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DOWNTOWN BROOKLYN REAL ESTA TETouring Ft. GreeneThe F ort Greene Landmarks Preservation Cuimuiii.ee wiii present iis ioi.ii AimuaiHouse Tour June 8, noon to 5pm. Titled %u201cFort Greene%u2019s Finest, The Park Blocks,%u201d the tour focuses on the landmark area around Washington Park. Although only recently achieving landmark status, Fort Greene is the home of the section previously called %u201cmillionaires row,%u201d a nouveaux riche post-Civil War area of townhouses and brownstones.In addition to the famed Washington Park, the tour will include a variety of homes and a church. Meet at the Community Garden, comer of South Portland and Dekalb Avenues, opposite Fort Greene Park. Tickets are $6 in advance, $7 day of the tour. For more information call 596-5247.Changes Will HurtChanges in the Federal Housing Authority%u2019s (FHA) mortgage program proposed by the Reagan Administration would %u201cseriously hurt the housing industry and those wishing to buy a home,%u201d says North Brooklyn Congressman Edolphus %u201cEd%u201d Towns.In the Reagan Administration%u2019s latestbudget the following changes have been proposed. A $40,000 income limit for FHA borrowers, increasing the FHA user fee from 3.8% to 5% and requiring that the user, fee be paid in casn at dosing instead of financing it over the life of the loan.%u201cThese cuts would pull the rug out from under the thousands of prospective buyers who need the FHA programs to buy homes,%u201d the Congressman continued. Congressman Towns has co-signed a letter with Oregon Rep. Les Aucoin (D-OR) urging President Reagan to reject the FHA changes. %u201cHousing costs are rising rapidly, this is the wrong time to deny affordable credit to those who need it,%u201d Towns says.About Broker%u2019s RatesTwo often misunderstood elements of everyday real estate transactions are the basis of a consumer advisory issued by Secretary of State Gail S. Shaffer.According to Shaffer%u2019s Division of Licensing Services, a number of inquiries about a real estate broker%u2019s role and his/her compensation rate have been received and reflect a misunderstanding or misperception on the part of the consumer.Shaffer stresses that both matters are related to the seller. %u201cIt is the seller who retains the broker%u2019s services and who,therefore, pays the broker,%u201d she advises. %u201cFurthermore, the broker%u2019s commission rate is negotiable by the parties and is neither arbitrarily set nor under the jurisdiction of the slate s Reai Property Law.%u201dShaffer stresses that since the seller retains the broker%u2019s services, %u201cthe seller is entitled to every consideration %u2014 especially loyalty and confidentiality %u2014 during the transaction.%u201d Buyers are encouraged to enlist their own broker to ensure representation of their interests.Secretary Shaffer says that the Department of State is not permitted under the Real Property Law to intervene in commission disputes.%u201cThe law specifically states that the courts will adjudicate all controversies between brokers and their clients where the matter of commission fees is involved,%u201d Shaffer said. %u201cNegotiation of a fair commission rate should be one of the first priorities between a seller and his/her broker.%u201dUnderstanding EscrowWith interest rates so attractive, increasing numbers of consumers are becoming eligible for home mortgages. Along with monthly interest and principal payments, many, for the first time, will face monthlyescrow account payments, says Cornell University%u2019s Cooperative Extension Program.The Federal Trade Commission has issued a fact sheet to help consumers understand what escrow accounts are and how they%u2019re calculated. The FTC information spells out the purpose %u2014 to make sure property taxes and insurance are paid when they come due. Mortgage lenders gain a degree of security on their investments by charging homeowners a sum to cover these costs. Lenders calculate the 12 month costs of taxes and insurance and usually bill for an extra two months. The amount is then divided in 12 equal monthly payments. At the end of the year, should a lender undercalculate, the homeowner may be charged an additional lump sum to cover rising insurance and tax costs. By law, however, lenders may not charge mortgages substantially more than the amount needed to cover taxes and insurance.The FTC advises home owners to check their escrow account statements each year to see if a refund is due, if the lender collected more in escrow payments than it paid out. Consumers with problems or questions about escrow payments may contact the office of HUD %u2014 Housing and Urban Department for help.REFINANCE NOW!!While Rates Are Low L E T US SH O W YOU HOW:MortgagePowerSMakes Home BuyingAEasyTheMortg%u00abg%u00bbPow%u00bbrProgramBrfta* FinancingFasten Financinglaitorad Financing $No Income Verification LoansExciting New hquity Source AccountVaried 1-4 I-aniily and Condo/Co-op LoansBrooklyn, N.Y. 11231718- 643-1111PAUL GERTZREALTY CO.Serving Downtown BrooklynSince 1969WIDE SELECTION OFCO-OPS AND CONDOSResidential and InvestmentPropertiesFeel Free to Stop ByTo Discuss Your Particular NeedsPaul Gertz Realty C o.211 Court Street (Between Wyckoff and Warren) 718-625-3700WHAT DOESIT MEAN?It means we treat you, our client with loving consideration%u2014that we love our work and our neighborhood. We%u2019ve been here for a full generation and we have contacts which enable us to serve yourneeds%u2014not ours alone!During these years we have established ourselves in the brownstone neighborhoods: the Heights, Cobble Hill, Carroll Gardens and Park Slope. We%u2019ve entered recently into Fort Greene-Clinton Hill.N ow...WE%u2019VE EXPANDED OUR OFFICE, WE%u2019RE ENLARGING THE STAFF.We%u2019ll be able to continue as before in our traditional neighborhoods and we%u2019ll add the newlydeveloping area:PROSPECT HEIGHTSIf you are an owner who wishes to list your house for sale, an apartment to rent, a sponsor with coops to sell, please call us. We will be able and happy to serve you in Prospect Heights.The Loving Bernard AtkinsBernard H. Atkins Real Estate160 Montague St. %u2022 643-0101THERE ARE WONDERFUL THINGSBEHIND CLOSED DOORS%u2014We are opening these doors andinviting you all toCENTURY 21 sFOURTH ANNUAL OPEN HOUSE WEEKEND!OPEN HOUSES...Saturday, June 7 %u2022 12 noon-5 p.m.328 CLINTON AVENUECozy co-op duplex maintains classic elegance ofthe brownstone era. Ornate marble mantle, goldleaf mirror and original plaster rosettes. Set tneromantic mood of the 1890's.Price $110,000lo w Cash! Low Maintenance!Sunday, June 8 %u2022 12 noon -5 p.m.351 CARLTON AVENUEIta lia n a te to w n h o u se, circa 1858, on a q u a in t, tu rn -o f-th e -cen tu ry block is a stylish b lendin g o f th e old and th e n e w .D ram atic uses o f light fro m th e 14-fo o t ceiling an d o rig in alFrench w in d o w s add a refreshing d im ension to this u ltra %u00adm o d ern ren o vatio n .Price *380,000or purchase co-op units separately!Come and visit our open houses and see the many other w onderful things that w ill surely delight youJalbert Realtyf gntl%u00ab/_ 213 DeKalb Ave.. (betw. Adelphi &tf~7~l------- ITII m X Clermont)----------------------- (718)522-0740M a y 29, 1986, T H E P H O E N IX , P ag e 25