12/11/07

Recognizing the questions that people have today about the home buying market, Frank and Veronika Sarcone, Licensed Realtors with Coldwell Banker DiTommaso hosted their semi-annual helps workshop on October 25, 2007 in Granitville to a capacity-filled crowd. 

The attendees varied from first-time home buyers to people considering upgrading to larger homes.  All had the same concerns:  How to Understand the Buying Process.  To give answers to these concerns, the Sarcone’s invited guests from the legal, financial, and home inspection professions. The information-packed event gave helps in understanding where to start, how to evaluate financial readiness, legal support and consideration of extra costs, and a walk-through the home inspection process.

Guests and speakers included Frank and Veronika Sarcone, full-time licensed realtors with Coldwell Banker DiTommaso in Dongan Hills, Rosemarie DeRogatis, a Staten Island attorney with over twenty-two years of experience, Scott Cestari, a senior mortgage officer, Bill Coull of Coull Home Inspections and Engineering, and Linda Carroll of Thrifty Exterminators on Staten Island. Frank DiTommaso, broker and owner of Coldwell Banker DiTommaso answered questions from the crowd about purchasing properties that are in foreclosure.

The continuing workshop series by the Sarcone’s of Coldwell Banker, DiTommaso was born out of concern that they observed in today’s market of spiraling foreclosures.  They noted that sometimes people get stuck in buying a home before they are ready, or in accepting mortgages that they are not financially prepared to pay later on. “Home buying should be fun, and can be, with a little knowledge,” noted Veronika Sarcone, the coordinator of the event.  Along with her husband Frank, both full-time licensed realtors with DiTommaso, they developed a curriculum to address the most pressing concerns.  With both of them having many years of professional experience in the helping fields, they were able to offer cautionary steps and take the mystery out of the real estate relationships and process between clients and customers.  Understanding the anxiety emanating from the media coverage of unprecedented foreclosures, Frank Sarcone addressed the self-readiness aspect of home buying.  Equipping the attendees with budget sheets, he addressed the crowd on issues like timing, prioritizing, and if, necessary, waiting.  As an illustration, he spoke of a couple that he counseled who wanted to own a home someday but knew it was too far out of their reach.  By helping the couple to evaluate their spending habits and discern wishes from necessities, the couple was able to plan and reach a goal of home ownership.  He also addressed issues of the “buyer’s market” vs “seller’s market” and shared some information written by Lawrence Yun, National Association of Realtors senior economist, in an October 7, 2007 article, who noted that “widening credit availability will help turn around the home sales.”  Frank also addressed issues about the real estate market curve explaining the historical flow of buyers to sellers market on a continuum line.

His wife, Veronika, took the seminar attendees through the real estate process, helping them understand the flow of events in buying a home.  Understanding the differences between a buyer’s agent and a seller’s agent was of primary concern for most guests as well as learning the flow of “what to do next”. 

Another speaker was Rosemarie DeRogatis, a Staten Island attorney with over twenty-two years of experience.  She addressed the bottom line of closing costs as well as the legal process once a bid enters into contract.  Many attendees were concerned about how to calculate the costs ahead of time of the closing date.  To help them grasp the lists of expenses at closing, Ms. DeRogatis gave two pertinent illustrations, citing actual closing costs of two homes, one priced in the lower end of the housing market for potential first-time buyers, and another in the mid-range of the market.  She fielded many questions of concern that the attendees had in regard to protecting themselves and understanding the legal obligations of the contract process.

Bill Coull of Coull Home Inspections walked seminar guests through the home inspection process providing insight through his thirty plus years of experience as a home inspector.  He helped to alleviate some fears of potentially finding problems after a house was purchased as well as giving his personal experience about the structural soundness of homes, older and new.  Linda Carroll of Thrifty Exterminators was also present and donated free terminate inspection certificates through a raffle at the seminar’s end.

Buying a home takes money, and to address the mortgage process was Scott Cestari.  His opening statement, “you may get qualified to buy a home, but that does not mean that you can afford it” caught the attention of everyone.  He further stated that “you buy a home to live in it, not for it” drove home the seminar’s theme “Don’t Get Stuck”.  He delighted people by opening up the mystique about different types of loans as well as many different programs to aid the home buyer, such as a savings club for qualified buyers.  Turning back to the seminar’s opening with the budget sheet, Scott explained how to calculate expenses to income to determine the mortgage affordability ratio.  He also gave insight into the pre-approval form and how it can become a tool of negotiating the best purchase price for a home.  Helping people to plan ahead or fix their credit, was one of the many services offered by Mr. Cestari to people who were not currently able to buy a home, but wanted to in the future. 

The seminar finished with a question and answer period.  Some guests asked Frank DiTommaso about foreclosed properties.  Mr. DiTommaso gave an overview of the process with cautionary advice and an invitation to contact him with specific questions. 

The crowd deemed the presentation team a great success through its workshop evaluation and stated that they were looking forward to the Spring workshop planned by the Sarcone’s and Coldwell Banker DiTommaso. “It is true that knowledge does open doors” stated Veronika Sarcone of Coldwell Banker DiTommaso, “and the team was glad to give you the helps tonight, as well as making ourselves available to you by phone later.” Offered twice a year, these workshops “When Is the Right Time to Buy a Home – Don’t Get Stuck” is generally held at rented space at the library or, as in this case, in Granitville, at 1535 Richmond Ave.  Though utilizing the rented space at the Staten Island Board of Realtors, the workshops are sponsored by Coldwell Banker DiTommaso and does not imply endorsement or support of SIBOR, but rather is an independently-run public service offered through the DiTommaso Realty Agency.  For more information on upcoming seminars, contact Veronika Sarcone, licensed realtor with Coldwell Banker DiTommaso at 917-623-6727. 

If you are looking for a home and would like to learn more about the process, but do not want to wait until the next seminar, Frank and Veronika Sarcone, licensed realtors with Coldwell Banker DiTommaso,  are gladly willing to assist you if you call 917-623-6727. 

The Coldwell Banker DiTommaso office is located in Dongan Hills at 1612 Richmond Road, Staten Island, and has a large office of qualified agents, ready and willing to assist you with your home buying needs.