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Home Buying in Parsippany : Real Estate Advice

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Activity 44
Thu May 19, 2016
Ycicalese asked:
. I will be purchasing the home within a few months for the amount of the existing mortgage (approx., $50,000). Will the closing costs be based on the $50,000 or on the value of the house?
0 votes 0 Answers Share Flag
Wed Jan 27, 2016
My NC Homes Team answered:
Your about to make a significant 9if not the most significant) financial investment of your life and your asking for free advice from strangers on the Internet. Perhaps you'd be better off rethinking your planning. Regardless you asked so here's my two cents, Does the seller need to get a permit? No. Are you a fool to buy it with out a insisting on a permit? Yes. Would you both be much better off working with experience local experts (Realtors)? Absolutely. If you buy the home your the one who inherits the problem and your finished basement could be a significant problem down the line as it may or may not meet code and even if it does meet today's code it's highly unlikely to meet code a couple of years down the line and if you ever do decide to get the permits you could be forced by the township to rip it out and start from scratch. ... more
2 votes 1 answer Share Flag
Mon Nov 23, 2015
thinz answered:
Paved driveway usually refers to a smooth blacktop asphalt (sand and stone mix).
Paver refers to the concrete blocks in various shapes and colors.
Tom Hinz www.shortsaletosell.com
0 votes 1 answer Share Flag
Wed Nov 18, 2015
Amelia Robinette answered:
Your loan officer should be able to help with this, actually he/she should have explained it already.

You don't pay the down payment until the settlement/closing date. You will need to provide an "Earnest Money Deposit" aka EMD, Good Faith Deposit. That deposit will get credited to your bottom line that you need to bring to closing to complete the transaction. The money is held by the settlement/escrow/closing company. The sellers do not get any money until the transactions settles/closes.

For example:
Purchase Price $100,000
Earnest Money Deposit $2,000
Down Payment $5,000
Closing Costs $2,000

Total needed to close =
Purchase Price $100,000
+ Closing Costs $2,000
- Loan Amount $95,000
- EMD $2,000
=Down Payment $5,000

In this scenario, you give $2,000 up front which is held in an escrow account by the settlement agent/attorney, then you pay the $5,000 at closing/settlement.
... more
0 votes 1 answer Share Flag
Wed Nov 18, 2015
Amelia Robinette answered:
In your example, if you get a mortgage of $200,000 with 4% interest, then you may be able to 'buy points' and lower the interest rate to 3.75%. This will lower your monthly payment.

Before you decide whether to buy points or not, think about how long you'll keep the mortgage. If you keep a mortgage for all 30 years, then paying a couple thousand up front makes sense. Most people keep a mortgage 5-10 years, so you may be better off keeping your cash and paying the 4% vs. 3.75%.

Don't deplete all your cash reserves to buy down points. When you buy a house, having a few thousand dollars for reserves will serve you better than the couple bucks/month the lower interest rate will help. For example, if you have to replace a water heater, you're better off having cash to pay for it than putting it on a credit card at 12% interest.
... more
1 vote 1 answer Share Flag
Tue Jul 14, 2015
Christopher Fritts answered:
0 votes 1 answer Share Flag
Sat Jun 20, 2015
doug answered:
We have 1000s of REO around the country including New Jersey, Florida and California. Contact me at doug@activedevelopment.com. You can cherry pick.
0 votes 18 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Sudhir,

An average construction cost for a home is approximately $150-$200 per square feet. Multiply this by square feet of the house you are looking to built and you should have your answer. For additional information, contact us anytime. ... more
0 votes 5 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Hello Amish,

We just have one property under contract in Lake Parsippany area. Please let us know If you need any additional information on any short sales.
0 votes 5 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
As long as threre was an executed addendum prior to the inspection report between the two parties where the seller will be providing a credit, the seller should not be able to do so. Please check with your attorney. ... more
0 votes 8 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Hi,

What company did you decide to go ahead with ?
0 votes 2 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Hello Rachna,

Just curious to see If you bought the house or not ? Your response is greatly appreacited.
0 votes 13 answers Share Flag
Tue Nov 26, 2013
Jeffrey Onofrio answered:
Typically we will not do a streamline 203k on a mixed use property- too many variables and we want the client protected by having a FHA 203k consultant. Mixed use is also done case by case. Wayne and Patty said it best- Speak with a lender, consultant and contractor who have experience doing 203k's. My team at AnnieMac has done over 400 203k's. Nothing is more important in these deals than experience.

