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Home Buying in Wildwood Crest : Real Estate Advice

  • All58
  • Local Info6
  • Home Buying24
  • Home Selling0
  • Market Conditions7

Activity 23
James Scott,…, Real Estate Pro in Stone Harbor, NJ
Tue Jul 16, 2013
James Scott,CRS answered:
The Royal Beach is a First Class Stres-Core building. I represented several buyers when the property went to auction as directed by the lenders. For more information and a current inventory of what's available here and at Coastal Colors, feel free to contact me. I live here and love it!

Questions? Appointment to see... I am,

Here for you...For Shore and more!
Jim Scott,CRS* Broker Associate.
Keller Williams Real Estate Jersey Shore
jimscott@njshorebrokers.com

609 425 7121 cell to 9 PM daily.


*There are over one million REALTORS® in business today.Only 3% hold the
Certified Residential Specialist Designation.CRS is the symbol of excellence in
residential real estate. Our members have proven they have the experience,
continuing training and commitment to be the best in their profession.


Know of someone looking to purchase a Shore Home this year? Forward this
e mail. I will politely make them aware of THE best values in Cape May County.

Know someone who is purchasing or selling a property anywhere in the USA?
Have them contact me. I will personally interview and refer the best CRS* at
their location for a flawless transaction.

Thank you for your valued referral.
** www.YourShoreRealtor.com


** Search Shore MLS in real time. Sign up free. No one will call. Totally secure.
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0 votes 9 answers Share Flag
Rick Spackman, Real Estate Pro in Cape May, NJ
Mon Mar 18, 2013
Rick Spackman answered:
Improving. REO's and short sales that saturated this marketplace for several years has mostly been absorbed. The tide hasn't changed to a Sellers market but its a lot better than it was 2 years ago. Seapoint Village has 24 units availalbe including 15 in the Diamond Beach area. The parameters used were Condos from $400,000 to $900,000. Still a lot of inventory to compete with unless your competetively priced slightly below your competition. This is the only way your going to seperate yoursellf from all this competition. ... more
1 vote 6 answers Share Flag
wildwoodcond…, Home Buyer in Wildwood Crest, NJ
Mon Feb 18, 2013
wildwoodcondos answered:
There is a smaller 9 unit building directly across from Crest Pier with units for sale. All have great ocean views, easy walk to beach and lower condo fees then most of the high rise buildings with a elevator. Ocean View Cove 5901 Atlantic Ave Wildwood Crest NJ ... more
0 votes 2 answers Share Flag
wildwoodcond…, Home Buyer in Wildwood Crest, NJ
Mon Feb 18, 2013
wildwoodcondos answered:
ONE BLOCK TO BEACH all with ocean views--352900-4149000-- Ocean View Cove 5901 Atlantic Ave Wildwood Crest
0 votes 2 answers Share Flag
Edward ( Aug…, Real Estate Pro in Wildwood, NJ
Fri May 4, 2012
Edward ( Augie ) Augsberger answered:
Have you looked into the Distressed property side of market?

Edward ( Augie ) Augsberger
WEICHERT COASTAL
SHORT SALE / BANK OWNED
CELL # 609-338-1189
OFFICE # 609-523-1112
0 votes 4 answers Share Flag
Ajkm, Other/Just Looking in Paramus, NJ
Tue Jul 5, 2011
Ajkm answered:
The fees and the taxes are high on these condos...definitely don't want to go over your limit on purchase price... taxes and fees tend to go up... wildwood crest is one block over (probably less than a block over) ...but you are paying diamond beach taxes. ... more
0 votes 5 answers Share Flag
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
Just following up with you from your post last summer. If you want to talk with a team of full time agents feel free to reach out to us . There are properties to look out for and properties to look for. ... more
0 votes 1 answer Share Flag
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
There are still a few properties here and there that have seller financing with a decent sum down. Let us know if you are still looking. Have a great weekend.
0 votes 7 answers Share Flag
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
It also adds to a higher second floor for a slightly better chance at better views. Hope everything is going well for you.
0 votes 2 answers Share Flag
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
Hi Mark,

