Utility Contacts for Buyers

Utility Contact Information

Cable:

Time Warner
(866) 668-6044


Gas/Electric:

National Fuel
(716) 686-6123

(800) 365-3234 (Outside WNY

National Grid
(800) 365-3234

National Grid Coverage Map- http://www.nationalgridus.com/niagaramohawk/about_us/serviceterr_map_a.asp?county=Erie

New York State Electric & Gas (“NYSEG”)
(800) 572-1111 (Press “2” then “1”)

NYSEG Coverage MAP- http://www.nyseg.com/MediaLibrary/2/5/Content%20Management/NYSEG/YourHome/PDFs%20and%20Docs/NYSEG%20Service%20Area%20Map.pdf


Telephone:

Verizon
(716) 890-7100 (Press “2”)

Water - Erie County Water Authority:

Erie County Water Authority (716) 849-8444
Amherst
Cheektowaga
Clarence
Depew
Depew, Village of
Hamburg
Lackawanna
Lancaster, Town of
Lancaster, Village of
Marilla
Newstead
Orchard Park, Town of
Tonawanda
West Seneca


Water - Other Erie County Municipalities:
Angola
(716) 549-1126
Blasdell
(716) 822-1921
Buffalo, City of
(716) 847-1079
East Aurora
(716) 652-6057
Elma, Town of
(716) 674-8855
Evans, Town of
(716) 549-5751
Grand Island, Town of
(716) 773-9663
Kenmore, Village of
(716) 873-5700
Orchard Park, Village of
(716) 662-9327
Tonawanda, Town of
(716) 871-8843
Williamsville, Village of
(716) 632-5009

Water - Niagara County Municipalities:


Each town and village has its own water department. Contact applicable municipality (see blue pages in telephone directory).

Buyer Agency - Why you need it?

We are constantly fielding calls from prospective buyers with regards to questions about our properties we have listed. Most buyers are very open with regards to communication, and are going about the home search process alone. Very few buyers understand they need and advantage of having a licensed agent represent them as a buyer's agent. Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that a buyer's agent is tied to the buyer, and all of your loyalties are to the buyer. (nothing to do with seller's agent) So why do so many buyers go out and purchase homes without a buyer's agent?


Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller's Agents, working for the person who signed a contract employing them to sell real estate. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller's Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding they would be passed on to the seller.

As a result, New York State require us to explain agency status to the buyer. In addittion, most seller's agree to pay a buyer's agency fee as it is an established part of their MLS Listing Agreement. Therefore, it comes at no cost to the buyer.

In today's real estate world, you'll find agents who work as Seller's Agents and Buyer's Agents, and in some areas you'll see Dual Agents and Designated Agents. Here's a simplified recap of those terms.


Seller's Agent
Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property.

Buyer's Agent
Your duty is to obtain the best deal for the buyer. You may pass on any and all information you obtain about the seller or the property.

Dual Agent
You must be loyal to both parties. Dual agency occurs when a real estate agency owns a listing, and an agent from the office, working as a buyer's representative, shows that listing.
Dual Agency must be disclosed and agreed-to in writing by both parties, since it's sometimes difficult to focus on the needs of one client versus the other.

Designated Agent
Very similar to Dual Agency. The broker-in-charge designates two agents to work a transaction, one for the seller, one for the buyer.

Energy Payback Projects

Energy Payback Projects for Homeowners:

Project With Immediate Payback (0 to 6 months)
Install a Programmable Thermostat

Turning down the thermostat 7 degrees at bedtime will knock 10 percent off your heating costs, but who wants to wake up to a frigid house? A programmable thermostat automatically drops the heat at night and cranks it up in the morning, so the house is warm before your alarm clock rings. Program it to lower the heat again while you’re at work and the kids are in school all day and you’ll reap additional savings. Best of all, many of these battery-operated units are easy to install yourself.

COST: $30 to $80
PAYBACK: $100 to $250 per year

Project With Short-Term Payback (1 to 3 years)
Beef Up Attic Insulation“Heat rises, so adding insulation to the attic floor is one of the best energy retrofits you can do,”

COST: $300 (to add 3 inches of fiberglass insulation to a 1,000-square-foot attic floor) * some insulation products are eligible for 30 percent tax credit under the American Recovery and Reinvestment Act of 2009 (link)

PAYBACK: $150 to $300 a year for the average home heated with natural gas, $350 to $700 for oil heat.

Projects with Long-Term Payback (5 or more years)

Upgrade to Energy-Efficient Appliances
Energy Star appliances consume 10 to 50 percent less electricity than standard appliances sold today, and if you’re replacing equipment that is older than 10 years, the energy savings will be even greater. Refrigerators and clothes washers are two of the biggest household energy guzzlers. A new Energy Star fridge uses half the energy of a machine made a decade ago; a front-load washer uses 35 percent less electricity than an old top-mount, plus it consumes less hot water and spins the clothes so effectively that you save money on dryer operating costs, too.

COST: $600 to $1,400 for a front-load clothes washer; $1,000 to $3,000 for an Energy Star refrigerator
PAYBACK: $145 a year in electricity savings for the washer, plus gallons of water saved on every load; $60 a year for the refrigerator

Introducting our Online Mortgage Center

LoVallo Real Estate has recently formed an exclusive relationship with Bank of America to offer our client's access to an Online Mortgage Center. This Online Mortgage Center "OMC" will serve as a great resource for buyers to take them through all the stages of the loan qualification and closing. This will serve as a one-stop destination for pre-qualification and mortgage approval. Visit the Bank of America Online Mortgage Center Today at http://www.lovallorealestate.com/web/pgcnfID_105666/Mortgage-Center

Extended Homebuyer Credit

As the new year has come and gone, questions are still arising everyday with regards to the First Time Home Buyer Credit. This past year was a great year to be a first time homebuyer! Yet, it is gets even better if you are looking to move up. As most people are aware of the $6500 credit for current homeowners, here is a link to the IRS page that explains the credit and answers the common questions.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Sustainable Neighborhoods Project

In today's State of the State address, Governor David Paterson not only recognized Buffalo's struggle with abandoned housing, but he has put the City of Buffalo first in line, saying, "With more than 23,000 vacant housing units, Buffalo will serve as the starting point for the project which will expand to cities across New York State."
Governor Paterson proposes the Sustainable Neighborhoods Project as a national model for affordable housing and urban revitalization, starting here.
Resulting from decades of post-industrial economic decline that have exacerbated the vacant housing crisis, together with the foreclosure and sub-prime crises, Paterson understands the negative impact this has on future economic development, homeownership and in-migration. The abandoned houses and ravaged, once vital neighborhoods serve to perpetuate "the perception that the region's urban areas are in a downward spiral," according to Paterson.
"There is no other region of the country with the affordable housing stock, the close-by schools, the natural beauty and the untouched small towns that families would cherish. We need to return to promoting all that we have to offer," Governor Paterson said. "Part of that effort must include revitalizing prime housing stock that currently sits vacant and turning it into long-term affordable housing, starting in Buffalo..."
In Paterson's plan, local officials will designate blighted homes for rehabilitation and sale to first time homeowners; houses will be marketed as long-term affordable housing and homeowners would be selected through a lottery process. The City of Buffalo has not issued a statement about the governor's remarks as of yet.

In a more holistic approach, PUSH Buffalo's Eric Walker says, "We are eager to work with the Governor to build a national model for sustainable community development incorporating green jobs training, green rehab, weatherization and urban agriculture. We think Buffalo can lead the way in demonstrating that urban neighborhoods have tremendous assets, including arable land and residents who are eager to participate in the New Economy."
Other projects on the table for that neighborhood include a rehabilitated park and more green housing in 2010. "We look forward to working with the Governor to implement the new investment in the Neighborhood," said Aaron Bartley, PUSH Executive Director. "We are very excited to explore the avenues opened to us by this partnership with the Governor."
The proximity to newly renovated schools for many of these houses all over the city, but most especially on the East and West Sides, should help the schools to maintain the students they need, through bringing in families that are willing to be part of revitalized school communities with revitalized housing stock.

Thanks to http://www.buffalorising.com/2010/01/paterson-on-sustainable-neighborhoods-project.html#SlideFrame_5

