Staten Island Real Estate Blog

On a typical 30-year fixed-rate mortgage, borrowers will not just save thousands of dollars by making bi-weekly mortgage payments. They will also save tens of thousands, if not hundreds of thousands, of dollars throughout the term of the loan by simply making half of a monthly mortgage payment every two weeks. Bi-weekly mortgage payments will reduce the term of a 30-year fixed-rate mortgage by approximately seven years.
For example, on a 30-year fixed-rate mortgage with a loan size of $250,000 and a rate of 5 percent, the monthly principal and interest payment is $1,342. By making a principal and interest payment of $671 every two weeks, this scenario would yield a savings of approximately $112,728 in principal alone when the mortgage is ultimately paid off. This is a substantial savings that is relatively easy to attain.Rather than make 12 monthly mortgage payments, homeowners who opt to make half of a monthly mortgage payment every two weeks will result in 26 half payments each year. Over the course of a single year, it equates to 13 monthly mortgage payments over a 12-month period. The extra monthly payment, in addition to the interest savings by reducing the principal balance every two weeks instead of once a month, will greatly enhance your savings.

Virtually all mortgage lenders offer the option for bi-weekly mortgage payments, while some even offer an option to make weekly mortgage payments. If you are savvy enough with your finances to manage bi-weekly mortgage payments, it truly makes the most sense.A bi-weekly payment option often has one caveat though: a sign-up fee with your mortgage lender. However, as is the case with most rules and regulations, there is a loophole. Mortgage lenders that do require a sign-up fee often charge hundreds of dollars for this service. While it is still worth it, save yourself the sign-up fee.To achieve the same results offered in a bi-weekly mortgage payment œplan without having to pay sign-up fees, you have two options. The first option is to make one additional monthly mortgage payment each year. The second option is to evenly distribute the extra-month™s payment each month throughout the year and add it to your monthly payment. Mortgage statements typically provide a line to include an œextra principal payment.

-Surveys show that staging pays off and often helps to sell a home fast. But your clients don’t have to spend thousands to make a big impact. Put the home center stage with these thrifty tips:

1. First Impressions Count. Roll out the red carpet for potential home buyers by sprucing up your entryways, especially the one on a lockbox. Welcome mats, planters filled with seasonal flowers, and clutter-free foyers and hallways set the stage.

2. Sell the Space, Not Your Stuff. Remember that the goal of a successful showing is to make a prospect feel at home “ like it’s theirs, not yours. Put away your extensive personal collections. Less is more: open up your space so prospects can actually see what they’re buying.

3. Paint and Elbow Grease Work Wonders. Fresh paint and a thorough cleaning will give you the greatest œbang for your buck. Remember that neutral walls are your best bet when staging a home for sale. Lowe’s has all the right shades to make your home more inviting.

4. Go with the Flow. Arrange furniture for easy traffic flow. Consider placing a major piece of furniture at an angle, such as a couch or desk. Angles add interest and can create a more open feel.

5. See the Light. Move lamps to dark corners and arrange window treatments so that natural light floods your rooms. Brighter is better, and your rooms will look larger. Visit Lowe’s extensive lighting section for the latest in fashionable, functional lighting.

6. Go Green. Live plants can add decorative flair, without spending a bundle. Plants and cut flowers have a way of warming up a room.

7. Don’t Forget the Outdoors. If you have a porch, deck or patio, clean the furniture and replace worn cushions. Give your deck a fresh finish with a new stain and seal.

8. Make the Kitchen Sparkle. Declutter the countertops by removing toasters, food processors, and other non-decorative items. If you have a breakfast table or counter, put out a couple of table settings complete with place mats, napkins, and dinnerware.

9. Warm Up an Empty Home. If your home is vacant, consider renting furniture for key rooms, but don’t go overboard. Ask your real estate professional for advice, based on your home’s unique features and selling points.

These home staging tips are a great place to start as you gather ideas for your open house. “For more tips, check out our articles about preparing your house for sale.”

   Don’t blame the Federal Reserve for the country’s housing troubles. At least that’s what a controversial new study claims. Economic researchers from Harvard’s Kennedy School and the Wharton School of the University of Pennsylvania believe they’ve proved that reduced interest rates and lax regulations were not the primary cause of the housing bubble.

The authors of the study instead point to the currently allowable mortgage interest tax deduction as the main culprit.

But before you get too panicky about losing your mortgage tax deduction or other government benefits for homeowners, let’s take a closer look at their conclusions. Also note that Federal Reserve Chairman Ben Bernanke disagrees with them. In fact, he thinks lax regulations sent the housing market into a downward spiral.

So who’s right?
Edward Glaeser and Joshua Gottlieb of Harvard University and Joseph Gyourko of the Wharton Business School presented their study (titled “Did Credit Market Policies Cause the Housing Bubble?”) at the Federal Reserve of Boston on Wednesday. In it, they call for a reduction from the upper limit of $1 million worth of debt to just $300,000 and say that “the distortions and the regressive nature of the deduction would be reduced in ways that would not dramatically affect most households.”

They conclude that “rethinking those Federal housing policies that act primarily by lowering the cost of credit to home buyers, most notably the Home Mortgage Interest Deduction” would reduce the risk of future bubbles.

Ben Bernanke, on the other hand, has cited the following as the probable causes of the bubble:

• Alternative types of variable-rate mortgages. These include interest-only ARMs, long-amortization ARMs, negative-amortization ARMs (in which the initial payment does not cover even the interest costs) and pay-option ARMs (in which borrowers determine the payment amount in the early years of the mortgage). Such exotic loans came on the market in 2000, but rapidly increased in usage during 2005 and 2006.
• A protracted deterioration of mortgage underwriting standards. This includes practices such as no-documentation loans, also known as “liar loans,” because borrowers needed to provide no evidence of income.
• Inflated home value expectations. Both lenders and borrowers became convinced that house prices would only go up. Borrowers chose — and were extended — mortgages they could not make payments on over the long term.Instead, they expected homes to keep appreciating so they could refinance into a more sustainable mortgage in the future. The expectation that prices would only go up provided the air that sustained the bubble.

In contrast, Glaeser, Gottlieb and Gyourko found that real interest rates fell about 1.3 percentage points and that a 1 percent swing in real rates was only associated with an 8 percent change in prices. They say their theoretical and empirical work suggests even a smaller connection.

Yet between 2000 and 2006, the Case Shiller Housing Price Index “increased by 74 percent in real terms.” So an 8 percent increase would account for just a small portion of this swing.

Other housing markets jumped much more. For example, Los Angeles home prices increased by 130 percent between 2000 and 2006.

The researchers also found that by 2006, “one quarter of all home purchasers were borrowing 99 percent of the purchase price and in nearly two-thirds of the nation’s metropolitan areas, one quarter of all purchasers were taking out loans at least equal to the full value of their homes.” Yet the study’s authors did not think this had a major impact on house prices.

 First off, I do not want to assume that everyone knows what this term means, so here is the definition.  œShort sale is  a term to describe a situation where the proceeds of the sale of a home are less that outstanding liens that exist against the property.   For example, you owe the lender $400,000.00 but your house is worth $200,000.00.   If you are unable to pay your loan, you may attempt to sell your home by requesting that the lender accept less money than what is owed.How much do I offer the seller?Obviously, one of the pros of purchasing a short sale is lower purchase price.   Generally, offers for short sales are lower than straight resale offers.   Why?   The seller is not going to gain from the proceeds of the sale of the home, so it is no matter to a seller what the offer is (bearing in mind that this is a primary residence).   Of course, the seller would like the offer to be reasonable with the ultimate hope that if the offer is at fair market value, the lender is more likely to accept the short sale offer.   Another reason may be the financially distressed property may be in disrepair.While formulating your offer, do not consider what the existing liens are but what the fair market value of the home is.   What I mean is do not offer $100,000.00 for a $250,000.00 valued property.   Be in the ball park of the property values in the surrounding areas.     Ask your realtor for comparables.   Banks do some homework on the existing property and are not so willing to give the property away at such a discount.   Broker price opinions and/or appraisals are obtained by the bank to determine value.   Buyers should make their offers accordingly.From my experience in representing parties in these types of transactions, there are many problems with short sale offers.   Of course, not all offers are successful.  Why do most short sales fail?

1. Time factor “ banks are quite simply inundated with the amount of files that exist.   Many lenders are understaffed and are at a lag time of 6 months or more.   You, as a buyer, must understand that this process is time consuming and lengthy.   If you are not willing to wait, do not make an offer and waste your time.   Additionally, banks may have other reasons for delaying the sale, for example, not recognizing the loss on the books all at once.   Meaning that banks can delay in the hopes of postponing losses.  
2. Lenders do not approve of the offer because it is too low.   Each lender has a different way of evaluating its asset.   A lender does not have to accept your offer.   Remember that this is not your right or entitlement to negotiate with the bank.   The bank is the ultimate arbiter of its asset.
3. Clear title “ All lien holders must agree to release the property.   Perform a title search to make sure that the lien holders are not many in number.   I cannot tell you how many times this results in a deal-breaking situation.       Buyer™s attorneys, at the insistence of their clients, do not order a customary title search until a short sale is approved from the mortgage holder.   Once the title report is received, it sometimes discloses credit card judgments.     Somehow, sellers do not remember be served with a summons and complaint (the start of a lawsuit).   Of course, the lender is reluctant to pay off judgments and the seller does not have any monies to discharge these judgments. For example, I once negotiated a short sale where there were three mortgage holders (not the norm) and two judgment holders (credit card judgments).   The lender approved the short sale but was unwilling to pay for unsecured judgment creditors.     In this situation, the judgment creditor single handedly held up the closing of title because it would not release the property unless they received its full judgment amount.  I managed to negotiate with all parties and the parties conceded some monies to make it work.   But, not every transaction can work because the numbers are just too far apart.
4. Most buyers are advised to not begin expending monies on a home inspection, appraisal, attorney, title report, survey, etc. until short sale approval is obtained.   The problem with this is that if a buyer is not qualified to purchase the property, for example, due to financing, the seller would never know until later on in the process.   Why waste everyone™s time?  

 For example, in New Jersey home inspections are usually conducted after the contract of sale is signed.   Let™s say, you negotiated in the contract of sale to perform a home inspection after short sale approval was obtained.   What if the home inspector discloses that there is a malfunctioning mechanical system?   What do you do?   The seller has no money nor wants to spend any money on repairs.   Well, of course, the bank has to pay for this or at least that is what you want.   So, you tell the seller to ask the bank to reduce the offer by $10,000.00.   Well, this takes time, as the process sometimes has to be started all over again (paper work expires, investors have to be contacted again, etc.).   This just caused your closing to be delayed.How do I ensure a smooth transaction?Just remember that with risk comes reward.   While it may seem unfair that you will lose the monies you have expended, you will be rewarded with the ultimate goal, which is owning a home.   I would gladly be willing to spend monies to make sure I have the property that I want to purchase ensuring that it is suitable for me.   Meaning, I will spend monies on an engineer and title report rather than waiting for a short sale approval only to learn 6 months from now that the property is not suitable or too distressed (encumbered by too many mortgages, liens, or judgments) to even purchase.   If you do not have these monies to spend because you have a tight budget or are unwilling to spend these monies, then purchasing a short sale may not be right for you.Order a title search on the property to evaluate the liens that exist against the property address.   Additionally, see if there are any violations against the property address.   New York City Building Department violations are free to research on the New York City website “ www.nyc.gov.     You may change your mind about purchasing a home with an illegal extension or other violation which requires the seller to obtain a new certificate of occupancy

A survey is defined as a horizontal projection of the premises showing the physical facts of possession with reference to the perimeter lines (see Law of Title in New York and Compendium of Real Property Title by William C. Hart). What does that mean?   Put more simply, a survey is a map of the property, as determined by the opinion of a surveyor, at a moment in time, which discloses where improvements lie in comparison to the property lines.

What is the importance of a survey?A survey will give you information about the property you own or about to own.     Without the survey, you would never know how the buildings, garages, sheds, pools, fences, easements, street widening, retaining walls, etc. relate to the boundary lines of your property or where these improvements or rights of others are situated on the property.

For example, you are about to purchase a home, and the survey shows that the neighbor™s shed protrudes onto your property or the property you are about to purchase by two feet.   You think to yourself, but it is only two feet, who cares?   The answer is you should care and most certainly DO NOT close title because you may have potentially lost the two feet by some claim of right by the person who owns the property with the shed (by adverse possession or otherwise).      (Adverse possession is defined by www.law.com as a means to acquire title to land through obvious occupancy of the land, while claiming ownership for the period of years set by the law of the state where the property exists).  Once you buy the property, this becomes your problem.

