Bump Clause

You probably haven't heard the term bump clause unless you are in the real estate business or have sold/purchased a property with a contingency.  But you know, that's OK!  That's why we are here.

Now if you are unsure as to what a contingency is then look back one post and read all about it.  Once you know what a contingency is, the term "bump clause" makes a lot more sense.  The "bump clause" is part of your contract.  If you are involved in a real estate deal that has a contingency then this is a section you will want to pay close attention to.  If you are the buyer, the clause will allow someone who has no contingency to essentially move you out of the way if the contingency isn't removed in the allowed time.  This can easily be viewed as a positive for the seller so they are not sitting and waiting on a deal that may or may not actually happen.

So say you own a home and need to move areas or need a bigger place.  Well, you will be buying and selling.  You may find the perfect home 3 days later and not have even placed your own home on the market.  This means there is a chance you will be submitting and offer with a contingency and more than likely there will be a bump clause.  Say the bump clause states that you will have 24 hours to remove your contingency if a non contingent offer is submitted.  Well, one week later another person submits and offer to the same home but without the contingency.  Your agent will notify you and then there will be a decision to make.

Contingency? What's that?

So you're preparing to buy or sell.  That's great news! Hopefully you have been reading this blog for all of the best advice (as well as using your Nothnagle agent)!  As you go through the process you will hear many many terms.  Some old and some new.  One that you may hear will be "contingency."  But what is it?  That's why we are here!

The simplest way to put it; a contingency is when you make an offer but under a condition.  You know, like you did when you were younger (or even now too!)  "Sure, I would love to come over!  That is as long as you are serving ice cream!"

There are many ways that an offer can be contingent.  You may agree with an offer as long as your attorney says it's ok.  The offer may be accepted as long as you can show them you are pre-approved in the next couple of days.  We would like to buy your home as long as the home inspector says everything looks great.  A big one is the, "we accept your offer but can not close until 60 days after we sell our house (or find a house to buy...depending on if it's the buyer or seller).

So contingencies can be helpful to both sides.  Of course, your Nothnagle REALTOR will always be the best source to guide you through everything!

Moving to Western New York?

Have you ever relocated for a job, family, school or any reason at all?  Then we are sure you know how hard it is to know exactly what you are looking for without having ever lived (or even visited in some cases) in that area..  And if you have never relocated, you may not know what to expect or where to start!  We here at Nothnagle REALTORS are here to help.

It is always a great first step to create your own "wish list" that includes things you like about your current home along with things you want in your new home. There may be things such as: four bedrooms, a master bath, gas oven, and an in ground pool. It may also be best to break the list into "must haves" and
"would likes" so that you know where you are willing to compromise.

Your next step would be finding a REALTOR that suits your needs and can best assist you for what you are looking for.  Nothnagle can help you with that.  We have a whole relocation team that specializes in getting you matched with an agent to best assist you.  These agents have worked with people moving into the area before so they know what to expect.  They know their areas and can answer any questions for you that you may have about schools, things to do, taxes, and everything in-between.

So don't hesitate!  Contact one of our Nothnagle Realtors Relocation specialists today!

Tips for an Open House

Getting ready to have your open house and want to give it the best chance possible to look great to all of those potential buyers (and occasional curious neighbor) that will walk through?  Here are some quick and easy things that you can do to help you and your agent out!

• Clean it up - Whether you are doing it yourself or hiring someone from our Home Services department; cleaning up is the number one recommendation.  Removing clutter, taking out trash, dusting...anything you can think of to make your home look cleaner, more presentable, and showing pride in ownership.
• Let there be light - Natural light is a great asset to a home.  Opening blinds and curtains allows for the light to flow in showing the true size of the room and giving a great "welcome home" feeling.
• Check your curb appeal - It is the first thing that everyone will see and we all have heard the saying that you only have one chance to make a first impression...so why not make it a great impression?  Sweeping the porch, deck, and walkways.  Cleaning debris in the yard.  Every little bit can help!
• Find something to do - You may find that your agent will recommend that you not be around when you are having in open house.  While there are many reasons for this that can vary from agent to agent; one is to make the potential buyer feel more comfortable looking around.  Also, if you have pets either make sure they are properly secured or are with you at the time.  Just because you may love animals doesn't mean everyone else does!

