Tuesday, May 4, 2010
Former Greenwich Couple in Ponzi Scheme
Now living in Tokyo, the couple has started another investment firm from their home, Wakabayashi Fund, LLC in which Jeffery plans to continue, but turn over the helm to others amid his SEC problems and a former one year stint behind bars in a federal prison for another penny stock scheme in which he made more than $1M from selling shares of WebSky, a San Francisco company. Not a secret for success!
The former Lehman Brothers broker and his wife claim they have done nothing wrong and only took profits.
April Single Family Sales in Greenwich, CT
Saturday, April 17, 2010
Greenwich Real Estate News - Home Equity Loans for People with Disabilities
Financing a new home in this economy is hard for anyone, but if you have a disability and need assistance financing a home, it may be even more difficult. If you have your own income, home equity loans may not be that hard to get, but if you get assistance from the government as part of your income due to disability, getting these loans can be quite challenging. Here are some tips to help you figure out how to get a home equity loan even if you have a disability. This way you can enjoy your new home, worry free just like everyone else.
Ask your Greenwich real estate agent for advice
Real estate agents have experience helping people find financing options. They are a good starting place for providing connections for you to find the right financing for you even if you have a disability.
Grant Programs
There are some federal grant programs that help low income households qualify for financing or a home equity loan. Check with your city or town about applying for these grants to help you purchase a home or to make accommodations to it.
Contact Independent Living Centers
These centers can help people with disabilities find loan options or help you find areas in your community that have accommodation housing options for people with disabilities. Check your area for a local center to get started.
Home Choice Programs
These programs are specifically for people with lower income or disabilities and require a low down payment and help you pay closing costs for your new home. They may also help provide you with extra funds so you may not need a loan.
Do not allow Discrimination
The Fair Housing Act means that a lender cannot make it hard or impossible for anyone including those with disabilities to get a loan for their home. Do not allow yourself to be discriminated against just because you have a disability.
These financing tips will help make it easier for those with disabilities to afford their new home. There are many options that will make this process a little easier for everyone involved. This way you can look forward to enjoying your new home and not have many worries or hassles.
Wednesday, April 7, 2010
Greenwich Real Estate News - Tips for Making an offer on a Home
You may have been shopping around a while and gone to several open houses, and considered your options with your family, and now you have found the house that is best for all of you. Now, you have to make an offer on the house. This can get tricky, because you do not want to offer too low and offend a seller, but you also do not want to overpay. Here are some tips and information to get before making an offer. This may make the process easier and you and your family will be living in your new home in no time.
Ask your Greenwich real estate for advice
Even though an agent should not recommend an asking price for various reasons, they do have plenty of knowledge about homes and the market and will be a good resource in helping you get the information you need.
Check out the Market
If you are in a seller’s market, the seller may not be willing to go lower than the listed price, but if you are in a buyer’s market, you may be able to talk a seller down to the price you want. Your agent may be able to help you gather this information.
Find out how much the seller paid
The seller may have bought the home in a down market, so conditions may be more and less the same and the asking price may be close to what the seller paid for the home. This may help you determine a good asking price.
Look at comparable sales
If you look at comparable sales, be sure to only include the homes that are similar in features to get a better estimate. Your agent should be able to help you with this information as well. If you know what other homes are going for, you may be able to offer a reasonable asking price.
Ask for a home’s history
A home may have been taken off the market and then relisted, if this is true and the home was on the market for more than a month, a seller may be willing to accept a lower offer.
Once you have gathered this information as home buyer, it will help narrow down your asking price options and hopefully help you in making a decision. That way you can be in that dream home in no time and enjoying your future.
Thursday, April 1, 2010
Greenwich Real Estate News - Home Buying Tips for People with Disability
If you have a disability you know how hard it may be to get around or even to communicate with people about your special requirements. This makes moving out on your own or with a family and looking for home that much more challenging. You want to find a place that you can move in easily that is going to make you and your family, feel safe and secure and also comfortable in your new home. Here are some home buying tips that may make the process a little less challenging for you.
Talk with your Greenwich real estate about your needs
Meet with your real estate about your needs and requirements and see if they can offer neighborhoods that you can look in that might support these needs. Real estate agents have experience showing many people homes and will be a great resource in finding the home that is just right for you and your needs.
Look in areas that are newer or specifically accessible
If you look in newer areas for an accessible home you may be able to find one that fits your needs or may find a seller that is more willing to modify it because it is fairly new. Also looking in areas that are specifically accessible may be nice because things are already in place.
Check the Doorways and Turn Around Space in bathrooms and kitchens
When looking for your new home, it is important that the doorways are wide enough and if you use a wheelchair that you have enough room to turn around in bathrooms and kitchens especially. You can ask your agent for specific measurements if desired.
