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07054 : Real Estate Advice

  • All35
  • Local Info2
  • Home Buying25
  • Home Selling4
  • Market Conditions0

Activity 34
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
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
Tue Oct 28, 2014
Gary Geer answered:
Your options are limited. Renting your home may be a temporary solution but remember a tenant will most likely not take as good of care of your home as you have and eventually you will have to make repairs , paint etc later before putting on the market. This option only works if you can acquire your next residence with funds you have or you can qualify for a loan. Another possible option is to sell your existing home on contact. I recommend that you discuss any option with a local real estate professional and an attorney before proceeding.

All the best.
... more
0 votes 2 answers Share Flag
Tue Nov 26, 2013
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
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
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
Tue Nov 20, 2012
carolle donofrio answered:
Hi-
I am not sure which town homes you are referring to.
There are town home complexes in Morris Plains and Parsippany.

If you would like to provide me your email address I will send you what is available.

Regards,Carolle Donofrio

973-960-8002 cell

cadonof@aol.com
... more
0 votes 2 answers Share Flag
Sat Oct 20, 2012
Cindy Marsh-Tichy answered:
Hi Julia
This is a question that comes up frequently. You will find that most agents are ready willing and able to assist as a Buyer Agent but since the practice of EBA isn't common here most are not aware of EBA or Designated agency. In New Jersey there are few EBA ( Exclusive Buyers Agents). When an agent is an EBA they are always representing the buyer and never representing the seller. This would mean that the company that the agent works for never takes listing. So, to become an EBA for you would mean never showing the listings of that company. If an agent offers to arrange a referral agreement to have someone else work with you in that case, the original agent knows all your information so that still would put you at a disadvantage.

However, if you are looking for an agent to represent you in the transaction, and you wish to hire them, they most likely would represent you as a dual agent and have you sign an agency agreement since otherwise they could not show their firms listings.

It sounds a little complicated but it really isn't. I am an ABR, Accredited Buyers Agent and would be happy to explain your options further if you wish.

Good Luck

Cindy L. Marsh Tichy
Broker/ Associate
Weichert, Realtors
1-888-216-5750
973-328-7800
... more
0 votes 12 answers Share Flag
Wed Oct 17, 2012
lizsantos1124 answered:
Jeanne is right on the money here. Just because you can be qualified for a number, doesn't mean you should spend that much. Regarding your situation -- it sounds like you "can" buy more than you seem to want to spend.

Here's the truth -- the specifics of every individual situation make it imperative that a buyer sit with a well-qualified lender who will go through all the pertinent information with you, assess your situation, and advise you on the most appropriate programs, Like "doctor", "attorney", "cpa", the title "licensed mortgage loan originator" now refers to a trained, certified professional who goes through a beast of a screening process in order to be allowed by the feds/state to originate residential mortgages. It's imperative that you sit with some one qualified rather than try to figure it out all yourself.

Because your downpayment is less than 20%, I would nudge you toward a larger mortgage banker instead of a regular bank. As a rule, a banker will have more education in his/her pocket and more in-house programs available to service your "non-generic" situation. A broker will not be able to shift gears seamlessly mid-process if necessary. (Sorry to all you brokers out there, but it's true and you know it. :))

Obviously I work for such a lender. I'm sure most of the nice folks who've answered your question do as well. I'm sure that all of us would be happy to consult with you. Perhaps you should speak to a few people and see how you feel.

If you want to reach out to me, find me here:
http://www.lizsantos.rhfunding.com
If not, I'm not mad at ya!!! I wish you the very best of luck in your search.
... more
0 votes 9 answers Share Flag
Thu Sep 13, 2012
Brian Rutter answered:
I think others have answered your question about WHAT a buyer rebate is, so I would like to address the question of whether it is a good idea or not. As many have noted, the top tier firms are not offering buyer rebates. While it might be tempting to shop around for an agency that does, I would suggest that you should consider whether the relatively small short term gain is worth the (often hidden) cost. Someone else noted that the agent for the smaller agency that might offer rebates may not be able to negotiate as low a price as a more experienced agent from a top tier firm. In addition, there are many other areas where an agent can help you, and in these areas as well the agent from the rebate firm may not be as able or have the incentive to go the extra mile. Will they be as willing to show you homes until you find the one that's right for you, or will they try to convince you to buy the first one you see that is in your price range? Will they have the experience to spot potential trouble areas before you make an offer? (No agent will replace a qualified inspector, but the inspector comes in only after you are under contract, and you have to pay for the inspection. If your agent alerts you to a potential problem, he or she can investigate it BEFORE you make an offer and without any additional cost to you.) A good agent does much, much more than just open the doors for you. ... more
0 votes 8 answers Share Flag
Wed Aug 8, 2012
Laquita Baez answered:
Hi Harry,

If you can contact me with your email and budget, I can search for and email you some listings
in the Parsippany area, as well as provide you with some comps.

Laquita Baez
Licensed Realtor Selling in New Jersey and Georgia
973-687-7095
... more
0 votes 2 answers Share Flag
Thu May 17, 2012
Jeanne Feenick answered:
When I show homes I get "in front" of the radon question - explain the potential for it and also point out radon piping (passive system) or full remediation system. If you need radon remediation to manage an elevated level, put it in. I do not believe it will negatively impact the value of your home. There are always exceptions - but with understanding, a buyer will likely not dismiss a property because of an operating remediation system.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
... more
0 votes 10 answers Share Flag
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