New Site for Post Office

There has been a site selected for new Rochester Metro Station Post Office!

Nothnagle Commercial is pleased to announce they have signed the first tenant for the North Plymouth Terrace’s commercial building at the corner of North Plymouth and West Main Street in Rochester. North Plymouth Terrace is a new development of 24 single family attached homes and a 20,000 square foot commercial building.


The U.S. Postal Service has selected this site for a consolidate Post Office to serve customers in the downtown Rochester area. The new Rochester Metro Station, 116 West Main Street, will take approximately eight months to complete.

“Our Vision was to find a site conducive of the Federal Station and Midtown Station.” said Rochester Post Master Ignatius Vaccaro. “The space is centrally located and will be better accessible for post office customers.

The Rochester Metro Station will replace the Federal Station at 100 State Street and the temporary Midtown Station at 454 Broad Street.

The Postal service does not receive tax dollars for operating expenses; it relies entirely on the sale of postage, products and services to fund its operation.

What exactly are seller concessions?

It's a question that many first time home buyer and first time home seller have.  But what exactly are they?  Does it have something to do with a concession stand?  When it comes to real estate we aren't talking about selling hot dogs and hamburgers...we are talking money!

The best way to describe seller concessions is a way for the buyer to pay for closing costs without having to use the money they have in their "pocket."  For example: If the buyer and seller agree on a selling price $100,000 and the estimated closing costs will be 4% the buyer can ask for that to be added on in the form of seller's concessions, making the price $104,000.  The seller would the "pay" $4,000 to closing costs for the buyer.

There are many different factors when it comes to seller's concessions such as loan to value and the appraisal.  We do recommend that you speak with your Nothnagle real estate agent or one of our mortgage partners if you have questions.

In the meantime...

Loan to Cost (LTC)

In an earlier blog we talked about LTV (Loan to Value) which talked about how the relationship between the total amount you are borrowing to the appraised value of the property.  Well today we will be talking about a different relationship between the total amount of your loan to the cost of the property.

Most often used with commercial properties, LTC compares the amount you are wanting to borrow to the cost of the project itself.  For example: If you thought that building a new restaurant would be a great idea and the land was going to cost you $50,000 and then total construction costs were going to be $550,000 then your total cost would be $600,000.  Well, you've been saving for a while and you have $90,000 to invest in your dream.  This means that you still would need to borrow $510,000 and your LTC would be 85%.

There are many factors  as to if a bank or mortgage company would approve a LTC of that percentage.  One thing that they do look at is location.  Not just is it in a good area but how many of what you want to build are there already?  If you are interested in making your dream happen...contact one of our mortgage partners.  In the meantime - check us out below!

5 Tools for a First-Time Homeowner

If you are a first time homeowner this is more than likely something you have yet to think about. I mean if something breaks where you are now you are more than likely going to be calling either you parents or the landlord.  But now the home is yours and with that comes the maintenance responsibility as well.  So here are the 5 must have tools so you can keep up with everything.

• Hammer - There is so much that a hammer can do that there is no reason not to have one!  Putting nails into the wall, taking them out, or even using the claw to pull weeds out of your garden.  The hammer is a must have.
• Tape Measure - Often over-looked until you need to measure something then what do you do?  Pull out a dollar bill and count how many dollar bills wide your new entertainment system can be?  Trust us, the tape measure is something you will want to have around.
• 4 Headed Screwdriver -  Oh you already have a screwdriver!  But are you sure it's the right one?  How many times have you gone to fix something that was loose just to find out you needed a flat head and all you had was a phillips head?  With the 4 headed screwdriver you get small and large of both.
• Pliers - There are a few different types out there so you may want to grab more than one.  But they are handy!  Tightening nuts, loosening soda bottle caps, using a towel as protection and bending the tip of a metal fence back.  With those options and more, a must have the must be!
• Utility Knife - This is another often looked over tool that should be in the tool box.  Stronger than a box cutter, a utility knife can score drywall, cut rope and wires, and it can open a box too.

With these 5 basic tools a new homeowner can at least have a nice start to maintaining their own home.  Are there any others you recommend?  Leave them here in the comments or let us know at either place below.

