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07018 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling2
  • Market Conditions1

Activity 14
Mon Aug 28, 2017
LawrenceIMorris answered:
I did a $200k FHA 203k renovation on the purchase of a $200k+ dilapidated house in 2015. I have a superb reference for you below:

Sandee Lutz
VP of Mortgage Lending/Renovation Specialist
sandee.lutz@guaranteedrate.com
www.guaranteedrate.com
o: (248) 469-4471 - f: (872) 808-1291 c: 586-219-3116

An additional option is Wells Fargo; they do a ton of these and have a lot of experience in the FHA 203k program.

Good luck!
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Sun Aug 13, 2017
Sally Grenier answered:
Wed Mar 30, 2016
Daniela042 asked:
Hi.. im looking for a 2 br apt in Northern NJ.. I have stable emplpyment with employer 15 years, excellent rental history, no convictions or evictions. Its just really hard finding an apartment…
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Tue Dec 29, 2015
Dan Tabit answered:
Patricia,
Your credit is good. The loan amount will depend on what other debt you might have and how much the lender wants you to have for minimal standard expenditures.
Assuming no other debt and a debt ratio around 41% (and this will vary based on the loan guidelines and residual income requirements) you would qualify for a mortgage payment around $1,050 per month.
If you plug that into a mortgage calculator, you can figure out how much you can borrow, but of course the rate, term and other factors also come into play.
This payment would have to include principle, interest, taxes, insurance and any home owners association dues.
To find out "how" start by talking to a lender and see if they suggest you apply in full. Once you do, you'll be on your way. Your bank probably has a mortgage department, if you start there you can find out easy enough, just don't stop there if you can get approved. Shop a bit, ask your Realtor for another lender.
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Sun Feb 9, 2014
Alvin Lewis answered:
Yes if they put a lien on the property and don't get payed, after a period of time they can foreclose , but if you have a mortgage on the property that company will step in and satisfy the lien because they don't want to loose the property and its position. ... more
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Sun Jan 19, 2014
hdarron908 answered:
Tue Sep 17, 2013
Melissa Goss answered:
The realtor can indeed charge for their services- so yes... yes he or she can.
0 votes 6 answers Share Flag
Sun Jan 2, 2011
Ibrahim Hughes answered:
Hi again Ms. Walker:

(I’m on my PC now and see that you’re looking to buy in East Orange) - You’ve already received some useful sites on schools, recreation centers, libraries, etc. for the city of East Orange. I just want to add some personal insight on the city and its “family friendliness”.

East Orange, generally speaking is a safer city than it was a decade ago and has experienced a decline in crime over the last several years (down 76% in 6 years). I currently own property in the city, grew up in one of its neighboring cities (Newark – on the side that borders east orange) and have two family members who are long time police officers there.

Having said that, like other cities in the surrounding area (Newark, Irvington and Orange) East Orange is sort of (what I call) a ‘hit and miss’ city in regards to family friendly neighborhoods. There are fewer areas in the southern part of East Orange (that make up the 07018 and 07019 area codes) that one might find “desirable” enough to raise a family (in my opinion) versus the Northern end bordering Bloomfield and Glen Ridge (which make up the 07017 area code).

A quick word on the schools: the new high school, Cicely Tyson, is good for children with artistic talent. However, the general school is East Orange Campus High and I wouldn’t necessarily give it high marks.

In short East Orange is not a town like West Orange or Maplewood where virtually the whole town might be considered ‘family friendly’. East Orange has some good areas and some not-so-good areas. Again, let me know if I can be of assistance in helping you choose a home in the right neighborhood. The best of luck to you in finding your home and Happy New Year!

Ibrahim Hughes
Licensed Realtor
EXIT Queen's Realty
Tel: 908-578-1981
Email: ihughes1970@yahoo.com
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Sat Jan 1, 2011
Ruth and Perry Mistry answered:
Regretfully, Geico will not cover unless you have coverage for special assessments.

Now let's say you had a leak in your unit, then Geico would cover, but since it is a leak in the building that is being Pursued by an attorney, who is going after the builder and in the mean time the repairs are being paid for
By a special assessment, slim to no chance.

Also, hopefully the builder has enough insurance to cover the cost of all repairs as it is not uncommon
For builders to file for Chapter 11 or close down, the lawyers still have to be paid.

Good luck.
Perry
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Tue Apr 6, 2010
Debra (Debbie) Rose answered:
Lou (Sorce) and I go back a long time and have been in the business the same amount of time............he is a pleasure to work with.......feel free to give him a call Suburbangal.


If you want another opinion, call Chris Healy of Metropolitan Appraisal in W. Caldwell......another "old timer" in the business! (I am showing my age!!!).
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Tue Nov 24, 2009
George Kasimos answered:
The $1,500 a month will be added to your gross income. Then your accountant will subtract expenses such as , real estate taxes, repairs, depreciation, etc... I would definetely talk to an accountant.

I've owned several properties both personally and via LLC. Your accountant should be able to offset most of the additional income you will be showing on your taxes.
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Thu Nov 20, 2008
John Sacktig answered:
Hi Anne -

I am a relocated Brooklynite ( Bensonhurst) and in my opionion the third bedroom will add value to your place, 3 bedrooms in Brooklyn are a commodity.

There is no fast answer to the question, but hte first step is to check the local market ad see what is selling to make sense for your investment. You should be able to determine if the cost of construciton will be recouped and add value.

You may do just as well with the larger 2 bedroom. in any case get the necessary comps.. Email me for information and I'll see what I can do to help you make the correct descision. I am licensed in NY and NJ.
If you are thinking of moving to NJ.. Middlesex and Monmouth counties I can help you find a great deal!

John Sacktig
Broker / Manager
Orange Key Realty
732-213-1409

JSacktig@orangekeyrealty.com
... more
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Wed Oct 29, 2008
Diane Epp answered:
Hello,
I am currently marketing a home in East Orange The Owner purchased it from me in 2005. Having specialized in West Orange for 25 years, I've also, as you can imagine, handled a lot of properties in East Orange. I am currently President of the North Central Jersey Assn. of Realtors, as well as a Director to New Jersey Assn. of Realtors. Please call me at 973-868-9975 to discuss the sale of your home. I am sure that you wouldn't want just anyone; I am sure that you would want a fully experienced Realtor, who is a Broker (not just a sales associate) to help you gain the most money, the fewest headaches and the best terms.
Sincerely,
Diane Epp
... more
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Mon Jul 30, 2007
Ken Baris answered:
Hi Steven,
Our firm Jordan Baris, Inc. has strong market share in East Orange and has maintained it for the last 50 fifty years. I can tell you beyond a shadow of a doubt that East Orange real estate sells. You would be very impressed if you stopped by our furnished model at The Woodlands at Upsala on Springdale Avenue where we are very successfully marketing 51 single family homes and 17 townhomes. ... more
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