Jeff Onofrio
Director of Renovation Lending
NMLS # 38670
jonofrio@annie-mac.com
700 East Gate Drive, Suite 400
Mount Laurel, NJ 08054
Toll-free: 888-680-RENO (7366)
Direct: 856-505-6717
Mobile: 609-217-9409
Fax: 866-438-1351
www.anniemac203klending.com
http://www.203kfhalender.com
... more
0 votes 7 answers Share Flag
Wed Nov 6, 2013
Sherreen answered:
Hi Calvin,
15 Vail Rd is not a flood zone. I know how important this queston is.
Please contact me and I can tell you more about this home and others.

Sherreen Douglas
Sales Representative
KELLER WILLIAMS SUBURBAN REALTY
732-208-0935 (cell)
973-251-0100 (Office)
973-251-0300 (Fax)
homesearch101.kwrealty.com
... more
0 votes 8 answers Share Flag
Sat Jul 6, 2013
Suzanne MacDowell answered:
The prices you see are the amount owed on the loan. It may be a second mortgage, a Home Equity Line or Credit or a Home Owners Association fee that you are seeing. People in foreclosure often stop paying everything, and all lien holders may file for foreclosure so you cannot depend on those numbers. The price to pay will be determined by either the bank, if they foreclose, at auction on the off chance the home sells at the Sheriff's auction, or during a short sale during negotiations with the homeowner and the bank. ... more
0 votes 4 answers Share Flag
Sun May 26, 2013
Shashi Gupta answered:
it is not a flood zone area.

(Hurricane made many people suspecious for water problem. Hurricane with fast speed winds made power go off for many days-No electricity. sum pumps which runs with electricity -did not run. water effected in basement and it became a valid concern for the buyer.

Now everyone is alert from these natural disasters. People have generators and have other solutions to protect their home.
Answer is- not a flood zone area and you do not have to have flood insurance.
But every house is different. must check with town for flood once you decide .
If you need any help you can email or text me .

Shashi Gupta
973 727 3529
SoldByShashi@gmail.com
... more
0 votes 5 answers Share Flag
Mon Feb 25, 2013
Ed Carbone answered:
I would say that buying a home now if you are relatively certain that you will be moving in two years would NOT be a good idea. Owning a rental property that is out of state from the new location you are in is more difficult than it may sound. You would have to rely on a local realtor to help you manage the property and that means you would have to pay out yet another monthly fee in addition to Taxes, Assoc. fees, Mortgage etc. You would be better served to rent now if it is "likely" that you will be transferred or otherwise moving out of State. ... more
0 votes 9 answers Share Flag
Wed Jan 30, 2013
Annette Lawrence answered:
Yesterday, I closed on a short sale that began on Feb 16, 2012.
If time is a factor, there may be trouble brewing in the kingdom. The investor may choose to do a shakedown of the exiting owner or the present buyer, accept the offer or decline it completely. And they will do so in accordance to the schedule kept by the investor board meeting.
The only reliable answer to 'How long?" is "Too long."
-
The best guidance is to keep this clinical. Don't allow your emotions to get involved. The seeds of impatience grow the fruit of disappointment. Let the process do what it will and don't get married to the result. It can be heart breaking.
... more
0 votes 3 answers Share Flag
Tue Jan 15, 2013
Antje (Angie) Virostek answered:
Good Morning Mani,

The single family homes in Mazdabrook range from a sale price of $530K to a sale price of $639K with an average sold price of $606K. If you would like, I can sign you up for our Market Snapshot and you would be informed on any area that you are interested in. All you need to do is email me @ VirostekTeam@gmail.com and request our Market Snapshot.

Sincerely,
Antje (Angie) Virostek
Weichert Realtors
201-400-5654
... more
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