Reinventing Real Estate

Nothnagle REALTORS® was founded in 1948 on the principle to use technology to increase real estate exposure for buyers and sellers.  As we enter our 64th year of business, we are proud of our long-standing heritage of serving the real estate needs of all our buyers and sellers.  Nothnagle's reputation, solid brand, and dominate market share reflect the confidence consumers place in us every day to help them with their home buying and selling needs.

We have the most dedicated, hardworking sales professionals and employees who serve a very special need in our community...helping people achieve the American dream of home-ownership.  Every day people place their families' futures in our hands.  It is an incredible responsibility but one that pays off with tremendous rewards.

In 2012 we are reinventing real estate.

You'll get more with Nothnagle - the best marketing program to attract buyers, our exclusive mobile site to put homes where you are.  Top dollar for your home because more people will see it therefore creating more demand.

If you're looking to buy or sell, we can deliver the results you are looking for.  You have my personal promise that with Nothnagle REALTORS®, you will get more...that is how we are reinventing real estate.

-Armand D'Alfonso, President & CEO

National Open House Weekend!!!

Did you hear?  Do you know what is happening this weekend?  It's National Open House Weekend!!!

National Open House Weekend is the BIGGEST 2-day housing event in the world!  Through Nothnagle REALTORS alone we are going to have well over 400 open houses.  Even though we have had a great start to 2012, we expect this weekend to be the perfect kick-off to one of the busiest spring buying seasons we have ever had.

That is great news for both buyers and sellers.  In western New York we still have low interest rates on mortgages and  great affordability so don't miss out!  Even if you aren't quite in the market to purchase a home yet or even if you are interested in selling, get out to an open house.  That will give you a chance to meet an agent that would be able to assist you.

Be sure to keep up with us by liking/following us and we look forward to seeing you this weekend!

Home Inspections

If you are a first time home buyer, you may not know what to expect when it comes to a home inspection.  Today we will give you a break down of what to expect as you go through the process.

Before the inspection even happens there are two things that come to mind.  Cost and time.  How much will it cost and who pays for it?  To start, it is usually a fee payed by the home buyer and is often seen as a bargain compared to potential issues that a home can have.  But how much will it cost?  The cost can vary depending on the type of tests and the size of the home.  For more information speak directly with your Nothnagle Agent! How long does it take though?  This also varies based on the tests completed and the size of the home.  On average, a home inspection can take any where from 2-4 hours to complete everything.

During the inspection, the inspector will be checking many areas in your potential new home to make sure everything is safe.  From structural components such as your foundation and frame to interior items such as mold and damaged walls.  Everything in between is covered too!  So even the plumbing, HVAC, and electrical get checked out.  There are some additional items you can have checked as well that are not part of what is considered "standard" and your Nothnagle agent can best guide you.

Ok, so after I get my home inspection...what's next?  What if something comes up?  Well after your inspection is complete both you and the seller will get a copy of the report.  Any problems or recommendations that were discovered during the inspection will show here.  From the report you and your agent can decide what to do next.  Do you need to negotiate some repairs or walk away?  Maybe even get a home warranty...just in case.

Still have questions?  Ask away!  Comment here or reach us at either place below.

Spring To-Do List

With Spring here (or at least right around the corner) we thought it might be nice to share a nice to-do list with you. This will give you some great ideas that you may have not thought about!

Roof Repairs
Even though we didn't have nearly the winter that we usually do, it still may have been enough to do some damage to your roof. You may want to grab the ladder and take a look; checking for any visible damage and loose shingles. Of course, if you don't feel comfortable...give one of our certified vendors a call to check it out for you.

Check Those Gutters
If you do decide to take the ladder and travel to the roof you may want to take a look at the gutters! Once again, checking for any visible damage and seeing if the gutters are still secure or if they seem a little loose. Don't forget to check the downspouts for damage and to make sure they are still properly connected.

Yard Clean-Up
Anything that may have fallen after you cleaned-up the yard in the fall or even anything that may have accumulated during the mild winter we had should be taken care of. This will allow the grass in your yard to be able to grow properly. Replace dead plants with new ones.

Air Conditioner
If you have central air, you may have already turned it on a couple of weeks ago when we were in the high 70s. But for those with window units or just fans, most of you more than likely have yet to get them set up. You will want to check them and make sure that they are in proper working order. Finding out now ensures that when the warm weather comes (and stays) that you will be ready...and cool. Those with central air...check your filters! The heat has been running all winter so it may be time for a replacement.

