Home of the Week ~ Pocono Mountain Chalet

Your own private retreat!  This beautiful post & beam style cedar home sits on 15 wooded acres with amazing mountain views. Features include 3 bedrooms, 2 full baths, hardwood floors, a walk out lower level family room complete with a custom bar & pool table. Large wrap around deck, hot tub, pool & a fenced garden area with water access.  Located in the Pleasant Valley school district and minutes to Rt. 33   Low taxes due to the acreage being enrolled in the Forest Reserve Act.  The property has road frontage on two different roads.  Go to www.buypoconorealestate.com for additional photos!

 

MLS # 09-4887  $371,900

Home of the week ~ Shady Oaks Colonial ~ MLS 09-4082

This roomy colonial features 4 bedrooms, 2 ½ baths, formal living room, large eat in kitchen, formal dining room, family room, large living room w/ stone faced fireplace, full basement and 2 car garage. Situated on a 1 acre lot in Pleasant Valley School district, no dues and a quick easy commute to Rt. 33.     $229,000 

 www.buypoconorealestate.com for additional information!

Monroe County’s First Time Home Buyers Program

The Redevelopment Authority of Monroe County in Pennsylvania has a loan program available for first time home buyers. This is a second mortgage on the house. Here are some facts regarding this program:

1. $10,000 maximum. Additional $5000 for eligible repair costs
2. Repayment is required when the homeowner refinances or transfers the title
3. The combined first & second mortgage cannot exceed 100%
4. The loan can be used towards the down payment and / or closing costs
5. The home must be in Monroe County
6. Must be a first time home buyer (has not owned a home in the last 3 yrs)
7. Must be a primary house
8. Applicant must have resided in Monroe County for 1 year prior to application
9. Must be a U.S. citizen or resident alien
10. Good credit & ability to make required monthly mortgage payments
11. Complete home ownership pre-purchase counseling from an approved agency
12. Maximum purchase price is $271,050
13. Have a total income less than 100% of the Monroe County median income
14. Credit score should not be less than 600 or meet the lender’s guidelines, whichever is
Higher
15. Housing ratio not to exceed 33% and the total debt ratio not to exceed 41%

This information was provided by Len Peeters of Pocono Mountains Mortgage. For more information on how you can take advantage of this new program call Len at 610-681-3646.

Home Of The Week – Located in Robinhood Lakes, Pocono Mountains, PA

This ranch home is a perfect starter home or for someone looking to downsize.  It features three bedrooms, a main bathroom and another bathroom in the master bedroom.  Convenient main level laundry room means no more going up and down stairs on laundry day!  The deck off the back is covered so no need to call off barbecuing if it rains.  First time homeowners can get a great home at a low price and also take advantage of the $8000 tax credit. Listed at $119,000   Visit www.buypoconorealestate.com for additional information.

Robinhood Lakes is a covenant community located in the western end of Monroe County.  The community consists of approximately 370 property owners and features two stream fed lakes, one is a stocked fishing lake and the other is a swimming lake staffed with lifeguards in the summer. Conveniently located within a short distance to golf courses, ski resorts, shopping, Pocono Raceway, Mount Airy Casino and many more Pocono Mountain attractions.

Home Of The Week

 

 

This lovely colonial is move in ready! There’s plenty of room for everyone in this 3000 square foot home that features four bedrooms and two and a half baths. The basement has been tastefully finished into a large family room with sliders to the backyard. The walk up attic is also finished and is currently being used as a bedroom. You’ll find beautiful hardwood floors in the foyer, formal living room, formal dining room and master bedroom. The master bedroom boasts a walk in closet and a large master bath complete with Jacuzzi tub. This home is situated on a 1.14 acre lot located in Effort Pennsylvania in the Pleasant Valley School District. The listing price is $285,000

To view a detailed listing report for this home click

here

and click on Search MLS by # put in 09-598

 

Here’s a few more photos of this home:

Contingent Offers – How Does That Work?

 

 

Probably the most confusing scenario in purchasing a home occurs when you need to sell the one you have in order to buy the one you want.  It actually occurs quite frequently and although it may sound confusing, an experienced agent will be able to advise you on how to handle this sometimes tricky situation!

The first question that comes to mind is,  Is it better to put your house on the market , get it under contract and then look for your new home?  Or, go out and find the perfect house first,  then put your house on the market?  The answer is….It depends! There are pros and cons to each scenario.  Your individual circumstances and of course the market conditions will determine the best approach.

Here’s just a few things to consider.  First of all, with either approach your offer on the new home will have a contingency, meaning, your offer is contingent on the sale of your current home.  In most cases, if the seller accepts your contingent offer, they will request to have the right to continue marketing their home.  This means that if a better (ie; an offer without a contingency) offer comes along you could lose out on the house.  Most sellers perceive a contingent offer as being weak and some may not even wish to entertain your offer.  However, in a slow market a contingent offer is better than no offer at all!

If you go out and find a house you love and haven’t even listed your current home, there’s very little chance that a seller will accept your contingent offer.  They usually want to see that your home is at least listed, and more preferably, that it is under contract.  I know this makes many people annoyed, but you need to put yourself in their shoes – what would you do?  Ahh, makes sense now, doesn’t it?

