Tips to Boost Your Credit Scores

After a long hiatus, we are back!! Get ready for some tips and how-to's  regarding your home search!

Worried about YOUR credit score?

Given the recent economic crunch, we are constantly finding ways to better help our customers with all their real estate needs.  When looking to buy a home, mortgages are a key component.  As a result of the sub-prime mortgage crisis, mortgage requirements are now more stringent.  Of course, in order to receive the mortgage, you must have what lenders view as a "high" credit score.  For lenders, your credit score signifies what risk they will take on when they loan you money. So, the higher the credit score, the lower the risk for the lenders.  FICO scores, which are credit scores commonly used by the credit bureaus, however, do not solely determine a reliable or unreliable customer.  Credit agencies use their own strategies as well to choose a particular customer. If you're wondering what makes up your credit score, here's a chart of categories:

Tips to Improve Your Credit Score 

Today, we have compiled a list of useful reminders for generating a reasonably "healthy" credit score.

1. According to a recent New York Times article, FICO states that 35% of your credit score arises from your payment history and 30% comes from the amounts you owe (Elmer).  So what does this mean for credit card holders? Try not to maintain high balances for each credit card period! Don't wait until the payment is due to make a lump sum payment.  Instead, make frequent payments, which will ultimately lower your debt ratio.  When making the payments, aim to pay more than the minimum, which also helps lower your balances.

2. Also, try to make all payments on time. We all have a few late payments here and there, but if you're trying to apply for a mortgage, avoid any late payments around the time of your application process.  This will only hinder your process! Note: when we say payments, we mean ALL bill payments (not just your credit cards) (usnews.com). 

3. If you're planning on applying for credit cards during a short period of time, try to keep the number of cards to a minimum.  According to USnews.com, applying for a multiple credit cards at once, also reflects negatively on your credit score. Another note to keep in mind is to keep all your cards active.  When applying for new credit cards, do not cancel any old cards.  Any cancellations will directly lower your credit score.  By keeping accounts open, you are developing a credit history, which, if kept responsibly, will benefit you in the long run.

4. The most important aspect of your credit score is YOU. It is crucial that you protect your identity and also make sure there are no errors regarding your name or credit history.  The Bank of America website provides three great tips to make sure identity theft or errors will not ruin your credit score:

1. Check all monthly billing statements for accuracy.1*
2. Review your credit report from each of the three major credit reporting agencies (TransUnion,® Equifax,® and Experian®) at least once a year and promptly report any errors.
3. Take precautions to protect your credit card and account numbers from fraud.

We hope the advice, mentioned above, helps you! If you have any great advice you would like to share, we will love to hear it! Feel free to leave a comment or share this post with others.

Sources: nytimes.com; usnews.com; bankofamerica.com; myfico.com
1*.Taken from the BofA website.

It's Not Easy Selling A Haunted House

In the spirit of Halloween...if you see dead people disclose it!

While most cases dealing in failure to disclose information to the buyer involve physical characteristics of the property or defects in recorded title, this case is unique since the allegation made by the purchaser is that the value of the property was impaired as a result of the reputation (haunted housed) created by information deseminated to the public by the seller.

Mr. Stambosky of New York City signed a contract to purchase a house in Nyack, New York from Mrs. Ackley. The purchase price was $650,000 and the down payment deposit made by Stambosky was $32,500.


Prior to closing, Stambosky was horrified to learn that the house was known throughout the community to be haunted by ghosts. The purchaser, coming from New York City, had no awareness of the folklore of Nyack which fostered the house's reputation that it was haunted. The purchaser also didn't know at the time he signed the contract that articles and reports of the presence of poltergeists in this house appeared in the Reader's Digest as well as in the local press. These published articles were contributed by the seller who reported that she encountered ghosts in the house. Stambosky found out about the ghosts approximately two months after the contract was signed when he read in a local newspaper about a walking tour which included this house which was described as haunted.

