Christine Forgione - Associate Broker

When I got my real estate license I did it for selfish reasons. I wanted to buy a house. I had no idea how or what to do to buy a house, so I figured in my one track mind that I would go to school and get a license - and boom - buy a house, just like that. Of course it did not happen that way.

I did get my license and I "interviewed" alot of real estate companies and decided on one that I felt would be the best fit for me. Little did I know that I would stay there for more than five years. Yes, I did buy my house but I also found a career that honestly, I loved.

I Sold My Soul.

That is what I did when I became the office manager for the one and only company that I worked for. After a few of my own deals and lot of learning and classes that I took through out a time period of a year and a half, I was offered the Manager position. It was not something that I jumped into to light hearteningly. I took my job very seriously and I treated the office like it was my own. But before I took the job I had alot of things to consider like:

• I am an employee now, not an independent contractor.
• My friends who were agents would have to deal with me as their boss.
• It could/would change the magnitude of my relationship with my broker.
• I could hate it and then be out of a job and never work as an agent again.
• It could make or break my career.

I was right on all counts.

Everything Did Change.

From the minute I stepped into my "new office" I had changed the stride of the office. Sometimes agents would feel funny to "bitch" to me because they felt that I would go "tell on them", (which for the record, I never did - I always stuck up for everyone). I had alot to deal with from day one, but I felt like I could handle all the heat thrown my way. Many Some of the agents who worked in my office were mad at me because they were there longer than I was and some agents really wished me well. I sustained all the good and bad wishes. But to make a long story short, I did not take that "promotion" for the salary that was being offered. I took that position because I knew I would be good at it and again for selfish reasons - I wanted to know everything about real estate and how to run an office from the inside and out.

There was a bigger picture for me.

I am not talking about learning the ropes so I could go and open my own place, that is not what it was about. It was more like I needed to know everything so I could pass on my knowledge to others. I needed to know how to do everything because that was the only way I could do my job. I felt that there was going to be massive levels of growth with the company, but somewhere the road stopped for me.

Like Raising kids.

I have always said that managing an office is like raising kids. Just like a parent has to break up fights, so does a manager (I call it defusing). Just like a parent who has to teach a child how to become a responsible adult, a manager has to show an agent what to do sometimes but also when to back away and let that agent sink or swim. And just like a parent - you will always take pride with you when one of "yours" does a great job!

What now?

Many have asked where I have been and what I have been up to and like most of you already know, I left my previous broker to go onto bigger and better things. Although, currently I still have my license still with my previous broker - I have only resigned as office manager. It was a decision that again, I did not take lightly. Alot of thought and careful consideration went into my personal decision and to be honest, not because of how it would affect me but how it could or would affect my agents.

So after a month and a half later...

I have no regrets. I feel that I have always done the right thing for my broker and I have always had his best interest at heart and I will continue to do so. I know that there are bad feelings from his end and that is OK, it is something that he will have to live with. I am not mad, I was never mad - I was at a fork in the road and felt I had to take an opportunity that presented itself to me and I felt that I stopped growing with him. I was becoming stagnate and tired. I needed a change and I needed to do it quickly - So I took a position with a developer and I am learning a different aspect of real estate.

I am still selling real estate - it is something that I love to do and I feel that it is in my blood. I am still available to answer your calls and emails, so feel free to drop me a line whenever you have a question or a comment.

Originally Posted on NYHouses4Sale.com

Let me clarify that the term "multi-family" consists of two or more units.

True or False: More one family homes foreclose than a multi-family homes?

Could be true. Micheal Sexton from Trumpblog posted an article today that stated more one family homes foreclose than multi-unit homes. An investor friend said to Micheal "Virtually all the foreclosed properties out there are single-family homes or condos," he said. "If you can find me more than a handful of foreclosed multi-unit properties, I'll eat my shirt. It's because people almost always make money in multi-units, so they don't go into foreclosure."

Interesting - No?

Well, I checked on PropertySharks.com and what I found was that there are some foreclosures of multi-units but they are 10:1 to single family homes and the ones that I did find were in less desirable areas which shows me that rent collected is less, therefore less rent roll means less revenue.