In my experience most of my clients have had the best success with listing their home first, getting it under contract and then writing a contingent offer on the new home.  The reason this is more desirable is because at least the seller (of the house you wish to purchase) knows you have a buyer on your home and that most likely it will close.  The negative of this approach is you may feel quite a bit of pressure to find your new home in time to coordinate with the closing of your current home.  If possible, you can try to extend the closing date to give yourself a bit more time.

Of course the best plan would be to have somewhere to live temporarily (relatives?).  In this scenario you would list your home, close on it and then find/buy your next house.  You would eliminate the stress and urgency involved in finding a house within a time frame and most importantly, you will be in a better negotiating position when putting in an offer on your new home – no contingency = no worries!

So as you can see there are risks and stresses with either approach and deciding on what direction to take will depend on several factors:

~ What are the market conditions? What is the average days on market? What are the chances of sellers accepting contingent offers?

~ How long will it take to sell your current home? Is it ready to be marketed? Are you willing to price it aggressively to produce a buyer?

~ Do you have somewhere to live temporarily if your home sells fast and you haven’t found a new one?

Keep in mind, as always, there are many variables that may complicate the process even more!  This is just a general overview to help get you started.  Your Realtor will help guide you to make the best decision for your individual circumstances!

 

 

Indian Mountain Lake – Pocono Mountains

If you are in the market for a vacation home or a permanent home in a secure gated community, check out Indian Mountain Lake!

Indian Mountain Lake is a private homeowner’s community nestled in the Pocono Mountains of Northeast Pennsylvania.  The community spans both Monroe and Carbon counties and covers approximately 4600 acres.  Single family residential homes range from small bungalows to large colonials and everything in between!   Amenities include a clubhouse building, five lakes, two swimming pools, four tennis courts and two basketball courts.  Annual dues provide services for road maintenance, trash removal, 24 hour security patrol and two gated entrances.

This community’s location is very convenient for enjoying some of the Poconos most popular attractions such as, ski resorts, shopping outlets, hiking trails, Pocono Raceway and Mount Airy Casino.  Easy to get to from Rt. 80 or the Northeast Extension of the PA turnpike.

Click

here to search for homes for sale in Indian Mountain Lake.  Click on Search MLS Residential and then click on Indian Mountain Lake under “Location / Development”

 

Sunday Chuckle

What Is Earnest Money and Why Do I Need It?

 

 

For first time home buyers, and sometimes repeat buyers, there always seems to be confusion about Earnest Money. As with many items related to Real Estate transactions, different states have different protocol for providing earnest money with your offer.  It’s a good idea to discuss this ahead of time with your chosen Realtor so you know what is expected when you are ready to make an offer.

Earnest Money, also referred to as Good Faith Money and Deposit Money accomplishes a couple of things:

It shows the sellers that you are a serious buyer and intend to purchase the property.   Sellers need to know that you are genuinely interested in buying their home.  When a seller accepts your offer, their home is now considered pending and is no longer actively for sale, which means if you back out they’ve lost valuable market time and potential real buyers.

In some cases it can help to show your financial ability and portray yourself as a qualified buyer.  It is not uncommon for sellers to request a larger amount of Earnest Money than what you originally wrote on the contract if they feel the amount is not enough.It provides for damages for the seller in the event that you breach the contract.   In other words, they can retain your Earnest Money if you back out of the contract for a reason not stipulated in the contract.

 

How Much Is Enough?

The actual amount of earnest money will vary from market to market.  In many instances,  it will represent between 1 to 2 percent of your offer price.   A seller may request a larger amount if they feel the amount you are putting up is not enough.

Where Does My Money Go?

Once your offer is accepted, and after all parties have signed the contract,  your earnest money will be given to the seller’s broker and deposited into a non-interest bearing bank account.   At closing this money is typically then taken off of your closing cost amount.

Is There Any Way We Could Lose Our Money?

The most common scenario where you can lose your earnest money is if you deliberately and willfully back out for a reason that is not specified within the contract.  This is referred to as a “breach of contract.’ On a typical contract there are normally a number of contingencies that serve to protect your interests, such as,  if after your inspections you decide you do not wish to buy the home.  Your agent should explain these contingencies and advise you regarding any concerns you may have regarding your Earnest Money.

 

 

2009 First Time Home Buyers Tax Credit

There’s been a lot of confusion lately regarding the “new” first time home buyer stimulus plan. There have been some beneficial changes to the new plan that new home buyers need to be aware of. It’s a huge incentive you can take advantage of, so jump off the fence and buy a house – there really has never been a better opportunity for first time home buyers!

Here’s what you need to know about the tax credit:

~ It is available only to first time home buyers and those who have not owned a home in the last three years

~ The tax credit is not a loan and does not require repayment

~ If you sell the home within three years, you must repay the $8000 tax credit

~ The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8000 the remaining  credit will be issued as a check

~ Only homes that are primary residences qualify

~ The credit is available on homes bought between January 1 and December 1. Closing must fall within those dates

~ The program has income guidelines. Singles earning $75,000 or more and couples earning more than $150,000 do not qualify

~ The credit is not available if the seller and buyer are related