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Franklin Park : Real Estate Advice

  • All27
  • Local Info4
  • Home Buying7
  • Home Selling0
  • Market Conditions1

Activity 46
Mon Jun 18, 2012
Camille Marotta answered:
You were given the incorrect information. i have completed a streamline refinance on two other properties. You can streamline for a lower rate as long as you are not cashing out or adding/deleting an individual from the mortgage. I would be happy to help you with the process.

Camille Marotta, Branch Manager NMLS 9838
First Alliance Home Mortgage
7 Pelican Drive, Suite 3
Bayville, NJ 08721

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Mon Apr 30, 2012
Gloria Laughton Allston answered:
Short sales can take a while because of a number of reasons but often it has to do with Bank backlogs. You did not mention it but banks sometimes ask for 2 appraisals when the property is being purchased or sold by an investor.

Gloria Laughton Allston, REALTOR, GREEN, SFR, SRES
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Fri Jan 6, 2012
Francesca Patrizio answered:

My expereince, if there are no issues with the appraisal, then 24 to 48 hours is the norm. However, if the appraiser is having difficulty (and this happens often these days as the new system of seperating appraisers from \banks often leads to appraisers unfamiliar with an area to to the job - and we are all complaining that this system is faulty), then there is a good chane the bank wiill order another.

In short, reason for concern and/or renogotiations.

Francesca Patrizio, Broker Sales Associate,, ePro, SRES
732.606.2931 (Direct/Cell 24/7)
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Mon Jan 2, 2012
Mary Petti answered:

95 Pear Tree Lane expired on December 31, 2011. It has not been re-listed as of this post.

There are several nice units available in the Society Hill developments in this area. I would be happy to speak to you and discuss what you are looking for in more detail.

I currently have a listing at 56 Amethyst Way in the development, and another listing on Fisher Drive which will be closing at the end of the month, so I am very familiar with the developments.

Give me a call at 908-675-0167 and we can chat.

Happy New Year!!
Mary Petti.
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Wed Nov 30, 2011
Diane Glander answered:
If your "final approval" is your loan "commitment", most lenders can close you within a week. Hopefully by that time, your attorney and Realtor have everything else in line for you so there are no delays. The financing is just one step to a successful closing. Good luck and congratulations! ... more
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Sat Nov 19, 2011
Jeffrey Onofrio answered:
That is very hard to answer. The only real answer can come from the mortgage company whom is working on your deal and what promoted them to need those 2 conditions at the end of the process. If it was small (easy) conditions then most companies have a 24-48 turn time on conditions. It really depends. At my company if we were to get the conditions quickly then we would turn it around right away- when is or was your closing date? I would hope that if this had a closing date coming up they would move it to the front of the line in order to hit your closing date on time. Good luck and let us know if you need any answers to any questions that come out of those last two conditions!

Jeff Onofrio
Director of Renovation Lending
AnnieMac Home Mortgage
Mobile 609-217-9409

Renovating and Rebuilding America - One Home at a Time
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Sun Nov 13, 2011
Jake Bestic answered:
I wouldn't set my expectations very high for a quick close. FHA loans can be easier in some aspects, but the appraisal standards are much higher and depending on the condition of the house you're buying there can be several issues that may arise and will lengthen the process. On the other hand, I've seen a FHA loan close in 3 weeks. I would agree that 45 days is average, but I would plan on 60 days, especially if you're considering your rate lock period. ... more
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Fri Nov 11, 2011
Mildred Valentin answered:

I also agree with the rest, shop around work with a local Mortgage officer that gives you detailed information and follows up on a daily or weekly basis. I have waited 4 to 5 months almost with some other banks and financing companies because of lack of communication, skills and customer service. My buyers have complained and sometimes all the details are not even explained upfront and then you get stuck and also hit with fees you never was told about! Find someone you can trust and make the connection today!

I recommend to do some research.

Best of Luck!