I can totally see it the way Micheal interprets it. But another way could be that most investors have alot more to lose. Look at it this way - to invest you need to have some cash at hand and if it is a commercial building than the minimum required down payment would be 30% - allowing finance of 70%. But also, if an investor is buying property to only create cash flow - they have made the numbers make sense.

Ryan Slack from PropertySharks.com talks about the foreclosures in all five Boro's. He explains that while all areas of NY have seen an increase - he is mostly worried with Queens and the rate that homes are coming up on the foreclosure list. I will admit it - I have seen a large incline in the number of homes that are pending or are in foreclosure, but keep in mind - when the analysts speak of Queens, it is not the Bayside, Whitestone, Flushing, Malba or Beechhurst area. They are talking more of Kew Gardens, Forest Hills, Rego Park, Woodhaven, Jamaica, Rockaway, Elmhurst and surrounding areas.

Tina Mattow the Marketing Communications Coordinator from PropertyShark.com sent me the final 2nd Quarter Foreclosure Report plus a couple quick screen shots of the data that they have collected.

Just by looking at the chart (I am only talking about the Queens 2nd quarter 2006 and the 2nd quarter 2007). You can clearly see that the foreclosures noted have just about doubled!

I think that the third quarter will be the most important to this graph. If you look at the fourth quarter of 2006 it was one of the lowest in two years, so with that being said I think the third quarter for '07 will set the marker and will really give us a sense of where this market is going. Hopefully we see some correcting itself here.

This morning I got an email from a landlord who is curious about what or how he can refuse a prospective tenant.

======Start of Email======

"Hi I read your blog and you have good info on there. Keep it up. I have become a new landlord, some apartments are already rented with leases and two are not. I have posted my own ads and I got alot of replies but some of them I am not to comfortable with renting to. Can I deny a tenant a[n] apartment?"

Well in short, yes.

You can deny a tenant an apartment but you must be careful on your reasons.

Valid reasons to deny:

• Credit history.
• Smoking.
• Drug use.
• Number of people. (Be careful on this one. You can not discriminate against a family or non-family) But if you have a one bedroom apartment and 7 people are looking to rent your apartment - yes, you can deny for the NUMBER of people not family status!
• Pets.
• Length of lease desired. (You are requesting a year lease and the tenant wants more or less).
• Income to rent ratio.
• Convictions - (including Sex predators)

Reasons that could be discriminating:

• Family status (Married, divorcee, single, same sex marriage, etc.) Let me clarify, a landlord cannot say to a prospective tenant "Oh, I only want single people in here" or "Or I don't want a married couple because that only means they MIGHT have kids".
• Race - (Do I need to explain? Thought NOT!).
• Political Stance.
• Religion.
• Sexual orientation.
• Disability.
• Age. (Very gray area).

also read:

Explain your fees, Please.

Landlord, Tenants and Co-signers.

Questions ?

Have a great weekend, I will see you Monday!

Its a sad fact to watch a man who served our country more than once, not get the proper care because he has "too much". Yes, he has "too much" but not enough to get him around the clock care.

Questions were raised and could only be answered by an Elder Care Attorney. This attorney advised the elderly man to take a reverse mortgage to help pay for his care. There is not enough cash in the bank to last more than two short months and there will be funds that need to be spent to ensure proper care.

So after I looked up some information about Reverse Mortgage, I can totally see how an elderly couple could fall into the pitfalls of the product. But, what other options do most elderly have. They have worked all their lives and they have become house rich but cash poor.

What is a Reverse Mortgage?

In short, a reverse mortgage is taking the value of your home and turning it into cash. The cash you get from a reverse mortgage can be paid to you in several ways:

• one lump sum
• as a regular monthly cash advance;
• as a "credit line" account that lets you decide when and how much of your available cash is paid to you; or
• as a combination of these payment methods.

Now the creative part of this whole product is the repayments. No matter which way you chose to have this loan paid to you, you don't have to pay anything back until you die, sell your home or actually just move out of the home, permanently. Keep in mind - the only way you would be eligible for most reverse mortgages is you must own your home and be 62 years of age or older.

Any Thoughts?

The past two years there has been an on going debate about a bill that would require co-op boards to fully disclose any board denials that they enforce for whatever reason. This is always focused on the Manhattan co-ops, but truth be told, I have seen alot of co-op boards denying applicants in the Whitestone, Beechhurst, Flushing and Bayside area.

