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New Jersey | $8,000 First-Time Home Buyer Tax Credit - 05/29/09 04:11 PM
I know that there is a lot of information out there regarding the $8,000 First-Time Home Buyer Tax Credit, so I wanted to share the most recent update from HUD. As you can see buyers are now able to access that tax credit and use it towards their downpayment and closing costs. Joseph Cacciapaglia, MLERERealtor Associate®R&I Realty15 Potter StreetHaddonfield, NJ 08033Office: 856.795.3111 x268Cell: 979.218.2286Jcacci1@gmail.com (0 comments)
Cherry Hill | Camden County | New Jersey | Selling a Tenant Occupied Home - 05/29/09 03:48 PM
I was just discussing the sale of a home in Cherry Hill, NJ that has been for sale for over a year. The seller has used two different real estate companies to market the home, and both listing contracts have expired without recieving any offers. The home is a 3 bedroom 1.5 bath with a garage in a nice area. The home needs a little work, but I believe that the asking price reflects this quite well. At first, I was baffeled. Why hadn't this home sold? It does have tenants, but their lease is month to month so a potential (0 comments)
Sicklerville | Camden County | NJ | Short Sales; Continued - 05/29/09 03:00 PM
Once you have a contract in place with your buyer, it's time to start the negotiation process with your lender. For all my clients, I suggest that they retain a local attorney who specializes in this type of negotiation. It is important to choose someone who has experience dealing with lenders and also has a system in place to make regular calls on your file. At least one call every 3-5 days is what I recommend, but some will even call more often than that. I know that there are some agents out there who will do the negotiations themselves, but (0 comments)
New Jersey | Short Sale Article - 05/28/09 03:58 PM
I just read a great article about short sales. I don't agree at all with the idea that short sales are rarely worth the trouble, but what I do love about the article is that it shows that there are still a lot of real estate agents out there that don't know how to handle a short sale properly. this quote is great, '"Short sales are really not worth the effort," says Serina Lancia, a real estate agent in Old Tappan, New Jersey. "We've had a few attempts by interested buyers, but they seem to get the short end of the (0 comments)
Sicklerville | Camden County | NJ | Short Sales; Continued - 05/28/09 03:22 PM
Once your property is on the market and priced correctly, you should start recieving offers. It is important to evaluate each offer and not just accept the first one that you receive. In my experience short sales attract a lot of novice investors so some of these offers might be a little off the wall. You may see lease-option offers, subject-to offers, offers with large seller concessions, or just plain low balls. Most of the time these offers will not do you much good. What you are looking for is a cash offer or one with financing already in place. Without (0 comments)
Sicklerville | Camden County | NJ | Short Sales; Continued - 05/27/09 01:11 PM
As you're looking for a buyer for your short sale, you must implement an effective marketing plan. One of the most important aspects of any marketing strategy is proper pricing. This is especially true when selling a short sale because you need to get the property sold quickly. Many sellers make the mistake of pricing their short sales too low. This attracts a buyer quickly, but often the bank will not accept the short sale if they believe that this price is too far below the market. Based on my experience most lenders will take no less than 85% of today's (0 comments)
Sicklerville | New Jersey | Short Sale; What's the Third Step? - 05/26/09 02:14 PM
Once you've determined that you owe more than your home is worth and that your lender is likely to accept a short sale given your specific situation, it's time to find a buyer. Now I would always suggest using a local real estate professional to market your home, but this is especially true when selling a short sale. There are a few reasons for this: 1. If you are having trouble with your mortgage payment, then you probably need to sell your home as quickly as possible. A local specialist should be better able to achieve this result. 2. If the short (0 comments)
Pennsauken | Camden County | NJ | Short Sales and Seller Concessions - 05/26/09 12:38 PM
I just received another offer on a short sale in which the buyer was requesting that the seller pay the buyer's closing costs. This offer came through another agent who claimed to be knowledgeable about short sales. Now a lot of you reading this probably already know that banks will not accept offers with these or similar seller concessions, but clearly there are even still a lot of real estate professionals out there that aren't familiar with the details of a short sale. This is somewhat troubling considering that last year distressed sales made up almost half of all housing transactions (0 comments)
Sicklerville | New Jersey | Short Sale; What's the Second Step? - 05/22/09 11:20 AM
As a continuation of my post yesterday, I'd like to go further into the steps of a short sale process. Once you have met with a real estate professional, and know approximately what price your property will sell for, you have to establish whether or not your financial situation is such that your lender will approve a short sale. For most of the homeowners that contact me, this is usually pretty straight forward. If you are already behind in your payments, or already facing foreclosure, most lenders are willing to entertain a short sale. If however, you are current on your (0 comments)
