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Home Buying in Atlantic City : Real Estate Advice

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  • Local Info4
  • Home Buying20
  • Home Selling4
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Activity 18
Fri Feb 8, 2013
Laquita Baez answered:
Jack,

I don't know who you have been contacting, but let ME know how I can help you!

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes 14 answers Share Flag
Thu Jan 17, 2013
Deborah Madey answered:
RealtyTrac utilizes multiple free and fee based data sources and aggregates this info. If you seek information about foreclosure properties, your options are as follows:

1) Pay a service, such as RealtyTrac for the ease and convenience of an aggregated data source.

2) Engage the services of a REALTOR who has familiarity with the market niche you seek. A buyer agent who knows the area well who can access various data sources to value add to their neighborhood expertise.

3) Engage the services of a REALTOR who specializes in REOs who has expertise in foreclosures and can utilize tools to add any necessary neighborhood info.

4) Perform your own research. You can use 'free' tools only. In addition to internet searches, visit your local township offices for tax data and tax status (including items which are treated as tax beyond property taxes) county recorder for deed info, and courthouse for updates on legal proceedings.

Note: REALTORS do not rely solely on free tools via the internet. REALTORS utilize fee based tools through their associations as well as individually purchased tools. The information available to a REALTOR may supersede that which you can source on your own for free. If, however, you wish to invest the time and money, you would be able to find out the same facts and history on properties as would a REALTOR. At that point, utilizing - or not - a RELATOR becomes a choice based on whether you believe the experience and input from a trusted advisor has value.

Finding the right REALTOR, in my opinion, is the most efficient and cost effective route, while simultaneously reducing your risk since the input of a skilled REALTOR could help your outcome through better decisions.

However, in the alternative......... your sources are:

Township Offices - Tax data. Tax liens? Sewer liens? Past due water bills can become taxable liens against a property in municipalities where water is provided by the township. If water is provided by an independent water company, not so. Title transfers. History of taxes. Zoning office. Planning Office. Permits properly filed for all work performed?

County Offices - Deeds, liens filed? Scheduled sale dates? Postponements? Title transfers?

Courthouse - Updates on legal proceedings.
... more
0 votes 5 answers Share Flag
Sun Sep 9, 2012
Suzanne MacDowell answered:
Are you buying or renting? Your question is under home buying but generally an apartment is rented, and your screen name says acquisitions, which would tend to indicate you are buying. The initial earnest money deposit when purchasing a property can be any amount the seller will agree to, it could even be $1, but I certainly don't recommend you try to do that, it would tend to indicate you don't have the money to complete the purchase (and to be honest it looks as though you don't have the money anyway). However, you could try $100 but $1000 is more the norm. There is usually a second deposit also required at some point before the closing.

If you are looking for a mortgage you could try a USDA loan, those are 100% financing, I don't know if Atlantic City qualifies as a 'rural' area but I have been amazed at the areas that DO qualify so it might be worth a try.
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0 votes 1 answer Share Flag
Tue May 8, 2012
Ian A. Wolf answered:
Here is who I recommend, and he is familiar with process. However, the issue may be on the side of the association's. There are certain requirements like a deferred maintenance study, that cost money if they don't have it and they may not be willing to cooperate. But if there is cooperation on getting the paperwork filled out and the other required documents in order, my guy can get it done:

Jeremy Knapp
Loan Originator
Annie Mac
700 East Gate Drive, Suite 400
Mt. Laurel, NJ 08054
cell973-214-8311
fax866-897-2026
jknapp@annie-mac.com

Hope that helps.
... more
0 votes 3 answers Share Flag
Mon Jan 27, 2014
Jo Ann Daly answered:
I actually work with a lender which does financing on any condo's with 25% down.
0 votes 2 answers Share Flag
Tue May 8, 2012
Anna M Brocco answered:
Consider contacting a few local insurance agencies and ask for quotes based on your needs--review the information and choose the insurance product that best suits your needs and finances. ... more
0 votes 2 answers Share Flag
Tue Oct 12, 2010
Emily Christian answered:
Heist Insurance covers the island and is aware of all restrictions for the flood zone that we are in here. Did you find a home yet in AC?? Keep the faith Emily Christian emilychristian23@aol.com or 609-703-3415 ... more
0 votes 3 answers Share Flag
Wed Apr 21, 2010
Christopher Lefebvre answered:
Thu Apr 22, 2010
Christopher Lefebvre answered:
Belinda, I would recommend that you contact a local real estate attorney or closing title company and they should be able to help you out with the contract.
0 votes 3 answers Share Flag
Wed Feb 3, 2010
Ralph Windschuh answered:
The multiple listing service in your area should make note of those properties where the owner is willing to finance the deal or hold the mortgage. I would recommend hiring a buyer9;s agent to work for you in this search. I would be happy to recommend someone if you don't know of anyone in your area. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
... more
0 votes 7 answers Share Flag
Sun Jan 31, 2010
Grace Morioka answered:
Hello Big Diesel and thanks for your question.

