One: You need a plan. You will need to save some of your own money for down payment and closing costs in order to qualify for a mortgage loan. Although there is government down payment assistant program that you maybe qualify for, you still need to show the bank that you have funds of your own. Save some money, pay your bills on time and maintain a good credit historyshould be your number one priortiy.
HOW DO YOU KNOW IF YOU’R READY TO BUY A HOME?
Here is a checklist of some of the questions you need to ask yourself
- Do I have a steady source of income (usually a job)?
- Have I been employed on a regular basis for the last 2-3 years?
- Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts,
like car payments? - Do I have money saved for a down payment?
- Do I have the ability to pay a mortgage
every month, plush additional costs?
If you can answer, “yes” to these
questions, you are probably ready to buy your own home.
Stage Two: Getting Pre-Approved.
Insider Secret: It is always a good idea to work with a mortgage broker/banker to get your mortgage. They can save you money. Find out what different lenders can offer you. The 30 years fixed rate, while the most common mortgage, is not the only one on the market. And it may not be the best payment for you. So do your research and know all options. Also, don’t make any major purchases, like a car or furniture for the new house. If these purchases increase your debt load, you might be prevented from qualifying for a mortgage loan.
Stage Three: House Hunting – And that is where I come in, or if you are working with a realtor of your choice. I will provide you with listings of properties in the areas that you are interested in and the price range that you are comfortable with. I can show you short sale houses, HUD houses, foreclosure, or bank own or just regular houses for sale.
If you are interested in buying a HUD house, these properties are available at a reduced sales price to law enforcement officers, teachers, fire fighters, emergency medical technicians, nonprofits and local governments. (Apart of the Good Neighbor Initiatives).
What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD (Dept of housing and urban development as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. And remember because a home is in “Distressed” doesn’t always equal”discounted” – in some cases, a “regular” sale can be a better deal. Sometimes they come with major repairs or being sold with the tenants and you have to go through the court system to take care of the tenants. Alsom just to clarify another component of the agency relationship. Sometimes, buyers are concern about who pay the real estate commission. The general rule is that the Seller or Homeowner pays the real estate commission. The buyer never pays. On the other hand, depending on the specific deal, if you are a buyer and you want an agent to work for you exclusively, you would be responsible for paying the commission. This arrangement is very common among some investors in New York and when you are buying “HUD” houses. But, this is not the case with first time buyers. So don’t be afraid to work with an agent, if they sell you a house, youare not responsible for paying them.
Stage Four: Negotiations, a very critical part of the process.
Insider Secret: Did you know that your family and friends could cause you to lose your dream home. There are so much information on the web and the news every day about the recession and the buyer’s market, everyone seems to be an expert economist/real estate agent who can negotiate their own deal. But much of that news is national and based on medians, averages and trends. That is, it might not necessarily apply to every home on the market in every city, and more importantly, “your” particular home. If you make a low blow offer, the homeowner might not think you are serious and you could loose a good deal. So it is important to trust your realtor andrely on his or her expertise to guide you in this process. Ask the realtor to give you a Comparative Marketing Analysis (CMA).
What that does is to analyze the homes sold, those on the market, and those under contract that are similar within a 3 months period. That will give you a better estimate of what your offer should be.
Stage Five: Escrow, Inspection and underwriting which is the final stage of the process. Escrow and underwriting are apart of the mortgage closing stage and your Loan specialist will be able to give you more information in this process. Your attorney will advise you to do an engineering inspection as well as your realtor.
Insider Secret: It’s critical that you attend your home inspection. You don’t have to be an expert or technical person to know what to expect. That’s the job of the inspector. However, the inspection generally focus on making sure the roof is free of leaks, plumbing and electrical is in compliancewith the city regulations. Anything cosmetics, like changing the kitchen counter top, upgrading the bathroom would be your responsibility. Home inspectors don’t just look for things that need fixing, they also look to understand the home’s systems and features, as well as to point out areas that will require your ongoing maintenance, highlight emergency shutoffs and other things you need-to-know around the house.
Summary
1. You need a plan, save your money; maintain good credit should be your no 1 priority.
2. Get a pre-approval from a lender (broker or banker)
3. House hunting with a realtor
4. Negotiation the offer of the house – Ask the realtor to do a CMA (comparative marketing analysis).
5. Escrow, inspection and underwriting.
Foreclosure Alert
| Most jobs are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.Foreclosure will remain as a public record on a person’s credit history for 7 years or more. In almost all foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. In the case of a foreclosure, the home will have to go through an REO process if it does not sell at auction. In general, it will result in a lower sales price and longer time to sale in a declining market and ultimately result in a higher possible deficiency judgment.A Short Sale is not reported in your credit history.” In most cases a loan is typically reported “paid in full, settled” or “paid as negotiated.” And it is not a challenge to employment. |
| A short sale does not challenge most security clearances. |
| In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner; and the mortgage company in the secondary position to write off the smaller loan balance to make the short sale work or they may ask for a negligible amount. |
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