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Elmwood Park : Real Estate Advice

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  • Local Info1
  • Home Buying3
  • Home Selling2
  • Market Conditions0

Activity 21
Tue Jan 26, 2016
Sally Grenier answered:
Not sure what you mean? Specialize in what "type of home"? Not sure how it is in NJ, but here in CO agents typically will specialize in residential vs commercial. And some will focus on, or "specialize" in a certain suburb or even a specific neighborhood. Or some will work in a wide area. Some agents specialize in being buyers agents, some as listing agents, some do both. As far as "type of home"...do you mean like craftsman vs colonial? Or single story vs 2 story? ... more
0 votes 1 answer Share Flag
Thu Dec 17, 2015
Travis Anderson answered:
Wed Apr 15, 2015
Brian Martucci answered:
If you are looking to buy a new house, and want to keep your current home as a rental property, on a Conventional loan you need to show the lender who is making the loan on your new home some things that you would not if you were selling your current home instead of renting it. You need to show 6 months "cash reserves" after the down payment and closing costs on the new house, and you need a 70% loan-to-value (LTV) on your current home, as evidenced by an appraisal.

If you meet both of these requirements and have a lot of equity and cash reserves, you can count the rental income on your current house to offset the mortgage, which will help you qualify for the new mortgage. Otherwise, you will have to qualify for the new mortgage carrying "all" the debt on the current mortgage and using no rental income to offset the debt, and usually most people cannot qualify for two mortgages at the same time.

And if you do meet the cash reserves and the 70% LTV requirements outlined above, the banking industry will only count 75% of the gross rent on your current home (as evidenced by a lease) to offset the mortgage. They take away 25% to account for vacancies, expenses and maintenance. So if you have a $3,400 a month mortgage, and can show a $4,000 a month lease, they will only count 75% of that $4,000 a month lease (or $3,000) against the old mortgage. In this case, $4,000 gross rent, with $3,000 net rent (after a 25% deduction on the $4000 gross rent) would leave a $400 a month shortfall and would be counted against you as a debt in your debt ratios.

When people learn of the above, they end up realizing that in many cases they need to sell their current property, because they do not have sufficient equity to meet the requirement and they cannot qualify carrying two mortgages at the same time without counting rent to help cover the old mortgage.

If you are taking out an FHA loan for your new purchase, the rules are the same except you only need a 75% Loan-To-Value on the current home, as evidenced by a recent appraisal. Either way, buying a new home without selling yours, and trying to rent your current home, has become much more difficult.

Maybe you can move out of the house, rent your unit, start to collect the rent from your mother on the books, and show a 1 year history of collecting the rents. Then if you can show a tax return that shows that you have a one-year history of collecting rents, the equity requirement goes away. Then you could use the rental history to offset the mortgage, and buy what you want. Of course, that means you're going to have to go be a renter somewhere else for a year. Good luck.
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1 vote 1 answer Share Flag
Thu Oct 9, 2014
Debra (Debbie) Rose answered:
Trulia stopped sending notifications for local questions asked, AND for responses on forums where you have responded in the past........they stopped doing this MANY months ago

They claim this is "being worked on" in order to control the enormous amount of spam they were experiencing.
The notifications were going to be "restored" "soon"............that statement was made before the summer!

Don't hold your breath........

So not only will you not know if new answers are added to a forum you visited, you won't be sent new questions from your local area..........AND, consumers asking questions won't know when anyone has bothered to answer their question unless they physically go back and check the forum.

This site is a mess...............

ps who knows if you'll even see this answer!
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0 votes 2 answers Share Flag
Wed Oct 23, 2013
Elaine & Ryan Gibbons answered:
Currently there is only one listing available within your price range in either Elmwood park or Fair Lawn,. the property is on 11th St in fair Lawn. If you can provide more specific towns you are interested in we may be able to come up with a few more listings for you. ... more
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Wed Oct 23, 2013
Andrea answered:
Yes. Just to be up front. My credit score is 616 last checked 10/22/2013 My husband who is veteran and a active legal Pastor - his credit is low also.

Please forward me the listings, and I will contact you right away.

Thanks,

Andrea
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0 votes 3 answers Share Flag
Mon Jul 22, 2013
Leonard Dunikoski answered:
NJ Transit has a great web site where you type in any address and it will tell you where all the nearest bus routes are:

http://www.njtransit.com/sf/sf_servlet.srv?hdnPageAction=TripPlannerServiceNearTo

Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739 (cell) (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com
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0 votes 1 answer Share Flag
Sun Sep 2, 2012
Andrew Tisellano answered:
Hi Maryann

I live and work in elmwood Park and would love to help you see alll the available units
Please contact me for a free consultation.
0 votes 1 answer Share Flag
Thu Aug 9, 2012
Andrew Tisellano answered:
Hi Sal + Arlyn

great article about Elmwood Park in Northjersey.com this week.

We have the same Mayor for 41 years. I like living in town and not having to deal with politics. no parking restrictions. access to many highways, trains and buses. mostly 1 and 2 family homes. More owners than renters in the town.

I'd be happy to help you find a home for your family.
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0 votes 3 answers Share Flag
Fri Aug 3, 2012
Andrew Tisellano answered:
I'd be happy to show you comparable sales.

The selling bank will do a BPO or an appraisal so it is best to have an educated offer.

So you don't waist your time.

Every bank is different some may sell for %20 less some want full market value.

Condition of the home will play a big part in price.

let me know if I can help
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0 votes 3 answers Share Flag
Sun May 20, 2012
Maria FORSBERG-VILLON answered:
I am not familiar with that figure or calculation at all. Whole sale price was calculated in one seminar I took at 70% of the trending sales price. I do not compare current listing prices at all since they are not realistic due to the fact that property has not sold yet. But rarely do we as Realtors use these factors, prices and offers are usually determined by the property history, condition, location and the urgency to sell. ... more
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Sat Apr 7, 2012
Elizabeth Garcia answered:
Hello Nick,
Yes you can offer $425,000.00 value can be determined when the bank does an appraisal to determine if the will accept your offer.
Good Luck. Feel free to contact me for help my office is in Elmwood Park, NJ and I know the market very well. ... more
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Mon Apr 25, 2011
Alternate Dispute Resolution Services answered:
ABC-
The Certificate of Re-Occupancy was issued, which basically tells you that the house is "up-to-code" and that there was no outstanding permits against the house at the time of the sale. So with that being said; I can't understand as to why the town would come back to you 6 months later?

If you want, please feel free to call me to further discuss this. It could just be a clerical mistake or someone over looked it. Anyway feel free to give me a call.
201-290-6320 - Thanks, Craig
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0 votes 13 answers Share Flag
Thu Dec 16, 2010
Debra (Debbie) Rose answered:
Wed Aug 18, 2010
Joette Schenck answered:
Our Green Valley, Arizona Active Adult Communities require at least one person to be 55 years old, but no one under 18 can live in the community. People of any age are permitted to visit for up to 2 weeks at a time. In Quail Creek (and possibly a few other subdivisons) one person can be under 55 if they are building a new home rather than purchasing a resale. The builder is only allowed a certain percentage of homes to be sold under this exception.

It's always best to check with the builder and/or community before writing an offer.
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0 votes 4 answers Share Flag
Thu Jun 3, 2010
Joan Dambra answered:
Due to the slump in the market at this time you probably overpaid for this home.
0 votes 5 answers Share Flag
Thu Jun 3, 2010
Joan Dambra answered:
Call a reputable Realtor that is familiar with Elmwood Park for a free market analysis.
0 votes 5 answers Share Flag
Thu Jun 3, 2010
Joan Dambra answered:
Tue Apr 6, 2010
Barbara Ostroth answered:
Jess, it's a hard question to answer -- did you buy the house in the past two years (or less)? Have you put alot of money into the house? Where is it located? Are you planning on purchasing elsewhere once you sell it? All these questions and their answers can affect the advice you seek. My fellow professionals are right, it is an active market right now and Elmwood Park has always had a good value because of its low tax rate, decent schools, good commute to various parts of North Jersey and NYC, and amount of homes that are attractive to first time homebuyers. Give me a call (or email me, see my webpage below) and let me do a market analysis on your home! ... more
0 votes 4 answers Share Flag
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