The best way to determine if you can purchase a home by yourself now, will need the help of a co-signer, or will need to wait until some of the debts are paid off is to speak with a qualified mortgage professional or broker in your area who handles FHA loans. The good news is that your 5 percent down payment and FICO scores (if at or more than 620 "mid score") will qualify you for an FHA loan. However, the debt to income ratio may be exceed the allowable amount for your area., so talk with a mortgage professional for the exact ratios allowed in your area.

As for additional assistance, you can easily obtain this information by contacting your County's government offices or housing division for more information. Many cities, as well as counties, across America provide low cost or no cost assistance for first-time home buyers looking to purchase property in their area. A quick call to your County's government offices should answer all of your questions about available loans and grant programs. Keep in mind that grant money is normally "set" for a year, so it can run out if there is a high demand for finance assistance in your area. Move quickly to have your application into their offices for any assistance programs before searching for a home.

Good luck!!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
... more
0 votes 3 answers Share Flag
Fri Jan 29, 2010
Al Akerman answered:
You absolutely can get the $8,000 tax credit from the IRS if you purchase with owner financing-even if the owner holds on to the title until the mortgage is paid off. Here is a cut and paste from the IRS website:

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (7/2/09)
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0 votes 3 answers Share Flag
Mon Oct 26, 2009
Sean Shallis answered:
I'd recommend just outside of Ocean City, NJ .. Please email or call me directly and I'll introduce you to the agent that controls over 40% of the inventory in that area.. He is the best and worth the call !

Thanks


Sean T. Shallis
Broker/Sales Associate
Senior Real Estate Strategist

Weichert Realtors and The Shallis Group
1 Newark St, Hoboken, N.J. 07030
Office: 201-656-8488

Direct: 201-427-1032
Cell: 201-988-1393
Fax: 201-427-1022
sean@theshallisgroup.com
www.theshallisgroup.com


“FREE…Market Snapshot for Buyers and Sellers…INSTANTLY!
“CLICK HERE NOW”

Our combined mission as a team is to provide our customers with a passionately motivated and committed team of highly skilled real estate professionals. We’ll work with you to understand and accomplish our customers short and long term goals both “in and out” of the real estate transaction.
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0 votes 8 answers Share Flag
Sat Jan 16, 2010
Nick Giaccone answered:
REALTOR should br your best BET ! Look for agent that knows the area you want . Some one that is full time . They can email you daily updates . GOOD LUCK
0 votes 29 answers Share Flag
Fri Dec 5, 2008
Joan Prout answered:
Get a real estate attorney. Most don't charge a retainer up-front in NJ. but get paid at closing. I have a couple of attorneys I can recommend, one even specializes in short-sale and foreclosure sales.

Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
306 Grove Street
Jersey City, NJ 07302
201-946-2700 x310
800-671-0596 x1 (direct)
Joan@JoanProut.com
... more
0 votes 5 answers Share Flag
Wed Jun 24, 2009
Sharon Kozinn answered:
Dear Diana,
If you don't have a real estate attorney, now is the time to get one. They will be able to tell you your rights and responsibilities under your contract.

Good Luck.
Sharon Kozinn ... more
0 votes 6 answers Share Flag
Wed Jun 24, 2009
George answered:
I live on w. riverside in venice park. It generally takes me 3 minutes to reach the atlantic city inlet.
Great boating community.
0 votes 1 answer Share Flag
Thu Dec 30, 2010
Jo Ann Daly answered:
Hello Matthew, Currently the Penthouse is not available in that building. There are beautiful 2 bd 2 ba units, that range in price, dependind on upgrades, the most exspensive is available at $459K.
I do have a quite listing on a 3bd ba Penthouse with two balconies over 60 ft of direct ocean views for $999K.
Please contact me if you are interested.
... more
0 votes 1 answer Share Flag
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