North Shore Homes - January 12, 2023

Old Field A triumph of Contemporary design! This 3-4Bed,4.5Bath home has been carefully remodeled into a unique property. Exceptional entertaining spaces, chef’s Kit/w Center island, master suite & luxurious bath, 2 Fireplaces, deeded beach rights, culde-sac. 2.5 acres of private and tranquil property. ML#3424161 $1,895,000

Mt Sinai Build your dream home on this beautiful waterfront property. Located on a Cul-de-sac & property lines go right into Old Creek Bay -boat right out to the Forge River & direct to Moriches Bay . Master suite on 2nd level and a Jr. Master Suite on the rst level. Basement with 10” Ceilings. ML#3405811 $1,350,000 To Be Built

Old eld Spacious updated 4 BR Ranch with access to private beach, HW oors, Andersen windows, skylites, oversized 2 car garage, full basement partially nished,3V schools, close to Stony brook Univ. ML#3422211 $950,000

Mt Sinai Beautiful Jack-O-Bean Hwd. Floors Thru out this Colonial. Full Fin. walk out bsmt. with private Gym, Family Room, Wet bar, 1/2 bath. In-ground pool w/ newer Liner/ lter, new loop lock cover. Updated EIK with New SS appl., Large Mstr. w/sitting area, new Master Bath. Custom moldings through out. ML#3436173 $989,000

Mt Sinai Views of Waterfront without any of the headaches of Bulkheading. Build your Dream home overlooking Mt. Sinai Harbor where you can enjoy moorng your boat, Fishing, Kayaking. Acres of beaches to walk, run or just sit back and relax. If you want to nd the perfect lot to build your dream home... this is it! ML#3369323 $599,000

Sound Beach Contemporary home w/ soaring ceilings and open oor plan. 2100 sq ft plus it has a full n bsmt. approx 800 sq foot, 1 bdrm legal apt. Quiet block and quaint setting, 2/3 bedrooms upstairs with a mstr bath w/ bath and shower. Loft area perfect for an o ce or additional bedroom.

ML#3436174 $499,999

Bringing clarity to

Center Moriches Beautiful Large 3Br, 2.5Bth Sharaz Model in gated community. 1st Flr Primary Br, Hi Ceilings, EIK w/ Marble Counters. Updated: Refrig, Stove, & Dishwasher. FDR, End unit, Fireplace, Wood Floors, Separate Laundry Room, Sprinkler Sys. 2 Sliders to Paver Patio and Covered Rear Porch. Amenities include Pool, Tennis and Gym. ML#3441863 $649,900

Mt. Sinai Gorgeous 4Br, 2.5Bth Colonial in desirable Broad Hollow Estates. Updated throughout, New CAC & Windows. Gourmet EIK w/quartz countertops. Open Floor plan Living and dining room w/ Glass Doors that open to stone patio w/ built in BBQ. Oversized Primary Br w/EnSuite Bth & Wlk in shower. Beautiful .34 backyard w/IGS, Lush Gardens & IGPool. ML#3448692 $799,000

Lovely 4Br, 2.5Bth Center stair Colonial set on a private fenced, ¾ Acre in Brookhaven Hamlet. Updated EIK, half bath. Family room, FDR, Living room with a wood burning Fpl and sliding doors leading to a private backyard and entertaining areas. Upstairs is the Main Br w/full bath, and three other bedrooms with an additional full bath. There is also a two-car garage, and a full un nished basement. ML#3446830 $499,900

Rocky Point Price Improvement: Recently renovated 1Br, 1FBth Cape w/open oor plan. Beautiful New EIK w/Wide Plank vinyl ooring, Stainless appliances and a roomy pantry. The open dining area and spacious living room with access to large deck overlooking scenic yard. Large Primary BR w/good closet space and new carpet. Retreat upstairs to nd additional living space ML#3441643 $305,000

Smithtown Meticulously maintained 3Br, 2 FBth Ranch in Smithtown SD. Home features 2 zone gas baseboard heating and cooking, 200-AMP electrical service, CAC & hardwood foors throughout. Den & Family Room. Primary bedroom with en suite Bth. Brand-new deck. Fully Fenced .25-yard w/IGS & Above Ground Pool. ML#3445802 $537,500