Sicklerville | Camden County | NJ | Short Sales; What Is The First Step? - 05/21/09 02:29 PM
I received an interesting phone inquiry today from a very nice homeowner who may or may not need to sell her home as a short sale. She asked me a very simple question that I realized I have never addressed in my blog: "What's the first step in a short sale?" I realized that because I deal with distressed homeowners everyday, I take some of the process for granted. My response, and what I truly believe should always be the first step, is that we first need to establish the current price that the home would sell for today. Without knowing (0 comments)
Via Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (RE/MAX Affiliates): What do you do when you cannot sell ? Philadelphia Lease Purchase Options
In this market, people need options. What do you do when you cannot sell and do not want a traditional rental ? Chris and I do a lot of Rent-to-Own or Lease Purchase contracts in Philadelphia. The rental price of a Lease Purchase is determined by 2 main factors: 1) the monthly (0 comments)
New Jersey | Lease Options - 05/20/09 01:05 PM
I attended an interesting real estate investment seminar yesterday. The speaker was discussing Lease Options and Subject To's, and mentioned that these are two ways to sell your home in a slow market. I have been involved in some of these types of transactions, but to be honest, I probably haven't brought the idea up to enough of my Seller clients. I don't think that I would ever recommend a Subject To, because it would subject my seller to undue risk, but I am planning to start discussing lease optioning my listings when it is in my clients best interest. For (0 comments)
Pennsauken | NJ | Foreclosures, Short Sales, and My Website - 05/19/09 10:30 AM
"If you work all over South Jersey, why is your website www.pennsaukenforeclosures.com?" This is a question that I get all the time, and the answer is really quite simple. I just wanted to clear this up so that everybody understands that I'm not picking on Pennsauken, and I am truly able to help them in other parts of NJ. Pennsauken just happens to be one of the hardest hit areas in South Jersey, and it was the first place that I noticed a real need for my services. Now I will admit a certain lack of foresight on my part in choosing this domain (0 comments)
Cherry Hill | NJ | Foreclosures and Short Sales Lead to Expired Listings - 05/18/09 02:45 PM
If you've read any of my blog, you already know that I spend a lot of time dealing with short sales and foreclosures in South Jersey, but you may not know that I also work with a lot of sellers who are not distressed, but who have been unable to sell their homes due to the declining market. You see because there are so many foreclosures and short sales in this area, and homes in these situations typically sell for less than market value, home prices in general have fallen. This is because when a home is being appraised, the appraiser (1 comments)
Cherry Hill | Camden County | New Jersey | Loan Modification Scams - 05/18/09 09:36 AM
I missed this article a few weeks back, so I thought I would pass it along today just in case some of you missed it as well. It's truly unfortunate that our area is associated with a national loan modification scam. Unfortunately, I've heard similar stories from many homeowners all over New Jersey. Joseph Cacciapaglia, MLERERealtor Associate®R&I Realty15 Potter StreetHaddonfield, NJ 08033Office: 856.795.3111 x268Cell: 979.218.2286Jcacci1@gmail.com (0 comments)
Pennsauken | New Jersey | Short Sales, Should Your Agent Negotiate For You? - 05/18/09 09:14 AM
I was recently speaking with an agent from another firm that also specializes in helping distressed homeowners with their foreclosures and short sales. He was telling me that one of the main benefits that his clients recieve is that he personally negotiates with their lenders. I found this to ba a little disturbing to say the least. Now when I first started working on foreclosures, I thought that I would be doing this as well. I thought of myself as uniquely qualified, because I do have a master's degree in real estate finance, and have worked in the mortgage industry for (0 comments)
Runnemede | Camden County | New Jersey | Foreclosure Sale Success Story - 05/15/09 12:44 PM
I have found that I spend quite a bit of time discussing what is wrong in a lot of homeowners' lives, so I wanted to take a minute to focus on the bright side. The best part of my job is helping a homeowner realize their goal of selling their home and moving on to the next stage of their life. Whether they have recently had a new child, are moving to another part of the country, or simply downsizing, all of my clients are hoping to make that next step as quickly and painlessly as possible. This is especially true when (0 comments)
Pennsauken | Camden County | New Jersey | Investors Buy Foreclosures, Why? - 05/15/09 09:31 AM
I was recently speaking with a homeowner who asked me why I would be marketing his home primarily to investors. He had a nice 3 bedroom 1.5 bath colonial that needed a little updating and had some deferred maintenance. He owed substantially more than his home was worth, so the sale will be a short sale, contingent upon his banks approval. His impression of investors was similar to the way I portrayed some of the 'we buy houses' guys in one of my previous entries. He thought they were just hoping to rip him off.I had to explain that many home (0 comments)
Camden County | New Jersey | Foreclosures and Home Prices - 05/15/09 09:30 AM