New York State Federal Income Tax Credit

GOVERNOR PATERSON ANNOUNCES FEDERAL INCOME TAX CREDIT FOR FIRST-TIME HOME BUYERS Tax Credit Could Save the Average Homebuyer Approximately $1,500 Each Year Credit Will Help Stimulate Home Sales in New York StateGovernor David A. Paterson today announced that New York will offer a federal income tax credit to first-time homebuyers to encourage home sales in the State. The New York State Mortgage Credit Certificate (MCC) will enable first-time homebuyers to claim a tax credit equal to 20% of their annual mortgage interest costs, potentially saving the average homebuyer about $1,500 each year. The program will effectively extend, and in some cases improve upon the federal government’s $8,000 First-Time Homebuyer Credit enacted as part of the American Recovery and Reinvestment Act of 2009, which expires on November 30th.“The best way to jump-start the housing market is to encourage home purchases by first-time homebuyers,” Governor Paterson said. “The New York State Mortgage Credit Certificate will make it easier for first-time homebuyers to buy their first home and will help stimulate the State’s economy. It also means some form of federal tax credit will be available for homebuyers even after the federal government’s tax credit program expires in November.”The New York State Mortgage Credit Certificate (MCC) can be used to reduce a homebuyer’s tax burden for every year the mortgage loan remains outstanding. With an MCC, 20% of the amount paid in mortgage interest becomes a tax credit that can be deducted, dollar for dollar, from a homeowner’s federal income tax liability. The remaining 80% of the mortgage interest continues to qualify as an itemized tax deduction, as long as there is sufficient federal tax liability. The MCC will be administered by the State of New York Mortgage Agency (SONYMA), a State agency that offers a variety of fixed-rate mortgages tailored to the needs of first-time homebuyers.Priscilla Almodovar, SONYMA President and Chief Executive Officer, said: “Offering a federal tax credit is a powerful incentive to bring first-time homebuyers into the market and it helps with a family’s cash flow needs. This program will help stabilize housing prices and at the same time further Governor Paterson’s goal of promoting sustainable homeownership for working families.”Prospective homebuyers should apply for the Mortgage Credit Certificate when they apply for a fixed-interest rate mortgage from a participating lending institution. MCC applicants will be required to meet SONYMA’s income and purchase price limits, which can be found at http://www.nyhomes.org. However, homebuyers who obtain a SONYMA mortgage will not be eligible to apply for the Mortgage Credit Certificate tax credit.MCC applications are expected to be available at participating lenders by early September. In addition, homebuyers who have already obtained a mortgage commitment can apply at their bank for an MCC if they have not yet closed on their new home. SONYMA anticipates that MCCs will be used by as many as 700 borrowers in 2009.Borrowers who are approved for an MCC will be able to take advantage of the credit when they file their annual federal tax return. If a homebuyer’s tax liability is less than the Mortgage Credit Certificate credit in any one year, the amount of unused tax credit can be carried forward for up to three years. In the first year of ownership, a homeowner with a $150,000 loan at a 5.5% interest rate will likely pay $8,200 in interest on his or her mortgage. With an MCC, the homeowner can claim 20% of the interest, or $1,640, as a direct tax credit resulting in a savings of $137 per month. As long as he or she continues to occupy the property, the average homeowner can save approximately $1,520 per year over the first 10 years.Mortgage Credit Certificates are financed through the use of New York State’s private activity bonding authority. The IRS allows states to convert $4 in bonding authority, or volume cap, for every $1 approved in MCC tax credits. NYS plans to use $80 million in volume cap to finance $20 million in MCC tax credits. In addition to the MCC, borrowers can also claim up to $8,000 with the Federal First-Time Homebuyer Credit enacted as part of the U.S. American Recovery and Reinvestment Act of 2009. The Federal First-Time Homebuyer Credit is available to first-time homebuyers who purchase a home between January 1, 2009 and November 30, 2009. For more information on the Federal First-Time Homebuyer Credit, please visit http://www.treas.gov/press/releases/tg39.htm.Philip LaRocque, Executive Vice President of the New York State Builders, said: “We welcome the New York State Mortgage Credit Certificate offering as an important step in bringing more new and existing homebuyers to this very challenging housing market. A housing industry recovery always leads us out of recession and this MCC should help stimulate new and existing home sales in New York State therefore helping move the industry in a positive direction.”Daniel J. Hartnett, President of the New York State Association of REALTORS(r), said: “We applaud Governor Paterson for his vision in creating the Mortgage Credit Certificate program and for recognizing the importance of housing as a primary driver of the Empire State's economy. The past four months of increasing home sales across the State have proven the value of buyer incentives. We expect, when coupled with the federal first-time buyer credit of $8,000, the MCC will bring additional buyers back to the market and further boost the recovery of both the State's housing market and economy.”Deborah Boatright, Northeast District Director, NeighborWorks® America said: “The Mortgage Credit Certificate is an innovative and powerful incentive that will make homeownership more affordable and sustainable for low- and moderate- income families. Research shows that responsible, sustainable homeownership enables families to build assets, move up the economic ladder and provide greater stability for their children while helping to stabilize communities. NeighborWorks® America applauds Governor Paterson and SONYMA for creating this important new mechanism to spur homeownership.” The State of New York Mortgage Agency was created in 1970 with the mission of helping low- and moderate-income families become homeowners. It offers a variety of low down payment mortgages that provide competitive fixed interest rates, as well as assistance with down payments through a network of participating lenders across the State. For details on MCC income limits, purchase price limits and participating lenders, please visit http://www.nyhomes.org/.