Mt. Sinai Gorgeous 4Br, 3.5Bth Post Modern on cul-de-sac on 1 acre +. Wonderful yard with L shaped IGP. HW Flrs on main oor. Formal Living Room & FDR, Family Room w/wb FPL & sliders to deck. Lg primary suite w/2 WIC’s, ensuite bth. Main oor o ce/ guest room. Walk out bsmnt, 2car Garg. Natural gas heating & cooking. ML#3423849 $889,000

631.331.3600

Pt. Je erson Quaint 3Br, 2Bth Classic in Pt Je erson Village. Property runs from Street-to-Street w/ 1 Car Det’d Garage. Primary Suite w/FBth. Den/ Family Rm, LR/DR, Hardwood Floors as seen. Partial Walk out Bsmnt. Enjoy all Pt Je Amenities. Zoned Residential/ O ce, Perfect for home o ce. Possible Mother Daughter w/Proper Permits. ML#3435760 $499,900

Brookhaven

Choosing the Right Agent

They play a key role in what’s likely the largest transaction of your life.

Look for a credentialed and experienced listing agent to help with everything from preparing the home to your closing. Here’s what to look for.

EXPERIENCE

Working with an agent may seem like a luxury, but it’s actually a critical element in making sure your sale goes smoothly. Their familiarity with local rules and regulations will ensure your sale document meets the required marks.

The best agents are savvy about internet marketing solutions, while boasting an in-depth knowledge about favorable lenders or trusted inspectors and appraisers.

They can also give you critical perspective on changes in the local market — a critical element in setting the price and negotiating with a potential buyer.

That’s why it’s so important to find a veteran listing agent with lots of great recommendations.

Once you’ve found one, rely upon their expertise. Chances are, your home will sell in no time.

PERSONALITY

There’s inevitably going to be some back and forth involved with any home sale, so your agent should have people skills, a great sense of responsibility and an effective communication style. They’ll need to be able to smoothly and accurately negotiate on your behalf, and to report any new developments back to you in a timely manner. You’re going to be working very closely with this individual over a period of days and weeks, so your personalities ought to mesh.

FEES

All of these services will obviously come at a cost. How much, however, is up to you. A listing agent’s commission percentage is negotiable. But remember: You get what you pay for. These professionals can save you from a lot of common headaches throughout the sale, while serving as an important sounding board through what can sometimes be a difficult process.

The percentage is also split in some fashion with the seller’s broker, so lower fees may lead to fewer showings — since agents on the other side would make a smaller commission, too.

SPECIALTIES

In some cases, you may need a specialty agent to handle a particularly unique listing. For instance, properties that are discounted for a quick sale may be better served by someone more familiar with foreclosures. Shortsale specialists will have closer connections with banks that handle this type of transaction, while other agents deal exclusively with areas like mixed use or senior properties.

REAL ESTATE 101

Mortgage Insurance Costs

Lenders require mortgage insurance if your down payment is less than 20% of the home’s purchase price. Even if you can’t initially meet that number, the mortgage insurance requirement is lifted as your loan-to-value ratio improves with consistent payments on the principal.

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Funding a 1st Home Purchase

Buying your first home is a huge decision and an even bigger investment. But there are ways to make it easier for you.

Grants can help you with your purchase, relieving some of the stress of getting your first mortgage, leaving you to decide whether you want the three-bedroom with the patio or the four-bedroom with the yard.

WHAT DO GRANTS PAY FOR?

Grants for first-time homebuyers can pay for your down payment and closing costs. Sometimes, these assistance programs have strings attached, so make sure you read the fine print before cashing that check. Here are some examples from the experts at Bankrate.

• DPA second mortgages: A down payment assistance second mortgage is available through many state housing finance agencies. In this program, you will apply for a 30-year mortgage to finance your home, then another, smaller mortgage to help with the down payment or closing costs. You’ll pay both loans off at the same time.

• Deferred-payment loans: Some programs allow you to defer payments until you sell your home, refinance or pay off your mortgage.

In the meantime, the interest won’t accrue, keeping the amount you owe the same.

• Forgivable loans: These loans can wind up being free if you stay in the home long enough. Make sure you understand all of the terms and conditions of loan forgiveness.