When the purchaser learned of this reputation, he sought to rescind the contract and secure the return of his $32,500 down payment. He sued to recover his down payment, alleging that he would not have entered into the contract had he been advised that the house was haunted and that as a result of the poltergeist activity, the market value and the re-saleability of his house were greatly diminished.
The Appellate Division, by a three to two decision, agreed with the purchaser and ordered the contract rescinded and the down payment returned to him. (Stambosky vs. Ackley et al. New York Law Journal July 22, 1991, pg. 21 col. 2).
The court held that the seller, having engaged in publicizing the house to be haunted could not now deny the existence of ghosts, and therefore, as a matter of law, the court declared the house to be haunted. It was the seller's promotional efforts in publicizing her encounters with ghosts which fostered the home's reputation in the community as a haunted house. The impact of the home's reputation went to the very essence of the bargain between the purchaser and the seller, greatly impairing the value of the property and its potential for resale.
Generally, the court said, the rule of caveat emptor (buyer beware) prevails in real estate transactions, and while the seller did not fraudulently misrepresent the status of the house to the purchaser, the spirit of equity moved the court to grant recision of the contract of sale and the recovery of the down payment.
New York law adheres to the doctrine of caveat emptor in real estate transactions and imposes no duty upon the seller to disclose adverse information concerning the property. However, the doctrine of caveat emptor is not so all-encompassing so as to make every act of non-disclosure immune from redress. While the courts would award damages to a purchaser against the seller because of concealment of facts, yet if the purchaser refused to complete the contract by taking title because of concealment of a material fact, equity and fairness would prompt a court to refuse to compel the purchaser to do so. Only a contract which is fair and open and where all material facts known to each have been communicated to the other can be required to be performed.
The doctrine of caveat emptor requires that a buyer act prudently to assess the fitness and value of his purchase. A buyer cannot complain about the bargain he has made if he fails to exercise due care in evaluating the property before he signed contract. In this instance however, the buyer did meet his obligation to conduct an inspection of the property and to search available public records with respect to title. However, the most meticulous inspection and search would not reveal the presence of ghosts in the property or unearth the property's reputation as a haunted house in the community. Therefore, the purchaser should not be denied relief for failure to discover that the house was haunted, since most prudent purchasers would not be expected to even contemplate such a condition.
While most cases dealing in failure to disclose information to the buyer involve physical characteristics of the property or defects in recorded title, this case is unique since the allegation made by the purchaser is that the value of the property was impaired as a result of the reputation created by information deseminated to the public by the seller. Where a condition, which has been created by the seller, materially impairs the value of the property and is peculiarly within the knowledge of the seller and is unlikely to be discovered by the purchaser, such nondisclosures constitutes a basis for rescission of the contract as a matter of equity.

In this case, the court ruled that the seller, having deliberately fostered the public belief that her home was possessed by ghosts and having undertaken to inform the public at large about the supernatural occurrences on her property, she owes no less a duty to the purchaser of the property for such disclosed information. Where the seller not only takes unfair advantage of the buyer's ignorance but has created and perpetuated a condition about which the buyer is unlikely even to inquire, then the enforcement of such a contact of sale is offensive to the court's sense of fairness.


COPYRIGHT 1991 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning
Courtesty of findarticles.com

Halloween Fun at Rye Playland

Dare to confront the creepiness and enter the 10,000 square foot haunt, complete with a spooky wine cellar, library, sanitarium and more. Pass through the “tunnel of doom,” only to find that a fabulously fearsome experience awaits you at the other end. Once you wind your way through the waterfront cemetery and the mausoleum you’re home free. Or are you? “Scared by the Sound” is presented by After Dark Attractions, LLC.


Hours for “Scared by the Sound” are Fridays, 8 p.m. to 11 p.m.; Saturdays, 7 p.m. to 11 p.m.; and Sundays, Oct. 10, 17 and 24, 7 p.m. to 10 p.m. and Sunday, Oct. 31 (Halloween night), 7 p.m. to 11 p.m. The attraction will also be open Thursday, Oct. 28, 7 p.m. to 10 p.m.


In addition to the regular shows, “Hardly Haunted Matinees” for children 8 years of age and under will be held on Saturday and Sunday, Oct. 30 and 31 from 12:30 p.m. to 3:30 p.m.

