Property Q&A in Barnegat>Question Details

Ajmnterprises, Other/Just Looking in Barnegat, NJ

FolIow up questions - I have inherited a single family home in a nj 55 adult community but I am only 51.

Asked by Ajmnterprises, Barnegat, NJ Fri Dec 11, 2009

I have inherited a single family home in a nj 55 adult community but I am only 51. I have tried for over 16 months to sell the house but cannot due to the real estate market downslide. What are my options? Specifically, what are the ramifications of my living in this home as underage for a few years until I am 55?

What if the Association says 'no' I cannot live there since they are already at the 80% limit - can I be sued or be held liable for something - I mean - what can they really do to me if I move in??

Also, do you think it is possible to exchange the property with a 55plus buyer for a townhouse or someplace else I could live in?

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Answers

4
AJ,

Just rent the property until you turn 55...at least you'll get some tax benefits unless you don't want to be a landlord. Or speak to an attorney to work out the unique details of your situation so you have a firm grasp of what your rights are relating to this property.
1 vote Thank Flag Link Sat Dec 12, 2009
It depends on the association what action they will take, is it an adult community where you own the land, or do you pay a monthly lot fee rather than taxes?

And you could also work out an exchange, or in some communities rent the property to someone over 55.

If you need to speak to a local attorney, try David Esposito in Manahawkin. He's handled many of my real estate closings in southern Ocean County, is familiar with all the adult communities; Pheasant Run, Pinewood, Brighton, Mirage, Heritage Bay, etc.

David has also handled a lot of other issues for my clients in Waretown, Barnegat, Manahawkin, Little Egg and Tuckerton. His number is 609-489-0100.

Laura Giannotta
Keller Williams Realty Atlantic Shore
609-384-6121
Laura@JerseyShoreViews.com
0 votes Thank Flag Link Fri Dec 11, 2009
Your best option is to rent it out to someone over 55. You should treat it as an investment property until you can sell it. Good luck!
Debbie Jacobs
0 votes Thank Flag Link Fri Dec 11, 2009
I think that as a community they can circle you and beat you with sticks until you say you will leave... :)

I think you really need to speak to a Real Estate attorney.. one that has knowledge of the 80 / 20 information that you ahve been speaking about. Don;t be nervous about speaking to an attorney.. I don;t think the feee can be that much to get help and have him/her inquire about the property.

Yes, you can find someone with a property as you say and "switch" .. but again.. you are going to need an attorney to help you with that swtch...

So, I guess the gist of what I have been saying is to get an attorney in the area that can help... I can refer an attorney to you if you like... send me an email.

John Sacktig
Broker / Manager
Orange Key Realty
JSacktig@orangekeyrealty.com
0 votes Thank Flag Link Fri Dec 11, 2009
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