Are you thinking about selling your house or apartment this spring? We have 6 essential tips for any home owner or real estate agent looking to make a splash in the market.Read More
Check out my March snap shot of the real estate market in Greenwood Brooklyn. We had a few new condo projects hit the market the last few months, notable sales, and new restaurants on 5th ave.Read More
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When you are selling or purchasing a home in New York City, it is important to try and save money in any way possible. As prices creep up year by year, so do the mortgages and taxes on these transactions. We have two special guests today to help you better understand Purchase CEMA also known as Purchase Consolidation Extension and Modification Agreement.
It works like this: if the seller is still paying off her mortgage, and the buyer needs to get a mortgage as well, the buyer can take on the seller's loan, potentially saving both sides thousands of dollars in transaction taxes. It can also be a smart card to play in negotiations—a way for the parties to cut costs without the seller lowering the price.
So how exactly do you save money?
Buyers have to pay a state tax on the full dollar figure of any mortgage, known as a mortgage recording tax. With a CEMA, however, a buyer is only required to pay the tax on the so-called "new money," the funds that they borrow from the bank, and not the portion that they take on from the seller.
For instance, if you're buying a $1 million dollar property and taking out an $800,000 mortgage, you'd be taxed on the full amount of the loan at a rate of 1.925 percent, totaling $15,400. If the seller assigns you their $300,000 mortgage, you'd only pay taxes on the remainder of your financing—$500,000—reducing your bill to $9,625, a savings of nearly $6,000.
Lets listen to the interview I recorded with Shawn Carson and Jeffrey St. Arromand
If you have any more questions about the topic please comment or reach out to me to discuss! I would love to hear from you. Follow Jeff and Shawn on Instagram if you want to reach out. @jeffrey_starromand_realestate @nycmortgagebroker @marcusamadeus
Fresh off the press we have our most recent market report for Brooklyn Q3 2017. Are you looking to buy or sell a home this year? Be informed. Listen to our most recent episode and read the full report by clicking the button below and subscribe in itunes. Enjoy!
- Closed sales up 31%
- Inventory down -13%
- Median PPSF up 10%
- Brooklyn's median price $733K
We are joined this episode by founder and principal broker at Brooklyn Blocks Real Estate. This boutique firm is located at 231 Rogers Avenue in the Crown Heights area of Brooklyn. We talk about starting your own Brokerage firm and tips for new agents, owners, and renters. Tune in, subscribe in itunes and share.
This week we talk about proper pricing. Understanding pricing is essential to doing business. It is the first communication of value to a prospective buyer. Do you price at the top of the market? Do you want to communicate a deal? Knowing your goal and your market are essential to closing a smooth deal. Tune in to our podcast to learn more. Rate, subscribe, comment :)
This week we talk about the summer rental market. Get tips and tricks to dodge high rents, subletting, broker fees, and inventory. Click the link at the top of the page to subscribe in iTunes. Enjoy, comment, subscribe :)
Fresh off the press. We break down sales trends neighborhood by neighborhood. Call, message or comment if you have any questions. Enjoy! Link is below 😎
Fresh off the presses we have the most recent Manhattan trends to make you a savvy real estate expert.
This week we explore a bee farm in the Yucatan in Mexico. This location is nestled on the out skirts of Valladolid where a family has raised bees for generations. We were lucky enough to get a tour and learn more about the history of the area plus all about Bee Keeping.
Link for the Bee Farm.