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08260 : Real Estate Advice

  • All30
  • Local Info4
  • Home Buying7
  • Home Selling4
  • Market Conditions0

Activity 24
Fri Apr 7, 2017
Laurrenx2 asked:
My listing has the house located in West Wildwood, when the house is located in North Wildwood. I submitted the listing on zillow and they updated the town. Can this be updated on Truli…
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Thu Sep 1, 2016
Kissmekate313 asked:
Thu Aug 11, 2016
Maricris A answered:
Hello,

If you want to know more information about the foreclosure property you are interested to, you may check the county record where the property is part of or you may also contact a foreclosure specialist near your area for assistance.

I hope this information is helpful.

Regards,

Maricris
Consumer Care Advocate
... more
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Wed Sep 23, 2015
Denisemaw asked:
Interested in buying a fourplex, but don't think I will get approved for conventional financing. Looking for other possible options for financing.
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Fri Jul 17, 2015
Aaron and Cheree Tiry answered:
Have you checked out the "rent" section at the top of Trulia? There may be something in there. Otherwise you could also check Craigslist.com to see what they have for posted for rentals. ... more
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Wed Jun 24, 2015
Nelson Timken answered:
We were looking to buy in the Crest, away from the rif raf near the boardwalk. Don't let these brokers steer you to Wildwood or North Wildwood.

Also, all of the area is in the flood zone. Don't be deceived by misstatements in this thread. Go to the FEMA site, plug in the zip code and see for yourself.

You want to get an elevated home. However, the prices of lots are sky high (asking) and they are not in good locations (ie the good locations are taken). On Park Blvd near Wildwood, one guy is asking like 300K for the lot alone.

If you buy an existing house, not elevated, you have problems:

1. Flood insurance on a $250K home unelevated is $9500, and set to go up 25% if it was built before 1968 and isn't a primary home. This is why home sales are extremely soft. If you need a mortgage, you MUST have flood insurance or the bank will not finance.

2. To elevate an existing home is expensive. It involves a new foundation, jacking up the house onto cribbing, replacing plumbing and electrical lines, and possibly heating as well. Get estimates before you buy. You can pay up to $100k for the labor intensive project of elevating an existing house.

No one should buy an unelevated house in Wildwood. $1000 per month for insurance, and add to that a mortgage payment. Where is the gain?

As for condos, the hotels/inns are going condo. They want you to buy and pay maintenance for what they used to rent and maintain themselves/

What is the maintenance?
Does it include the flood insurance?
What is the reserve fund? (What if the roof goes? Can they afford to fix it?)
Is it on the first floor (if so, run, first place the flood waters will hit).
Is it an "older" house that they made into condos? (A house has a useful life of 50 years- after that the mechanical systems and roof have to be replaced).
Does it have a balloon payment or special assessment?
What is the maintenance history? (Some places started low and now cost $600 a month)

Condos do not go up appreciably in value. All you will get is equity and a place to stay.

It's a real crapshoot buying there now. Zillow forecasts a 2.4% drop in values over the next year. And when interest rates rise, which they will, it will further hurt sales.

My wife wants a place in the Crest. We only have about $200k to spend, but the above concerns really are weighing upon our decision.
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Tue Apr 21, 2015
Aaron and Cheree Tiry answered:
Have you checked out the "rent" section at the top of Trulia? There may be something in there. Otherwise you could also check Craigslist.com to see what they have for posted for rentals. ... more
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Tue Jun 17, 2014
curryspiced asked:
Mon May 5, 2014
Gen Hughes answered:
You made an estimated tax payment, based on the sales price, to the State of New Jersey. You will get credit for amount paid when you file your tax return for 2008.
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Tue Oct 15, 2013
Larry Sarlo answered:
NJ Mfger's if you are affiliation with gov't in any form or your company belongs to a credit union..

Search Short Sales and foreclosure Deals at www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
www.larrysarlo.com
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Fri May 31, 2013
Joseph Scrocca answered:
Unless the rules have changed recently I did not think you could obtain a reverse mortgage on a second/vacation home. I thought one of the requirements is that you continue to use the home as your primary home.

A HELOC is a revolving line of credit. If she needs all of the money at once she should just take a cash out refinance with a 30 year fixed interest rate and no points. If she only wants to have the money available to use in case she needs for any reason a HELOC may not be a bad idea as she will only pay on what whe borrows.

If you want to consider a cash out refiance TJ at Sun Home Loans is the best in the Wildwood area. Feel free to e mail me for his contact info. Also if/when mom is ready to sell I would like the opportunity to discuss my seller's services. As a full time agent involved in various areas of real estate for over 30 years I am one of the most qualified agents in South Jersey that you can work with. I work 7 days/evenings a week and my service is second to none. As a life long resident of Cape May County I know the area as well as anyone and better then most.

Let me know if you would like TJ's info and if I can be of further service to you. Thank you!

Joe
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Wed Oct 24, 2012
Debra (Debbie) Rose answered:
yes, Andrew - he means the realty transfer tax/fee........that , imo, really isn't in dispute - the other tax he paid, however, the "exit" tax, may be questionable as to how it factors in with Eric's residence and whether he (and his ex) are due any credits............ that's what requires professional advice. ... more
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Mon Mar 19, 2012
Sandra Richardson answered:
Hi Maureen

There is a nice two bedroom unit at 419 W Juniper Avenue in Wildwood that will be available next month (I think) for $875 plus utilities. It is pet friendly with a large back yard. Please give me a call if your interested at 609-972-1796. ... more
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Thu Mar 15, 2012
Christopher Pohle answered:
Tue Jan 17, 2012
Christopher Pohle answered:
Mon Oct 17, 2011
Edward ( Augie ) Augsberger answered:
There are a few in trouble that are not on the market.

Give me a call and I will fill you in on the proccedure to getting to them.

Edward ( Augie ) Augsberger
WEICHERT COASTAL
SHORT SALE TEAM LEAD
609-338-1189 Direct
609-523-1112 Office
... more
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Mon Aug 22, 2011
answered:
Is ~60% your DTI before you refinance? The DTI which counts is your DTI with the new proposed mortgage, so if you are refinancing a $1,372/mo payment then hopefully your payment is going down, which would lower your DTI below the 58.13% which the numbers you laid out calculate out to.

It also includes your consumer debt too, car loans, student loans, credit cards, etc... and your property taxes & homeowners insurance too, if not already included in your mortgage payment.
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Sat May 21, 2011
David Green answered:
Hi Dr. Lederer,

I wanted to follow up with you to see if you have purchased a property in the Wildwood area yet. Alot of times the process takes many months and a buyer can be discouraged by all the issues that come up. If you are not working with anyone maybe we can help.

Have a great day.

The Shore Group

David Green Paul "Z" Zografakis Marion Rowland
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