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07960 : Real Estate Advice

  • All44
  • Local Info0
  • Home Buying16
  • Home Selling10
  • Market Conditions0

Activity 53
Mon Jul 2, 2012
Mary Grunmeier answered:
Randi,

In New Jersey, there is a state law that says that property needs to be assessed 100% of market value every 10 years. This is a large and difficult and expensive undertaking for the towns/townships, so they tend to put it off until the state insists. Then, they form a committee, and drag it out another couple of years or so. For example, the town I live in has not re-assessed for over 15 years.

If you buy a house through an arm's length transaction for less than the assessed value, then you may be eligible to apply for a tax appeal. The tax appeal does not change the tax rate, but seeks to change the assessed value. I recommend that you use a lawyer to file the paperwork. It must be filed between January 1st of 2011 and April of 2011. In order to file, you must be able to demonstrate that the real value of the property is 15% less than the assessed value.

If you would like to contact me directly, I can review that whole tax appeal process and how it works. I've become an expert through experience.

Finally, in general, the eastern part of Morris County is taxed lower than the western part. Morristown would be in the eastern part. On the other hand, townships surrounding Morris Township tend to have lower taxes than Morristown (Morris Township, Hanover Township, East Hanover, and so on.) On the other hand, Morristown is poised to increase in value faster than some of the more suburban townships.

I'll be happy to speak with you!

Mary
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0 votes 3 answers Share Flag
Wed Jan 4, 2012
Abbey Turner answered:
It appears you have mentioned everything available accept the local newspaper. Our local paper has a special section just for weekend open houses. I'm told buyers do look Friday - Sunday for Open House notices.

Good Luck,
Abbey Turner
The Turner Team
@ Keller Williams Realty
Greenville,SC 29607
abbey@kw.com
www.abbeyturner.com
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0 votes 6 answers Share Flag
Mon Oct 25, 2010
Jeff Belonger answered:
Fran...

I would need to know a lot more info before giving you my opinion. There are things such as credit scores, your goals, and other options. But yes, you can borrower from your property to buy a new property, this is allowed.

If you have any other questions, please don't hesitate to contact me.


Thanks,
jeff

Area Manager
Infinity Home Mortgage

Cell : 609-440-5133 e-mail : jbelonger@ihmci.com
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0 votes 5 answers Share Flag
Wed Jun 20, 2012
Michael Krotchie answered:
Hi Steve,

Typically houses won't sell for more than their appraised (market value), otherwise why would people be buying them? The only time this really happens is when the market paces valuation of property, like during the run-up of 2004-2005 or if there is a small bubble of super-appreciation in your market (if there is, send some of it to Tucson!).

Also, for the buyers who are getting loans for their purchase (probably a large majority), if the property doesn't appraise for at least the purchase price a bank won't lend a buyer the money; if a home's value is X but you're asking for X+$5,000 for a loan, a bank won't get the warm and fuzzies from that arrangement.

- Michael
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0 votes 10 answers Share Flag
Sun May 13, 2012
Douglas Tucker answered:
I don't know if there is an exact science to this Steve because there are many variables in how an appraisal is done. For example, if there are no similar comparable homes in the neighborhood the appraiser needs to go to another development or even another town. However, I can tell you that once a home is purchased and under contract and an appraisal is ordered by the bank, the banks are now being much more prudent than in the past. In a booming market, an appraiser's price may be on the higher side thinking the market will catch up. If you need more info, please let me know and I will get you actual sales prices. ... more
0 votes 9 answers Share Flag
Thu Feb 9, 2012
Fred Glick answered:
All commission are negotiable.

That being said, interview many agents. From big firms to boutiques, agents are different.

But, don't be swayed by fancy brochures. Selling your home is about fantastic information about your home in the form of excellent pictures and a real video.

Also, make sure that the listing agent only works for you. The listing agent should not be the one who also represents the buyer. This is called dual agency.

If the agents you interview don't mention it, kick them to the curb!

Good luck,

Fred Glick
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0 votes 14 answers Share Flag
Wed Jun 2, 2010
Lynda Hester-D'Orio answered:
Hi ShyBuy
If you have a Realtor working with you they can advise you.
If you don't you should consult a Real Estate attorney asap so you can get a general understanding of the sale and inspection and Certificate of Occupancy
You will have to get a smoke -carbon monoxide certificate at least and each town has its own standard of certificate of occupancy and fee
You have not provided enough information to help but if this is an as is sale-you should get an inspection to make sure there is not any serious issues
It sounds like you don't have a Realtor representing you so be careful and speak with your attorney
Best of luck and if you want to speak with me - my cell is 973-768-1888-Lynda D'Orio Weichert
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0 votes 13 answers Share Flag
Sun Jul 4, 2010
Barbara Bertone answered:
Hi Lolly. I am an agent who has been fully trained in Short Sales and Foreclosures. I have obtained my CDPE (Certified Distressed Property designation and I live in Morris County and do work in Morris, Sussex and Warren Counties. I would be happy to help you with your home purchase. Feel free to contact me at your earliest convenience and I will get to work for you. I look forward to hearing from you.