Check the security of the home
Check what kind of locks are used and make sure you can use them or ask if they can be modified or changed if needed. It may also be important to ask about neighborhood watch programs or security or look in a gated community.
Make sure cabinets and doors are at reaching level if sitting
If you use a wheelchair or sit down for a long period of time, it is important to make sure that all the doors and cabinets are within your reach or at your height. If not, ask your agent if they can be modified.
These tips about buying a home if you have a disability should help you get started in finding a home that means your special requirements and those of your family. This way you can all feel safe and secure and enjoy your new home long into the future.
Saturday, March 27, 2010
Greenwich Real Estate News - Owner Financing
With the economy the way it is and money being tight for everyone, it has become more of a buyer’s market out there. However, when you find the home you want, the tricky part is figuring out how you are going to pay for it. There are many financing options, but one that most people do consider which actually may be very popular in a buyer’s market is owner financing. This is where the owner helps you as the buyer to pay for your new home. Now this may sound like it is not possible, but it actually can provide benefits to both a buyer and a seller. Here is some information and tips on owner financing to help get you started.
Ask your Greenwich real estate agent for advice
Agents have experience with all types of financing, and what may be best for you and in which market. They also may be able to help you talk to a seller about this financing option.
Land contract owner financing
This is where the title is not given to the buyer but the buyer is given an equitable title. The buyer makes payments to the seller for a certain amount of time and the buyer receives the deed after the final payment
Promissory Notes
The seller can either carry the mortgage for the entire purchase price which may include a loan, this is called an “all-inclusive mortgage “and the seller receives an override of interest on any loans. The seller may also carry a junior mortgage which would mean that the buyer would take the title to an existing loan or a new loan. The buyer would receive the deed and give the seller a second mortgage for the balance of purchase price.
Lease Purchase Agreements
This is when the seller gives the buyer equitable title and leases the property to the buyer. After fulfilling this agreement the buyer receives the title and obtains a loan to pay the seller after getting a credit for all or part of the payments towards the price of the home.
After reviewing these options, you may consider owner financing. It means little or no qualifying based on your credit for a home, flexible payment options from a seller, flexible down payment options and much more. In a buyer’s market a seller also may be more willing to consider this option. So if money is tight or you are not sure about your credit, this may be the perfect option for you to finance that new home.
Wednesday, March 17, 2010
Greenwich Real Estate News - Lease Purchase Options
When buying a home especially in this economy knowing all your financing options are really important. Buyers that may have decided on a home but cannot afford to pay for the whole price right now may be interested in a lease to purchase option. If this seems like your situation, here are some tips on lease to purchase options to help you get started. That way you can still afford and enjoy your new home with fewer worries.
Ask your Greenwich real estate agent for advice
As real estate agents, they have experience making all kinds of sales with all kinds of financing options. They will help you figure out if a lease to purchase option is right for you. They may also recommend that you contact a real estate lawyer to help out as well.
Buyer pays a portion of the price
With lease to purchase options, a buyer will pay the seller a portion of the purchase with the right to buy the property later. This amount may be very little or substantial depending on the terms between the buyer and seller.
The Buyer agrees to lease property
With this option, the buyer agrees to lease the property from the seller for amount that is decided on in writing. After these terms are up, the buyer purchases the property in full.
Monthly rent goes toward purchase price of the home
With these lease to purchase options, the money that a buyer pays to the seller during the lease terms goes towards the purchase price of the home when the lease terms are up.
No one else can buy the property while leased
This option may be good for buyers because during the lease period no one else can look at buying the home which means the buyers leasing the home will have more of an advantage.
With this economy and people being short on funds, this option may be good for both buyers and sellers. The buyers get a new home and the sellers keep getting money while leasing their home before it is bought. This is a win win situation for many people and will help everyone enjoy their new futures with fewer worries.
