bergen county real estate: Bergen County Real Estate – 2012, A Look Ahead - 01/02/12 12:00 PM
Bergen County Real Estate – 2012, A Look Ahead
It is a time of year for reflection on where we have been and a look into the crystal ball to prognosticate where we are going.
Over the last few years, the main questions people would ask me knowing I was a Realtor is, “where is the real estate market going? Is it going to continue to slide downward?” My reply was, “ I don’t have a crystal ball, but if someone can tell me when the job market is going to pick up and unemployment is going to decrease, then I … (1 comments)
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bergen county real estate: Allendale Real Estate, Year End Review – 2011 - 01/02/12 11:14 AM
Allendale Real Estate Year End Review – 2011
There is so much talk today about the real estate market and just how far values have fallen. The first fact everyone should remember is that real estate is highly localized. In Bergen County, the market can be drastically different from one neighboring town to the next. Towns with good school systems tend to maintain their real estate values. A town along the commuter line to NYC also will maintain the home values longer in a down market. Fortunately Allendale has both of these factors as well as other in tangibles … (1 comments)
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bergen county real estate: Bergen County Real Estate: The Importance of Curb Appeal When Selling Your Home - 12/13/11 09:08 AM
Bergen County NJ – No matter what the circumstances are when you’re selling your home, you want to get top dollar for it. For the potential owner it’s like their birthday, or Christmas, or Hanukkah. So, why not GIFT WRAP your home for them? As silly as that seems that’s exactly what you are doing when you are putting your home up for sale. You are presenting a large gift to the potential owners and one of the first things to attract their attention is the packaging. You want them to take their first look and say, “That’s the one I … (0 comments)
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bergen county real estate: Ridgewood Short Sales: Is It Ethical For Lenders To Make Millions At Your Expense? - 11/01/11 12:14 PM
Ridgewood NJ – Many lenders do not own the loans they handle. Instead, they are paid by the actual loan owner to collect payment.
In my opinion, the banks make millions by understaffing their foreclosure departments? Here’s a real life example. A bank forecloses on a house and waits for over a year to list it for sale.
A year sitting in disrepair causes the home to sell for $30,000 less. But, the lender makes more money. Why? They might save $100 million by understaffing the department that handles delinquent properties.
Click here to discover how other sellers successfully did a … (0 comments)
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bergen county real estate: A Common Bergen County Home Marketing Mistake: Not Following Up On Showings - 08/29/11 03:03 PM
Bergen County NJ – When another agent brings a buyer to look at your home your realtor should follow up afterwards.
They need to get feedback on what the buyer thought of your home. If the buyer liked your home, then they will ask if they are thinking of making an offer.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Maybe the buyer likes your home, but won’t make an offer for some reason. They want something repaired, or they have a concern about something.
Your realtor can then address any … (0 comments)
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bergen county real estate: A Common Bergen County Listing Agent Negotiation Mistake: Not Learning The Buyer’s Motivation - 08/10/11 08:52 AM
Bergen County NJ – Despite what you have been told price isn’t the only reason people buy. Maybe they really like a certain feature in your home.
They might be willing to pay more because of that feature. Sometimes they might even absolutely love that feature.
They have been home hunting for a while and finally found a home that met their needs completely. That means they are willing to pay more for your home.
If you meet the buyers, then ask them why they are buying a home. They might tell you that they are being transferred and have to … (2 comments)
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bergen county real estate: Why A Bergen County Short Sale Saves Your Lender Money - 07/29/11 10:07 AM
Bergen County NJ – We throw around the statistic that a short sale reduces a lender’s losses by 20% compared to a foreclosure.
However, I am sure that there are many people who find that hard to believe. So today I am going to give you a breakdown of exactly why it happens.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
I will use an real life example. A short sale was listed for sale for $425,000. After a few months, the sellers received an offer for $385,000.
They submitted the short sale package … (0 comments)
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bergen county real estate: Bergen County Short Sales: Why do some buyer’s offers get accepted while others are declined? - 07/26/11 01:25 PM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from Jonathan. Here was his question.
“I am looking to buy a short sale. The seller wouldn’t accept my offer. My agent told me it was because the short sale lender has told them they wouldn’t accept the offer.
I am a cash buyer and can’t understand why they wouldn’t take my offer. Why do some buyer’s offers get accepted while others are declined? Jonathan.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to his question. Usually the … (0 comments)
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bergen county real estate: Bergen County Short Sale Myth: I will have a deficiency no matter what happens - 07/13/11 10:31 AM
Bergen County NJ - Some homeowners looking to short sell their home think that they will have to repay their lender for the entire loss. It's unfortunate to see them stress out and lose sleep at night wondering how they will repay the debt.
A short sale loss is usually a large bill for the average homeowner. They don't know how they will come up with that sum of money to repay the lender.
Get my Free, Step By Step Loan Modification Guide by clicking here.
The good news is that most homeowners will not have to repay the lender for … (1 comments)
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bergen county real estate: Fixing Credit After A Bergen County Short Sale Step 9: Rinse & Repeat - 06/30/11 09:30 AM
Bergen County NJ - The next step in your path to an improved credit score is to do what they say on the shampoo bottles: Rinse and Repeat.
Get my Free, Step By Step Loan Modification Guide by clicking here.
In the Rinse and Repeat phase, you just keep working their system.
Here's what I mean: You send in a dispute, maybe disputing the date that the account was opened, and the credit reporting bureau can't verify it, and they pull the whole listing off your report!
You can't keep submitting the same dispute reason over and over again to the … (0 comments)
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bergen county real estate: Why Bergen County Short Sales with 3 or more mortgages are difficult - 06/08/11 01:12 PM
Bergen County NJ - Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home.
A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold.
Get my Free, Step By Step Loan Modification Guide by clicking here.
A short sale with 2 loans becomes much more difficult. You now have to lenders that have to agree with each other. However, an experienced short sale agent can get the two lenders to agree with … (0 comments)
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bergen county real estate: How Long Do I Have To Wait After A Bergen County Short Sale To Buy Another Home? - 06/06/11 08:52 AM
Bergen County NJ - The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home.
Here are the details on your options to buy another home after a short sale.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Owner Financing. You can buy a home with owner financing anytime after a short sale.
FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the … (0 comments)
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bergen county real estate: Bergen County Short Sales: Why Is Everyone So Negative About The Housing Market? - 06/02/11 01:22 PM
Bergen County NJ - The tax credit expired and everyone turned negative on the housing marketing.
One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it's decline for another years or two.
He referenced an article that showed that mortgage applications dropped by 9.5 percent the first week after the tax credit expired.
Get my Free, Step By Step Loan Modification Guide by clicking here.
I don't want to apply for the job of "Amateur Economist." Here are a few examples I found of … (0 comments)
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bergen county real estate: Bergen County Short Sale: How To Send A Fax To Everyone In Congress - 05/27/11 08:47 AM
Bergen County NJ - Bank of America is consistently the worst short sale lender we have dealt with. A lot of people sent me e-mails such as the following:
"You need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months."
Get my Free, Step By Step Loan Modification Guide by clicking here.
They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase, and Citigroup all issued stock to pay off their bailout.
Paying off the bailout cost all of these banks their … (6 comments)
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bergen county real estate: Bergen County Short Sale: My Lender Is Charging The Buyer A Fee To Buy My House - 05/25/11 09:16 AM
Bergen County NJ - The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened.
Brandon's Question: "My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived. Brandon."
Get my Free, Step By Step Loan Modification Guide by clicking here.
Our comments on this. Yes, the buyer is upset. Buyers think … (2 comments)
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bergen county real estate: Bergen County Short Sale: Are The Banks Lying To Uncle Sam - 05/24/11 06:31 PM
Bergen County NJ - The Stop Foreclosure Institute recently received an e-mail from another real estate agent. They were asking for our advice on a short sale.
They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Government.
Here was the e-mail they sent us. " The lender told the seller that they had to agree to a deficiency or the short sale would not be approved.
The seller said that was unacceptable. They told us they wouldn't go thru with the short sale … (0 comments)
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bergen county real estate: Bergen County Short Sale: Can I Rent My Home If It Is In Foreclosure? - 05/23/11 09:45 AM
Bergen County NJ - The Stop Foreclosure Institute recently received a question about renting a home in foreclosure.
Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage.
Is it legal to do this? Is there any liability that comes with it?
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, … (0 comments)
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bergen county real estate: Bergen County Short Sale: Are Fannie Mae Short Sales Tough? - 05/20/11 01:52 PM
Bergen County NJ - Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Here is an excerpt from the agent's e-mail.
"I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with lender, Fannie Mae would pay the lender the full balance of the note.
I started to comment that what incentive is there for the lender to process a short sale. He said I … (0 comments)
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bergen county real estate: Bergen County Short Sale: Why Does A HELOC Get Zero From Foreclosure - 05/19/11 08:57 AM
Bergen County NJ - After yesterday's blog post, I am sure that some people were wondering why a HELOC gets zero from a foreclosure. Let me explain why.
Get my Free, Step By Step Loan Modification Guide by clicking here.
When a property is foreclosed upon, it is auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property.
First Mortgage is owed $200,000.
Second Mortgage is owed $40,000.
There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a … (5 comments)
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bergen county real estate: Bergen County Short Sale: I’m having a hard time negotiating with a HELOC - 05/18/11 11:18 AM
Bergen County NJ - The Stop Foreclosure Institute recently received a question about short sales. Here is the question.
"What is your experience with Chase Heloc's? I have a HELOC that is a 2nd mortgage. Citi (the 1st) will give them 6% or approximately $3000. Chase's collection agency is saying that they want 30% ($30,000.)
They won't budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy.) They are telling me they will just let the house foreclose because that is Chase's policy now. What do you recommend that I do?"
Get … (0 comments)
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