If you haven't bought yet you may find it interesting that the auction of 407 E Monterey , which was a very high end new construction beach block property, happened last week and the lowest unit sold for $ 407,000 and went as high as $ 660,000 . ... more
0 votes 5 answers Share Flag
David Green, Real Estate Pro in Cape May, NJ
Sat May 21, 2011
David Green answered:
Hi Gina,

Just following up with you about your property search, some say we are bottoming out as far as prices go so it may be a good time to jump in. In some property types we have seen a slight rise in prices and just last week was the auction of one of the only left over new construction properties that was still owned by the developer. ... more
0 votes 7 answers Share Flag
Rick Spackman, Real Estate Pro in Cape May, NJ
Mon Feb 21, 2011
Rick Spackman answered:
Stacey
Yes, it is common . They are making it more & more difficult for self employed people to qualify for loan these days. Think about too much risk for such a low interest rate, ratres start going up I believe they will loosen up a little cause they be making more. As an appraiser I am ideal to represent Buyers in this difficult market. Need anythng or have any more questions please contact me at rick@rickspackman.com or 609-851-4072.
Thanks,
Rick
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0 votes 6 answers Share Flag
Rick Spackman, Real Estate Pro in Cape May, NJ
Tue Jan 25, 2011
Rick Spackman answered:
Stacy:
Another great question. If you were buying a duplex and it was going to be your primary, the answer is yes. However, with guidelines changing all the time and the fact they have become very strtict as a result of the real estate bubble bursting as a result of loose underwriting I would make an educated guess and say no they will not consider the rental income as part of your income. Please never buy a rental property if you need the rental income to pay any of the mortgage debt service, If you can afford it without income and then are able to produce income then consider that income as a bonus. Please never count on it. ... more
0 votes 11 answers Share Flag
Rick Spackman, Real Estate Pro in Cape May, NJ
Sat Dec 12, 2009
Rick Spackman answered:
Your Realtor should be guiding this for you. Depends on how good of deal it is. Also depends on large the house is. If its small house say 2 bedrooms, then just through in electric baseboard . ... more
0 votes 5 answers Share Flag
Edward ( Aug…, Real Estate Pro in Wildwood, NJ
Fri Aug 28, 2009
Edward ( Augie ) Augsberger answered:
Lisa,

The first thing to keep in mind is that the market determines the value of a property. If the unit has an assesment coming up then you need to add that into the calculation . What you need to find out is what has sold similar to this unit in the past 3 months and if the assesments were taken care out of settlement to arrive at your units value. Once you have that ,do the math and see where you stand if you have to pay the assesment. It may be a requirement of the settlement that the seller pays in order to convey clear title. Once a settlement is scheduled the title companty will call the condo association and ask if there are back condo fees due or if there are any pending assesments. They have to get a letter from the association to allow the settlement to take place, so if there is something assesed it may need to be paid by seller.

It sounds like you are looking at unit in Diamond Beach. You should have someone dig deeper to make sure that you have the correct info on the assesment.

If I can be of any help, just let me know


Edward ( Augie ) Augsberger

Weichert Realtors REO / Short Sales Division

609-338-1189 cell

609-523-1112 office
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0 votes 3 answers Share Flag
Edward ( Aug…, Real Estate Pro in Wildwood, NJ
Fri Aug 28, 2009
Edward ( Augie ) Augsberger answered:
Michael,

I will see if I can answer your question. I know the building that you are looking at it is a pretty good deal. The trouble is , if you are looking to rent on a seasonal basis it may fall short. The proximity to the beach is everything. Now with so many closed Short Sales on the Island you are in competition with beach block units being rented very cheap. The buyers on these units are paying close to half of what they originally went for so, they can afford to reduce rents because they have lower debt service. They are also offering much newer units.

