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Paterson : Real Estate Advice

  • All106
  • Local Info13
  • Home Buying23
  • Home Selling2
  • Market Conditions7

Activity 44
Mon Mar 15, 2010
Don Tepper answered:
It's part of your taxes. So if you're expecting some of that back, you file your federal taxes, the tax credit is applied, and any part that's not used to pay the taxes is sent to you as a refund.

From the IRS web site at
Topic 152 - Refund Information
Taxpayers have two options for receiving their individual federal income tax refund: a paper check or direct deposit (electronic funds transfer) into a checking or savings account. Taxpayers may request that refunds be directly deposited in up to three separate accounts. The refund must be $1.00 or more. Form 8888, Direct Deposit of Refund to More Than One Account, will give taxpayers a choice of selecting up to three accounts such as checking, savings and retirement accounts. Note: You cannot have your refund deposited into more than one account if you file Form 8379 (PDF), Injured Spouse Allocation.

If you file a complete accurate tax return, your refund will be issued within six weeks from the received date. If you filed electronically, refund checks will be issued within three weeks after the acknowledgment date. Refunds from amended returns will be issued within 8–12 weeks. Injured spouse claims can take longer, depending on the circumstances. Refer to Topic 203 for more information concerning Injured Spouse Claims.

To check on your refund, go to "Where's My Refund" or call the Refund Hotline at 800–829–1954. Please allow 72 hours after you electronically file or 3 weeks after you mail your return before using the automated systems. When you call, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount of the refund shown on your return. There are several reasons for delayed refunds. Refer to Topic 303 for a checklist of common errors when preparing your tax return, and for additional items that may delay the processing of your return.

If you receive a refund to which you are not entitled, or one for an amount that is more than you expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice.

On the other hand, if you receive a refund for a smaller amount than you expected, you may cash the check, and, if it is determined that you should have received more, you will later receive a check for the difference. If you did not receive a notice and you have questions about the amount of your refund, wait two weeks after receiving the refund, then call 800–829–1040.

The IRS will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen.
Hope that helps.
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Thu Feb 18, 2010
Terry McCarley answered:
If you had the property appraised and it came in at $156,000 I would not pursue it at $189,900. I recommend you have your real estate agent negotiate the price based on the appraised value of the property. ... more
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Fri Feb 5, 2010
Peter J Rogers answered:
Most of the homes you are talking about have been foreclosed and are listed on the multiple listing service so the realtor you choose to work with can watch out for you and select those that are suitable. We usually set it up so emails are sent to you on a regular basis with these listings.
The worst of these are sold for little more than the value of the land but there are plenty available that can be saved. Mind you these are mostly in the inner city.
If you are interested send me your email address and I will send you samples.
In recent months I have been looking in Paterson, Prospect Park and Haledon for several customers for suitable properties.
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Thu Sep 17, 2009
Audeliz Angie Perez answered:
Connie, when you say cancellation fee, are you asking about your attorney's fee or your deposit? If you have the mortgage contingency clause, your attorney sedns a letter to other side saying that you are canceling the contract because you are unable to obtain financing and all deposit monies should be returned to you. ... more
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Wed Sep 16, 2009
John Sacktig answered:
What did your attorney say what this fee for? Who is the receipient of the fee?

I would think there is a mortgage contingency clause which lets you out of the contract if you can not obtain a mortgage.. I would normally say tyo ask your attorney, but in this case your attorney is telling you about the fee... hhmmm. ... more
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Mon Jul 27, 2009
Dallas Texas answered:
Difficult to state when you say lender many non professional misuse that term.

Is that a mortgage broker who orginates your loan? If so they work thru venue of national banks, and funding resources.

GFE did you review $13K did it include closing cost to title company range up to $5K, did it include survey, inspection, appraisal buyer always pays?

Is your lender a hard money lender? Which can have higher fees.

If you change lenders can delay your closing which can be a breach of your executed sales agreement Have your "lender" review fees charged.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Tue Jul 28, 2009
Peter J Rogers answered:
Some of what you say is difficlut to understand. Why did you change lenders? If you did then the new lender has to start from scratch so it follows the closing date will have to be put back. Are you dealing directly with a bank or with a broker?
Why would you back out from the deal. Unless you have at least 10% to put down you are going to have to go FHA anyway and besides which if you are a first time buyer you will lose the $8,000 tax credit if you don't get going pretty soon.
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Thu Jul 23, 2009
Sean Dawes answered:
Yes I did. Michael Quaranta at Prosperity Mortgage handles them all the time.

3.5% FHA style loan and can finance up to 110% of the after repair value

Michael Quaranta
Prosperity Mortgage
Renovation Specialist
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Wed Sep 16, 2009
shirley weems answered:
Do not let anyone give you an answer to this because the truth is that the lender can make the rules as they go along. So this year it may not affect you or drop off in 7 years but next year someone will change their policies and make it affect you for 10 years. It's really to bad things work this way but they do and as long as you need "their" help or money- we are at "their" mercy. ... more
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Wed Nov 4, 2009
Jack Vollenberg answered:
Hi Frances,

E-mail or call me and I can help you with the research.


Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Cell (973) 590-0142
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Tue Mar 17, 2009
Jeff K answered:
That's not a rule of thumb. People can ask whatever they like and often ask too much to start. I'd start with the recent SOLD comps for comparable homes to know what the market will bear - and offer 10% under that - well that depends on it's condition, etc as well. If it's a bloody mess or needs serious updating then I'd offer less still. If it's pristine with many upgrades, then an offer at or near full market value can be the way to go - remember that $10,000 is only $55/month. ... more
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Wed Jun 24, 2009
Jeanne Feenick answered:
Hi Yvette, yes home ownership is still a part of my American Dream and I hope it can be part of yours as well. It is good that you are focused on improving/cleaning up your credit score, it is so important to secure financing. I've got a good in house resource that may be able to understand where your financial where withall and give you advice on making improvements. You can reach me via my profile if you'd like his contact info.

Jeanne Feenick
Search and connect at
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Sat Jan 10, 2009
Marc Paolella answered:
Hi Cathy,

There are some great towns and school districts that I'm sure you are familiar with (Ridgewood, Glen Rock, Ho-Ho-Kus), but your 30 minute limit will preclude them. You really have to stay close to the Hudson River to achieve that sort of commute. Fort Lee, Englewood Cliffs, and Edgewater might be some good options. I know of a nice townhome with a finished basement located within a very short walk to the train station, but it is farther up the line.

If you can stretch it to 45 minutes or so, more suburban options open up. If you have some more questions call or e-mail anytime!


Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235

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Sun Jun 14, 2009
Jack Vollenberg answered:
Hi Sarah,

Paterson is a pretty large city with over 150,000 residents and a rich history as one of America's first industrial centers. That said, the Paterson housing market is going through a rough patch at the moment. Due to its diversity in housing and population there are definite differences from one neighborhood to another and single family housing versus multifamily housing.

School reviews do give an important gauge of how desirable a neighborhood is, but do differ on who is doing the testing and what age groups you are looking at. Safety is another issue altogether and views on what is acceptable and safe differ from one person to another.

In other words, for the search and purchase itself you need the help of a realtor/sales associate who knows the local area well. But most important are your impressions of the area and there really is no substitute for visiting the area yourself.

Feel free to call me if you have any further questions.


Jacobus "Jack" Vollenberg
RE Appraiser/RE Sales Associate
Vollenberg Appraisers/ERA Statewide Realty
Cell (570) 204-9125
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Wed Jan 21, 2009
Michelle Harris answered:
Can you look them up in the phone book, call and check out what has happened?
You can also call your local county courthouse and see if it's up for sheriff's sale.
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Wed Dec 10, 2008
Renee Porsia answered:
Hi Raquel,

Wow! I am so sorry to hear about your situation. I must start off by saying that yes, your Realtor can be right. Unfortunately when you purchased 3 years ago, the market was really doing well and you may have purchased your home at at over inflated price which basically means your home may not have been worth what you paid then. That is the story of so many home owners now who purchased when you did.

I would have to ask you if you have to move right now or if you could wait. Your home will appreciate over time. Have you done any improvements to it?

Did your Realtor show you comparables? Is there a lot of competition in your area? There may be a way to create a lot of attention to your home.

If you could provide the answers to the questions, I've asked that would be great.

Renee Porsia
Associate Broker
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
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Sun Nov 2, 2008
Scott Godzyk answered:
If he is on the deed you will need is cooperation to sell. you should seek the advise of a local real estate attorney, perhaps a written letter from an attorney will light a fire under him to cooperate with you. You should also call your bank and ask for the home retention dept, tell them what your problems are and see if they have a program to assist you. perhaps a loan modification, forebearance or allow you to do a short sale to avoid foreclosure. good luck ... more
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Fri Sep 9, 2016
James Miner Esq. answered:
In NJ it is standard practice for the SELLER to be responsible for obtaining the municipal certifications including the "smoke cert" (smoke detectors, CO2 detectors, fire extinguisher) as well as the "Certificate of Occupancy" if required in that town. Not all towns require a C.O.

If the contract is making the buyer responsible for the C.O. it means that the buyer will have to arrange for the municipal inspections to occur and to make any repairs necessary to get the home to pass the inspections. This is unusual, but it is happening occasionally, particularly in short sales.

Make sure you have a good real estate attorney who knows how to protect you in the event serious/expensive repairs are required to obtain the C.O.
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Sat Nov 29, 2008
Carmelo Torres answered:
Last status on it was under attorney review according to the Garden State MLS, if it was a cape code (MLS #2578309 4BR 2Bths).
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