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A short sale can be a good buying opportunity, but…
A short sale — an alternative to foreclosure — can be a good buying opportunity, but if you choose to pursue this method of transaction, you may have to jump through a few hoops and dodge a few red flags. Here are some bullet points to help you better understand the...
Olear Makes It Clear – Episode 12 – Competitive Market Analysis
Appraisal: A property appraisal is done by an individual licensed by the government who has passed significant specialized training. There are residential and commercial appraisals, and both are dramatically different. An appraisal report typically evaluates recent...
Olear Makes It Clear – Episode 11 – Appraisal
Appraisal: A property appraisal is done by an individual licensed by the government who has passed significant specialized training. There are residential and commercial appraisals, and both are dramatically different. An appraisal report typically evaluates recent...
Olear Make It Clear – Episode 10 – PMI
PMI: Private Mortgage Insurance is required by a mortgage lender when a homebuyer makes a downpayment of 20% or less on a conventional loan. PMI can be eliminated after a period of time when the borrower’s equity exceeds 75% of the home’s current appraised value. On...
County to offer septic system workshops
Is there a septic system on your property? If you want to learn how to keep it functioning properly, Erie County invites you to attend their virtual Septic System Workshop scheduled for Tuesday, Sept. 27 at 7 p.m. Attendees will learn how septic systems work,...
Olear Makes It Clear – Episode 9 – Transfer Tax
Calculated as a percentage of the sale price on a parcel of real estate, the transfer tax is a revenue generator for state and local governments. Revenue generated by the transfer tax is often earmarked for a specific purpose within a community. Individuals 62 or older are eligible for an exemption to reduce the percentage used.
Olear Makes It Clear – Episode 8 – Sonyma
The State of New York Mortgage Agency (SONYMA) is a program exclusively for first-time homebuyers. Benefits may include lower interest rates and reduced closing costs. SONYMA loans are also a good option when interest rates increase dramatically.
Olear Makes It Clear – Episode 7 – Reverse Mortgage
Funded through the Federal Housing Administration, a homeowner can qualify for a reverse mortgage — a type of loan — at age 62 or older using the equity in your home. Payments can be received as a lump sum, monthly payments or both. Closing costs can be substantial, so consult your financial manager or an elder law attorney for more information.
Olear Makes It Clear – Episode 6 – Loan to Value Ratio
In this video, Michael explains loan to value ratio, which is the relationship between the mortgage and the total purchase price on a percentage basis. Often referred to as LTV, different loan types have different loan to value ratios.
Cohousing communities are an interesting housing alternative for seniors
While most will desire independence and an opportunity to live in their own home, condo,
townhouse or apartment, that might not be the best option for those who need extra care or
attention. There is a popular alternative becoming more common across the country, and it’s
called “cohousing.”
Olear Makes It Clear – Episode 5 – escheat
The process where unclaimed funds revert back to the ownership of the state is known as escheat. Assets can include bank accounts, certificates of deposit, bonds and real estate. This is most common when someone dies without any heirs. After five years, these assets...
Olear Makes It Clear – Episode 4 – Conventional Mortgage
Conventional Mortgage: A conventional mortgage is considered more appealing to a seller because it does not rely on government subsidies and has less stringent appraisal requirements. It is also lower in overalll costs.
Falls in the home are common, but often preventable
before you take that next step across a cluttered room, take some easy steps to ensure your safety in the home, or the safety of your parents or elderly family members and friends.
Olear Makes It Clear – Episode 3 – Mortgage Closing Costs
Mortgage Closing Costs: Your closing costs when buying a home will typically include the down payment, fixed-costs items from the lender and prepaid items such as insurance, interim interest, etc. Michael explains how these items are “lumped together” to become known...
Olear Makes It Clear – Episode 2 – Adverse Possession
Adverse Possession: If you commonly use someone else’s land and have it under your control for 10 years, you can file a legal claim to take ownership of the property if you can prove exclusive and continuous use.
Olear Makes It Clear – Episode 1 – Abstract of Title
In this video, Michael explains the term abstract of title, commonly known as the “search,” which shows any transfer of the property dating back to the early 1800s. It also provides proof that there are no outstanding leans or judgements against the property.
The Olear Team
Tonawanda Community Project Ballots Now Being Accepted!
???? Attention Tonawanda Community members ???? Visit the following link to learn how you can cast your vote for the proposed projects to improve the environment and public health in the Tonawanda community; including Town of Tonawanda, City of Tonawanda, North...
When To Make the Move to Senior Living
by Solstice Senior Living As we and our loved ones age, there comes a time to reconsider current living arrangements and decide what’s best for each individual. For some, the prospect of a move to a senior living community is an exciting chance to meet new people and...
10 Balance Exercises for Seniors
by Solstice Senior Living It’s normal for seniors to lose some of their sense of balance as they age, but just because it’s normal doesn’t mean it’s something you should shrug off. Things like going for a walk or standing on a stepladder become much more risky in your...
Tips for Reducing Stress During Times of Anxiety
by Solstice Senior Living Stress can be a result of many causes, including adjusting to big changes, managing an illness or being a caregiver. When we’re stressed, our immune systems are weakened and we are more susceptible to infections. Now more than ever, it’s...