Admission is $14 for adults, $10 for children under 12, and $5 for matinees. Call (914) 906-0818 for corporate and group sales. Parents and guardians should use their judgment when deciding if children under 12 should enter the attraction alone or with an adult. “Scared by the Sound” is held rain or shine and parking for the attraction is free. Please note that the park’s amusement rides will not be open. Enter the attraction area near the Fountain Plaza entrance.

Courtesty of westchester.gov & Scared By The Sound

Avatar: FREE Outdoor Screening

Travel to the faraway planet of Pandora and experience the world of the mesmerizing Na’vi when the “Screenings under the Stars” free outdoor movies series shows the science fiction blockbuster hit Avatar (2009, PG-13) on Thursday, August 19, at the Kensico Dam Plaza in Valhalla.

Entertainment including a deejay begins the evening at 6 p.m. The movie begins at sundown.

Admission and parking are free. Moviegoers should bring blankets, folding chairs and a picnic. Refreshments and popcorn will also be for sale. In the event of rain, the movie will be canceled.

The movie, which will be shown in standard movie theater format (not 3-D), tells the story of disabled Marine Jake Sully (portrayed by Sam Worthington) who travels to planet Pandora to become an avatar, ingratiate himself with the natives and help Americans mine lucrative “unobtainium.” But he finds himself in an interstellar conflict after falling for Na'vi warrior Neytiri (Zoe Saldana). Running time is approximately 150 minutes.

Westchestergov.com

New Employment Centers in Westchester-- FREE Help!

Although Westchester County's unemployment rate dropped from 7.3 percent to to 6.7 percent in the past year, county residents are still job hunting. The county's one-stop career center can help with resume writing, interview tips, provides workshops, and state-of-the-art technology to enable you to be your best-- all at no cost; it is absolutely FREE. 

This is a great opportunity to begin a new career and skills used in the real estate business help in every aspect of your job search and lifestyle. The same dedication and guidance are found in our one-stop Westchester real estate career center. With a real estate career in our Scarsdale office you have the world at hand with generous incentive plans, unmatched internet world presence, client leads and retention tools, and an environment that fosters paramount potential and thrives on agent success. Contact us today to discuss your future.

Here a list of the county's employment centers:

Westchester One Stop Employment Center
120 Bloomingdale Road
White Plains, NY 10605
(914) 995-3910

Mount Vernon Employment Center
100 East First Street
Mt. Vernon, NY 10550
(914) 813-6555

Yonkers Employment Center (run by the City of Yonkers)
20 South Broadway, Suite 1209
Yonkers, NY 10550
(914) 964-0105

Peekskill Employment Center
201 James Street
Peekskill, NY 10566
(914) 737-3490

Putnam Workforce Partnership (run by Putnam County)
110 Old Route 6 Center
Carmel, NY 10512
(845) 225-7043

Westchester Tax Grievance Deadlines

Your Westchester real estate taxes are based on your property's assessment. The assessment is set by the local municipality where your property is located and is supposed to be based on your property's fair market value. Sometimes properties are over-assessed, especially in today's market, in which case property owners are paying more than their equitable share of real estate taxes.

There is a fix to this problem...

It is possible to protest your property's assessment and potentially get your taxes reduced. The first step in this process entails filing a formal complaint (also known as a grievance) with your local municipality within a specified time called the grievance period. Every municipality sets it own grievance period and the deadlines are below, but each deadline should be confirmed through your local assessor's office.

We are happy to help! Contact us with any question or concern regarding the Westchester Tax Grievance process or any of your housing needs.

Courtesy of James G. Dibbini, Esq.

Amanda's Law: Carbon Monoxide Detectors

Amanda's Law on New Carbon Monoxide Detectors, took effect on February 22, 2010.
Amanda’s Law, named for 16-year-old Amanda Hansen, who died last year from carbon monoxide poisoning,  requires carbon monoxide detectors in every one and two family property, apartments in a multiple dwelling, as well as all condominium and cooperative apartments. Questions concerning the new law may be directed to the NYSAR Legal Hotline. The hotline is available Monday-Thursday from 9:00 a.m. to 1:00 p.m. at 518-436-9727. Or for quicker, local service call (914) 722-0700.
More information at NY State website