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Home Buying in 07866 : Real Estate Advice

  • All19
  • Local Info2
  • Home Buying12
  • Home Selling3
  • Market Conditions0

Activity 11
Thu May 5, 2016
JAnon asked:
Here's our scenario. Currently renting a home that was foreclosed and is now Fannie Mae property, managed by outside company. Upon takeover, we were granted a term-lease, which will end…
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Tue Aug 19, 2014
Suzanne MacDowell answered:
Not sure what lender you are using but mine has their own team of FHA people, inspector, contractors, etc. Ask the lender to provide the name of the people they work with. I bought my home with an FHA 203K loan. I used Matthew Smetana in Sparta for the architect. He was very good and quite reasonable. ... more
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Fri Mar 28, 2014
Sanjeev Ahuja answered:
If you buy a house that requires extensive repairs then most likely the appraisal report will indicate repairs that must be completed before closing can take place. In such cases you should seek 203K financing or FNMA homepath financing to start with as these loans offer a one closing solution where you get mortgage money to buy and renovate. If the house you are buying only has cosmetic work with no required work mentioned in the appraisal report then you could buy with the normal loan and have a contractor finance the work. Many contractors in your area will probably offer this but you should do extensive checking with the consumer affairs department before hiring one. Contractor will most certainly put a mechanics lien on your house until the loan that he extends is paid off.
Good Luck!
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Tue Jan 21, 2014
Michael Van Cleve answered:
The crime rate low enough as to really not being a factor. That is one of the reasons why buyers come to this area. This is true for most of Morris County.
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Sun Aug 11, 2013
Christopher Nelson answered:
Matt, not only do you need a good real estate agent, but you need a real estate agent that understands how a short sale works. More importantly, an agent that can not only find you the short sale, but close the deal. As a Realtor specializing in foreclosures and short sales I have found a major disconnect in the ability for a majority of agents to get a short sale closed. Many listing agents take listings that will never close because they don't understand the process. This can be avoided by teaming with a buyer's agent that will quickly identify problem transactions and keep you out of lengthy transactions that will not end up successful. Many of the comments in this post refer to the frustration level that often stems from doing a short sale. Again, that can be avoided by working with properly trained people. I would encourage you consider working with a Realtor that holds a CDPE Designation (Certified Distressed Property Expert). You can visit the website and search for top notch short sale agents that truly understand this unique aspect of real estate. I wish you the best in your venture. Feel free to contact me in the event you need further assistance. My team also services NJ.

Chris Nelson
National REO Broker Association (NRBA) Member
REOMAC Member Member
Certified Distressed Property Expert (CDPE)
Platinum Equator & RES.NET Certified
794 Penllyn Pike, Ste. 120
Blue Bell, Pa 19422
215.641.2500 Main
215.641.2542 Fax
484.576.7430 Cell*
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Thu Aug 8, 2013
Suzanne MacDowell answered:
You may be able to work out something with the town to allow you to close on the house, however, the cess pool will still have to be replaced with a septic system in the fairly near future. ... more
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Thu Mar 21, 2013
Gary Nagurka answered:
Nancy Wagner
Real Estate Attorney
139 East Main Street
Rockaway, NJ 07866
Office: (973) 627-5459
Fax: (973) 627-0038
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Mon Dec 17, 2012
Keith Jean-Pierre answered:
Good afternoon:

Unfortunately many of the people affected by Sandy were in non-flood zones at the time of the storm and as a result did not require flood insurance. People in the state of NJ with a current mortgage that reside in a flood zone are required to have flood insurance. Many of the homes damaged by our shore line were from the original owners that did not have a mortgage any longer on the property and no longer needed to carry flood insurance. Also in this state I have heard from numerous customers that it is very hard to obtain flood insurance without having a mortgage on the property.


Keith Jean-Pierre
Re/Max First Realty
Direct: (848) 391-6428
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Mon Mar 26, 2012
Corey Grushin answered:
Allan if you are going to finance the purchase the bank you use may require you to obyain a CO before you can close. Some lending institutions won't close on a standard FHA or Conventional loan without a permanent CO, so in order to do so they would require you do a 203K loan to close. Let me know if you have any further questions. ... more
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Mon Mar 26, 2012
Corey Grushin answered:
Hamza you don't need to have three credit scores to buy a home. When three score are available most banks will use your middle score for you loan determination. If you have a least two that is okay as well. When only two scores are available we will use the lower of the scores for your loan determination.
It's even possible to get a FHA loan with no credit scores with my firm. The documentation is much greater and the loan would have to be manually underwritten and require a second signature by senior mgmt.
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Sun Mar 25, 2012
Wayne Odenbrett answered:
The Seller needs to have it performed prior to closing.
Towns vary. The info is generally available on the town website
Make sure you get it all done prior to the visit.
Some towns charge for a second visit ... more
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