Smoke Detectors
Speaking of replacement, don't forget those smoke detectors! If you haven't already performed the semi-annual task of testing and replacing the batteries...now is the time! And for those with CO2 detectors don't forget to check them as well!

Of course if you ever need any assistance with anything, check out our Nothnagle Home Services program!

Why Choose Nothnagle?

So is the question "Why choose Nothnagle?" or should it be "Why NOT choose Nothnagle?" This question applies to not only those interested in buying or selling their homes but people looking for exciting new careers either in real estate or with a different real estate company.

Let's start with looking at our sales. This March was an outstanding month for us here...especially when it came to sales. Compared to March 2011, our sales were up $42 Million this March! What a great track we are on to beat last year where we had $1.1 Billion (our next closest competitor had $215 Million)!

Nothnagle REALTORS also support their agents with a multitude of tools. Ask any of the market's most successful agents...you'll find them all here with us. But is it just our exclusive tools or maybe our gauranteed print advertising program? Perhaps it's Nothnagle.com which is the region's #1 real estate site. It could also be all of these things.

So why not find out for yourself? Whether you are a interested in being a new agent or you're an experienced on...take a look at JoinNothnagle.com and if you still have questions please contact us. You can find contact info on our site, comment here, or check us out below!

Keeping the Plants Frost Free!

Most of us here in Western New York may have gotten a little too excited too soon by the summer like weather. But really, who can blame us? It was floating between 70 and 80! Then last night, in true WNY fashion, we were at 30 degrees and everything was freezing. Farmers were putting tents and blankets over crops to prevent them from killing the early blooms. They even added heaters and fans! But do you need to go to that extreme to keep away the freeze?

The answer is actually pretty simple and for some of you...you may actually be on it right now. The answer? A sheet! But hey, what about that tarp you have? Won't that work? According to garden shop owners, plastic is actually worse than doing nothing at all. The plastic will create a "freezer burn" effect that will kill the plants so stick with a sheet. Hold it down with a few rocks, and don't remove it until the sun has had plenty of time to warm it up.

Discount Points

The name alone sounds enticing doesn't it? I mean, who wouldn't want a discount...ESPECIALLY on the largest purchase most of us will ever make! But what exactly are discount points and how do you get them?

Discount points (also know as closing or mortgage points)are a type of prepaid interest that mortgage borrowers can purchase to lower the amount of interest they will have to pay on subsequent payments. Just like with origination points, 1 point is equal to 1% of the total loan. So, on a $100,000 loan each point would be equal to $1,000. Each point you pay can lower your interest rate from 1/8 to 1/4 of a percent. Another great thing (as if lowering your interest rate wasn't enough) is that discount points are also tax deductible in the year that they are paid.

So give one of our Mortgage Specialists a call!

What is a Short Sale?

Short sales can be a great deal for a buyer but a stressful situation for a seller. Not to mention that the short sale process can be a complex transaction altogether!

What makes a home sale a short sale really are two factors:
-The house is valued less than the owner owes (also known as "underwater")
-The homeowner must have a qualified hardship

But what exactly makes a hardship qualified? "I owe more than my house is worth? Isn't that alone a hardship?" The answer to that would be a no. What makes it a hardship is an event that will make it hard for the home owner, whether it be now or in the future, to pay the mortgage.

Here are some examples:
-Job Relocation
-Medical Hardship
-Business Failure
-Death in the Family
-Divorce/Speration
-Loss of Employment

Of course, each situation is different so please consult a professional (like our Mortgage partners) and speak with them!

It's Moving Day!

Moving day is both exciting and stressful. Are you ready? Here are some ideas to help you be as prepared as possible (and hopefully knock down the stress a few levels).

Even if you have hired one of our Home Service partners to pack for you, it is still best to be around when it's happening. This let's you know what is where as you start to unpack and place things in your new home later on. Also, if you have hired someone they will give you a list of items. Make sure that not only everything is on it but that you can read the list before you sign it. Last thing you want as you are putting everything in their new places is to find out something is missing...and wasn't on the inventory list.

