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07621 : Real Estate Advice

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  • Local Info1
  • Home Buying8
  • Home Selling3
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Activity 11
Earlier today
Barbara Weismann answered:
I'm not sure how to answer this question but I'll try to give you a general answer which might help you.

First of all, here is the Bergen County Board of Taxation website - http://www.co.bergen.nj.us/482/Board-of-Taxation You can call them with your questions but be patient because sometimes it's tough to get through to the right person.

Every year each town prepares it's own budget for what it needs to run the town. That budget is sent to the County. Bergen County then figures out how much money is needed to pay for the County's needs and determines the tax rate for each of our 70 towns.

The tax rate is multiplied by a home's assessed value to figure the property taxes for that year. Tax rates are supposed to be sent to the towns so that the new tax rates are published on August 1st but this year the County was late a few days. It can happen.

Each town has it's own unique idea of how to assess the value of a home. If you are interested in a particular town, you can call up that town's Tax Assessor who will explain how they do it.

I hope this helps you - it's a very basic, general idea of how it works here. Property taxes here are often higher than in NYC but prices are much lower. So overall it's usually a lot more affordable here.
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Mon Jul 4, 2016
Ian ODonnell asked:
Mon Jul 4, 2016
Ian ODonnell asked:
Mon May 26, 2014
Murphy Team answered:
I can answer your general question about finding a "full time" Realtor. I will leave the local sales part to someone in your area.

You can call the agency, or agencies, who do a lot of business in your area. You can determine this by viewing property on Trulia, or on your choice of sites, and seeing who shows up most. Call either an agent who advertises on these sites or call their agency and ask for the "Designated Broker". This DB will be able to connect you to a Realtor who works your location.

You may want a listing agent who specializes or, better yet, a Buyer Agent who also lists property. Once you list your property the job will be to find a qualified buyer and either should do the job for you.

Consider, of course, that you have a listing agreement with an agent now and will need to wait for that to lapse before moving on.
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Fri May 23, 2014
Christopher Pagli answered:
The stairs won't increase or decrease the value. The will however compliment the surrounding floor. If the hardwood is showing on the floor the leave the stairs exposed as well.

Chris ... more
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Mon Mar 3, 2014
Andrew Tisellano answered:
the income from a rental is the same as income from any other business or job. With rentals you usually have quite a bit of write offs so you only pay tax on the profit.
items that you can deduct include, property taxes, mortgage interest, water, other utilities, painting and repairs, snow removal, lawncare or hoa fees.

Contact me and I can guide you.
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Thu Jul 11, 2013
Approved Funding answered:
Unfortunately, in today’s marketplace and real estate environment a “low appraisal” is the #1 reason that contracts and deals fall apart.
Here are a few options and suggestions that you can consider if your appraisal comes in below market price:
1) Challenge the appraisal. Ask for a copy. You are certainly entitled if you paid for it. Work with your Realtor to make sure the appraiser used the best comps in the market.
2) Challenge the lender. Did they use a local appraiser? Is this appraiser familiar with the intricacies of the area?
3) Negotiate with the seller. An appraisal done by an independent 3rd party company is the perfect proof that their home isn’t worth what they think it is. Let them rethink their sale price and come down to something more reasonable with the market estimates.
4) Accept it. Depending on your down-payment, if it is substantial enough - a lower than expected purchase price can have minimal effects on your rates and terms. Speak to your lender.
5) Walk away. Sometimes the best deals are the ones that you don’t do. It might be hard, but if you aren’t “feeling it” after a low appraisal, its often best to walk away and start fresh elsewhere.
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Thu Mar 1, 2012
Lyle Wolf answered:
Ravi

You can find the tax information for any property in New Jersey here:
http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=glou&passwd=data&district=0801&mode=11 ... more
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Fri Aug 27, 2010
Ravit Advocat answered:
Right now condos are available for purchase only. The Pet policy does not appear consistent within THE PLAZA AT TENAFLY. Some condos allow pets without restriction, and some the pet must be under 30 lb. ... more
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Wed Jun 30, 2010
Weichert Realtors answered:
Sun Jul 5, 2009
Barbara Weismann answered:
To best answer this question, you need to explore all options thoroughly - once you have all the answers, then you can make the best decision for yourself. There are many things to be considered.

First of all, I would suggest that you get the survey on your home and talk to the Bergenfield Building Department. You really can't begin until you know how much of an expansion you'll be allowed to make.

Second, you need to know how much equity you have in your home and what budget is affordable - you do this by a conservative comparative market analysis and consulting with a licensed mortgage banker. If you base your equity estimate on the bottom of your price range, it will be much better for you.

By now you should know if you can build enough space to get what you want and you should have a budget. The next item is to talk to some excellent (not good, not average, I mean excellent) builders. Prepare yourself in advance by having a clear notion of what you want to build. Have several come to see you and get a ball park figure from them. Add 10% to that figure for the rising cost of materials - we might be in a recession but building materials are always going up.

Once you have all of this information, you're ready to start looking at what you can buy based on your equity and what you can afford.

Now take a look at your neighborhood - where your home is located. Look at the values to see if you'll be over improving for the location - that is always a huge financial mistake. Look at your neighborhood in comparison with where your budget allows you to purchase - does it make sense to move? What issues will arise from moving to a different location? Do you have children in school? Will it have an impact on commuting to work? Is it an area you've always dreamed about? These are questions only you can answer. There are other questions to be considered which have to do with the market values between where you are and where you're thinking of going - is there any differences, is one holding its values better than the other etc.

Once you look at everything, then you'll know which direction makes the best sense for you. But, there is one last question - do you want to go through construction? Again, that's only something you can answer.

I know that this is a very involved process but it's the only way to truly determine what's best for you and your family. To be perfectly frank, I usually advise my clients to build less than they intended - things have a way of growing significantly beyond one's original ideas. You'll need a good architect too - if you wish, I'll be glad to recommend some excellent professionals.

Hopefully this will help you make the best decision you can for yourself. Very often expanding makes the most sense but sometimes it doesn't. Only by spending the tme to completely investigate your options will you be able to do what's best for yourself.
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