I read another interesting article today about how home prices have fallen almost 14% since this time last year and over 6% since the end of last year. This is important news to anyone currently facing foreclosure. Almost everyday I hear from homeowners that they are waiting for the market to get better before they sell, but this info indicates to me that as they are waiting they are losing any equity that they may have. Like all of you, I hope that things turn around quickly, but at this point that doesn't seem to be happening. That's why I would (0 comments)
New Jersey | Loan Modifications - 05/15/09 09:28 AM
I know that we haven't heard too much good news lately, and that many people in New Jersey are still facing foreclosure, but I just read an article that gave me a little hope. It mentioned that the Making Home Affordable program is finally starting to help some homeowners. The website has 4 quick questions that will help you find out if you may qualify. As I've mentioned before, even if you don't qualify for a loan modification, you still have options that are usually better than a foreclosure or bankruptcy. Joseph Cacciapaglia, MLERERealtor Associate®R&I Realty15 Potter StreetHaddonfield, NJ 08033Office: 856.795.3111 (0 comments)
Runnemede | Camden County | New Jersey | Another Foreclosure Situation - 05/14/09 09:19 AM
I know I have written a lot about short sales and loan modifications, and in New Jersey there are a lot of people who need one or the other, but recently I've been running into a different situation quite a bit. I've met several distressed homeowners lately that could not afford their monthly mortgage payments and were facing foreclosure, but they were sitting on a significant amount of equity in their homes. On the surface it may look like these people are better off than those that are in a short sale situation, but the decisions that they have to make (0 comments)
Pennsauken | Camden County | NJ | Short Sale, Now Where Do I Live? - 05/14/09 09:17 AM
I get this questions all the time, "I'm getting foreclosed on and don't qualify for a loan modifications, but if I sell my home I'll have no place to live." I realize that this is a concern that a lot of distressed homeowners have. In New Jersey, a lot of them have been told that they will be able to live in their home for up to a year before their foreclosure actually goes through. So, many of them believe that by selling their home in a short sale, they are speeding up the process of becoming homeless. From my experience, (0 comments)
New Jersey | Need Help Qualifying for a Loan Modification? - 05/14/09 09:16 AM
I often have clients that are selling their home because they were told that they don't qualify for a modification. Often this is because their income is just too low. One of the ways that I've seen people remedy this problem is by using their home to create a little extra income. One woman rented out a spare room for a few hundred extra dollars a months, and this tipped the scales in her favor. Now this won't work in every case. Typically you would need other income and this just helps get you over the hump, but if you have (0 comments)
Camden County | New Jersey | The Solution Starts With Individual Action - 05/13/09 12:14 PM
I know 11:30 pm is an odd time to be writing and entry in my real estate blog, but something happened this afternoon that has kept me up tonight. I had an appointment today to list a distressed homeowner's home for sale, and I was stood up. This isn't the first time this has happened, but when I spoke with this gentleman earlier this week he seemed very interested in getting past this difficult point in his life, and I was really looking forward to helping him.This experience really got me thinking about all the time that I've spent over the (0 comments)
Cherry Hill | Camden County | New Jersey | Short Sales, a little more info... - 05/13/09 12:12 PM
Okay, I know I just posted something about short sales this morning, but I was speaking with a homeowner just now, and it made it really clear to me that people really don't understand what's in it for them. This gentleman had opted to file for bankruptcy and as part of the process was able to keep his home. Now he is paying his monthly mortgage payment along with a reduced payment for his consumer debt. He is still struggling and would like to sell his home, but at this point it is unlikely that he would be approved for a (0 comments)
Pennsauken | Camden County | New Jersey | What's a Short Sale? - 05/12/09 01:44 PM
I think that short sales are one of the most misunderstood options that distressed homeowners have today. I was speaking with a homeowner today who was facing foreclosure and was not able to qualify for a loan modification. She was adamant that she didn't want to do a short sale, because it would hurt her credit. What she didn't realize was that the foreclosure would have a much greater and longer lasting effect on her credit, and she may still owe whatever was leftover on her loan once the home was sold at auction. I was trying to help her avoid (0 comments)
Pennsauken | Camden County | New Jersey | Grand Opening Celebration! - 05/12/09 01:42 PM
Welcome to the grand opening of my blog. I work with homeowners facing foreclosure on a daily basis, and it seems that there is too little information out there for them to make sound financial decisions for themselves and their families. My hope is that this blog will be one additional resource for distressed homeowners. Please let me know if there are any topics that you would like discussed in my blog.
Joseph Cacciapaglia, MLERERealtor Associate®R&I Realty15 Potter StreetHaddonfield, NJ 08033Office: 856.795.3111 x268Cell: 979.218.2286Jcacci1@gmail.com (0 comments)
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