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Ludwigw

  • 3 Answers
  • 2 Questions
Home Buyer

Buy properties owned by a bank

Ludwigw answered:
The danger, for me, is a clear title and whether the bank will respond to any remediation needs discovered by the house inspector(s). - Sat Aug 22 2009, 09:58
Ludwigw answered:
It’s a long (more than one hour) commute. I live in Basking Ridge and have commuted to NYC. Buses that originate in the town will take you to the Port Authority at 42nd Street; Penn Station is located at 34th Street - there is free parking for the residents at the bus stop. There is a New Jersey Transit train station in town, also with free parking. The train goes to Penn Station and, as previously said, there’s an express train you can switch to at Summit – a free transfer.

Some people in Basking Ridge prefer to drive to/from Summit and then take the express train. This isn’t a bad choice if you are someone who can keep to schedules in the morning.

As you might expect, the inbound commute is easier than coming home when it can vary between 1 and 1 1/2 hours by bus or train.

Lastly, you can drive to Ferries or Path trains and use a Park/Ride lot for the car. - Fri Feb 6 2009, 04:34

how much value will a new kitchen add?

Ludwigw answered:
The answer is: unless you’re getting specific negative feedback there is no way to know. Unless a potential buyer has hired a buyer’s agent, all realtors represent the seller. A problem is that many realtors do not behave that way. For reasons one can only speculate about, realtor to realtor communication is of little value today, if it occurs at all. Follow-up calls by a listing realtor elicit little actionable information.

Telling a seller that their kitchen is “dated” or “tired” does not help the seller know what to do.

The idea that you can use comps to assess your property’s value is “dated” and “tired.” Comparable house values work best in an active market with similar housing. If there is little turnover in your neighborhood then comps are of little value.

But to your question, find the open houses for properties that you think match your price or are a little more expensive. Bring a camera and take pictures of their kitchens; take lots of pictures. Sit down with your friends and review them for things that you all agree are worth adopting.

Lastly, beware of making your kitchen such a focus of change that buyers will view it as lipstick, a change made just to help sell the house. If the new kitchen is inconsistent with the rest of your house it will be money wasted. A buyer who sees all new appliances in the kitchen may think that you may not have maintained any of the other parts of the house that aren’t as visible. - Thu Dec 4 2008, 05:41

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