Hi Brett - Sounds like a good down payment and I understand the reasoning behind it. You should actually look at 20% down maybe $25% to make this happen. to keep some cash available. Check with one of my favorite mortgage people:
Mortgage Capital Partners
Craig should be able to answer all of your questions
Give a call if you need a Realtor to represent your purchase! I can show you all of what is available in the area!
Century 21 Burke Realty
If maintained properly, a septic system can last many many years. 20 years is not uncommon. But if it is not operating properly, you may have to dig a new drainage field, even a new tank. Depends on the scope of work and the distance to your house, a new septic system may cost from $30,000 to $60,000. You may have to apply for a new license if there is no permit for a backup septic system.
Find a local septic maintenance company and they will be happy to recommend a good contractor.
Here's 3 cents. When negotiating a FSBO, keep in mind the comps you utilize to figure your offer price reflect a prevailing 4-7% commission. So don't forget to remove that from the FSBOs asking price before even beginning the negotiation. You will often see that FSBOs price to the recent comps that paid a commission. Apples to oranges. A FSBO that is priced competitively with other similar homes listed by agents is, by definition, overpriced by the prevailing commission in the area. And buying a FSBO at the prevailing closed price of similar homes sold by agents means you just overpaid. Keep that in mind.... more
If the sellers are truly willing to assist you, have them grant you a use and occupancy so that you may move in and occupy for a reasonable fee until they have fully remediated and can provide all required documents. Understand that NJ has recently changed many of its ways it handles these cases. It used to be that DEP handled everything but I believe due to the back log of up to years they may now be allowing contractors who are certified to handle closure of the case. In any event I wouldnt rush to close. (I personally had a $300K clean up)... more
In fact there is a difference in cost between the towns with similar size units selling slightly higher in Bridgewater. Bridgewater is generally considered a more popular place to live than Branchburg for several reasons including: easier access to Routes 78 and 287, its own school system(Branchburg sends its children to Somerville High school) and a better top end of the market( there are more high priced homes(above 700K) then Branchburg. All that being said, if you are looking at a purchase from an investment viewpoint, either town offers promising returns if you make a wise purchase.... more