An article today in the NYSun.com entitled Stalled Co-op Rights' Bill Gains Backers - June 22, 2007 says:

"If it were to pass, the bill would shine a brighter light onto the inner workings of New York City's powerful co-op boards, which were first required to begin disclosing sale prices in 2006.

The boards have long served as a point of intimidation for potential buyers, and real estate brokers say they coach their clients for interviews before the boards, picking out clothes, and narrowing down items to talk about."

Any thoughts? Have you been denied by a co-op board or is there anyone that you know that has been denied. I am interested in hearing some stories.

Related articles:

• Can you buy a co-op and NOT go before the board?
• Co-ops: Within the guidelines..
• Co-op 101

FICO Score and what you should know.

There are alot of factors that your credit score gets based on but the top six killers are:

1. High balance. - "Johnson estimates that you lose 1 point for every percent of your credit limit that you use. So if you have a total credit limit of $10,000 and have an outstanding balance of $4,000 (40%), your score would be 40 points lower than if you had a $0 balance. Ideally, credit experts say, you never want your balance to exceed 30 percent of your credit limit." (MSN.Com)

2. Late payments. - Pay on time! If by chance you can not pay it on time then pay in full, IF you can not do that the pay more than the minimum. I suggest setting up the automatic bill payments through your bank, you will never be late again!.

3. Not Enough Credit. - Banks like to see history and they can not judge how well or poorly you do with substantial credit. Its best to take out a car loan or bank loan and repay, on time. This will boost your score.

4. Length of Credit history. - Too young, too eager! You must build trust with the creditors. Start slow, start small and then build your foundation. It takes time and time on this matter is on your side.

5. Closing accounts. - I think we have all done this. You get a great offer in the mail "O%APR on transfers" I know I have. But one thing you should remember is not to close the account that you just transfered. Keep it open. If you close it, it could project your credit rating lower.

6. Not knowing. - Every person should check there own credit. Log onto MYFico.Com and view your rating as well as your history. If you are not checking your credit at least once a year then how would you know if your identity was or has been stolen?

While I was doing an open house on Sunday a woman walk into the home, alone. She walked through the house fast and quite abruptly. When she left, I don't even think I got an acknowledgment - it was kind of like I pissed her off because I took her out of her car dragged her into the home and made her look at the home. When she showed up again with 7 people in tow, I have to say, I was quite surprised. I thought they were either here to beat me for dragging her into the home and forcing her to look or they were here to check it out and maybe make an offer.

Well I was right - (thankfully on the offer).

What was odd was how they presented the offer to me. I almost felt like I was working a drive through McDonald's window. They barked their offer, added some fries, tossed in an apple pie... - no not really - they just made it seem so .. I don't know - umm, matter of fact. There was no emotion, no happiness, no excitement - nothing. I actually was not sure if they even liked the home, that's how stone like they were.

Anyhow, I was thrilled to get an offer. It was something and it was a starting point and I know the seller is at a stand still with his plans until he sells this home, to be honest, I know he is willing to work any buyer who makes a solid offer. But, they did not cut it. You see - it was not just about the money, the reply no went much deeper.

There were CONTINGENCY'S - and ALOT of them.

Sellers have been spoiled a few years (months) ago most offers did not have any strings attached, homes sold without a hitch. Now? Not so much. I have always viewed a contingency as almost as a skin problem - they tend to just spread. If one contingency gets through another will pop up and another and so forth and so on. So nixing contingency's early is something that I tend to do.

The contingency's that these "buyers" were:

• Mortgage - (OK, that is normal).
• Upgrading to Viking appliances. (No joke, $20,000 right off the bat).
• Closing Mid September. (Not too bad, could be workable)
• 10 year warranty on home (Its a new construction home, but 10 years? Riiighht).
• They need to sell their home first (they can go into contract soon, but with only $7,000). - To me this is a red flag! The buyers are looking at a 1.2 Million dollar home, but only have $7,000 to put down, am I painting good enough picture for you?
• Closing Credit - Here is where I think they lost me, the seller and their minds. They would come to almost full price on the home - IF the seller agreed to "GIFT' them back $75,000.

.....Picking myself off the floor.

Is that even legal?

So - welcome back world of contingencies! I so did not miss you!

