Your question is based on information that may be out of date and probably flawed:
Most assessments are based on the last selling price; if that happened at the top of the market, then it will be artificially high.
The LISTING PRICE is an artificial number that may have been deliberately low to attract multiple offers.
The assessment may be reset to the new selling price, and
The house may sell for considerably more than the LISTING PRICE.
With the Market haven fallen so far lately, the Values we are seeing are lower than we had at the peak. This is very good.
But do not hang your hat on saving $100,000. It would be a "paper" profit anyway.... more
Sheriff, the answer is "it depends".
There's so much difference between homes on the market (location, condition of home/property, whether the kitchen and bathrooms have been renovated, how long the home has been listed, etc.
A good realtor can give you the average percentage of selling prices compared to listing prices for whatever town you're interested in, but remember that's just an average.
If you're looking at a home that has been on the market for a long time, ask your realtor to get you a history of what the initial listing price was, when it was reduced and by how much, etc.; sometimes a seller isn't very motivated or doesn't have a realistic idea of what the market feels his home is worth.
On the other hand, when a home is listed that is a really good value for the money, is savvy buyer might snap it up at the listing price, and we've even started to see bidding wars again. To become a savvy buyer you really have to know the LOCAL real estate market. Look at as many homes as you can in your town that meet your qualifications. Ask a realtor to give you a list of what homes he/she feels are really good values (some realtors call these "shiny pennies"). If the realtor doesn't thoroughly know the LOCAL market, find someone else whom you can trust.... more
You will need to talk to the building dept. They will direct you further. I depends on where you want to put the fence. There are certain setbacks depending on the town requirements.
All these questions you are asking in this forum are ones you should be receiving guidance on from your Realtor. Working with a buyers agent is much smarter than a dual agent when it comes to representing your interests.... more
If you sold it to someone else, you can by it back if you wish (and can get the money). If the short sale was your own, then it might be viewed differently. In that case, I couldn't be sure, but I would go with a different lender to hedge my bets some.... more
The Water Treatment plant services Waldwick and the surrounding towns. Waldwick and HoHoKus neighborhoods surround the treatment which is tucked away in a countrified setting off Wyckoff Ave. It uses a state-of-the-art filtration system and is as neighborhood friendly as possible. During the Fall, the town composts leaves in the area. When they turn over the leaves, sometimes there is a mulch-odor. The treatment plant often gets the blame. Since Waldwick is surrounded by HoHokus, Ridgewood, Saddle River, Allendale and Wyckoff. Waldwick continues to be the one the most sought-after communities in Northwest Bergen County. The Traphagen Elementary School was the only Bergen County elementary to receive the National Blue Ribbon Award in 2009. The town has its own train station, easy access to Route 17, its own High School and very active Sports programs, Civic Organizations and Religious organizations. Waldwick is known for its wonderful fields, top-notch track-n-field and its own "stocked" lake called Whites Pond. To clear your mind about the Water Treatment plant, they can be reached at (201) 447-2660. Ask for a tour of facility.... more
You would also pay a higher rate for the mortgage and be required to make a larger down payment. I don't know the accounting rules, but your accountant would. Before you buy some of their time, reconsider based on the higher mortgage costs.... more
Any written offer, is presented to the seller. Ask the buyer's agent what comps they used to justify their bid. Take the offer and comps to the seller and have your own comps (if you do not agree with theirs) for comparison. Get a counter offer from seller and try to negotiate a fair deal.
All Short Sales are controlled by the Lending inst. that you are indebted to. No matter the offer, no matter if you approve and have an accepted contract with a buyer. The bank holds all the cards, because it is their investment hanging out there. They can agree to a short or they can just Foreclose. Which ever works better for them.
You will need a Realtor to try to make one happen. The Bank will generally not work directly with a Home owner or a Buyer...
Good luck to you!
You're treading in the waters where people are drowing in lawsuits. No matter how creative you make it, the bank will find out if you sell short sale and in any way benefit from it. They employ people to specifically investigate things like this, and it's not too hard to figure it all out. There are people who pulled this kind of thing 2 years ago that have recently been caught, so they apparently check back longer than most people would think.
Be careful, and if you want to find a legal way to fool the bank I suggest getting a really good attorney, one that is willing to go to jail with you if things "don't work out".... more
If your bank accepts their offer, then certainly your friend can buy the house. But you have to get them to accept the offer. That's the hard part.
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Phone (direct): (973) 584-4235
Very cool new MLS map search: http://www.marcpaolella.com/SearchMLS... more
If you and your friend follow all the rules and he buys it as an investment property and qualifies for the loan, he can rent it to whomever he wants including you!
You can have him call me at 215-852-4469 and i can go over the guidelines for buying it as an investment property.
Fred Glick... more
What is your Realtor advising you to do and what is attorney advising they are your best sources of information--if you're not too far in the process you can back out. And, yes, they should be disclosed--however, it may not have been the agent's fault--consider-- the seller may not have been forthcoming or the seller's circumstances could have changed during the listing time.