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Montclair : Real Estate Advice

  • All155
  • Local Info21
  • Home Buying45
  • Home Selling7
  • Market Conditions5

Activity 84
Mon May 16, 2011
Roberta Baldwin answered:
I recently saved an excellent overview on condo fees and who pays them in a short sale situation. Like everything else associated with a short sale, there arenuances to the issue. Written by a California agent, this blog piece really says it all: http://activerain.com/blogsview/1865631/who-pays-late-hoa-fees-on-a-condo-short-sale ... more
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Thu Oct 21, 2010
Joe Arnao answered:
I have done over a dozen conversions. First check the town by-laws to see if it is allowed. Then, find an attorney who has done many in your town. I don't reccomend approaching the Town on your own if you do not understand the laws. The attorney will cost money, but will be worth it. Again, make sure the attorney has done several in the town you are converting. ... more
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Sun Aug 26, 2012
Lori Hobin answered:
You can use www.Zillow.com for some of the comparable sales around the home you want to purchase. Try to keep the homes close in living SF. Good Luck,
0 votes 5 answers Share Flag
Tue Dec 21, 2010
Desari Jabbar answered:
You can save your cash by going to a direct lender. Not a mortgage broker. Cut out the middle man if you can. Banks like Bank of America, Wells Fargo, Chase, or your local banker who you have a relationship will be your best bet.
Then, ask your realtor to request the seller to pay some of your closing costs.
Also, Fannie Mae has a new buyer incentive program where they will pay up to 3.5% of your closing costs when you purchase a Fannie Mae property.

Please read my blog for more information on this
http://www.trulia.com/blog/DesariJabbar/2010/09/3_5_buyer_incentives_for_fannie_mae_homes

Best of luck to you!
... more
0 votes 7 answers Share Flag
Thu Oct 21, 2010
Roberta Baldwin answered:
The tax assessment does not automatically change every year, although the tax rate does -- it goes up, usually, year to year. So, you won't see a change in the assessed value except if the town revals every house, as it did some years ago. Even if this house sells under perceived "market value," the town is going to want to see whether you can prove that it's worth less for reasons OTHER than it needed lender approval or was a foreclosure, i.e., the condition was degraded for some reason. Renovations needing municipal permits may well mediate toward a tax hike when they are completed. I would suggest talking to a local tax attorney such as Greg Lotz in Montclair to discuss further what you need to know about the housing tax structure here and implications for the future of this home or any other you're considering. Best of luck. ... more
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Sat Aug 7, 2010
David Dorfman answered:
Move in and live around the renovations.

Yes - a vacant house is a greater insurance risk then an owner occupied home

That's how the insurance co's look at it.

What if you hired a security guard to live in the house while it was renovated?? Talk to the insurance agent. ... more
0 votes 8 answers Share Flag
Tue Jul 6, 2010
Anna M Brocco answered:
Any local agent should be able to help you--contact any realty office(s) and inquire--or for by owner rentals, check local print media, word of mouth, Craig's List, etc.
0 votes 3 answers Share Flag
Fri Dec 21, 2012
Anna M Brocco answered:
Since opinions often are suggestive and what may be good for one child is not necessarily the case for another, consider a visit to the school district--ask for a tour of the facilities, speak to the principal, teachers, etc., ask all your questions and then make your own determination--will your comfort level be reached. ... more
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Sun May 9, 2010
Mary Petti answered:
Mari,

Probably means the bank had a better offer and they did not accept yours, OR they are holding your offer for just that, a back-up offer if the one they already accepted fails.
0 votes 6 answers Share Flag
Tue Apr 27, 2010
Debra (Debbie) Rose answered:
Cd you should check with your town's building inspector just to be sure you are in compliance.

As long as the room has a door and a window (egress out in case of a fire) - to the best of my knowledge, there is no minimum size a bedroom must be. If this is in a basement, you should definitely check with the town.

............closet, door, window, bed - voila = a bedroom!

Keep in mind that carbon monoxide detectors are required within 10 feet of any sleeping areas, so if this new "bedroom" is away from any other detectors, you must add one in the vicinity.

Good luck!
Debbie Rose
Prudential NJ Properties
... more
0 votes 4 answers Share Flag
Fri Apr 23, 2010
Mary Petti answered:
Mike,

First congrats! On your way to ownerships is always a fun but scary proposition.

If you used a Realtor you should be asking this question of your Realtor. I am sure your Realtor can recommend someone in the area. Oil tank inspections and lead paint assessments ARE done separately and over and above the usual home inspection (IE: at additional cost).

