Carmelo Torres

Pete, you want an honest answer, think about this, a real estate professional is solely dependent on the commission they earn to make a living (in most cases). No base salary to depend on, no benefits, and in many cases, no support system.

So if a buyer's agent is going to earn 3% vs 1%, you do the math.

Ethically, all real estate agents are bound by a Code of Ethics. Legally (and the fact that this is a public blog system), most agents have to balance their potential to earn with what's right in representing their client.

I remember earning 1% on my first real estate deal in 2005 and I worked so hard on making sure that deal closed and it did. I felt great in making sure I helped my friend buy a home he truelly liked, but the commission did not cover the time spent in finding him the home. In the end, I actually lost money.

Real estate agents have a lot of expenses and I would find it very difficult to find any agent motivated by selling a $200,000 or $300,000 and only earning 1 or 2% and if they have to give up 30 to 60 percent of that commission to the broker they work for, well, you do the math. So it all really depends on the agent and what truelly motivates him or her.

For most agents this is a referral business. If I treat you well, and still lose money on a deal, I would hope that you would refer your friends and family to me so I could provide them the same service. The more people I work with, the more money I make (regardless of the commission I earn).

Hope this helps.

Regards.

Carmelo Torres
A Home For Sale Realty
carmelo.torres@ahfsr.com - Thu Jun 19 2008, 18:05

Thanks, Paul.

Any escrow funds should be part of the HUD -1. We don't want a lawsuit pursuant to fraud. That's why using an attorney is so important. I would hope that a real estate attorney would make sure that any of these arrangements would be included in the HUD-1.

I've talked to a few attorneys who have made these types of arrangements in North Jersey. The toughest part is getting a very good estimate to make sure enough funds are in escrow and both seller and buyer agree on the amount of those funds.

Thanks again for the added advice.

Carmelo Torres
A Home For Sale Realty
ctorres@ahfsr.com - Wed Jun 11 2008, 19:35

Hi Shar,

As some of the agents stated, it all depends on how the home seller wants to take care of it. Typically, it is the seller's responsibility If the inspection fails, the town could get involved and the home seller could have a bigger problem on his/her hands. If you accept a credit, in some cases I've noticed an escrow account with one of the attorneys setup just to fix the system. The seller could agree to place funds in escrow for you to fix and the arrangement could be that the seller would take the balance of escrow if the entire escrow account is not used to fix the septic system.

However, the funds can be predetermined as part of an added contingency on the contract after the failed inspection before you close (for example, placing $20K in escrow). If the funds in escrow are depleted to fix the septic system and there's still something else that has to be fixed, you're then left with the added burden of finding more money to fix the problems.

I would recommend against a credit unless you're okay with it. I rather see funds in escrow to be used to fix the septic system. Or just walk away if the seller decides agains fixing the problem or putting up collateral in escrow to fix the problem.

Buying the house by way of setting up an escrow account is sometimes preferred because in some cases the home seller may not have the money to fix the septic system and is unwilling to borrow against the equity in the home to fix the problem. In this manner, the seller walks away with some money in his pocket and you have cash sitting in an account specifically earmarked to fix the problem.

Do what you feel comfortable with and discuss these options with your attorney.

Good luck!

Carmelo Torres
A Home For Sale Realty
ctorres@ahfsr.com - Mon Jun 9 2008, 16:35

Do what I do when I have to visit my mother in Belleville (She lives on Division Street) if I have to go there during the morning hours. Turn on some talk radio and enjoy the commentaries (or enjoy the music)

I drive to Clifton a few times a week in the morning (next to Belleville). The best commute would be 287 S to 23 S, to 80 E to 21 S, in my opinion.

You can try taking route 19 (off route 80 E in Paterson) which takes you to the Garden State Parkway South (then exit in one of the Bloomfield Exits and take some of the back roads into Belleville)

Or, take the Parkway South (from Routh 19 as stated above) to Route 3 East (but that's hit or miss with traffic), then to Route 21.

There a few options once you get on 80, but before that just go with the flow.

I would avoid 208 - That's a nasty morning commute. I used to work in Paramus and avoided 208 in the mornings like the plague.

Good luck.

Carmelo Torres
A Home For Sale Realty
ctorres@ahfsr.com
973-986-7901 - Wed Jun 11 2008, 19:19

Sorry Shar, a lot of real estate professionals shy away from these types of topics since it can hurt the business. I do have lots of friends in Ringwood that have never considered that where they live can be affected by the issues brought forth by local residents and the EPA.

The only thing I would say here is to contact the borough clerk at the Ringwood Borough Hall to get more information on the matter. Here's a link: http://www.ringwoodnj.net/borough_hall.htm .

Hope this helps.

Carmelo Torres
A Home For Sale Realty
ctorres@ahfsr.com
9730986-7901 - Wed Jun 11 2008, 19:09

Hi Elizabeth,

In addition to the Park n Ride near the Library (off Skyline Drive, the better choice), you can also drive to Wayne (South on 23 near the route 80/46/23 junction- Route 23 Transit Center) about 20 minutes drive. You can take the bus or the train (however the train runs into the Montclair station or Newark Broad Street station where you have to change over to a second train that takes you into NY Penn Station). I've done the trek myself both train and bus (bus runs on a better schedule in the morning hours - about every 5 to 10 mins). Train doesn't run as often and takes longer - around 75 minutes or so.

The car ride back during rush hour from the Route 23 Transit Center into Ringwood could take 30 minutes at times depending on rush hour traffic. But it's do-able.

Just wanted to provide another alternative since the bus in Ringwood doesn't run as often as the bus in Wayne (Route 23 Transit Center).

Good luck and all the best.

Carmelo Torres
A Home For Sale Realty
973-986-7901
ctorres@ahfsr.com - Wed Jun 11 2008, 18:53