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Most recent: 10/6/15

HUD Form-1 changes to RESPA Closing Disclousre: Update reminder!

As of October 3rd, 2015 the HUD-1 settlement form that lenders have used over the years at closing transactions whas been replaced by the new RESPA Closing Disclosure Form. (TILA) This document change affects transferees who sell (and buy) a home. All lenders will be required to use the Closing Disclosure Form. 


With this change comes a new requirement that all necessary forms be ready three days prior to closing. The National Association of Realtors actually suggests getting everything ready seven days prior to closing, so when you go into the three-day period, you don’t have to make any changes. This may be hard to do unless everyone from the lender to the Title Company and the lawyers have everything ready to go. If not, they must have things ready to proceed at least three days prior to closing, because making any changes as time gets short, comes with its own set of restart problems.

What it boils down to is, service providers, lenders, Title agents and attorneys, are under the gun to get everything ready much earlier than they have in the past.  But also very important is the fact that the buyers and sellers have to be cooperative as well, because if last-minute changes are made, a new three-day waiting period may kick in.

Part of the responsibly falls to the real estate professional. The realtor involved on either side of the transaction has to be up to their game too. It’s not only the job of the individuals who actually participated in the contract preparation or the mortgage lender, etc., but the broker must be aware of the regulations also. When the sale is getting to a point where it’s nearing the final stages of the sale, the realtor should make sure that their customers and clients cooperate with all parties to ensure that all have meet the three day Closing Disclosure rules.

Here’s hoping that the transition from HUD-1 to the new RESPA Closing Disclosure Forms goes smoothly for all concerned.

The Residential Sales Team

V.I.P. Real Estate, Inc.


 

10/5/2015

V.I.P. Real Estate, Inc. celebrates 50 Years in the Staten Island, NY marketplace.

In 1965 Broker/owner Hank Picciurro opened a real estate company called V.I.P. Real Estate in Dongan Hills, Staten Island. At that time there were only a handful of realtors that served the real estate needs of Staten Island. Attorneys and insurance agents handled most of the available real estate transactions.

There was no internet, and computers were not used either. VIP agents sat at desks, interviewed buyers and sellers and handled transactions with paper and pen. Availability of information was scarce with only just over 200,000 people living here, with a limited number of house transfers taking place. People lived in established neighborhoods built in the nearly 1900’s and even earlier, and most of Staten Island’s land was unimproved. Small commercial business areas were scattered throughout the borough, and transportation was required to reach them, with mom and pop stores serving the needs of local residents.

The Verrazano Bridge was being completed then, and a major impact for Staten Island was to come from it. A boom in residential and commercial construction began and vacant land gave way to new communities. Shopping center sprang up, and transportation facilities increased throughout the Island. But, from all of this, a major benefit was to show itself not just to Staten Island, but to New York City as thousands of Staten Islander’s would cross into Manhattan to work each day to work there.

 

For VIP Real Estate, it was also a great time for expansion too. Residential and commercial business was growing throughout Staten Island, and VIP Real Estate and it’s residential and commercial divisions handling countless numbers of transactions. One of its major achievements was being the exclusive Broker to handle the sales of nearly a 1000 townhomes, known as Aspen Knoll’s in the Arden Height’s neighborhood. Its success goes beyond the typical mom and pop type of commercial real estate business. It has also represented many Fortune 500 companies, assisting them with their big box store needs as well as securing site locations for other commercial brokers. Over the years, we have brought about the sale and leasing of hundreds of retail locations, plus land sales and leasing.

Some of the commercial clients we have had the privilege to work with over the years are: Sonic America Drive-In, Chase Mortgage Corp. Intoxx Fitness, Burger King Restaurants, Northfield Bank, Chock-Full-of-Nuts,  Qdoba, Shop-Rite and Pathmark Food Stores, Blockbusters Video Stores, Walgreens Drug Stores, Dolphin Fitness, Wendy's Restaurants, House of Crabs Restaurant, GameStop, Pollo Tropical Restaurants, Nestle Toll House, 1-800 MATTRESS, Staten Island Bank, Damon's Grill, Commerce Bank, Edible Arrangements, NYC Work Force 1, Social Security Administration, N.Y.C. Dept. of Motor Vehicles, and many, many other retail and professional clients.

VIP Real Estate is proud to say that its 50 years of real estate service, and its simple business model that was established by its founder Hank Picciurro in 1965 of loyalty and honestly to all its clients and customers continues to this day. We are also of our achievements over the years to help Staten Island families and businesses. For more information, we can be found on the Web at: http://statenislandNYhomes .com. We can also be reached at 718-967-2600.

 

 


 

7/12/15

HUD Form-1 changes: Update reminder!

As many Realtors have already learned, on August 1st, 2015 the HUD-1 settlement form that lenders have used over the years at closing transactions will be replaced by the new Closing Disclosure Form. This document change will be affecting transferees who sell (and buy) a home. All lenders will be required to use the Closing Disclosure Form. 


With this change comes a new requirement that all necessary forms be ready three days prior to closing. The National Association of Realtors actually suggests getting everything ready seven days prior to closing, so when you go into the three-day period, you don’t have to make any changes. This may be hard to do unless everyone from the lender to the Title Company and the lawyers have everything ready to go. If not, they must have things ready to proceed at least three days prior to closing, because making any changes as time gets short, comes with its own set of restart problems.

What it boils down to is, service providers, lenders, Title agents and attorneys, are under the gun to get everything ready much earlier than they have in the past.  But also very important is the fact that the buyers and sellers have to be cooperative as well, because if last-minute changes are made, a new three-day waiting period may kick in.

Part of the responsibly falls to the real estate professional. The realtor involved on either side of the transaction has to be up to their game too. It’s not only the job of the individuals who actually participated in the contract preparation or the mortgage lender, etc., but the broker must be aware of the regulations also. When the sale is getting to a point where it’s nearing the final stages of the sale, the realtor should make sure that their customers and clients cooperate with all parties to ensure that all have meet the three day Closing Disclosure rules.

Here’s hoping that the transition from HUD-1 to the new Closing Disclosure Forms goes smoothly for all concerned.

The Residential Sales Team

V.I.P. Real Estate, Inc.


Post: 7/1/15

Interest Rates....are they going to increase in 2015?

Are the Feds planning an interest rate hike before years end, and if they are how much of a hike?

To make the decision to raise rates, the Feds look at the current condition of the economy. So far this year, the US economy has continued to gain strength. Minimum wages are up in many places, people are again buying cars, gas prices have fallen and families are spending money on vacations, computers, etc. But is the housing market rebounding? That’s a good question! It all depends on where you live or maybe where you want to live.

Rates have been very low for a long time, but the housing bubble still has little air in it. Consumers have been cautious about entering the housing market because of their low confidence level caused by employment concerns, costs of raising a family, or dwindling savings. With regulations put in place by the Feds after the housing crises, strong buyers have been able to purchase homes without too much trouble, but these buyers are not enough to actually make a big difference in the housing market. Historically, it’s the many thousands of typical buyers, or the FHA buyers who help bring about major growth in the housing sector. These are the buyers needed to help turn around a slumping housing market. So, if the US economy continues its growth path, a rate hike or maybe two, is probably going to happen. But it will also mean that lenders will provide mortgages to many more buyers than they have in the past. And because of that, sellers will want to jump in the marketplace again and take advantage of the turnaround. The result? The inventory of homes for sale will rise, and buyers will again search for the American Dream in large numbers. All that’s needed is a little confidence.

The Real Estate Team
V.I.P. Real Estate, Inc.                          

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