Nancy Manby, Realtor serving lower Fairfield County

07/15/2024

Amazing East Norwalk Multi Family Property offering 3 rent generating incomes! Live comfortably in one unit and rent out the others. The main house has two huge 2-bedroom apartments in mint condition, plus an commercial space outbuilding featuring 2 offices, half bath, heated workshop and 2 garage bays. Walk to the beach, restaurants, dog park, marina's and more. The total vibe of East Norwalk lifestyle. Listed for $1,300,000

5 Cove Avenue, Norwalk, (East Norwalk), CT, 06855, Norwalk real estate, Norwalk home for sale, www.raveis.com/raveis/24030368/5-cove-avenue-norwalk-ct-06855

09/13/2023

And this is the reason why owning real estate should be in everyone's wealth building plan!

03/07/2023

Find out how the top 15 home improvements rank, plus get tips on maximizing the return at resale.

01/10/2023

What is a Hubbard Clause and why is it so important in RE transactions?

Another common real estate transaction scenario: Buyer needs to sell one property in order to purchase another. If there is a simultaneous sale and purchase, a Hubbard Clause may need to be in be put in place to protect your deposit money on your purchase. Here is a scenario that best describes a Hubbard Clause:

Imagine your family is growing and you want to list your home and upsize - you are essentially selling and purchasing at the same time. Let’s say a buyer comes along and gives you an attractive offer for your current home and you decide to accept it.

Shortly after, you find a home that you’d like to put an offer on. However, your current home is under contract and the buyers are still working on obtaining their mortgage. Even if they are pre-approved, we still don't know for sure that your buyer is going to obtain it, so we will need to account for this risk when we submit your offer.

Introducing the Hubbard Clause.



Your Realtor should advise you to submit an offer on your new home with a Hubbard Clause included.

What this clause says is, “I will buy your home with the contingency that the buyer for my home successfully secures their mortgage.” In an ideal situation, the sellers of your new home will accept your offer with this contingency. This will protect you in an instance where let’s say… the buyer of your home unexpectedly loses their job and no longer qualifies for their mortgage.

Even if you’re in contract for your new home, completed the inspections, and sent over a deposit, you can rest assured that you won't lose your money. Since we included this contingency in your offer, we could now inform the sellers that your buyer didn't get their mortgage and that you’ll need to pull out of the deal.

Does this scenario apply to your situation? Feel free to reach out to me at [email protected] or 203-856-7069 and we can discuss the intricacies involved in submitting an offer with a Hubbard Clause.

01/04/2023

What you can expect to pay at closing:

A common question I get from buyers is if closing costs are the same as the down payment. This is not the case!

You can look at the down payment as your contribution towards the purchase price of the house you’re buying. The bank puts up the rest of the money by providing you with a home loan (mortgage). Your down payment and the mortgage will equal the total purchase price that you’re required to bring to the table on closing day. The closing costs are the funds you pay to get a seat at the closing table - think of it as an entrance fee.

The closing costs can usually be broken down as follows:

Bank & Attorney Fees:

-Appraisal ($470-$700) This depends on which type of property you are buying.
-Attorney Fee ($750-$1,100)
-Title Search ($200-$400) This is to ensure that the “title” on the house is clean.
-Title Insurance ($1,100 (on a $300K purchase)-$2,500 (on a $750K purchase)) If there are issues on the title of the house that are not uncovered with the title search but pop up later, this is the insurance policy that would pay for any claims.
-Recording Fees: Deed Recording $55-$75/Mortgage Recording $225-$250/Misc $80-$100 ($275-$425 total)
-Administrative Fee ($975-$1,050)

Prepaids & Escrow:

-Property Taxes - Prepaid between 8-9 months of annual property taxes
-Property Insurance - Paid up front ($500-$2,000) This depends on the type of property you're buying.
-Points - Money you pay to the bank giving you the loan in exchange for them giving you a lower interest rate - not applicable in every situation.

When considering the purchase of a new home, it’s important to take into account the level of initial investment that it takes to get you to the closing table.

Were you aware that closing costs were treated as separate from the down payment? Reply to this post or email me directly to ask a question or chat in more detail about this topic:
[email protected]

11/18/2022

Any improvements/upgrades that ultimately save on energy expenses will be likely be the new "wow" factor and take center stage.

Some Highlights You may be wondering what needs to be renovated before you sell your house. In today’s shifting market, making your house appealing is more important than ever. That’s why it’s essential to lean on a real estate professional who has in-depth knowledge of today’s housing marke...