Which way to go? Most bang for our buck?

Asked by Mikeyb04, Brooklyn, NY Sat Aug 31, 2013

My wife and I have plans on buying in Monmouth in next 2 months.We will both be working in NYC. Planning on starting a family in near future.
Our situation is flexible. We will have about 300k in cash for down payment/addition/closing costs. Our main concern is buying the right home for us,financially. We are open to short sale,foreclosure, or buying a home to renovate. With the high taxes and slower market growth in Nj, I was hoping to establish equity early. Any info on matter? Thanks

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Leonard Duni…, Agent, Rumson, NJ
Wed Oct 16, 2013
It's been almost 2 months since your initial question. Did you find what you were looking for or are you still looking?

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)

0 votes
Ray Stevens, Mortgage Broker Or Lender, Cape Coral, FL
Wed Oct 16, 2013

There is so much to talk with you about concerning this. Too much to elaborate here.

A mortgage originator can help you ensure you are buying the right home for you financially. Putting down $300k on a house is nice but very risky in today's real estate environment. Should properties go down in value, you would lose all or most of that $300k. There are those who will point to data that supports an improving market, but this is not guaranteed, especially with the government shutdown.

Give me a call to discuss. I am licensed in NJ, VA and FL.

Ray Stevens
Branch Manager
GSF Mortgage Corp.
239 481-9514
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Dustin Baggs, Agent, McKinney, TX
Sat Aug 31, 2013
I recommend finding a home that needs some work and putting your touch on it, if your smart and stay somewhat neutral in your remodel, I believe this will net you the best results. Good Luck
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Deborah Madey, Agent, Brick, NJ
Sat Aug 31, 2013
A short sale will be difficult to close in 2 months, but not impossible. You could also get yourself into a contract that could take months to hear a decision and hear that it was no approved. Start from scratch.
If you have time and flexibility, you can pursue a short sale.

You needn't pursue a short sale in order to find a property where the numbers make sense.

We have a snail mail relo package that includes local publications, town guides, and maps. Alternatively, we can email you a list of 40 links. Both cover Monmouth County. Let us know if you have an interest.

As it pertains to building an addition or doing a renovation, it depends upon the materials you choose, who performs the work, and who manages the work. I've seen experienced builders both make money and lose money. You do get to control your budget and customize for your need. If you have the tenacity to oversee, it can be rewarding........once it's done.

732 784 8450
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John Sacktig, Agent, New Jersey, NJ
Sat Aug 31, 2013
Mike -

Sounds good, you seem to have a plan in mind. Scratch the short sale and foreclosure ting.. a lot of time and headaches, as noted b the ladies below. Oh, I do them that is nt the problem.. but it depends upon the bank and what not.... so if you are looking in tow months. Forget it.

Your down payment sounds great. I would focus right now on where you want to be and what you are looking for. Starting a family, then if you are buying a house to be in for a while, schools are necessary to look at. When I moved fro Brooklyn to East Brunswick, Middlesex county I was working in Manhattan also. Commute and good schools was where I was looking. My commute was 40 minutes into downtown. that was very doable... Schools are great and literally 8 minutes out of Rutgers..

You state Monmouth County, well, then I am thinking for an easy commute, Marlboro, Middletown... but that of course is up to you.. Find the town that you want to live in.. then lets see what is available. I live in East Brunswick, but I manage the Monmouth Office in Freehold... Best of both worlds.

Give a call or email and we can discuss what is available.

John Sacktig
Orange Key Realty
Direct: 732-213-1409

** Mortgage person**

Good Guy. Has some great things happening. – Give him a call!

Alfonso Esposito-
Greentree Mortgage
Give a call or email ad we can discuss furher!
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Mikeyb04, Home Owner, Brooklyn, NY
Sat Aug 31, 2013
Hi, Thanks for your quick responses. I will give some more info on my situation. I have been pre approved, at around 850k. I do believe houses in Jersey are moving quickly. Nj is also the #1 most moved out of state in the country. I have been looking for 2 months. I am looking to purchase not move in next two months. I own another place in Brooklyn, so my "move" is flexible.
I am unfamiliar with Monmouth County. I know the schools and quality of life is great. I am just looking to maximize on my investment. So if buying an older center hall colonial for mid 400's with a lot that has a "FAR" allowing for addition(150k), with outcome owning home worth 650-700k
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Mary Petti, Agent, Edison, NJ
Sat Aug 31, 2013

First off you should really speak to a mortgage person to get some sort of pre-qualification/pre-approval to determine your true "purchase power". Having $300K for a down payment etc is great but you need to know just how much house you can actually buy if you are planning on buying one and renovating it as well.

Second, a short sale is NOT for someone who wants to move in 2 months. It can take the bank more than that amount of time just to approve the sale. IF you aren't familiar with what a short sale is, I wrote a blog about it. It's not a "short" processs at all.


Third, not sure if your 2 month time frame for moving is set in stone, but you should figure on looking at homes for about a month (diligently), finding a home you like, making an offer, hopefully getting it accepted, then an additional 60-90 days till you close.

Fourth, yes the property taxes in NJ are high, BUt the market is NOT that slow at all. Inventory is low, and prices have been rising in most places, with many multiple offer situations because of the low inventory. (it's a semi sellers market right now).

Fifth, as far as a foreclosure is concerned, they sound great in theory, BUT...they are sold a sheriff sales. Sometimes you may not even be able to actully see the house prior to auction. In most counties, you need 20% down at time of sale, and most counties give you an additional 20 days to get the rest of the money (whether cash or a combo of cash and mortgage). Both short sales and foreclosures are usually sold "AS IS",, that is neither the seller nor the bank will do ANY repairs... and you could be buying a lot of headaches and needed repairs that the previous owner did not do.

If you'd like some more information, or have more questions, please feel free to give me a call. 908-675-0167 and enjoy the holiday weekend :)
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Deborah Madey, Agent, Brick, NJ
Sat Aug 31, 2013
I have done a lot of relos (particularly from NY), work with investors, and short sales. There is no magic bullet as it pertains to short sales or not. All short sales are not created equal. The bank servicer (BofA, Wells, Citi, etc.) often does not own the loan. The holder of the note determines whether or not they will approve a contract. Since BofA, for example, services loans where they are the owners and where they are not. Therefore, each short sale is different. It's not as if we can say, "oh,it's BofA, so they'll take x."

The best tip, for equity, is to not fall in love with the house. Be flexible about what you will accept. That, is, however, a compromise. Your home is also where you will make a bundle of memories that you will talk about 20, 30 and more years from now. If you find the home that is perfect for your lifestyle, it might not also be the property where the seller is the most motivated. If you seek out motivated sellers, you might find some opportunities, but be prepared to make the tradeoffs.

Find a REALTOR who can rock and roll with your priority list; one that understands your "must haves" from your "would like to haves" and one that considers negotiating more than emailing or faxing an offer.

How you choose to commute to NYC will impact your choices of location. Bus? Auto? Train? Ferry? Where in NYC do you need to go and what method of transportation best supports that?

Feel free to reach out to me if I can assist you further.

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