OTHER HOMEBUYER PROGRAMS

Fannie Mae and Freddie Mac also offer several loan programs that can help first time homebuyers. They include:

• Conventional 97 mortgage: These mortgage loans require 3% down but require a minimum credit score of 620. Like most loans, the borrower will also be required to pay for private mortgage insurance, which is an additional cost to your monthly payment.

• HomeReady mortgage: This program also requires only 3% down but offers more flexible underwriting.

• FHA, VA and USDA loans: These allow borrowers in special classes to take out mortgages with little to no money down. An FHA loan can go to borrowers with a credit score as low as 580 and at least 3.5% down, or down to 500 and 10% down. VA loans go to qualified U.S. military members with lower interest rates and sometimes not even a down payment. USDA loans

qualify some rural properties up to 100% financing.

• Good Neighbor Next Door loans: This program provides housing aid for law enforcement officers, firefighters, emergency medical technicians and teachers. Borrowers can get 50% off a home in a revitalization area, provided they live in the home for at least three years.

MORE PROGRAMS TO HELP

Some employers may also help workers with housing needs, usually in neighborhoods near the place of business. Watch out for rules regarding tenure requirements and income limits.

Nonprofits may also offer mortgage help to first-time homebuyers. One organization, the Neighborhood Assistance Corp. of America, provides low-rate mortgages to low- and moderateincome borrowers without requiring a down payment or closing costs.

REAL ESTATE 101

Private Mortgage Insurance

PMI, is insurance payable to the lender for a pool of securities that may be required when taking out a mortgage loan. This insurance helps offset losses in the case someone cannot pay their loan and the lender cannot recover its costs after foreclosure and the sale of the mortgaged property.

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ESTATE 101

Home Appraisals

A home inspection is different from a home appraisal. An appraisal is usually required by the lender to make sure the property is worth the money they’re lending you to buy it. Appraisers will review the features of the home and comparable sales in the area along with market trends in the region.

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Home Inspections

A home inspection is usually required before you can close on a home purchase.

Home inspections involve a close examination of the structure and systems of a home.

When the inspector is finished, they will send a report that covers their findings, analysis and recommendations. Keep reading to learn more about this necessary service.

WHAT WILL AN INSPECTOR LOOK FOR?

A standard home inspection will look for the condition of the home’s structure, heating and cooling system, interior plumbing, electrical system, the roof, the attic, any visible insulation, walls, ceilings, floors, windows and doors, and other structural components. The American Society of Home Inspectors publishes a standard of practice and code of ethics that covers what the home inspector should look for and cover in their report.

IS ANYTHING EXEMPT FROM AN INSPECTION?

Yes. Inspectors can’t inspect what they can’t see. So any inaccessible

areas, say a locked closet or a very steep roof, won’t get a thorough inspection. The inspector will note these areas in their report, and the lender or buyer can ask for a special inspection to cover that area.

DO YOU NEED A HOME INSPECTION?

If your lender doesn’t require it, no, you don’t need a home inspection. But it’s a good idea to get one. A home purchase is often a family’s largest single investment and the buyer should learn everything they can about the home before they sign the paperwork. After the inspection process, the buyer will know more about the home and can make decisions and demands with confidence.

WHAT IF THE INSPECTION REVEALS PROBLEMS?

No house is perfect and remember, the inspector isn’t there to pass or fail a house. Instead, they just describe the conditions as they see them. It is up to the client (the homebuyer) to decide what they want to do with that information during the home buying process. The homebuyers may wish to take the inspection report and negotiate with the seller to make repairs or cover costs.

HOW TO CHOOSE AN INSPECTOR

So how do you find this real estate professional? Your Realtor or lender can give you a list, or you can turn to ASHI’s Find an Inspector search at homeinspector. org. You can also ask friends and family. Once you’ve found a prospective inspector, ASHI recommends asking some of these questions:

• Is the inspector licensed? Verify that any home inspector holds a valid license in your state, county or city.

• Does the inspector belong to ASHI? ASHI members subscribe to a standard of practice and code of ethics, often in addition to state and local regulations.

• What are the inspector’s specialities and certifications? This is especially important if your home has extra features such as a pool.

• What is your experience and expertise?

• How will the inspector communicate their results? Find an inspector that you communicate well with.