You may want to do the math on a year round basis and see how that figures out. Year round tenants as long as the screened , are less work. Another thing to concider,You would have to organize the turnovers if you rent by the week in the summer. Which becomes more like a job. Then at the end of the summer the units sits or you have to find someone that will be willing to rent just for the off season. My experience is that you will have trouble with that.

I hope I could help


Edward ( Augie ) Augsberger

Weichert Realtors REO / Short Sales

609-338-1189 cell

609-523-1112
... more
0 votes 3 answers Share Flag
Edward ( Aug…, Real Estate Pro in Wildwood, NJ
Fri Aug 28, 2009
Edward ( Augie ) Augsberger answered:
Maureen ,

Everything will depend on the size of the unit and if it is a year round building. The guidelines on this type of purchase have changed and they are making it harder to write loans on these buildings. If you could give me the building name I could look into it.

I do a large amount of Short sale work in the Wildwoods and you need to look deep into the association to see if they are solid. If you are looking at a building with multiple units in distress ( Foreclosure / Bank owned ) most banks will not finance. They dont want to get into anymorebad situations. If the loan will be Fannie or Freddie backed they wont write a loan if 15 % of the units are in default. There are ways to get past that if you put enough money down. The best way and sometimes it will buy you a discount is to pay cash. Maybe pull an equity line on your primary home or a line of credit. Once you own it ,you can go back and refi with not so many restrictions.

I hope I could help

Edward ( Augie ) Augsberger

Weichert Realtors REO / Short Sale Division

609-338-1189 cell

609-523-1112 office
... more
0 votes 3 answers Share Flag
Edward ( Aug…, Real Estate Pro in Wildwood, NJ
Wed Apr 15, 2009
Edward ( Augie ) Augsberger answered:
Amy,

It seems like most have a slightly different answer to your question.

If an Agent listed the unit as Pre-Approved ,that usually means that there was a buyer and the buyer fell out. They more than likely were tired of waiting for the Bank to offer up the lien release so they moved on to another property. They may have also backed out due to an inspection issue. I do a fair amount of Short Sales and I dont recommend anyone due inspections until I get the lien release ( authorization to sell the property at a discount ) from the bank. This saves the buyer the expense if they dont accept the offer.

The other wording that you mention : As Is , no warranties or guarantees - That has to do with the seller not being on the hook for fixing anything that may be wrong with the unit. I always put that and more into my listings so that the buyers know that they are buying it as it sits. I allow the buyers to do inspections and if they find any faults ,they can then decide if it is still a value to do them even after they figure in for repairs.

The most important thing you need to keep in mind is that these type of properties are the best deals on the market and with that there is some risk. It is even more important to make sure you are working with an Agent that knows each and every building in the market and all of the flaws that go with them.

For the most part if you are looking in the Wildwoods the buildings are less than 5 years old. There are very few buildings that you need to be afraid of . They may have some cosmetic issues which are due to the condo associations being weak from owners that are in default. Even with that said those buildings one by one they are being replaced by strong buyers and the buildings are on the road to becoming solid once again.


I hope that explains it a little better for you.

Augie
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0 votes 8 answers Share Flag
Ruth Bonapace,  in 07030
Sun Mar 29, 2009
Ruth Bonapace answered:
Jim,

Why are you thinking about refinancing into a new first mortgage on your primary residence?

You will probably have little or no closing costs on the Heloc, especially since you work for the credit union. So if you can take all the money from an interest only Heloc, then lock in the rate, sounds like the way to go.

You will have closing costs taking out a new first mortgage - title insurance, recording fees, settlement agent etc. Your rate will be the same or a little less on a new primary mortgage, but not that much less.

Or, you can take out a smaller Heloc for the down payment and do a mortgage on the vacation home with 20 percent down. Between the two of you that woldn't be all that much money and then you could have the debt as well as the title in both your names.

Rates for a vacation home (second home) are about the same as for a primary residence. If the property is an investment property, then the rates/terms would be much different.

Ruth Bonapace
mortgage specialist
ruthbonapace@gmail.com
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