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Home Buying in Hoboken : Real Estate Advice

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  • Local Info42
  • Home Buying206
  • Home Selling21
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Activity 312
Thu Sep 14, 2017
Home5268 answered:
I wanted to add some further details.

I exited the contract during the inspection period based on some issues found in inspection.

Later the seller reached out to me and explained that the original issues had been fixed and they wanted to know if I was interested in purchasing the home now. They explained that they intend to sell the home as a 'for sale by owner'.

I am not sure what was signed on their side with the seller's realtor but on my side the only thing signed was a transaction broker agreement. I don't believe there was any exclusivity clause included. The seller noted that they did not want to use a realtor at all. Would I potentially be liable for any commissions based on "Procuring cause" or any other clause? If anything my thought is that the realtors would have a case with the seller and not myself?

Thanks for any help!
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Fri Aug 25, 2017
Lee asked:
Has anyone used any buyer agent in Hoboken who offers some buyer rebate? Heard about Redfin but don't know their service quality. Any recommendations?
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Sat Aug 5, 2017
Zty09 answered:
Recessed lighting is better, track lighting is dated. You want the freshest and most up to date option.
0 votes 12 answers Share Flag
Tue Jun 13, 2017
Jessia2001 answered:
Wed Mar 1, 2017
Alan May answered:
Your agent still could have helped you with an internally offered property by a rival company. We do that all the time.

It's nice that you want to compensate your Realtor, but there is no adequate compensation for "Sorry, I bought a property without you." Give him whatever you'd like... a gift card of some sort... but, in my opinion, you've already left him hanging. ... more
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Thu Jul 21, 2016
James Hagarty answered:
Luchi -

Yes.

See Buyer's Agency Agreement line 6.

"This Agreement will expire ___ (120 days from signing if not filled in) or by prior written notice by either party. "

Hope that helps, and happy hunting!

Source: NWMLS Form 41A
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Sun Jun 19, 2016
Tim Bal asked:
I am considering making an offer on a one bedroom unit where the bedroom is very large with two large windows and the adjacent living room is large with one large window, and could theoretically…
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Fri May 6, 2016
Maria Tsabrova Buyers Rebate answered:
Not sure which agreement you refer to..If it is what I think of then it is for your information only. It is not an actual agreement. But please read it and you should be able to find an answer to your question right in the document or consult an attorney ... more
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Fri May 6, 2016
Maria Tsabrova Buyers Rebate answered:
I would not say it is out of reach within your budget. The market is extremely fast in both areas though. You see it- you like it- you grab it. Good value places fly within a few days on the market - only overpriced ones stay longer.
I would be happy to help and cover your closing costs as well. You will get about $8000 from me towards your closing costs if I help you finding a home.
Looking forward to hear from you. Maria
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Tue Mar 8, 2016
Nicky Faucett answered:
You don't have to break it off. A licensed agent in nj can show and sell you anything in the MLS. If he is doing a good job for you, just let him know you would like to check out the property. ... more
0 votes 3 answers Share Flag
Sat Feb 27, 2016
timeout asked:
Quick details about situation, would appreciate knowledgeable advice:

I am looking for an apt to buy asap, preferably condo. Looked a lot in NYC, Brooklyn now looking in NJ too (union…
0 votes 0 Answers Share Flag
Thu Feb 18, 2016
condoowner asked:
If I want to buy a Hoboken basement apartment in flood zone with a mortgage, I would have to buy flood insurance, correct? But I heard some rumors that basement apartment has no flood coverage?
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Fri Jan 29, 2016
Bshaw answered:
Find Surveyors that do Elevation Certificates here: http://smartvent.com/locator

Also, you should check out www.yourfloodrisk.com to see if you qualify for lower flood insurance rates. ... more
0 votes 17 answers Share Flag
Tue Dec 29, 2015
Kathy Burgreen answered:
I'm a retired realtor and currently live in a coop so my answers are from experience. Mortgage lenders will verify employment, salary history, savings, outstanding debt, FICO scores and debt to income ratio.
As for income, if you are an employee and receive a W2, lenders just need your last month's paystubs (4 weeks). However, if you are self employed or an independent contractor and receive a 1099 or file self employment taxes, mortgage lenders need 2 full years of income. The 2 years will be averaged out to come up with a yearly income. Lenders will also need the last 2 years of tax returns.

Since mortgage lenders are only concerned with you paying the mortgage on time every month, they don't care if you have the finances to pay the maintenance fees. However, all coop boards do care and will verify your employment, income, tax returns and savings. Coop Boards will verify you can afford the mortgage, maintenance fee and your other monthly expenses.

You will also need cash for a down payment + closing costs. As for the high maintenance fees, understand that the maintenance fee is for maintenance + property taxes. It's usually split 50-50. You will get a yearly statement from the management company that shows how much you paid in property taxes. You are legally allowed to deduct this amount on your income tax returns + the interest on your mortgage. If you were buying a condo, you would be paying for the maintenance (HOA fee) separate from the property tax amount. In a coop, it's combined.

Hopefully this helps.
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Sun Dec 20, 2015
Stacey Berger asked:
Sun Nov 29, 2015
thinz answered:
Yes, any real estate document requiring signatures that is not executed has no meaning.
Tom Hinz www.shortsaletosell.com
0 votes 2 answers Share Flag
Fri Nov 27, 2015
Kari McCoy answered:
Creating a current market evaluation of the property to make sure you do not over pay. Make sure you are able to obtain the loan. Make sure you are able to make the monthly payments and taxes without hardship. Write a good offer. Negotiate back and forth with the listing agent with your best interest in mind. Help you with property inspections. Help you negotiate on any needed repairs. Keep you with in your contingency periods to that you do not loose your earnest deposit monies.
Help you stay in contract so you do not loose out on the property in the middle of the transaction. Help you with all the seller disclosure and any government mandated disclosures and laws regarding to the particular property. Make sure that your loan papers are correct and not over charging you. Make sure your closing papers are correct. Bring you to the closing table on time.

I wish you the best in your property purchase!
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Thu Nov 19, 2015
moomser45 asked:
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