Ask your Realtor, or if you don't have one, your attorney for any other inspections he/she might recommend (like Termite/ radon) and if they feel any of these additional inspections are necessary.
... more
0 votes 2 answers Share Flag
Wed Apr 21, 2010
Jason Wilde answered:
Mike,
Homes are not reassessed upon the sale. However, if the building inspector goes to the property ffor the C/O inspection and sees improvements have been made without permits, they could increase the taxes. According to the town of Montclair, ASI did the assessment in 2006, the current assessment ratio is 99.24%. So it should be a while before they re-assess. the closer to 100%, mean the closer to the actual value the property was assessed at. You can call the town to be sure.

Please let me know if I was right.

Sincerely,
Jason Wilde
Pinnacle Mortgage
office: 877-562-6082
... more
0 votes 6 answers Share Flag
Sun Aug 26, 2012
Rod Doorlag answered:
Samantha,

Home buying is so exciting if you involve someone who knows what they are doing. I suggest that you look around on the internet for real estate brokers in the area. Go to their website. Their website is a good tool for you to identify their ability to serve you. Once you find a firm you like interview the agent. If they are nice and listen to your needs and desires then they should pave the way for you. The three biggest things to look for is an agent that is a good listener, one who gets you in touch with a lender for a loan approval right away so you know what you are qualified to buy and one who is willing to work hard to help you find that dream home… Let the excitement begin!! ... more
0 votes 11 answers Share Flag
Wed Jul 9, 2014
Dianne Hicks answered:
First time home
It is going to be a challenge at best. You really need to have something. We have a program here for USDA loans which can be 100% financing and you can ask for closing cost but realisticly, you will have a hard time getting that accepted. Work on saving some money. You also need to see if you qualify, just because you think you can afford it does not mean a lender will agree. You will be able to get good guidance of what you need from a lender.

Good Luck!!!
... more
0 votes 10 answers Share Flag
Wed Jun 13, 2012
Lina Panza answered:
Sheila,
Yes. There is currently a multi-family house available at 9 Grenada Place. There are also 2 single family homes that are already under contract.

Lina Panza
0 votes 3 answers Share Flag
Wed Dec 23, 2009
Deborah Madey answered:
Sun Sep 18, 2011
Jeffrey Bogert answered:
You pretty much have them all. The unique thing about Montclair is that because of the magnet school system http://www.montclair.k12.nj.us/WebPage.aspx?Id=21 you are not tied to a neighborhood school. As far as how they compare that is a personal choice some home buyers prefer to live in the north part of town in 07043 zip code (north of Watchung Plaza) There are currently 11 homes on in your price range but most exceed the distance from the train you are looking for. There should be more homes listed after the holidays for you and your wife to choose from. If you would like me to send you what is available today please reach out via my contact information. ... more
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Sat Jan 16, 2010
Marsha Bowen Washington answered:
Hi Diane,

After a sheriff sale, the homeowner has a 10 day redemption period to reinstate the loan for the property from the lender in court. If that doesn't happen, then the bank will officially take over the deed to the property and seek to have the occupants of the property evicted.
Please feel free to contact me if you have any further questions.

Hope this helps.


Marsha Washington
Realtor/Real Estate Consultant
NFMC - Foreclosure Mitigation Counselor
Coldwell Banker Residential Brokerage
2 E. Mt. Pleasant Avenue
Livingston, NJ 07039
Marshahelpinghomeowners@gmail.com
... more
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Wed Nov 18, 2009
Carl Ben Witzig answered:
Iyan,
Welcome, almost, to New Jersey. Bay St is new to the market and you may be the first in. Comparable space, amenities, location, and similar units recently sold, all will go into the appraisal for financing purposes. The tax assessment will be largely based on the closing sales price. The tax rate ($2.301 per $100) times the tax assessment will create the real estate tax for the year. If they sell for $449,000 taxes will be about $10,200. Are they worth the price? After you see the units and compare them to other possibilites, you the buyer will determine if they are worth the price. There are many things to consider when buying. Let me show them to you along with other possibilities. .
Carl Witizg
Weichert, Realtors
Upper Montclair
www.CarlWitzigHomes.com
... more
0 votes 5 answers Share Flag
Tue Oct 13, 2009
Daniel Castagna answered:
WIth a score over 620, you should be fine..as long as income, debt ratio, down payment are in line as well. IF you want me to take a look at your options, just give me a call at 800-793-9633 ext 185. I'll do my best to get you qualified.

Danny Castagna
... more
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