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Parsippany : Real Estate Advice

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  • Local Info12
  • Home Buying23
  • Home Selling3
  • Market Conditions4

Activity 78
Thu May 19, 2016
Ycicalese asked:
. I will be purchasing the home within a few months for the amount of the existing mortgage (approx., $50,000). Will the closing costs be based on the $50,000 or on the value of the house?
0 votes 0 Answers Share Flag
Wed Jan 27, 2016
My NC Homes Team answered:
Your about to make a significant 9if not the most significant) financial investment of your life and your asking for free advice from strangers on the Internet. Perhaps you'd be better off rethinking your planning. Regardless you asked so here's my two cents, Does the seller need to get a permit? No. Are you a fool to buy it with out a insisting on a permit? Yes. Would you both be much better off working with experience local experts (Realtors)? Absolutely. If you buy the home your the one who inherits the problem and your finished basement could be a significant problem down the line as it may or may not meet code and even if it does meet today's code it's highly unlikely to meet code a couple of years down the line and if you ever do decide to get the permits you could be forced by the township to rip it out and start from scratch. ... more
2 votes 1 answer Share Flag
Mon Nov 23, 2015
thinz answered:
Paved driveway usually refers to a smooth blacktop asphalt (sand and stone mix).
Paver refers to the concrete blocks in various shapes and colors.
Tom Hinz
0 votes 1 answer Share Flag
Wed Nov 18, 2015
Amelia Robinette answered:
Your loan officer should be able to help with this, actually he/she should have explained it already.

You don't pay the down payment until the settlement/closing date. You will need to provide an "Earnest Money Deposit" aka EMD, Good Faith Deposit. That deposit will get credited to your bottom line that you need to bring to closing to complete the transaction. The money is held by the settlement/escrow/closing company. The sellers do not get any money until the transactions settles/closes.

For example:
Purchase Price $100,000
Earnest Money Deposit $2,000
Down Payment $5,000
Closing Costs $2,000

Total needed to close =
Purchase Price $100,000
+ Closing Costs $2,000
- Loan Amount $95,000
- EMD $2,000
=Down Payment $5,000

In this scenario, you give $2,000 up front which is held in an escrow account by the settlement agent/attorney, then you pay the $5,000 at closing/settlement.
... more
0 votes 1 answer Share Flag
Wed Nov 18, 2015
Amelia Robinette answered:
In your example, if you get a mortgage of $200,000 with 4% interest, then you may be able to 'buy points' and lower the interest rate to 3.75%. This will lower your monthly payment.

Before you decide whether to buy points or not, think about how long you'll keep the mortgage. If you keep a mortgage for all 30 years, then paying a couple thousand up front makes sense. Most people keep a mortgage 5-10 years, so you may be better off keeping your cash and paying the 4% vs. 3.75%.

Don't deplete all your cash reserves to buy down points. When you buy a house, having a few thousand dollars for reserves will serve you better than the couple bucks/month the lower interest rate will help. For example, if you have to replace a water heater, you're better off having cash to pay for it than putting it on a credit card at 12% interest.
... more
1 vote 1 answer Share Flag
Tue Jul 14, 2015
Christopher Fritts answered:
0 votes 1 answer Share Flag
Sat Jun 20, 2015
doug answered:
We have 1000s of REO around the country including New Jersey, Florida and California. Contact me at You can cherry pick.
0 votes 18 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:

An average construction cost for a home is approximately $150-$200 per square feet. Multiply this by square feet of the house you are looking to built and you should have your answer. For additional information, contact us anytime. ... more
0 votes 5 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Hello Amish,

We just have one property under contract in Lake Parsippany area. Please let us know If you need any additional information on any short sales.
0 votes 5 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
As long as threre was an executed addendum prior to the inspection report between the two parties where the seller will be providing a credit, the seller should not be able to do so. Please check with your attorney. ... more
0 votes 8 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:

What company did you decide to go ahead with ?
0 votes 2 answers Share Flag
Mon Jun 1, 2015
Hezal and Vishal answered:
Hello Rachna,

Just curious to see If you bought the house or not ? Your response is greatly appreacited.
0 votes 13 answers Share Flag
Tue Feb 10, 2015
Kathleen Sorkin answered:
I think a good contractor could help you.
0 votes 2 answers Share Flag
Sat Dec 27, 2014
Missy Walden answered:
Once you have done your research and are going with your gut...
Not your neighbor's daughter, not the cheapest commission, not the agent that is a referral agent from 100 miles away, not the agent from USAA or NFCU because they are paying you a $1000.00 rebate that is out of that agent's commission. Go with the agent that is well versed and lives in your community! Also, it never ceases to amaze me how many sellers have never actually seen the listing the agent has entered in the MLS!
Please ask your agent to send the listing to you to review BEFORE they make it active. Why not allow YOU the homeowner check it out? Who knows your home better than you? Ask not, get not!
... more
0 votes 14 answers Share Flag
Tue Oct 28, 2014
Gary Geer answered:
Your options are limited. Renting your home may be a temporary solution but remember a tenant will most likely not take as good of care of your home as you have and eventually you will have to make repairs , paint etc later before putting on the market. This option only works if you can acquire your next residence with funds you have or you can qualify for a loan. Another possible option is to sell your existing home on contact. I recommend that you discuss any option with a local real estate professional and an attorney before proceeding.

All the best.
... more
0 votes 2 answers Share Flag
Fri Jul 18, 2014
Aspasia Fritschie answered:
Lake Hiawatha Elementary and Central Middle School
0 votes 1 answer Share Flag
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