Breed: French Mastiff (Dogue de Bordeaux)

Weight: 160-170 lbs (head weighing about 40 lbs).

Temperament: Great! Loves our family - not fond of outsiders.

Best Quality: Will scare the crap out of anyone with one look. Bark comes from the gut and rattles my dishes in the cupboard.

One thing I could do without? DROOL. Ohhh, its bad. Really. Think "Turner and Hooch".

Would you mess with him??

When my husband and I bought our first house, we decided that we would need some sort of alarm system. So I called an alarm company. My husband called a breeder.

When I first met our dog we drove 1.5 hours to Rhode Island and the breeder met us with 17 pups. We were able to pick the pick of the liter if we wanted to. While we were playing with the pups the breeder decided that I should meet the father and mother of the liter so I could better gauge my decision as to which pup would be a good fit for me.

The breeder leaves and in an instant I saw a HUGE beast running right for me, his jowls were flapping in the wind and the paws were huge. Not just huge but HUGE! My face must have read something like "OH MY GAWD" because everyone kept asking me if I was OK.

OK? Am I OK? Are you guys crazy? What does this thing eat? Will my kids be safe? Is this a joke?

Looking at the cute fuzzy pups I had no idea that THEY would turn into THIS! I took my oldest son by the arm and threatened him to "Pick the SMALLEST pup in the liter".

Weeks and minutes this dog grew. He grew and he still kept growing. His drool was fierce and his protectiveness grew strong for our family. He became my youngest sons "puller" and protector from his older brother, barking loudly and seriously when my oldest son taunts my younger son. Just letting my oldest son know that he's watching.

Door bells, strange noises and strangers puts my dog on high alert. He is amazing!

For the record he eats only finely cooked meals - Chicken and high residue dog food. We cook for him every night. He has quickly become king of the house and its a throne that I have allowed him to keep (OK, its not a throne its a couch, but do you blame me?). People know what kind of alarm system I have - need I say more?

If you are selling or are thinking of selling here are some things that are "IN" -

Houses that are priced right. - No explanation needed on this. Pricing is key and everything that is priced right - SELLS!

Savvy Buyers and Sellers. - Companies like Zillow, Trulia, HotPads, Easy Street, Realtor.com and any other IDX feed website are the IN thing these days. Buyers and sellers want to be in the "know" - they don't want to rely on me to give them all the information - they will research and research until they KNOW what xyz sold for and what abc is asking. Self educating on mortgages, home buying process and inspections.

Upscale Garages. - If you are thinking about selling - then one suggestion that I can offer is deck out your garage. Put up shelves, cabinets, heating extra electrical outlets and perhaps a mini fridge. (I know MY husband would buy the house just for this.)

Home Office (Instead of fourth bedroom) - Ding Ding Ding. Whenever I show a house that has three bedrooms and the fourth room as an office the buyers love it. They love the idea that if they feel like working at home, they can, even if their boss won;t let them - they have that OPTION should it ever become available, because they have an office at home.

Heated Patios, driveways and walkways. - SLAM DUNK! Trust me. Any house that I showed that had a heated driveway was a sold house! The owner who installs radiant heat will never have to shovel snow again- Just flip a switch.

Central Air (not forced hot air). - Central air is a winner as well as the radiant driveway. No air conditioner in the windows and the rooms stay at a constant temperature that you wish. Very high on buyers wish list.

Finished basements. - Everyone needs a place to put the kids and all their stuff. Most buyers have this at the top of their wish list. When finishing a basement, remember to make sure that your basement does not have any sort of water problems. (I know, you would think people knew this already - but you would be surprised - trust me.)

Finished attics (could be used as an office) - Remember this - any room that does not have heat (and most attics don't) is not considered or can be counted as a bedroom. So, if you finished off an attic and there is no source of heat to the room, then it is not or can not be called a bedroom, BUT - you can call it an office!

Room with colors. - Let's put a guideline on this. Some people out there do not love red - so be careful when picking out the colors. Any room that has color on the walls is a warmer room than one that is just painted white.

Creating an outdoor living space. - Imagine moving into a house that has included the backyard in the decorating. There is an outdoor BBQ space, paver's, and well manicured lawn. This is an area that most homeowners don't take care of but when I see a home that has a drop dead backyard - the home can demand and will demand a higher selling price. Utilize the yard!