Jersey Shore Views...

Can I Use the Expanded and Extended Tax Credit Program to Buy a Home in New Jersey if I Don’t Have Perfect Credit?

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Mon, 09 Nov 2009 07:10:35 -0600

Can I use the expanded and extended tax credit program to buy a home in New Jersey if I don’t have perfect credit?

You might have thought that you couldn’t meet the deadline to qualify for a tax credit on a home purchase because your credit score is less than perfect. But the expanded and extended tax credit program to buy a home in New Jersey is now law, and you have six more months! That will give you some room to work on your credit score.

The extended tax credit program offers first time home buyers six more months to get a home under contract to qualify for the $8,000. The expanded tax credit program allows homeowners, who’ve lived in their homes for five of the last eight years, to qualify for a $6,500 credit.

The first step to see if you can take advantage of the expanded and extended tax credit program to buy a home in New Jersey is to check your credit score, and work on improvements.

The best place to learn about your options to check your credit and increase your credit score is to speak with a mortgage professional. You can click here for a list of active mortgage professionals in New Jersey…they’re part of the ActiveRain professional real estate community.

The higher your credit score, the easier the mortgage approval process. Your credit score is made up of your payment history, the amount you owe, the length of your credit history and the types of credit you have.

Very simply, your credit score improves by paying bills on time, paying down credit card debt and having lines of credit.

But a mortgage professional after reviewing your credit report can offer suggestions to tweak your score. It’s important to speak with some one experienced in the world of home finance because, while not mysterious, credit scores are quirky.

This simple step will get you on your way to taking advantage of the expanded and extended tax credit program to buy a home in New Jersey if you don’t have perfect credit.

If you’d like some suggestions on mortgage professionals I’ve worked with feel free to contact me. And when you're ready to buy, give me a call!

Keller Williams Realty – Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

Homes for Sale in Tuckerton - October, 2009 Housing Market Report

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sun, 08 Nov 2009 06:10:45 -0600

Homes for sale in Tuckerton - October, 2009 Housing Market Report

Tuckerton, NJ	New Listings	Under Contract	Expired	Sold	Days on Market	Median Sold Price
October 2009	8	9	9	7	167	$157,000
October 2008	13	7	14	6	117	$267,500

These figures are a bit misleading. There were really only five homes for sale in Tuckerton that closed during October, 2009.

Two of the 7 sold units were listed twice in the Jersey Shore Multiple Listing Service...they were listed for sale in both the single family category and the condo category. That brings the median sold price of homes in Tuckerton to $216,000.

The inventory of homes for sale in Tuckerton dropped last month when compared to the same period one year ago. There are currently about 57 homes for sale in Tuckerton, while last year at this time there were 61 homes for sale in Tuckerton.

If you'd like more information on homes for sale in Tuckerton, or comparable sales in your neighborhood, call or email me!

Keller Williams Realty - Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

Homes for Sale In Manahawkin - October, 2009 Housing Market Report

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 07 Nov 2009 08:48:21 -0600

Homes for sale in Manahawkin - October, 2009 Housing Market Report

Manahawkin, NJ	New Listings	Under Contract	Expired	Sold	Days on Market	Median Sold Price
October 2009	94	47	35	32	110	$282,450
October 2008	92	23	56	33	122	$298,500

The number of homes for sale in Manahawkin (inventory) was down in October, 2009 over 2008 by more than 100 units.

As you can see, prices are also down. With enactment and expansion of the homebuyers tax credit, I expect the prices of homes for sale in Manahawkin to continue to inch up. The median sold price of homes in Manahawkin increased in October, 2009 more than $10,000 over September, 2009.

If you'd like neighborhood specific information on homes for sale in Manahawkin (Stafford Township, NJ), or are interested in pricing your home to sell, contact me via email or phone.

Keller Williams Realty - Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

Home for Sale in Little Egg Harbor - October, 2009 Housing Market Report

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Fri, 06 Nov 2009 08:13:08 -0600

Homes for sale in Little Egg Harbor - The October 2009 Housing Market Report

Little Egg Harbor, NJ

New Listings

Under Contract

Expired

Sold

Days on Market

Median
Sold Price

October 2009

124

$217,000

October 2008

126

$219,000

There are just over 300 homes for sale in Little Egg Harbor, NJ. Last year (2008) at this time there were 435 single family homes for sale in Little Egg Harbor.

Fewer homes were listed last month, and prices are inching up in Little Egg Harbor. The median sales price in October, 2009 was $2,000 more than in September.

With these market trends this might be the perfect time to buy or sell a home in Little Egg Harbor.

If you're looking for homes for sale in Little Egg Harbor, NJ, call or email me. I'll get you the neighborhood specifics you need.

Keller Williams Realty - Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

This information provided by the Jersey Shore MLS

Homes for Sale in Barnegat - The October 2009 Housing Market Report

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Fri, 06 Nov 2009 06:08:11 -0600

Homes for sale in Barnegat - The October 2009 Housing Market Report

Barnegat, NJ	New Listings	Under Contract	Expired	Sold	Days on Market	Median Sold Price
October 2009	47	32	22	29	166	$220,000
Barnegat, NJ	New Listings	Under Contract	Expired	Sold	Days on Market	Median Sold Price
October 2008	56	23	62	21	126	$219,000

Current inventory of homes for sale in Barnegat, NJ is roughly 188 single family units. That compares to the huge inventory during the same month last year, 360 units.

The market appears to be leveling out in Barnegat, NJ, so if you're planning to buy or sell a home in Barnegat call me for more information on neighborhood specifics.

If you're looking for homes for sale in Barnegat, NJ, call or email me.

Keller Williams Realty - Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

Change for the Sake of Change?

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Wed, 04 Nov 2009 05:32:23 -0600

The votes have been counted…it’s official.

New Jersey has a new Governor-elect, but exit polls reveal Garden State voters have little hope things will change!

Republican Chris Christie out polled incumbent Democrat Jon Corzine in voting yesterday with members of both political parties saying their most important concern was the economy and jobs.

Second on their list of concerns is New Jersey’s high property and income taxes.

What’s most interesting though is that when asked who had a viable tax reform proposal, New Jersey voters said no one!

So is the outcome of this election change for the sake of change?

New Jersey's Disappointing Gubernatorial Campaign!

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Mon, 02 Nov 2009 06:33:03 -0600

As the New Jersey gubernatorial campaign winds down, I'm left to reflect on yet another down and dirty Democrat versus Republican battle.

This year's campaign was dominated by scare tactics and the deceptive wording of campaign messages, something not new to New Jersey politics.

What was new this year was a formidable Independent candidate, who didn't catch the attention of the trade associations and the public early enough to garner the support he deserves.

For example, even though the Independent received public campaign financing, the New Jersey Association of REALTORS (NJAR) did not include him on their gubernatorial website. (You'll need your NERDS # to log in and view this site.)

When contacted about the omission, I was told that the NJAR developed its site before the Independent qualified for public financing or was considered a contender.

This is not to say NJAR is the only one at fault, most newspapers with any circulation at all haven't given us all the information. That said, I must note the state's largest newspaper endorsed the Independent for Governor and that caused other media outlets to expand their coverage.

If New Jersey voters really want to control government spending and bring down taxes, we need to demand information on ALL the candidates. The Democrats and Republicans have failed New Jersey time and time again...perhaps there is another option.

Tomorrow's Election Day and the debate will turn to Get Out The Vote (GOTV) tactics, which is why we say here in New Jersey...

Vote Early & Often!

Tall Tales from the Pine Barrens! (Humor)

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 31 Oct 2009 05:55:51 -0500

It's very easy to get lost in the New Jersey Pinelands...acres and acres of dirt roads and protected forests. But there are some homes scattered throughout the huge area...many are still occupied by the families of those that built them long before anyone heard of the Pinelands Preservation Act!

Recently my friend, a bagpiper, was asked by a funeral director to play at a graveside service for a man who had few family or friends. The funeral was to be held at a cemetery in a remote area of the New Jersey Pinelands.

Now even if you've grown up in southern Ocean County, it's very easy to become lost on the back roads of the Pinelands.

Well, my bagpiper friend became lost. When he finally arrived, at what he thought his destination, he was over an hour late.

But he saw the backhoe and the crew eating lunch. However, the hearse was nowhere in sight.

He apologized to the workers for his tardiness and stepped up to the side of the open grave where he saw the vault lid already in place.

He promised the workers he would not hold them up for long but this was the proper thing to do.

The workers were a little puzzled, but gathered around and continued eating their lunch.

My bagpiper friend said he played with his heart and soul. He played with such emotion that the workers began to weep.

He played and played, closing what turned out to be a lengthy session with Amazing Grace. He walked to his car, quite pleased with himself.

As he was approaching his car, he overheard one of the workers saying to another, "Sweet Jeezuz, Mary ‘n Joseph, I have never seen nothin’ like that before in the twenty years I’ve been putting in septic tanks!"

New Jersey's Divided Attention

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Thu, 29 Oct 2009 06:17:09 -0500

Politics has always been considered sport in New Jersey. From our locally elected Boards of Chosen Freeholders to our off year gubernatorial elections, New Jersey voters seem to relish our down and dirty campaigns.

But this year, our gubernatorial election scheduled for Tuesday, November 3rd, will have to vie for voter attention. You see as much as we love a good political fight, we also love battling among ourselves in a north-south showdown of Philadelphia and New York teams!

So lining up on one side you have South Jersey (roughly Trenton and south) cheering their Phillies, and our neighbors to the north doing the same for their Yankees!

Me, I'm not paying much attention to either! I plan to vote Independent and I'm a Mets fan!

LIttle Egg Harbor Protects Maritime Forest

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Tue, 27 Oct 2009 07:52:49 -0500

Little Egg Harbor, NJ has received help to preserve what's left of its maritime forest.

At one time most of the Ocean County shore area was covered with maritime forest. But development in Manahawkin and Little Egg Harbor, NJ started fast and furious in the 60's and much of this integral part of the Jersey Shore ecosystem was lost. These forests are an important stop for migratory birds, and a natural barrier during storms and hurricanes.

Perhaps the largest preserved maritime forest in Ocean County, NJ is found at Island Beach State Park. On Long Beach Island, the protected area around the Barnegat Light House has a 1/5 mile walk through what's left of the maritime forest there.

. .

Now, through the efforts of the Little Egg Harbor Natural Lands Trust Advisory Committee, the Ocean County Freeholders and the Trust for Public Land, these 46 pristine acres, which were once slated for 73 new homes, are protected.

It's located off Radio Road on the southern tip of Ocean County and surrounded by both residential development and thousands of acres of protected tidal wetlands in the Edwin B. Forsythe National Wildlife Refuge and the Great Bay Wildlife Management Area.

. .

The total purchase price for this 46 acre tract on Osborn Island in Little Egg Harbor was $3.5 million.

Is There Really Such a Thing - Free Money?

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 17 Oct 2009 04:43:10 -0500

Is there really such a thing - Free Money?

We, as Realtors, have been bombarded with email from the National Association, our mortgage reps and home inspectors calling on us to lobby for an extension of the $8,000 first time home buyers tax credit. They call it 'free money'.

. .

They say the gains in the housing market over the last few months will be undone if this 'free money' program is not extended.

I'll be the first to admit this program COULD be responsible for increasing sales numbers (and home prices) in much of my service area, but is it 'free money'?

Doesn't somebody have to pay for it down the road...Who, and when, will that be?

Keller Williams Realty - Atlantic Shore

Laura Giannotta

609-384-6121

Laura@JerseyShoreViews.com

Hat Head vs Pot Head?

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Fri, 16 Oct 2009 08:03:12 -0500

Now if I didn't read this article myself, I would have sworn it happened in New Jersey!

Really, it gives new meaning to the word 'pot head'.

It seems a man in Lebanon, PA, which is about 25 miles east of Harrisburg, walked into a convenience, took his hat off and stared inside.

When he looked up at a police officer who was also shopping at the store, he had a small plastic baggie which appeared to be filled with marijuana stuck to his forehead!

The officer peeled the baggie off the man's head and made the arrest!

What to Expect in Heaven! (Humor)

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Thu, 15 Oct 2009 06:47:29 -0500

It was unfortunate, but three women died together in an accident and went to heaven.

When they got there, St. Peter said, "We only have one rule here in heaven: don’t step on the ducks!"

They walk through the pearly gates, and sure enough, there are ducks all over the place.

It seems almost impossible not to step on a duck. They do their best to avoid them, but the first woman accidentally steps on one.

So along comes St. Peter with a very unattractive man.

St. Peter chained them together and says, "Your punishment for stepping on a duck is to spend eternity chained to this man!"

The following day, the second woman accidentally steps on a duck and sure enough along comes St. Peter.

With him is another extremely unattractive man. As he chains them together he again explains this punishment.

Well the third woman has observed all this and, not wanting to be chained for all eternity to an extremely unattractive man, is very, very careful where she steps.

She manages to go months without stepping on any ducks.

But one day St. Peter comes up to her with the most handsome man she has ever laid eyes on: tall, with beautiful eyes and every muscular. St. Peter chains them together without saying a word.

The very happy woman says, "I wonder what I did to deserve being chained to you for all of eternity?"

The handsome man says, "I don’t know about you, but I stepped on a duck."

New Jersey Home Buyers, You're Running Out of Time!

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Wed, 14 Oct 2009 08:16:09 -0500

New Jersey home buyers, you’re running out of time!

Whether New Jersey home buyers are moved by low interest rates, declining home prices, a large inventory or the promise of an $8,000 tax credit, they’re taking action!

Homes under contract in Ocean County’s southern communities of Barnegat, Waretown, Little Egg Harbor and Manahawkin have increased substantially.

That’s the good news.

The bad news for New Jersey home buyers is part of that equation will be disappearing on November 30, 2009.

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There is talk in Washington about extending that deadline, but you know what they say about a bird in the hand!

If you need an Accredited Buyers Representative (ABR) to help you take advantage of this great home ownership opportunity, give me a call!

Keller Williams Realty – Atlantic Shore
Laura Giannotta, ABR, e-Pro
609-384-6121
Laura@JerseyShoreViews.com

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(Search homes for sale at the NJ Shore)

Certificate of Occupancy in New Jersey - Factor in the Cost When Bidding on Bank Owned Property

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Mon, 12 Oct 2009 07:11:14 -0500

A Certificate of Occupancy in New Jersey – Factor in the cost when bidding on bank owned property in NJ.

A Certificate of Occupancy in New Jersey or CO is issued by the municipality and is required to live in a home. In a traditional sale the costs associated with obtaining a CO are borne by the seller. However, if you’re purchasing a short sale or bank owned property this is usually the buyer’s responsibility.

The requirements to obtain a Certificate of Occupancy in New Jersey for a single family home vary from town to town. However there are several state mandated requirements. Those are carbon monoxide and smoke detectors, as well as a requirement that a fire extinguisher be mounted in the kitchen.

Another more costly requirement for a Certificate of Occupancy in New Jersey is well testing and certification. Depending on the county, this can cost more than $600. If treatment or additional equipment is required, the costs can escalate significantly. Well testing and certification is not an option, it’s required by the state.

Requirements for a Certificate of Occupancy in New Jersey vary greatly. The municipal building office in each community has the municipal requirements. That office will also let you know the cost of a Certificate of Occupancy inspection since it also varies from town to town.

In some municipalities in Ocean and Atlantic counties only the state mandated detectors, fire extinguisher and well test/certification are required. However other communities require documentation from licensed contractors that the heating systems and chimneys are in good working order. Some municipalities even check the seals on windows, or ask for a survey of the property.

Familiarity with the requirements to obtain a Certificate of Occupancy is an important reason to find a qualified local REALTOR®. If you have questions about obtaining a Certificate of Occupancy in New Jersey, particularly Ocean or Atlantic counties, feel free to contact me.

Keller Williams Realty – Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

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Tall Tales from Antarctica! (Humor)

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Tue, 15 Sep 2009 09:04:19 -0500

I'm a big 'Discovery Channel' fan. I love all those documentaries about animals. But after watching a recent program on Antarctica, I wondered how come there were no dead penguins. Where do they go?

Well I did some research, so we need wonder no more.

It's a fact that the penguin lives an extremely ordered life. The penguin is also committed to its family and will mate for life. It also maintains a form of compassionate contact with its offspring throughout its life.

So, if a penguin is found dead on the ice surface, other members of the family and social circle have been known to dig holes in the ice. They use their little tiny wings and beaks until the hole is deep enough. They roll the dead bird into the hole and then they cover it.

Then male penguins then gather in a circle around the fresh grave and sing this song: “Freeze a jolly good fellow.”

Remember at Least One...September 11, 2009

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Fri, 11 Sep 2009 06:13:21 -0500

This is not a re blog, but a reminder. Last year on September 11th, I asked fellow ActiveRain members to remember at least one of the victims of the terror attacks on the US in 2001. Here's a link to that blog!

From their website "Project 2,996 is a tribute to the victims of 9/11.

On September 11, 2006, more than 3,000 bloggers joined together to remember the victims of 9/11.

Each year we will honor them by remembering their lives, and not by remembering their murderers.

If you would like to help out, by pledging to post a tribute on your own blog on 9/11 of this year, click the button at the top of the sidebar. Then, use the web to learn something about the life of the name you are given, and on 9/11, post your tribute your blog or website.

But, and this is critical, the tributes should celebrate the lives of these people-kind of like a wake. Over the last 5 years we've heard the names of the killers, and all about the victim's deaths. This is a chance to learn about and celebrate those who died. Forget the murderers, they don't deserve to be remembered. But some people who died that day deserve to be remembered--2,996 people."

Again this year I remember Craig Staub, who left his young family way too soon.

Craig Staub, 30, was tragically and innocently killed at the WTC where he worked as a Senior Vice President for Keefe, Bruyette & Woods. He was in the South Tower on the 89th floor. Craig was an investor and analyst for this Wall Street firm that specializes in Banking and Financial Services. He graduated from Boston University in 1992, Summa Cum Laude.

Craig met his wife Stacey in 1994 and they were married on June 25, 2000.

Their daughter, Juliette Craig W. Staub, was born on what would have been Craig's 31st birthday, September 22, 2001, 11 days after the terrorist attack.

Tall Tales from Church!! (Humor)

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Fri, 11 Sep 2009 05:14:33 -0500

Recently the pastor of the local Presbyterian church found a pink envelope containing $1,000 in the collection plate.

He was amazed when it happened again the next week.

Then following Sunday, he watched as the offering was collected. He saw a sweet elderly woman put the distinctive pink envelope in the plate.

The pink envelope continued to show up week after week. While appreciative, the pastor was overcome by curiosity and approached the woman.

“Ma’am, I couldn’t help but notice that you put $1,000 a week in the collection plate,” he said.

“Why yes,” she replied, “every week my son sends me money, and I give some of it to the church.”

The pastor asked, concerned that she might not have enough money to meet her own expenses, “How much does he send you?”

The woman replied, “$10,000 a week.”

The pastor was amazed. “Your son is very successful! What does he do for a living?”

“He is a veterinarian,” she answered.

“That is an honorable profession,” the pastor said. “Where does he practice?”

The little old lady said proudly, “In Nevada. He has two cat houses in Las Vegas and one in Reno.”

Buying a Home at the Jersey Shore - What You Need to Know..Offer & Acceptance and Attorney Review

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Mon, 31 Aug 2009 06:56:38 -0500

Buying a home at the Jersey Shore, What you need to know about Offer & Acceptance and Attorney Review.

You found your real estate agent, have your mortgage in place, selected your new home and have and have a contract. Once all parties (the buyer, the seller and the witnesses) sign the Contract to Purchase you have a fully executed contract.

It is at this point you’ll either hire an attorney, or you and your real agent will go it alone and use only a title company. In north Jersey an attorney is almost always used in a real estate closing. In southern Ocean County attorneys are sometimes used, and to the south attorneys are rarely used.

Because the purchase of a home is probably the largest expenditure you’ll ever make, it’s worth it to get legal advice. For the most part, attorneys in southern Ocean County charge a flat fee for a real estate closing, usually not exceeding $1,000. Seems a small price to have one more advocate!

During the attorney review period, other offers to purchase the property can still be accepted. REALTORS® who might want to show their clients the property will be told there is an offer and acceptance pending. The home will still be listed as 'Active' on the Multiple listing service until the Attorney Review period is complete.

During that review period the attorney will go over your contract and negotiate any changes he or she may find to be in your best interest. New Jersey requires a minimum 3 day attorney review period, which can be cut short or extended if an attorney is used.

You, the buyer, should raise any questions you might have about the contract at this time. Whether it's the time frame for your mortgage commitment and inspections or additional contractual provisions you might have requested, bring these issues up now!

Once attorney review is concluded, you and your REALTOR® must ensure that all of the conditions in the contract are met, keeping your attorney in the loop.

If any bumps in the road on the way to the closing table crop up, your attorney will help smooth the way. Your attorney will order the necessary title work, survey and title insurance. He or she will also make sure the seller has met his or her contractual obligations and provided the documentation required by the contract (well certification, certificate of occupancy, etc). The attorney will take care of registering the transaction at the county level. The attorney’s trust account will be used for deposits and wire transfers.

If you choose to use only a title company, the first thing you the home buyer need to understand is that neither the Buyer’s Agent (REALTOR®) or the title company can give legal advice. Only an attorney can do that.

Using a title company means you and your buyer’s agent (REALTOR®) will be responsible to negotiate any issues arising from the home inspection or other problems that might arise. Deposit monies and wire transfers called for in the contract will be held in the Title Company’s Trust account.

If an attorney is used, the closing will usually take place at the office of the buyer’s attorney. If an attorney is not used, the closing will usually take place at the title company.

The decision to use an attorney or a title company is an important one. Speak to friends, family and your REALTOR® when making the decision to use an attorney or a title company only.

This is the 5^th report in a 6 part series on buying a home at the Jersey Shore.

New Jersey Real Estate Agency Relationships
Lenders and Loans
Homes and Communities
The Contract - Contractual Provisions
Offer and Acceptance - Attorney Review
Closing

If you need an Accredited Buyer's Representative (ABR) at the Jersey Shore, give me a call!

Keller Williams Realty – Atlantic Shore
Laura Giannotta
609-384-6121
Laura@JerseyShoreViews.com

GET YOUR OWN JERSEY SHORE VIEWS!
(Search homes for sale at the NJ Shore)

Buying a Home at the Jersey Shore - What You Need to Know...The Contract and Contractual Provisions

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Tue, 25 Aug 2009 05:26:04 -0500

Buying a home at the Jersey Shore – What You Should Know…The Contract and Contractual Provisions.

You’ve been out looking at homes with the real estate agent you selected, you’ve got your mortgage lender in place, and you’ve found the perfect home in the perfect community.

It’s time to make an offer! While some agents representing bank owned properties, or builders of new construction homes require their own contracts for a home purchase, most contracts to purchase homes in New Jersey are standard, fill in the blank contracts, approved and supplied by the New Jersey Association of REALTORS® (NJAR).

I usually give my buyer clients a blank copy of the NJAR Standard Form of Real Estate Contract when we start looking at homes. If your agent doesn’t do this, ask! This will give you time to review the nearly 8 page document, and ask questions you might have.

Briefly, here’s a review of the important contractual provisions. This summary is a guide to the standard contract. Once you have a copy of your contract of sale, before it’s submitted to the seller, review each section with your real estate agent or an attorney. Get answers to any questions you have at this time!

NJAR Standard Contract of Sale
(This is not offered as legal advice; consult an attorney for legal advice on any contract to purchase.)

The Cover Page is a general notice to both the buyer and seller. It again stipulates how the real estate agent submitting the contract is working, as a buyer’s agent, seller’s agent, disclosed dual agent or a transaction broker (representing neither the buyer nor seller).

It also outlines in the importance of using an attorney because the contract determines your rights, risks and obligations.

Here we run into a difference between north Jersey and south Jersey. Attorneys are almost always used in north Jersey. But once you get south, beginning in the southern sections of Ocean County, attorneys are seldom used. (More on this in the next installment.)

Sections 1 through 3 of the Contract of Sale includes the sale price, buyer and seller information, the address and description of the property, the amount of your deposit (escrow), in whose account that money will be held, the amount of your mortgage, the mortgage commitment date, the type of deed and the closing date.

Section 4 requires the buyer to state he/she has the money (including the mortgage) to close the transaction.

Section 7 requires the seller to provide clear title and allows reimbursement to the buyer if clear title cannot be provided.

Section 8 is where the buyer and seller state how the property will be used (single family, etc) and that it complies with zoning ordinances. This section also requires the seller to provide a Certificate of Occupancy.

Sections 9 and 10 outline the items included or excluded in the sale (refrigerator, washer, dryer, etc).

Sections 18 through 20 include inspection contingency clauses. The first is Lead-Based Paint. Any home built prior to 1978 requires the seller to provide a Lead-Based Paint Disclosure form. If the buyer wishes to have an inspection or risk assessment, that is allowed at the buyers expense. There are strict time frames built into the contract for the inspection and/or risk assessment. Be sure to review these with your agent. Failure to comply with any of the dates in this section will forfeit your rights to negotiate a remedy.

Section 20 continues the inspection contingency clauses. More specifically this section provides the time frame for a home inspection. Again, there are strict time frames built in, and to negotiate repairs you must adhere to the built in time frames. In the standard contract the only date you can set is the time frame for conducting the home inspection. Providing the report to the sellers and requesting repairs, must be completed within the time frames in the standard contract or amended in the additional contractual provisions section of the contract.

Section 24 explains the attorney review process and Section 26 outlines the broker’s commission and again provides a declaration of business relations for the real estate agents.

Section 31 is of particular importance in southern Ocean County. It outlines the seller’s responsibility for State mandated well testing and certification.

Section 35 is for additional contractual provisions. This section can be used to clarify any of the previous sections, or to cover additional concerns the buyer may have.

This is a general review of some of the sections in New Jersey’s Standard Contract to Purchase, used in the sale of most single family homes in New Jersey. Review the entire contract with your real estate agent and an attorney.

This Contract and Contractual Provisions report is the 4th in a 6 part series for home buyers at the Jersey Shore.

New Jersey Real Estate Agency Relationships
Lenders and Loans
Homes and Communities
The Contract - Contractual Provisions
Offer and Acceptance - Attorney Review
Closing

If you’re looking for an Accredited Buyers Representative (ABR®) at the Jersey Shore, give me a call.

Keller Williams Realty – Atlantic Shore
Laura Giannotta, ABR®
609-384-6121
Laura@JerseyShoreViews.com

GET YOUR OWN JERSEY SHORE VIEWS!
(Search homes for sale at the NJ Shore)

Buying a Home at the Jersey Shore - What You Need to Know...Homes & Communities

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 22 Aug 2009 09:39:18 -0500

Buying a home at the Jersey Shore – What you need to know about homes and communities.

New Jersey has a long coastline, and most waterfront communities in Monmouth County and south call themselves the Jersey Shore.

My Jersey Shore is southern Ocean County, from Waretown (Ocean Township) down to Little Egg Harbor. Each town, Waretown, Barnegat, Manahawkin, Tuckerton and Little Egg Harbor have waterfront sections.

Homes in these communities vary, from old summer bungalows to new 3500 square foot mini mansions. While you’re deciding on the type of real estate agent and mortgage lender representation you want, you’ll probably be narrowing your internet search for a new home.

Here are some things to take into consideration in narrowing your search for the right home and community.

What are the most important location issues for you? Is it proximity to work? Is it friendly neighbors? Is it the school system? While your agent can answer questions about neighborhoods, most of these questions are subjective.

Questions about schools and crime are particularly troublesome for REALTORS®. We cannot say a particular area is a ‘drug zone’ or an elementary school is substandard. Doing that could be considered ‘steering’ which is prohibited by law.

What we can do is provide local references (past clients) and websites for you to make the determination. I also suggest my clients visit the neighborhood at different times to get a better idea of what it would be like living there 24/7.

How much room do you need? A small waterfront bungalow might not provide adequate square footage for a growing family. Are there pets to consider? This question is particularly important in condo and adult community purchases.

Is it move-in ready? While there’s been much in the papers about great buys on short sale property (property being sold for less than is owed) and bank owned property (REO), there are some risks.

In most cases the sellers of these properties will not provide for repairs or a state mandated well test. Unless you’re handy, these properties could mean additional expenses that you might not be in a position to afford. Also, if you’re looking for that $8,000 first time homebuyer tax credit, a short sale or REO might not get to the closing table before the deadline.

What is the best home for your living style? Do you prefer one level ranch style living, or is a colonial more to your liking. Do you want a basement? Do you need a garage?

Even if my home buyers have a preference for a home style, I will encourage them to look at homes that meet their needs and seem to be perfect in every other way. I’ve had clients that insist they wanted a ranch, but changed their minds when we looked at a well kept Cape Cod, on a quiet, street close to the elementary school, with all the interior amenities they wanted.

There are many other things to consider in selecting your home. It will be a great help to your REALTOR® and it will speed your search if you take time to consider location, size and style. But do you also have preferences about heat (electric, oil or gas), cooking (electric or gas), washer and dryer location, outdoor living space, a fenced yard and the list goes on. Give you perfect home some thought, write down everything.

When you sit down with your REALTOR®, be prepared to work on ‘Must Have’ and ‘Would Like to Have’ lists. Those lists will cover the items I’ve discussed, but should include many more, designed to find your perfect home and neighborhood.

This Homes and Communities report is the 3rd in a 6 part series for home buyers at the Jersey Shore.

New Jersey Real Estate Agency Relationships
Lenders and Loans
Homes and Communities
The Contract - Contractual Provisions
Offer and Acceptance - Attorney Review
Closing

If you need an Accredited Buyer's Representative (ABR) at the Jersey Shore, give me a call!

Keller Williams Realty – Atlantic Shore
Laura Giannotta, ABR®
609-384-6121
Laura@JerseyShoreViews.com

GET YOUR OWN JERSEY SHORE VIEWS!
(Search homes for sale at the New Jersey Shore)

We Don't Need No Stinking Badges, On Thursday's In Beach Haven!

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Wed, 19 Aug 2009 06:42:30 -0500

Tomorrow, Thursday and for the 2 additional Thursday’s through the Labor Day 2009 weekend, ‘we don’t need no stinking badges!’

The Borough of Beach Haven, on Long Beach Island, is making a last ditch effort to attract day trippers and mainland locals to the lovely beaches of this southern Long Beach Island community.

Thursday’s will be FREE BEACH DAYS in Beach Haven! No (stinking) badges required. It’s an effort to draw beach goers to the southern end of Long Beach Island to spend money they might have spent on a badge elsewhere in the community.

Most mainland locals, me included, don’t travel far during the summer months once we cross the Route 72 Causeway to the Island. We tend to buy season beach passes in Ship Bottom, Surf City and Long Beach Township. That way we cross the bridge, park the car and we’re on the beach!

Beach Haven Commissioners are hoping these free Thursdays will not only encourage visitors to drive the Boulevard south, but give badge checkers, who are mostly college students, a needed day off.

Additional Long Beach Island info you might find helpful:

Handicapped Beach Access on Long Beach Island
Public Restrooms on Long Beach Island
Best Beaches in New Jersey

(The free beach Thursday’s (8/20, 8/27 and 9/3) applies only to the Beach Haven beachfront from 12^th Street to Nelson Avenue. )

Buying a Home at the Jersey Shore - What You Need to Know...Mortgage Lenders in New Jersey and Mortgage Loans

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Tue, 18 Aug 2009 15:38:28 -0500

Buying a home at the Jersey Shore? What you need to know about mortgage lenders in New Jersey and mortgage loans.

Getting a home mortgage loan might seem daunting these days. There are choices you need to make, much like the choices you make in the type of real estate agent representation.

Generally, mortgage lenders in New Jersey fall into two categories, direct lenders and mortgage brokers.

Direct lenders, either a bank or mortgage banker, fund your loan upfront but will usually sell many loans in a package, so after closing there might be another company servicing your mortgage.

Mortgage brokers generally represent several lending sources and act as intermediaries between you and several lenders.

No matter your choice, find a mortgage lender in New Jersey you trust and feel comfortable working with. Ask friends and family for referrals, talk to your real estate agent. Learn as much as possible about the individual, his or her experience and the company he or she represents before moving forward. