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Franklin Park : Real Estate Advice

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  • Local Info4
  • Home Buying9
  • Home Selling0
  • Market Conditions1

Activity 31
Tue Sep 7, 2010
FHA is a great loan option. Here is a quick breakdown of FHA versus Conventional:

Minimum Down Payment = 3.5% FHA, 5% Conventional
Mortgage Insurance:
Up-Front = 2.25% (until Oct 4th, then 1%) FHA, 0% Conventional
Monthly = .55% (until Oct 4, then .9%) FHA, .94% Conventional (may vary by area)
Qualifying = More forgiving FHA, Less forgiving Conventional
Credit Score = 500 Min Score (although investors normally require 620) FHA, 660 (with less than 20% down) Conventional

What I normally recommend, based on current MI charges, is that if you plan to put less than 10% down, FHA is a good option providing less down with a lower payment compared to Conventional. A lot of people are looking to conserve cash with the state of our current economy. A good way to do that is with less money down (FHA @ 3.5%) and with the FHA payment (less than Conventional when comparing minimum down, due to MI charges up to Oct 4).

If you have 10% or more down, Conventional is the better option due to the change in mortgage insurance charges. Instead of .94% it may drop to about .64%. That helps to drop your payment and make Conventional loans the better option. At 20% down Conventional is a must. Conventional with 20%+ down does not require mortgage insurance while FHA loans will.
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Thu Sep 2, 2010
Anthony Disano answered:

Go to:

There is a link right in the middle of the page, “Neighborhood Valuation”.
Enter in the address of one of the properties you are looking at and hit submit.
You will be taken to a new page with detailed information on that property and the surrounding area.

Click on the get report link next to the address you are looking for, follow the instructions, and you will receive a full detailed FREE Neighborhood Valuation Report. The reports generated are terrific! You should get all the information you need to make an informed decision on which community you like better. The data is very easy to read.

Somerset is my service area, if you would like more help, or to go into things in more detail, feel free to contact me at any time! I would be happy to speak with you on the phone or meet with you to go into more depth about your search.

Best Regards, Anthony~ Cell: 732 740 9242
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Thu May 28, 2009
William Leigh Holt answered:
Joe: What do you care? If you are foreclosed, the bank takes the property. Whether it's $20,000 or $2,000,000, the bank will give you any proceeds over the mortgage amount. (As if there will be such an amount.)

An appraisal is admissible in court. A broker's price opinion is not but the broker is advising the bank what the current market will yield them. At the price in question, it would seem that the broker suspects that only an investor will be interested. If the bank is thinking of cost/benefit ratios, they may foreclose and then sell at auction. The auction price at that time will be EXACTLY all the place is worth.
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Thu Jun 4, 2009
Larry Sarlo answered:
YEs you cannot provide insurance on anything you do not own... the effective date is date of closing or day before but you can;t insure something you do not have interest in.
They will give a full refund.

Make sure you contact ASAP though.

Larry Sarlo
Weichert Realtors
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Mon May 18, 2015
John DeMars answered:
Without knowing your particular situation. (Purchase, Refinance, FHA etc) Depending on the Bank and several other factors it could take up to a week or more. Normaly the bank will place the order for the appraisal. The order will be assigned to an appraiser. The appraiser has to make an appointment and do the inspection at the property. This can take a few days. Once the inspection is completed the appraiser has to gather all of the data needed for the report. Usually the report is submitted back to the bank within a day or two of the inspection. The appraisal report is then reviewed by an underwriter before being approved. Without any outside factors the bank should have the appraisal within a week. Any further questions please ask. ... more
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Sun Sep 4, 2011
Murphy Wilson answered:
Glad you asked. You will find great buys on the midtown direct line. These towns include: South Orange, Maplewood, Millburn, & Summit. If you need to consider schools Millburn schools were rated number ONE in New Jersey and you will see that reflected in their home prices. That is not to say that any of the other towns have mediocre school systems. They just aren't number one.

There are some great buys in the other towns along the train line. South Orange and Montclair have townhouses near the train stations in these communities and they offer a villagy/artsy feel to their downtown. Other towns may offer better proximity to big-box shopping or have extensive programs for youth.

Each town has its own personality and highlights. I'd be glad to discuss them with you at your leisure and help you narrow your search. Please call me!
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Fri Feb 6, 2009
Karen Berg answered:
Hi Denise,
That is definitely a great place to start! Most Realtors in your area will consult with you at no charge to help you determine what is best. If there are a lot of foreclosures in your development, the foreclosure prices will drive the values, even in units that may not be considered "like housing".
All the best to you in getting your home sold!
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0 votes 12 answers Share Flag
Fri Mar 5, 2010
John Sacktig answered:
Hi Denise,

You need to be with the right Real Estaet company. Do some quick research, invuite 3 realtors in to discuss what they do to get your home sold. In your interview, expect to see marketing marterials and recent advertising and the actual "game plan". Think about your price andf then compare that to what the realtor is telling you. In order to sell your home fast pricing is key.

Call me for information regarding Orange key Realty and what my marketing plan is for home sellers.

John Sacktig
Broker / Manager
Orange key Realty
Office: 732-863-6969
Cell: 723-213-1409
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Fri Jan 23, 2009
Gregory Bain answered:
It would appear that you would use the red line on the NJ Transit at Jersey Ave. to get back and forth to NY. But, you can call the NJ Transit at (973) 275-5555 or go to the web site
for more information.
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Tue Apr 21, 2009
Vita Strakhman answered:
Srini, there are a lot of houses either without basements, or have crawl spaces. Having a basement is a personal preference and should not effect a resale of your house. Since, you are considering buying a house without it, other people will too. ... more
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Mon Apr 7, 2008
Vince asked:
Looking for a property in Franklin Pk area, that we can be converted to a House of Worship, preferably along South Middlebush Rd, Cedar Grove Ave. or Elizabeth Ave. No less than 2 acre...
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