Millie Valentin
Certified Buyer Representative
1930 WilliamsBridge Road, 2nd Flr
Bronx, NY 10461
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Wed Nov 2, 2011
Cynthia Freund answered:
Irritatingly long! The appraisal process has been a bit over-regulated in NJ, in my opinion. And it has become cumbersome. I can't comment on California, though. Best of luck, hang in there! ... more
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Wed Nov 2, 2011
Debra Shapiro answered:
Items being squared away could mean many things. It could mean a valuation issue.There could be could mold or wood rot, for example. There could be zoning issues that need to be worked out, etc. It really is impossible to say how long it would take depending on the issues needed to be resolved. Ask your Realtor or Mortgage professional for the items that are in question. Hope this was helpful. ... more
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Thu Oct 20, 2011
Tom Waddell answered:
Hi Tom, there are plenty of homes in the Millburn, Summit, New Providence and Berkeley Heights area in all price ranges. The home values may be a little higher here because they're worth it. A large reason is the excellent school systems. For example, the New Providence High School also scored big on NJ Monthly's annual Top High Schools survey, jumping to #5 in the state this year! We represent homes along the midtown direct commuter lines because many people are looking for smarter, environmentally friendly lifestyles. In addition to being great walkable towns, with beautiful parks, fields and trails, the many public transportation options here afford people the enjoyment of access to work, shops, culture and recreation without having to drive. We personally love being able to walk to town, hop on the train, have dinner three towns over with our friends. The train also increases our productivity, allowing us to complete additional work on the go. Why tolerate highway traffic when you don't have to? ... more
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Sat Aug 20, 2011
Michael answered:
i signed a paper saying i will get a copy of the appraisal report. the apprisal was done but the bank still has not got the report. i don't think the bank will lye to me about that. closing date is just around the corner. sept 22 and i still need to get insurance and other stuff before then. ... more
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Wed Dec 15, 2010
Marc Pollak answered:
Wow, that is a great problem to have. My experience with appraisers is that if they come up with a value greater than the contract price the use the contract price for the appraisal. Enjoy your good fortunes as this should make for a much easier closing for you. You may want to see if the bank will allow you to put less money down as you have gotten instant equity and may be able to keep more in your pocket at closing.

I'm curious though. Why wouldn't you want your bank to appraise the property before offering the loan? No bank will offer you a loan and without a contingency that it appraises for at least the contract price. Seems to me it is in your best interest to have the home appraised by the bank offering the loan so that you are in a position of knowledge and not just guessing at the value. As the other agents have said, the seller will not have access to the appraisal as you pay the bank for that service and they can only communicate that information to you.

Hope this was helpful and best of luck as it sounds like your deal is a homerun!!!
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Tue Sep 7, 2010
Connie Wildasinn answered:
you can rent out either way.. conv or FHA - later down the road.. both are most likely looking at owner occupied... better deal... FHA has cost associated with so have your lender run the nubmers and know your options... both are good - one may be better for you and your money situation... good luck... ... more
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Thu Sep 2, 2010
Mary Brosius answered:
I am a local realtor who lives and works in Franklin Park. My children go to the schools and I love the community. We're a smaller, more rurual section of Somerset. We have a huge variety of excellent restaurants of all types and it's a great place. I would love the opportunity to help you find a great home - call my cell at 732-829-8222.

Good Luck,

Mary Brosius
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Mon Aug 30, 2010
Larry Sarlo answered:
That remains to be seen if we are getting anything. ther cuts this year with talk of eliminating it due to budget constraints. Who knows!

Larry Sarlo
Weichert Realtors
609-868-1171 ... more
0 votes 1 answer Share Flag
Fri Mar 5, 2010
Ed Martinez answered:
Hey Dnise,
Based on your sutuation, selling FSBO might not be the best case for you. The average market time is Franklin Park over the last six months for homes sold is 175 days on the market. I am not sure what type of home you have or potential price. If I can be of help please let me know. I am in River Grove and have 28 agents that specialices in Franklin Park. Good selling. ... more
0 votes 31 answers Share Flag
Thu Jun 4, 2009
Donald Stevens answered:
The important thing to remember is you can not insure something that you do not have an insurable interest in. If you do not own the home, then you have no need for the insurance, thus no insurable interest.

Some companies may charge a minimum earned premium. What this means is if the contract specifically states you must pay a certain amount regardless of whether you needed the policy or not you will not get your money back. Not many policies do this but they do exist expecially for hard to insure homes. Even with that being said you may still be able to argue the insurable interest rule.

Best thing to do is ask your insurance agent upfront. I will say almost all policies will refund your money if you never take possession of the property.

P.S. We are insurance agents and we can help.
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Thu May 28, 2009
William Leigh Holt answered:
Joe: What do you care? If you are foreclosed, the bank takes the property. Whether it's $20,000 or $2,000,000, the bank will give you any proceeds over the mortgage amount. (As if there will be such an amount.)

An appraisal is admissible in court. A broker's price opinion is not but the broker is advising the bank what the current market will yield them. At the price in question, it would seem that the broker suspects that only an investor will be interested. If the bank is thinking of cost/benefit ratios, they may foreclose and then sell at auction. The auction price at that time will be EXACTLY all the place is worth.
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Tue Apr 21, 2009
Neera Sharma answered:
Hi Srini,
How's hour home search going? To answer your basement question, generally people if buying a home prefers to have a basement but if you decide on a townhome then it is ok if you do not want to have a basement.
If there is anything I can assist you with, feel free to contact me at my cell 908-400-6484.
Neera Sharma
Prudential New Jersey Properties
Realtor Associate
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