Know that you are not alone in your current situation and many other homeowners are in the same exact spot.
A good stating place would be to talk with a local Realtor and local loan officer to discuss the best plan of attack. Not only will you have an accurate account of your current situation, but you will also have a better idea of how to change your situation for the better and the various options available to you.
Broker/Owner BRE # 01154905
Ardent Real Estate Services
I know we really see it slow down, just fewer buyers out there at the moment. Therefore, it's really price driven here. If your home is priced more competitively and in good condition, it will make the top of the list. Good luck!... more
While the Teaneck market (like many others in the Bergen County area) has not rebounded fully, it has certainly stabilized over the past 6 to 12 months. Teaneck has experienced a 3-5% property increase over the past 60-90 days and has finally bounced off their lows.... more
If you are a for sale by owner the post is not allowed, you can however try blogging about the property; if and when you do list with an agent, he/she can post it for you, just ask; or consider any flat fee realty company that feeds into the site...... more
Each lender operates differently and depending on which loan program you qualify for. Any government loan (FHA, VHDA, etc.) uses an appraiser who is certified for these types of loans. These appraisers work by tougher guidelines. In general most lenders use independent appraisers who are not affiliated with the lender.
The process of appealing taxes is actually a simple one. First however, you need to check at what ratio a town is assessed. Not all towns are assessed at 100% of value. Then you need to be sure that the value is more than 15% less than the asessment otherwise the tax appeal will be in vain. The filing of the tax appeal is done by filling out an application and submitting it to your local assessor and county tax board. We have 15 years experience in doing appraisals for tax appeals. I would be happy to check any property you want to see if it would qualify for an appeal. The deadline for tax appeals is April 1st. For towns that just did revals, the deadline is May 1st. This is the date the application must be submitted by. The appraisal can be submitted after that date and before you receive the date to appear. I would be happy to walk you through the process. Feel free to email me at firstname.lastname@example.org.... more
I assume you dont want to stay there either, you could research a new emreging technique called strategic default, if your not already behind on the mortgage. Strategic default goes something like this, if you owe 150,000 on your condo thats now worth 100,000, you would purchase a new one for 100,000, move in and stop paying on the one you owe 150,000 on, short sale it. Your credit will take a major hit but with a little research on that you will be able to repair and get back into the A's in about 2 years time or less. The other way is to short sale the current property, rent for two years while rebuilding credit, and then purchase another home after that.... more