Had you not purchased this survey, how would you know where the shed was positioned versus the property line?   What if it were five feet?   How upset would you be if you could have prevented this problem had you simply purchased a survey?   Thankfully, you purchased that survey.   Depending on how your contract reads, you may have the option of opting out of your contract because title may be unmarketable or uninsurable.   Most certainly, this is not what you had bargained for, which is a property that may be missing two feet and litigating to defend the property that you thought was yours.   Of course, you may be successful in a potential lawsuit, but why would you want to spend the money on a lawsuit?   Let the seller deal with this issue because it is the seller™s problem.

But, wait one minute, I have title insurance policy, which protects me.   No, it does not.   The title company will not insure this type of encroachment onto the property (with or without your purchase of the survey).   Assuming you purchased this property with this defect, if your neighbor makes a claim for the two feet of property, you will not be insured and have to defend a lawsuit for a claim of property that is yours.   Your remedy is to not close title until title can be delivered clear of any right by the neighbor.

I am getting pressure from my mortgage broker or real estate broker who tells me I do not need a new survey.   They want to close title and so do I, what do I do?

The answer is: you wait for the survey.   Once your closing is completed, you are the owner of the home and any survey related issues become your problem.   Rest assured, your mortgage broker or real estate broker will not be donating monies toward the defense or initiation of any of your legal suits.

How much does the survey cost? It depends on the size of your property and the surveyor that you choose.   Like any other vendor you can choose any surveyor of your liking.   Obviously, some are better than others.   For residential properties, the fee ranges from $500 to $900.   The cost of the survey usually increases once the size of the land increases.

New survey versus an old survey

.In some cases, an old survey from the seller may be acceptable to remove a title exception provided that an inspection of the property is performed.   While this is a standard practice among title insurance companies, I do not normally recommend this because only a visual inspection of the property is performed and it is performed without any measuring equipment.   This will save you some money, but it is not a substitute for a new survey.

What if the surveyor is wrong about the determination?

Human error is possible.   If there were an error, the surveyor could be sued.   The reason why I recommend new surveys for my clients is because the survey will be guaranteed to the homeowner, the bank, and title company underwriter, so, if an issue does arise, the surveyor may be liable for damages.   This right is unavailable to you if you did not purchase a survey or relied on an old survey.Please note that the information here is limited in scope and is for informational purposes only.   You should never substitute the advice you have read from any blog, including this one, for the advice of an attorney.   Every case is unique, so please seek an attorney for your specific scenario.

A company forwards you this letter which solicits you to buy a copy of your deed.   In a  twist of words, it appears that you need their service.   You submit some monies and within a couple of weeks you get a  copy of your deed.    Of course, my grandmother gets a copy of this letter and immediately calls me.   Paul, you have to take a look at this paper, it looks like I have to pay these people.   For whatever reason, my grandmother is not the only one that falls for this solicitation.  

 I have had numerous clients and family members ask me the same thing.  I personally have received this notice from this company that in a round about way words their solicitation to entice you to get a copy of your deed.   Obviously, I toss it along with my other junk mail.   Is this a scam?   To the extent that this company actually obtains your deed, it may not be a scam.   But, let me ask you this, had you not received the letter, would you have thought about trying to get a copy of your deed?   Can you trust that this company, which solicited you, will get your deed?The fact that you have misplaced your original, recorded deed does not mean that someone can steal your house if the deed somehow falls into the wrong hands.  

  The deed is recorded in the county clerk™s office (or register™s office) depending on the county.   It is a public record, so you or anyone can obtain a copy of the deed by simply going down to the clerk or register™s office.You may have a copy of the deed among your personal effects from your closing.   I would be skeptical about purchasing a copy of my deed from a company that has solicited me.   So, to that end, if your deed is lost, try locating the title company or attorney that closed your file.   If a copy is not in their possession, you will be guided to the clerk or register™s office, which is where you should go anyway.

A company forwards you this letter which solicits you to buy a copy of your deed.   In a  twist of words, it appears that you need their service.   You submit some monies and within a couple of weeks you get a  copy of your deed.    Of course, my grandmother gets a copy of this letter and immediately calls me.   Paul, you have to take a look at this paper, it looks like I have to pay these people.   For whatever reason, my grandmother is not the only one that falls for this solicitation.   I have had numerous clients and family members ask me the same thing.  I personally have received this notice from this company that in a round about way words their solicitation to entice you to get a copy of your deed.   Obviously, I toss it along with my other junk mail.   Is this a scam?   To the extent that this company actually obtains your deed, it may not be a scam.   But, let me ask you this, had you not received the letter, would you have thought about trying to get a copy of your deed?   Can you trust that this company, which solicited you, will get your deed?The fact that you have misplaced your original, recorded deed does not mean that someone can steal your house if the deed somehow falls into the wrong hands.     The deed is recorded in the county clerk™s office (or register™s office) depending on the county.   It is a public record, so you or anyone can obtain a copy of the deed by simply going down to the clerk or register™s office.You may have a copy of the deed among your personal effects from your closing.   I would be skeptical about purchasing a copy of my deed from a company that has solicited me.   So, to that end, if your deed is lost, try locating the title company or attorney that closed your file.   If a copy is not in their possession, you will be guided to the clerk or register™s office, which is where you should go anyway.

On March 1, 2002, the New York legislature enacted the Property Condition Disclosure Act.   In essence, the legislature found a compromise to the growing pressure for a seller to disclose defect within the knowledge of the seller and the common law rule of œbuyer beware.   Under the common law rule, a seller is not obligated to disclose any defects relating to the property.  Under the new law, at the option of the seller, the seller could complete the property condition disclosure form or in the alternative, offer $500 credit toward the purchase price.   If the form is completed, any type of false statements or misrepresentation could lead to a potential lawsuit against a seller, even after the deed has been delivered to the purchaser.The form has 48 questions that a seller must answer pertaining to the property.   The law applies only to one to four family homes and does NOT apply to sales involving cooperatives, condominiums, vacant land, new construction, spouses, co-owners, government entities, and estates.

What does œas is mean?œAs Is means the seller is transferring the property to you exactly in the state that you see it in and the seller is not willing to do any repairs.  

If the Seller completes the disclosure form, do I still need to get a home inspection?A completed property condition disclosure form is not a substitute for a home inspection, so be sure to obtain a home inspection.   A home inspection, prior to the execution of the contract of sale, gives purchasers the information necessary to fully evaluate the property to determine whether the property is suitable.T

he seller refuses to complete the disclosure form, what should I do?Just because a seller has not completed the form or refuses to do so, does not necessarily mean that there is something wrong with the home or that the seller is lying about the condition of the home.    Remember, it is at the seller™s election to complete the disclosure form.

The seller completed the disclosure form and there is something wrong with the septic tank, do I have any recourse?The answer is maybe.   If the seller failed to disclose any known defects or concealed any defects at the time of completing the form, the purchaser may have a cause of action, even after the closing.T

he seller did NOT complete the disclosure form and there is something wrong with the septic tank, do I have any recourse?It depends on whether the seller willfully misrepresented any known defects which representations were incorporated into the contract of sale

The lender so far has asked the buyer to obtain all documents to support a loan and for the issuance of a mortgage commitment. The commitment states, among other things, that a satisfactory appraisal must be performed.   So, this is not really a commitment, but, as a buyer, you are, nonetheless, excited.   The appraisal is ordered and the home that you are purchasing (or that you are selling) is lower than the purchase price.   What do you do?An appraisal is a third-party opinion of the value of a property by a qualified person.   It is a subjective determination, so it can be challenged.I am assuming that you signed a standard form contract, which has a mortgage contingency clause providing that a commitment is not deemed firm unless an appraisal is performed and satisfactory to the lender.As a purchaser, I most certainly would not want to purchase a home that is worth less than the appraisal.   If I am a seller, I am screaming the appraiser made a mistake.   Under this scenario, there are options for each party depending on what the parties™ intentions.    

1.                 Renegotiate the purchase price.   A seller may realize that the purchase price is high and given the comparables in the area, the seller reduces the purchase price.     The buyer is happy because the purchase price is reduced and the deal can be complete (for less than the original offer).   The seller is happy (well, not so really happy) because his/her house is sold.

2.               Request an appeal of the appraisal.   With the newly changed banking laws and regulations, appraisers are chosen on a lottery basis from the lender.   Meaning that the lender does not pick the appraiser based upon geographic area.   While it is thought that this may give a bank an unbiased opinion of the property value, one of the negatives for consumers in transaction is that the appraiser really may not be familiar with the area and quite often under-appraises the property (if you are an appraiser reading this, I am sorry I have seen this happen numerous times).   An appeal is made by to the lender requesting that a review of the appraisal be performed.

 3.               Terminate the contract.   The contract may be terminated because the mortgage contingency cannot be satisfied for the failure of the condition that an appraisal is satisfactory to a lender.  As a buyer, you can request the termination for the failure of meeting the contingency.   As a seller you can cancel the contract because you are not willing to reduce the purchase price.   The deal is mutually cancelled by the parties.

4.               Complete the deal as is.   As a purchaser, if your lender will permit the deal to occur despite the low appraisal, you can come up with the difference to complete the transaction. All real property is unique and there can be a myriad of reasons why you would want to complete this transaction.  

 As a seller, this is what you want “ selling the house at the original purchase price. In all practicality, if the appraisal appears justified, as a seller, you must still sell your house to someone and you may be faced with the same problem. For example, you are selling your house in a clustered development (all houses appear to be the same size and look).   The house next door to you sells for $300,000 just two months prior.   Your buyer is paying $315,000.   Nice job by the realtor to get you the extra $15,000.   However, the appraisal comes in short because the appraiser cites the property two doors down as a comparable (in fact it does not get any better for the appraiser) for the $300,000 value.   As a seller, your hands are tied because it would be hard to justify an increase in the purchase price to $315,000, as the same exact house sold for $300,000 a couple of months ago.  So, as a seller, you say, I have options “ I will sell the property to someone else.   Well, remember this, the comparable of two doors down will always come up and be difficult for you to overcome for any buyer.   Of course, if you are lucky enough to get an all cash buyer, there is no issue (usually these contracts are not contingent upon a satisfactory appraisal), but these buyers are not easy to come by.But, wait a minute, my kitchen has granite countertops, the other house is not updated since the owners moved in, I have landscaping, I have beautiful hardwood floors, my kitchen is custom-made, etc.   This is where you say, my house is not really the same as the house two doors down and you request an appeal of the appraisal.Most certainly, as a buyer, you have options, but these options are limited by the willingness of the seller to reduce the purchase price.    

 If you simply do not want the property, you can cancel the deal for the failure to meet the financing contingency.   You can also purchase the property as is, without a reduction in the purchase price (but, remember,  your lender must agree).

Effective December 31, 2005, the real property law is amended by adding a new Article 12-B, œThe Home Inspection Professional Licensing Act. In essence, any persons engaged in performing home inspections of residential buildings for compensation, must be licensed.Article 12-B of the Real Property Law is entitled œHome Inspection Professional Licensing. The section law as written is clear as to the licensing of individuals who provide home inspections for compensation. The relevant text of the article is as follows: § 444-d. License requirements for home inspectors No person shall conduct or represent that he or she has the ability to conduct a home inspection for compensation unless such person is:

1. LICENSED as home inspector pursuant to this article; or
2. a person regulated by the state or a political subdivision thereof as an ARCHITECT who is acting within the scope of his or her profession; or
3. a person regulated by the state or a political subdivision thereof as an ENGINEER who is acting within the scope of his or her profession; or
4. a person who is employed as a code enforcement official by the state or a political subdivision thereof when acting WITHIN THE SCOPE OF THAT         GOVERNMENT EMPLOYMENT; or
5. a person making home inspections for the purpose of meeting the requirements of section 444-e of this article to qualify for licensure as a home inspector.Therefore, any individual who claims to be able to inspect a home for compensation must be licensed (UNLESS THAT PERSON IS AN ARCHITECT, ENGINEER OR CODE ENFORCEMENT OFFICIAL pursuant to §444-d).What is Home Inspection?Home Inspection is defined as the process by which a home inspector observes and provides a written report of the systems and components of a residential building including but not limited to:

1. Heating System
2. Cooling System
3. Plumbing System
4. Electrical System
5. Structural Components “ foundation, roof masonry structure, exterior and interior components or any other related residential building component recommended by the Home Inspection Council and implemented by the Department through the regulatory process.

Who must apply for a license?Persons engaged in performing home inspections of residential buildings FOR COMPENSATION.What do you mean by residential buildings?A Residential Building means a structure consisting of 1 to 4 dwelling units and their garages and carports, but shall not include any such structure newly constructed or not previously occupied as a dwelling unit.