REO's can be great buys but in most cases will need some repairs. If you're able to do the work, even better. Agents that specialize in distressed properties like a CDPE can also assist you with pre-foreclosures which are Short sales. Perhaps you might want to consider both. In any case, I can assist you with either one.
Just note with the REOs, you cannot always get mortgage financing from a traditional lender.... more
In general you will find that most of the towns within 25 miles or less to Manhattan will have high taxes. If your top priority is live where the blue ribbon schools are, you could also look some towns in Morris county. Below is a link to the recent Top NJ Schools report.
Best regards,... more
Both West Orange and Livingston are very nice towns to start a family in. Good schools, plenty of restaurants, Turtle Back Zoo, skating arena, South Mountain Reservation just to name a few. These are also a good choice for NY commuters.You could definitely find a nice start-up house in the price range you have set. Please let me know if I can be of assistance.
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I think the test place for you to buy a home is in West Orange. The reasons are manyfold.
1) House prices are low compared to other places.
2) School system is very good
3) You do not have to pay for Trash removal
4) The water is best and you do not have to worry about the salt eating away your plumbing.
5) Commuting to New york city by bus.
The only issue with the west orange is high taxes. But if you take into consideration all other things that I mentioned above not a bad idea to look into West Orange.... more
There are some very good bargains in West Orange and some wonderful properties to purchase at discounted prices due to the amount of 'for sale' inventory. Mortgage rates remain low. A qualified buyer has the advantage in this real estate market in this town.
Demographics is something for the buyer to work out, Penny. There are enough resources at hand to make determinations about specific issues you feel need to be addressed and answered to your satisfaction and liking starting at the federal level, then state and county, and down to the local and municipal governmental level; schools, shopping, transportation, places of worship, etc. It's all there.
If you are not familiar with driving in the area, ask your buyer's agent for a tour of neighborhoods of your choice and see a few homes at that time, too. This will help you start to get the lay of the land.
Ingrid be very careful of anyone making promises and claims that they can save you lots of money!!!!!
Also - Anyone who is an agent should identify themselves properly on a real estate site, and not list that they are a "home buyer", while trying to get your business.... more
Hey, I am a realtor in south jersey, hope this helps. There are so many towns in South Jersey that provide great school systems for your daughter and are conveniently located to Rt 295 and other Roadways leading to Delaware. If you are planning to get a condo, and are getting an FHA loan, you or a knowledgeable realtor would have to make sure that the condo association accepts that type of loan. There has been many changes recently that restrict FHA buyers from buying condos in certain developments. I can guide you through that if you contact me. As far as a price range, that depends on your income and the amount a lender would qualify you for. I would be happy to refer you to a lender for a pre qualification. email me at email@example.com or call me 856-347-0073 I would be happy to help you.... more
Your buyers agent can assist you with making a decision not part of the transaction to many unknowns prior to rendering any opinion
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If you already have lender approval, that means that the lender sent an appraiser out to the property prior to them blessing the amount they would accept. If that's the case the appraiser may have already taken into consideration the grim condition of the home. So during your inspection period you may have to take it as is or move on.... more
Sylvia the answer is yes, PKMI protects the bank in the event that person can't make their mortgage payment and has to take action (legal and otherwise) to get their money back.
In the case of a short sale the bank has only a small percentage of insurance, 5 - 35% of the original loan amount when the loan was originally taken.
So yes their will be additional funds to/for the bank after the short sale doesn't pay off the outstanding balance of the loan.
Remember the bank/lender will have other charges (other than the loan) that they incurred, or you are contractually obligated to if you weren't able to pay on time.... more
Hi Sylvia, agree that seller should not be present - but should have been briefed on preparing the home properly for inspectcion - so that foundation walls are visible etc. The inspector will not move things to see those walls, and so if not prepared, it may require an incomplete report and a second visit - and with that delays.
As far as the agents - when acting as a Buyers Agent I generally open the door to the inspector and my buyer. I stay for the entire inspection - to be helpful - as needed, but not to intrude. I prefer if the Listing Agent is not present, and have felt the discomfort on the part of an inspector when an overbearing one was there with us, "foot to foot" adding her opinion to the inspector's commentary. Sometimes a seller will ask their agent to be present, and that is their perogative.
I always recommend that my buyer be present for the entire inspection. While the objective is to focus on issues of real concern during inspection negotiations, the inspection process is such a terrific opportunity for the buyer to learn about the house and about general home maintenance matters.
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Your daughter will not be eligible to purchase the home if you are in a state of foreclosure. No direct relatives can purchase it at a sheriff's sale.
However, it sounds like you are on your way to keeping your home if you are on a trial payment plan. Just keep paying on time and you should be fine.
Should you decide to sell, you should start talking to the bank about a short sale.... more
Neither the title company or the bank will close on the loan unless the lien is satisfied or removed Sylvia, because title insurance (the guarantee the property is unemcumbered by any lien or right) can't be issued. The current lien is the sellers responsibility to pay... more
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