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Greenwich Real Estate - Buying A Home - Find Homes In Greenwich At InsideGreenwichRealEstate.com
| BUYING A HOME: | ||
| 1. Making the Decision to Buy: | ||
| The decision to purchase a home is often driven by the need for more space, the need to move to a new location or simply the desire to change one's life style. If you are unfamiliar with the area to which you are moving, the REALTOR you choose must make an effort to introduce you to the characteristics of the community and help you decide if this is a good match for your needs. Within any community there are variations by neighborhood, and these should become clear to you as you are shown properties in the community. By giving your REALTOR feedback, you can make the search process more efficient. If your REALTOR learns that you do not want to buy in a particular neighborhood, he or she will not show you properties there and will concentrate instead on those areas which interest you. | ||
| 2. Selection of a REALTOR: | ||
| The selection of a REALTOR in a community such as Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, which gives each REALTOR access to every property listed by every office in the membership. Therefore, it is not necessary to seek the services of more than one REALTOR. In your selection of a REALTOR, you should look for someone with whom you are compatible. When you initially meet with a REALTOR, whether this is someone to whom you have been referred or someone you have randomly chosen, you will be asked to sign a buyer authorization form. Required by state law in order for the REALTOR to show you properties, provide you with information, and negotiate on your behalf, this agreement will state the time frame during which the agreement is in effect, the kind of property it covers, and the area of Connecticut in which it is effective. If you are uncomfortable making a commitment to a REALTOR, ask that the time frame be limited to a day, a week, a month or any time frame which you feel you need to determine whether you would like to work with this person. When you ascertain that the relationship is compatible, you can sign an extension of the time frame. Since every REALTOR has access to the same properties through the Greenwich Multiple Listing Service, there is no need to use the services of more than one REALTOR concurrently. In fact, doing so can cause confusion to you and your REALTOR. Be sure that you have specifically described what you are looking for in a property and ask your REALTOR to introduce you to properties which most closely meet your criteria. Give feedback on properties that you are shown, so that your REALTOR can continue to refine the picture of what you need. If your criteria changes, communicate this to your REALTOR. For example, if you decide that a particular style of house does not fit your needs, let your REALTOR know so that houses of that style are no longer shown to you. It is a REALTOR's responsibility to inform you of any material facts about a property which he or she knows. These facts would be things such a condition of roof, presence of wetlands on a property, a known change to a road which will impact the property, etc. It does not include information about the seller's reason for selling, who the neighbors are, etc. Your REALTOR may not know everything about the property's condition; that is why you will have a building inspection done before signing the contract to purchase. When you have developed interest in a particular property, your REALTOR will be able to provide information about comparable sales in the area to help you determine value. Your REALTOR can arrange for you to visit the local schools, obtain information about programs available in the area and help you select the appropriate property. | ||
| 3. Mortgage Pre-Approval: | ||
| You will contact a mortgage company or banking institution to understand what purchase price might be correct for you. Further understanding of your financial situation will allow the lender to issue you a "Pre-Approval" letter which stipulates that you have been approved for a mortgage up to a specific dollar value. This is a valuable asset for you during the negotiation process. If you are not familiar with the names of lenders in Greenwich, your REALTOR will be able to provide you with that information. | ||
| 4. Finding the Right Property: | ||
| The search for your new home is truly a joint effort between you and your REALTOR. Be as open with your REALTOR as possible about your likes and dislikes. It is very important to tell your REALTOR what you like about each house you visit so he/she will begin to understand what you are looking for in the home you wish to buy. Between your input and your REALTOR's professional skills, the search will narrow until you ultimately find the "right" property for you. | ||
| 5. Making an Offer to Purchase: | ||
| Once you have focused on one or two properties, your REALTOR will be able to provide you with market data on recently sold properties. This information will help both you and your REALTOR formulate your offer. Working with your REALTOR, you will be able to determine where you would initially like to start with your offer price. You should then develop a set of strategies, each dependent upon how the seller responds to your offer, so you do not end up "reacting" to any counter offer made by the seller. The offer may include, but is not limited to the following:
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| 6. Finalizing your Financing: | ||
| After an offer has been accepted by the seller the lending institution you have chosen will require an appraisal on the property to be mortgaged. The institution will send one or sometimes two appraisers to do a thorough inspection of the property to determine whether the property will qualify for the desired mortgage. Once the institution agrees to finance a particular property, they will issue a commitment letter whereby they agree to provide a certain dollar mortgage at a specific rate for a specific time and the buyer is assured the financing is in place. | ||
| 7. Utilities and other details: | ||
| Your REALTOR will remind you about two weeks prior to closing that the appropriate utilities and services need to be notified in order to transfer the accounts to your name. These include, electric, gas, oil, propane, telephone and refuse. They may also include pool services, yard maintenance and more. During the same period the seller will be contacting the same providers to discontinue the same services. This transition needs to go smoothly to protect you from having to pay a "connection or hook up fee" because the service was completely terminated. Your REALTOR can help you with this, but the companies now require the new homeowner to initiate requests for service. | ||
| 8. The Contract: | ||
| The seller will instruct their attorney to draw the Contract of Sale to include the terms agreed upon. Your agent will ensure that, at the same time, your attorney receives the necessary information so that he/she can begin their work and be prepared to receive and review the contract. Your attorney will review the contract from your perspective and insure that your interests are protected (such as including stipulations for delays, searching of Title, type of Title to be conveyed, cleanliness of the premises at the time of closing, etc.) The timing of this, dependent upon the complexity of the terms, should all take between five to ten days from accepted offer to signed contracts. You will normally be expected to submit an escrow check in the amount of 10% of the total purchase price (made out to the seller's attorney) with the signed contract. | ||
| 9. Closing Day: | ||
| On the day of your closing, you and your REALTOR need to perform one last walk through of the premises. Together you will look to insure the property is in the condition is was when you signed the Contract of Sale. You will verify that the items to be included are present. You want to make sure the house and grounds are as specified within the contract and most important that there are no defects visible now which were previously hidden. You (or in your absence, you power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. If your situation dictates, you may actually meet with your lender immediately prior to the time of the closing to sign your mortgage papers. Between your REALTOR, your attorney and your lender you will be advised ahead of time of all the costs and fees associated with your closing. | ||
| 10. Typical Home Purchase Costs: | ||
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Greenwich Real Estate - Selling A Home - Greenwich Homes For Sale At Inside GreenwichRealEstate.Com
| SELLING A HOME: | ||
| 1. Selecting a REALTOR: | ||
| Choosing a REALTOR is the first step in the home selling process. The selection of a REALTOR in a community like Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, giving each REALTOR access to all properties listed in the MLS. You could start the search by asking your friends or your attorney to recommend a good candidate for you. Although a Real Estate company's reputation is important, your relationship will be with the Agent himself/herself. The REALTOR you choose should be a full time agent with broad experience and total knowledge of the market. | ||
| 2. Preparing Your Home for Sale: | ||
| Everything in your home needs to be looked at through the "eyes" of the buyer. Your REALTOR should be able to help you with this. They will suggest things to be done to the property to ensure the highest price, such as painting (interior and exterior), removing valuable objects and "decluttering", having the windows washed, gutters cleaned and making other minor repairs that may be necessary. You should expect your Agent to be very frank with you about what your home may need to facilitate a timely sale. | ||
| 3. Documents and Marketing Program: | ||
| Once you select a REALTOR you will be requested to sign a listing contract, a Greenwich MLS data input form, a State of Connecticut "Residential Property Condition Disclosure Form", and a U.S. Environmental Protection Agency Disclosure Form regarding lead based paint hazards (for properties built prior to 1978). Your Agent will review these documents with you, and if you care to seek legal advice, then do so before signing. Selling your house is disruptive and can be intrusive into your every day life, but your agent will work hard to minimize this. | ||
| 4. Broker Open House: | ||
| The listing REALTOR of your property will schedule an Open House for the other REALTORS who are members of the Greenwich MLS so they may preview it. This helps REALTORS determine which of their customers might be interested in viewing your house. The Open House schedule in Greenwich is specific to certain times and sections of town allowing REALTORS to see as many Open Houses as possible in the given time frame. At the Open House the listing REALTOR will provide information, such as the listing itself and plot plans, and is available to answer questions about the properties. | ||
| 5. Showing the Property: | ||
| The REALTOR will acquaint you with the various means by which a property can be shown. First, there is the installation of a keybox. This method allows the greatest access, because the only scheduling required is for the REALTOR showing the property to confirm with the homeowner that it is convenient to bring a prospective buyer over for a showing. Somewhat more restrictive is the method by which the listing REALTOR alerts MLS members that a key to the property will be held at the listing office and a confirmed appointment would need to be made through the office. The most restrictive method of showing is to require the listing REALTOR be present at the showing. This requires more scheduling between the homeowner, the listing REALTOR and the REALTOR who wishes to show the property to a client. | ||
| 6. Considering an Offer: | ||
When someone is interested in your property they will make an offer to purchase through their REALTOR. Your REALTOR will take you through this process. Some terms which may be included in the buyer's offer are:
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| 7. The Contract Process: | ||
| The seller is responsible for having the attorney draw the Contract for Sale which will include the agreed terms and conditions. The buyer will normally be expected to submit an escrow check (made out to your attorney) with the signed contract, usually in the amount of ten percent of the total purchase price. The contract is typically a Greenwich Bar Association contract which will contain every detail and a schedule of inclusions and exclusions as agreed upon by both parties. The Seller Disclosure Form is also delivered as part of this package. After the buyers have signed the contract, it is returned to your attorney with the escrow check. Your attorney will then go over the contract with you and you will sign it. | ||
| 8. Before Closing Day: | ||
| Near to the date of your closing the buyer's REALTOR and the buyer need to perform one last walk-through of the premises. Together they will ascertain that the property is in the condition it was when the Contract of Sale was signed. They will verify the items which were to be included are present. They will determine whether there are any defects visible now which were previously hidden. If any of these are found, you may need to be prepared to adjust for these costs at closing. | ||
| 9. Closing Day: | ||
| You (or in your absence, your power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. Between your REALTOR and your attorney you will be advised of all the costs and fees associated with your closing. | ||
| 10. Costs Associated with Selling a Home: | ||
Attorney's fee:
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