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Foreclosure in Paterson : Real Estate Advice

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  • Local Info13
  • Home Buying24
  • Home Selling2
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Activity 5
Mon Oct 30, 2017
Andre Clay asked:
Fri Sep 9, 2016
Mariyaluci answered:
Different markets have different rules- but in my local market a buyer cannot move into a property until they have an occupancy permit. I know I would not want to close on a house that I was not allowed to move in to.

Without a Certificate of Occupancy , the buyer's lender will not fund their loan. A lender needs to see proof that the unit is ready for occupancy and the certificate serves that purpose. Specifically, it documents the property has met all local building codes and standards and at that moment in time, does not present a health and safety issue to the occupants. The underlying concern from the lender's stand point is the certificate reasonably confirms that if they have to foreclose later on, the lender will likely not have to deal with bringing the property up to code.
http://usaconstructionloans.com
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Thu Dec 19, 2013
Ed Beck answered:
It does not appear to be.
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Tue Feb 1, 2011
Chris and Dick Dovorany answered:
Do a Google search for realtors in the area you are considering. Then go to the websites of at least six of them, or until you find one that you like and contact them through the site. If they are any good they will contact you shortly. ... more
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Thu Jun 12, 2008
Elizabeth answered:
I recently moved out of Paterson, and I'm so glad that I did! Although I was born and raised there, Paterson is nothing like it was years ago....that includes the few "nicer" areas of the town (Hillcrest/Totowa sections). I saved for many years to buy my first home; something I had dreamed about for a long time. I had to get out of there due to the noise, littering, and crime. (The home I lived in was burglarized twice.)
No wonder so many homes are for sale there now. Who would want to live there, besides lower-income families that buy a 1 family home, and then take in EVERY friend and family member they know, in order to pay their mortgage? (Most 2 family homes that were on my street, housed at least 3-4 families.)

I'm so glad I don't have to hear salsa music at 8am and 2 am anymore!...and horns beeping at all hours!
Apparently, certain cultures don't understand the concept of having consideration for your neighbors and ringing a doorbell when picking up a friend, rather than repeatedly honking a horn at 2 am.)

I now live in a tranquil, beautiful, safe and quiet area (in Somerset County). Although I will always have a place in my heart for the history of Silk City, I certainly do not miss the "downtown" element that has worked it's way up the hill (near the Falls), into Hillcrest. Pretty soon everyone will want out of Totowa and West Paterson too. What a shame.
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