Draw out the new living space as well and list what you want where. This helps the movers and yourself out! Making a diagram of where you want everything makes it easier when the movers ask and keeps you from having to move everything around afterwards. Doing this should be a great stress reliever for everyone involved. besides, no one wants to stress out over where the large furniture items go!

Make sure pets and children are out of the way. As adorable as they all can be, you don't want them slowing the process by getting in the way of yourself or the professionals. Keep them occupied. outside, or have them spend the day with a family member or friend! Speaking of clearing the way...make sure there is plenty of space for the truck and you know where you want to put it.

Check with any of our Moving Professionals for a free quote! And don't forget to check out today's "Showcase of Homes!"

Adding On or Moving Up?

To finish out this week of home projects that could increase your home value and utilize your space we will look at two last things....Adding On or Moving Up? Of course, many many factors apply here and it is always best to consult a professional like you will find in Nothnagle Home Services.

As time moves on, things change. Children are born, they grow older and yearn for freedom, family moves back in. We mentioned earlier that a use for your basement could be an in-law suite or teen apartment. But have you thought about adding on? Whether it will be a garage to hold the things that were in your basement as you convert it...a three season room so you can get all the benefits of outside but without the bugs from outside...or if you are adding on an apartment, adding on may be a best option for you. Adding on gives you total control as to what it looks like on both the inside and out. You won't be restricted by support beams or the water heater.

But not all of us have the yard space. So what are we to do? Move out? Why not...move up? Attic spaces can sometimes be converted into additional bedrooms or even better yet, a master suite! After all, why not do something for yourself? Of course there can be restrictions with this when it comes to plumbing and supporting the extra weight. So once again you will want to contact a professional that can look at everything and help you make the decisions that are best for you.

Please check out our contracting partners and check us out on both Facebook and Twitter.

Best Exterior Home Improvements

Thinking about changing something outside but want to re-coop your money if you decide to sell soon? Here are some great improvement ideas for the exterior of your home! Stand outside and look at your home as if you were someone who was interested in purchasing it. What are some things that you would change? What sticks out to you in either a negative or positive way?

Siding can make quite the impact on your curb appeal. Whether it be color, fixing damaged pieces, or adding trim...siding can make a great positive improvemnet. If you have cracked or missing pieces of siding, it can be much cheaper to just have those pieces replaced rather than having all of your siding replaced. Exterior decorative trim made of high-density polyurehane foam can also be easily added to "dress-up" the exterior of your home. (Check out our Siding Professional partners)

Next to grab your attention may be the windows and your front door. Not only would these updates benefit your curb appeal but upgrading to higher efficiency windows and doors can also gain you additional tax credits. A new front entry door is generally an easy change to make and makes a great instant home improvement. With a US average home age of 35 years and an average of 73 years in Rochester and 76 years in Buffalo...a buyer can greatly appreciate new windows. Both of these improvements help lower home energy costs and stand up to weather extremes. (Check out our Window/Door Professionals here)

Best Interior Home Improvements

Are you looking for some ideas to bring the interior of your home up to date but may be selling soon? Here are some great interior home improvement ideas that have a great return!

Think about when you were purchasing a home. What were the two areas that you most commonly thought, "This is nice...but it looks a little old." Both kitchens and bathrooms can age quickly if they contain design cues from certain eras and fads. Try to neutralize these areas to create a space that never seems dated. In a bathroom, update the vanity and install more neutral lighting fixtures. Kitchens can change dramatically with projects as small as refacing cabinets or just changing the hardware. Some of the most common kitchen upgrades include new counter-tops even upgrading to newer appliances. (See our Bathroom, Kitchen, Counter-top and Appliance partners)

Another great idea is finishing your basement! Even if you only finish part, that is still additional space that you are adding to your home. Plus the uses are endless! You can turn your basement into a playroom, theater, office, or even an apartment for teens/inlaws or to rent out. The possibilites are endless and it's a great way to appeal to multi-generation households. (Check out our Basement Remodel partners).

Have you ever lost power? It can especially be toublesome in the winter when ice has taken down the power line and you can't get out of your driveway. A back-up power generator can really help out! They aren't they large, loud, and smokey generators many of us remember. Most can be installed right outside next to your AC unit and bring power back within seconds!