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Pennsville : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying4
  • Home Selling0
  • Market Conditions1

Activity 14
Wed Jul 5, 2017
Bill Nelson answered:
Its going to depend upon how fast the FEMA maps can be redrawn to reflect the real risk and if the federal government can put an affordable cap on the flood insurance premiums that many are facing in the area. The town itself is nice but when faced with increasing property taxes and a no cap, sometimes higher than the property tax, flood insurance premium, many are looking elsewhere. I'd venture to say that most of the vacant homes are homes that require flood insurance for financing. Flood insurance under the current rules can increase 25% annually. Example, flood insurance year 1, is $1500, flood insurance year 5 is $4577. This will not help your market. If you want to see the area recover, call the federal representatives and pressure them to fix this problem and check into ... more
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Wed Feb 22, 2017
Ronjon asked:
Mon Nov 23, 2015
thinz answered:
Depend on the wording of purchase contract and subsequent attorney review decisions.
If a short sale, most lenders will not make concessions for repairs...and only sell AS IS in the condition found. If not a short sale, and not out of attorney review, either side can still negotiate the terms for the items in question. Many times folks would see that drywall on the ceiling has water stains from a leaking roof and would note those kind of things in the purchase offer ont he front end vs writing the purchase offer and then having the inspection later and discovering...even if out of attorney review, if inspection was done later and structural or other issues are discovered that were not seen before, those could be negotiated to keep the purchase moving forward. Also, did the seller complete a home disclosure on the different aspects of the house? This may or may not help you in the negotiations depending on the accuracy of the report.
Good luck, Tom Hinz
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Thu Jul 2, 2015
Karen Peyton answered:
What does your agent say? What's been going on over the past 200 days? Is this "normal" for your market and particular community or neighborhood?? Do you have the "story" on this house??

Just as I don't know the house you are attempting to buy and relative market conditions, I am hoping you do. If you don't have a real estate agent, get one now before making your offer. Let them represent you and do the investigative work. This house may have "sold" seven times or not at all during the six+ months on the market. Get the facts, then offer!

Best of luck!!
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Mon May 4, 2015
thinz answered:
You need to be careful in these situations...this may be listed as 1/3 of the estimated value but the lender could be looking for the highest and best price as commonly happens in an auction.
My recommendation is to first make sure you can quickly get in to see the AS IS condition of the home to see if the estimate value is realistic based on repairs needed. (Bringing a contractor or home inspector would be a great idea). Based on the results of your inspection, if the home is in good shape, I would pad your offer to be higher than the listing price by about 2- 5%...A home in good shape priced well below the estimated retail value will have several offers on it...and, those offers could very well also be above the list padding your offer gives you an instant edge on getting your offer accepted. This would likely not be a situation where the lender will keep coming back for a counteroffer...need to treat it as one shot and see what happens. So if you start at 3% over list, have in mind what your cap is (e.g. 5%) in the event someone else matches your offer...In that case the lender may come back for a final counter from you...Go for it! Tom Hinz
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Mon May 4, 2015
Scott Godzyk answered:
The days of a short sale taking more than 6 months is over. We can get answers in under 30 days in most cases. On the worst cases they come back and ask for more. It sure pays to make sure the agent hired to list the home is well experienced in listing and negotiating short sales to head off problems found in short sales. ... more
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Wed Jul 31, 2013
Michael Abramsky answered:
Hello Manda,

I'll be completely up front with you.

As a co-signer, you are liable for his debt. Meaning that if he makes late payments on the truck, they will report to your credit file, if it gets repossessed, the bank can come after you to recover the debt.. The only way to remove your name off the loan, would be if he was willing to refinance the truck in his own name or sell it.

RE: Child support
Take him to court and get your money.

RE: Your Credit
Read this
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Sun Jun 16, 2013
ignitionlock29 asked:
This question was asked from this property:
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Thu Jul 12, 2012
Donald Stevens answered:
The territory is a company specific location. You do have a protection class based on how far the fire department and fire hydrant are from your home. Many companies will use that number (1-10), add some additional internal factors and come up with a territory. If you want to know your protection class you can call your local fire department and they can tell you. 1-8 is considered protected or near a fire department and fire hydrant, 9 is semi-protected, and 10 is no protection. 1 is obviously the best.

Donald Stevens
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Fri May 4, 2012
Wayne Odenbrett answered:
Being that you do not own the land, the Mobile Home Park wants to make sure their land is not poluted in any way. It probbly also helps their insurance rate. So I can't blame them. You can probably get this insurance through your oil provider. It is an above ground tank, so it is probably a very reasonable cost. ... more
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Thu Jan 12, 2012
Leonard Antonelli answered:
Hi Bob,
Assuming by sales agreement you are talking about a sales contract, it depends on the context in the contract. For instance, the seller can technically get out of the contract with a clause called "48 hr First Right of Refusal" (again depending on wording) but what that means is if an offer comes in higher than the current agreed agreement, the seller can ask the current buyer to meet the price of the second offer and if they don't meet the sellers higher offer, the seller can sell the property to the buyer that is willing to pay more. It is not common practice to put that wording in contracts though, unless the current buyer has a circumstance/situation/ or contingency that provokes the contracts to be drawn up that way. Hope this helps. If you are "just looking" I would be happy to help you.

Len Antonelli
Prudential Fox & Roach Realtors
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Sun Jun 15, 2008
Jeremy S. Hill answered:
I think there is some confusion here. When the mortgage company issues a commitment it is just that. The file has already gone thru underwriting. A commitment is a the lender saying they has completed the necessary things and the funds are ready for closing. Sometimes a lender will issue a conditional commitment. However this is not common in today's market. ... more
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Tue Nov 27, 2007
Janice Morze answered:
Checking on the MLS it IS active at 199,900 and has been active for about 3-1/2 months. Good Luck..
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