Best regards,
Barbara Bertone
Realtor, CDPE
RE/MAX Platinum Group
973-726-5700 Office
201-214-8400 Cell
blbertone@yahoo.com

www.BringMeHomeNJ.com
www.ForeclosureHelpNJ.com
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0 votes 4 answers Share Flag
Mon Jun 7, 2010
Yelena Tsuladze answered:
Hello, Lolly!
My name is Yelena Tsuladze and I am Broker/Ownber of Advanced Realty Group.
Our office is located in Morristown.
Let's get together and discuss all your needs.
I will be more than happy to help you.
I can be reached on my cell phone at 973-652-1372.
Sincerely,
Yelena
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0 votes 3 answers Share Flag
Wed Jan 16, 2013
Joan Congilose answered:
Hi Steve
I definitely would paint the walls. It will make your home appeal to more buyers instead of a select group that happen to like those themes.
0 votes 17 answers Share Flag
Tue Mar 30, 2010
Peter Di Eduardo answered:
I live around the corner from 3 of the projects you are referring to; Vail Commons, 40 Park Place and The Vail Mansion condos. All are newly built and are walking distance to town. Projecting a resale in 5-10 years might be a little challanging right now but it would be safe to say that there would be a modest amount of appreciation with that time frame. Morristown is still considered a "hub" of New Jersey and is recovering much faster than other areas of the state. All the best.
Peter Di Eduardo
Central Property Realtors
973-539-7100
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0 votes 3 answers Share Flag
Mon Apr 30, 2012
Marc Paolella answered:
Hi Anon,

Unfortunately this type of post generates a lot of "hometowning". Which is where 10 agents post that their hometown is incredibly peachy and is where you simply need to live, and they'd be happy to assist you in buying a home. You might want to try posting the same question on city-data.com. You will get residents of the towns to comment on the positives and negatives of where they live.

Good luck!

Oh and Roxbury Twp is the greatest and I just happen to live there and can show you all the homes.... Jeez I'm feeling feisty this afternoon...

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Web: www.marcpaolella.com
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0 votes 30 answers Share Flag
Tue Feb 16, 2010
Corey Grushin answered:
Pamela a radon test is not a condition for a loan approval. It is a health hazard that needs to be addressed though.
0 votes 7 answers Share Flag
Sat Feb 6, 2010
Debra (Debbie) Rose answered:
Mariam, obviously, this is a question for a NJ agent to answer..............

I did a quick search on the MLS to see what might be out there in your price range.....without having to travel too far away from Morristown or Manhattan.

It seems as though Union County has listings in your range.............I'd look for an agent who covers that area (I only cover a small part of Union County)...............and let them guide you as to location and convenience for your commute.

Dover, in Morris County, also had listings in your price range. Once again, an agent well versed in that town would better serve your needs.

I am sure someone on Trulia will come along....if not, then let me know, and I can find someone who can help you.

Best wishes.....
Debbie Rose
Prudential NJ Properties
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0 votes 7 answers Share Flag
Thu Jun 28, 2012
Patrick Thies answered:
That's going to depend on your area. You need to look at what homes with basements are selling for in your area. It shouldn't be that hard to find out if most of the homes in the area are the same style and built around the same time. Look at what similar homes have sold for with basements recently and adjust accordingly. ... more
0 votes 11 answers Share Flag
Sat Oct 24, 2009
Debra (Debbie) Rose answered:
Hi Abe
There are currently 7 homes listed in Morristown from 259,000 - 279,000...with 3 bedrooms and 2 baths (1 house has only 1 bath - the others have 2 full baths).

Please feel free to call or email me, and I would be happy to email the specific listings to you.

You may also want to consider other towns such as Parsippany, or sections of Morris or Hanover Townships.
While listings in that [rice range may be somewhat limited, the good news is.......they do exist!

I look forward to hearing from you!

Bests wishes........
Debbie Rose
Prudential NJ Properties
cell (973) 715-3131
office (973) 992-6363 x 122

email: Debbie.Rose@PrudentialNewJersey.com
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0 votes 0 Answers Share Flag
Sun Oct 25, 2009
Debra (Debbie) Rose answered:
HI again Abe ...............(I responded to another question you posted)

I wouldn't say house prices drop off in winter, per se, but there may be fewer listings once the holiday season begins. Many people who are thinking of selling their home prefer to wait until after the New Year, if they haven't already listed once mid November comes around. But, keep in mind, we sell houses all year long - so you never know when a buyer or a great new listing will pop up.

If your question is whether you will find a better bargain in the winter...I'd say there are bargains out there right now...and we have been seeing good deals all year long.

As to your other question..............
There is no set % below asking when it comes to making an offer. It really varies from home to home. A well priced home can still sell at full asking price, or even over asking if it is priced well...and today "priced well" means priced at, or slightly below market value.
Generally I am seeing homes sell within 3-5% of their listed price (after any reductions have taken place).

When you find a home you want to make an offer on, I recommend looking to your agent for advice......if there are multiple offers, your strategy will be somewhat different then if you are the only person making an offer. If a home is preceived to be overpriced, then you may go ahead and lop off a certain %, and give it a try........but also keep in mind, an overpriced home indicates a seller who either isn't motivated or doesn't want to be realistic in regard to the market.

Hope this has helped!

Best wishes.....
Debbie Rose
Prudential NJ Properties

please feel free to email me with any other question.....
email: Debbie.Rose@prudnetialNewjersey.com

Web Reference: http://www.DebbieRoseSells.com
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0 votes 8 answers Share Flag
Thu Jul 29, 2010
Janet Ellis answered:
If you check the FEMA maps, there are a couple of areas -- One plain that appears to follow the Whippany River (around the railroad tracks) and another in the area on the south side of town off James St. near Footes Pond. Of course, individual properties may have a flooding issues related to run off or grading issues, but on the whole its pretty dry. ... more
0 votes 1 answer Share Flag
Mon Aug 17, 2009
Yelena Tsuladze answered:
Hello!
Yes, there is one property in Morristown in the price up to $200K.
In Parsippany there are many condos in this pirce range.
Let me know, please, if I can be any help to you.
Sincerely,
Yelena Tsuladze
Broker/Owner
ADVANCED REALTY GROUP
175 Washington St.
Morristown, NJ 07960
973-843-0053, x 100
973-652-1372 - cell
http://AdvancedRealtyGroupNJ.com
... more
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