Home Selling in Summit>Question Details

Cindy, Home Buyer in Long Valley, NJ

Bought a house in July, and now I want out!

Asked by Cindy, Long Valley, NJ Sun Sep 9, 2012

We bought a house in July in Summit, NJ. Before we moved in we wanted to do some Work in it. We found a lot of issues with the house that the home inspector missed. It has been extremely overwhelming for both my husband nd myself. We have a 6 year old son and we don't want to have him go through another change, but this house is a complete nightmare. Is it to soon to sell this home and break even? We put 20% down.

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19
Judith Paris’ answer
Hello Cindy. Very sorry to hear about the difficulties you have had in your transition. You must also be experiencing some significant 'culture shock' moving to Summit from Long Valley (I can really appreciate that because years ago I used to be based out of Morris County & I serviced Long Valley, now I am based in Summit).

It sounds like you need to bring in some local experts to provide you with some information & advice on all of your options. It would help to find out specifics on what you are dealing with in repairs and how much the value of your new home may have improved, given the cosmetic upgrades you have already put in. Feel free to contact me for the market evaluation and names of any contractors if you need.

Regards,
_______________________________________________
Judith "Judi" Paris, Broker/Sales Associate
CRS, SRES, ABR, SFR, GREEN
KELLER WILLIAMS PREMIER PROPERTIES- Summit, NJ
(O) 908-273-2991 (C) 973-902-HOME fax: 908-621-0555
http://www.BestHomeResults.com
0 votes Thank Flag Link Sun Sep 9, 2012
Northern New Jersey has beautiful, charming homes, most of our communities, like summit were built in the early 1900's. So it is wonderful to get a charming older home but the reality is, it can be expensive to fix. Nothing is standard in these older homes and renovations can be exhausting. If you just purchased in July , you will most likely break even or maybe even come out on top. The real estate market does not consider how long you owned a home. Noone really cares, people get transferred, things happen. So don't worry about the time.
0 votes Thank Flag Link Fri Apr 19, 2013
Wow my heart goes out to Cindy, was this town hit hard by the recent storm too?
0 votes Thank Flag Link Sat Mar 2, 2013
Cindy,
Contact a local agent and ask them for a Comparable Market Analysis to find out what the market value is for your home at this time. That will help you get the right answer to your question.

All the best to you and your family.

Gary Geer
0 votes Thank Flag Link Sat Mar 2, 2013
Question was asked September 2012...hopefully Cindy has figured out what to do by now.
0 votes Thank Flag Link Sat Mar 2, 2013
Please contact me at tanz13@aol.com. We are looking to move to Summit and maybe it is something we could handle fixing.
0 votes Thank Flag Link Thu Feb 28, 2013
Hello Cindy.
Have you thought of renting it? Maybe you can break-even this way, and start looking for another home in the mean time.

KATHERINE RUBINSHTEYN
917-364-2444(Mobile)
krubinshteyn@weichert.com
WEICHERT REALTORS
474 MORRIS AVE
SUMMIT, NJ 07901-
908-277-1200 (Office)
908-277-0836 (Fax)
0 votes Thank Flag Link Sun Jan 27, 2013
Give me a call. I can stop by and give you an idea of what is is worth in today's marketplace. With the improvements you have made, you may be able to squeeze a profit from this headache of yours.

Joe Nunes
RE/MAX In Action
908-591-6600
0 votes Thank Flag Link Fri Sep 28, 2012
Moving to a new home with a 6 year old can be overwhelming & it is an adjustment for the entire family. If you are really that unhappy with the house than go ahead and sell it now rather than later and move on with your life. However keep in mind that you will probably wind up losing money unless you bought it way below market value. You will incur all of the expenses of moving again, selling and closing costs on your present home , & also closing costs on a new home.
It might be easier to just prioritize your home improvements for now, do one task at a time so the house isn't in disarray & arrange a play date or sleepover for your son on the days you will be working on the house.
0 votes Thank Flag Link Wed Sep 26, 2012
Just to add to the mix a bit...if you only just closed on the house in July, even with the improvements you made, this is always a red flag to buyers. It's very likely that a potential buyer will ask the obvious question "what's wrong with the house?" and offer less money on the assumption there is something major wrong with the property.

As for the things the inspector missed...in their defense, they can only discover what they can see. As a two time homeowner, (one brand new and one built in 1972) I can tell you without question that there are ALWAYS things wrong with a home, that need repair / upgrading / removal / replacement that a home inspector cannot be responsible to find during a visual inspection of the property. Their job is to try to find the obvious defects. They don't open walls, or have xray vision.

Since you don't say what the "issues" are, I could be off base assuming the issues are something the inspector could not possible determine.

In any case, I agree that you will probably not get a good return in this short of a time by reselling, and may actually lose money in the process if you try to sell now.
0 votes Thank Flag Link Sun Sep 9, 2012
Thank you for the response. We have fixed all the issues to the house that we encountered. Like my neighbors says, "rome wasn't built in a day." As mentioned to a discussion I had this afternoon with a realtor, the just doesn't feel like home. So far, this house has taken away time from my family. I personally think we are not equipped to maintain a house. We are considering into a townhouse.
Flag Sun Sep 9, 2012
Generally speaking, they say it takes 5 years to break even from closing costs/fees/expenses. It sounds as if you have a conventional mortgage. Have you looked into a rehab loan instead? That would give you the money to do the repairs/renovations by professional contractors. It's still going to be turbulent but it can all get done.

KW Metropolitan does a lot of business in Summit. I'd be happy to come and give you an analysis of your home value from which you can evaluate whether you can break out even. I'm so sorry that this is such a nightmare for you.
0 votes Thank Flag Link Sun Sep 9, 2012
Hi Cindy,

If you really want out of this house, I suggest you have a local agent come in and discuss with you the price they would relist the property for. Then estimate the closing costs involved and see where you stand. I would also speak to your real estate attorney and see what responsibility the home inspection company has.

Speak to contractors and see what they estimate for the repairs. They may not be as high as you may think. I have someone excellent and resonable that I can recommend if you would like to contact me.

This is extremely stressful for you but stay calm and explore ALL of your options. There is a solution out there for you and your family.

If you would like further advice, please contact me a, I would love to assist you.

Sincerely,
Carol
0 votes Thank Flag Link Sun Sep 9, 2012
Thank you everyone for your responses! the work that has been done are the following. New paint, crown moulding throughout the house, new carpet in the family room, runner installed on the stairs, new electrical upgrade, and floors redone. Plus, we built a pantry, and redid the closets
0 votes Thank Flag Link Sun Sep 9, 2012
Depending on the work you've done, the price you paid, and the conditions in your local market, it could be possible.
The expenses you will incur include a Realtor commission, attorney fees,and realty transfer fees.

The best way to find out is to get a local agent to help you. One who can not only give you the fair market value of your home as it is, but one who can recommend what other work you could do that wouldn't cost much, but would bring a lot of bang for the buck.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sun Sep 9, 2012
Oh yeah electrical upgrade which it's up to code, and new baseboards for heating.
Flag Sun Sep 9, 2012
Thank you for your response. The work we've done are as follow
New paint, crown moulding throughout the house, new carpet in the family room, runner installed on the stairs, and floors redone in the living room, tiling in the foyer, built new pantry, and redid the closets
Flag Sun Sep 9, 2012
Contact a Home Rehab contractor they are very good and quick dealing with new home owners.. they take care
of any permits needed and bank approval is easy. my house it's big and i changed the siding, removed a oil furnance and got a new one. removed a giant tree from my back yard. again.... vinil siding with insulation,brand new heating system and removal and clean up of old one and a giant tree out and clean! for under 25,000. they deal with all type of situation.. if you need help finding one let me know so i can put you incontact with the same guy that helped me....this is free advice and i will not charge you. or receive any monetary compensation!
0 votes Thank Flag Link Sun Sep 9, 2012
Hi Cindy,
I am a realtor with Keller Williams in Summit, and I lived in Summit for 18 years until last year when I moved a few miles away. I am also an architect by training. Unfortunately for you, the responses you received below are essentially correct. Hopefully you could get a sales price for your home similar to what you paid, but there are substantial closing costs including the commission, attorney fees, state transfer tax, etc. Also, as it was pointed out, you would need to disclose the issues that you have uncovered, and any buyer would be curious as to why you are selling so quickly after buying. You are probably better off slowly trying to address the issues. Hopefully you bought the house because it appealed to you, so consider finding some good contractors and in time make it into a house you will love and enjoy living in. If you'd like further advice, feel free to contact me, and good luck.
Natalie Leighton, Keller Williams Realty, Summit
908-419-6847
0 votes Thank Flag Link Sun Sep 9, 2012
Chances are you will not break even. There are selling costs involved with transferring property title and that goes beyond REALTOR fees. It is unlikely that your property value today will have increased in an amount sufficient to absorb the expense of selling.

Feel free to contact me if you want specific suggestions.

Deborah Madey - Broker
Peninsula Realty Group
732 530 6350 Direct Office
0 votes Thank Flag Link Sun Sep 9, 2012
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Summit is different than south Jersey, and many areas of north Jersey. I'd suggest you get in touch with a local Summit area REALTOR...you could try Lucy E. Thompson of Keller Williams in Summit.
0 votes Thank Flag Link Sun Sep 9, 2012
Cindy, sorry to hear you're having such problems and I would suggest you may want to take up the issue with your home inspector who bears some responsibility. There's no way that you're going to break even anytime soon as you're trying to recoup the full price plus whatever the commission you'll be charged by a Realtor. Unless you're willing to lose the amount of the commission; I'm sure you'll need to address some of the issues and wait some time.

Also you would be obligated to disclose the problems you've uncovered.
0 votes Thank Flag Link Sun Sep 9, 2012
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