William Leigh Holt

Anthony:
First, I hope you have seen the property with a Realtor. If not, get thee one and hie ye hence, if you're into Elizabethan prose. Otherwise, see the property and be FULLY informed before you buy. A Realtor can show you the property, other property in your price range, show you comparable sales and offerings by accessing the MLS and he or she can help you with negotiations and all the other aspects of the purchase of a home.

As far as the amendments go, most of the clauses are just things that protect the corporation, such as the As-Is deal but there are some that actually may be to your disadvantage. In NJ, you have the opportunity of submitting the contract of sale and any addendums to an attorney for review. This review period is of three day duration. Your attorney can, during that time, reject the deal or suggest ways where it might be acceptable to his client. You don't need an attorney in NJ and, in the southern half of the state, they are not customary. That may be fine when you are dealing with a usual homeowner and when the standard NJ Association of Realtors (NJAR) contract is used but I always recommend using an attorney with a corporate deal because they have access to one and had one generate the addendum. In some cases, the addendum was generated by attorneys in a different state and do not necessarily comply with NJ law and surely do not contain provisions that favor the buyer. Unless you are well versed in these matters, (and if you are, why did you post the question?) then I'd add the cost of legal counsel to my budget for the acquisition.

As-Is requirements are STANDARD with corporate owned deals. This means little in and of itself. The corporation, usually after some investigation, has decided that it is not worth the time and money to effect any changes to the condition of the property. The property may need a lot or a little, it's of no consequence to the deal per se. Usually, the corporation has figured into the asking price what any discount for condition might be required to sell the place.

What you MUST do is called “due diligence”, especially in commercial deals (and since you are dealing with a corporation, your deal is at least half commercial.) This means that you have to ascertain all the aspects of the value of the property before you make an offer. In home sales, our standard NJAR contract, which you can use as a basis for your offer (plus the corporate addendum) allows some of this due diligence to occur AFTER the contract is signed. For example, you can get a home inspection done after signing and figure out how much repair and improvements might cost. You can also review the CO inspection report from the town to be sure that any violations can be remediated within your budget. If the whole thing does not work for you, you can reject the deal after you know where the total acquisition price of a move-in home will be.

As another agent has indicated as well, Burlington is within my normal area. I lived in Bordentown, just to the north, for many years. If you have not used another Realtor, I'd be glad to work with you. - Yesterday, 05:46

cdjcty: No one. The "Broker of record" is a term used by the State to identify the broker responsible for a real estate office. Therefore, it has nothing to do with your purchase. If you bought a home directly from an owner, for example, there would be no broker involved. You need to have you deed recorded in the county. The closing agent usually does this, or perhaps your lawyer, if you are using one. A real estate broker does not normally do this, so, as you can see, no broker need be involved at all.

Most closing agents are either attorneys or work for title companies. Since I am not a closing agent, I can't speak from authority but I believe that they are not licensed in NJ or PA. They are then, employees of the title company and probably don't ever see a tip. They usually only meet you over the table at closing, hand you all the documents you need to sign collect and disburse the funds and prepare the HUD1 form.

Their company arranges a title search, passes it to the Mortgage Company or buyer, if it's a cash deal and gets instruction from the mortgage company as to any forms that they require. If there are title issues, they clear them up before closing. When required, they usually arrange a survey but one is not always needed.

The deed itself is produced by the seller, along with an Affidavit of Title. They are legal documents and must be prepared by an attorney. (Perhaps the seller could do it himself, I don't know, but I never seen it done and wouldn't trust a layman to do it right.) Sometimes, if the seller does not wish to hire an attorney, the title company produces the deed and affidavit but they do so by having a lawyer do it, just as they have a surveyor do the survey. Title Companies don't always do their own searches. There are people who sell their services for that task as well. A title company utilized in Camden County, for example, might not wish to send an employee all the way to Morris County for one search - Sat Nov 15 2008, 06:06

cdjcty: Off course a tip is well appreciated. Every agent wants one. The tip I'm referring to is that of a "tip" to a friend about how good your agent was and how you'd recommend him/her highly!

Aside from that, we're professionals here in NJ and we don't expect a tip anymore than a doctor or lawyer does.

Additionally, those fellows in the state house have made some law or other, nor to mention the Housing and Urban development people. Such busybodies.

Keep your good agent in mind and boost their business when you can and that will be heaven for them - Fri Nov 14 2008, 18:00

Michael: No. you can't just walk. There are certain issues that may allow you to void a contract but basically, a contract is a contract. When you need legal advice, only lawyers are licensed to interpret a contract. When the other side's lawyer adivises them differently, only a court can settle the argument. You ready for that? - Fri Nov 14 2008, 17:38

Melissa: This is not a real estate question per se. Schools change from time to time. Few realtors who do not have children in the school can keep up with every school in the area in which they work. Check my website for a link to school information. You may also want to Google up independant takes on the schools in the area where you live or or where you migh wish to move. - Wed Nov 12 2008, 07:05

Shiju: There is no difference in the price of a home based on foreclosure. They are ALL at market prices. If you go to a sheriff's sale, you bid against anyone that shows up, including the lender, who will show up. (Would you write off a $200,000 debt for a $50,000 offer, when you have been advised that the current market rate for the property is $175,000?) If no one bids close to the market price, the lender will buy it back. After the foreclosure procedure, homes are listed with realtors who price them in the MLS at what they feel the market will bear in TODAY’S market. (Would you, if you owned a property, not at least look for the highest and best offer you could obtain?) Finally, if distressed homes are available for a price, don’t you think that every other house in similar condition will have to sell at the same price or stagnate on the market?

Since there are many houses on the market, the correct approach is to find the best one to fit your needs, budget and ability to repair, should repairs be needed. Most distressed houses that are selling low have serious repairs needed. In many municipalities you can’t move in until the housing department is convinced that those repairs have been done correctly and to the building code.

If you wish to look seriously for property in the Delaware Valley region (both NJ and PA,) I would be happy to show you everything available, foreclosure or not, in your price range. You then be able to find the best deal available to suit your specific needs.

The important thing for you keep in mind is that you need to find an agent with whom you feel comfortable and who understand your needs and goals. Together, you will have access to all the houses on the market. - Wed Nov 12 2008, 05:15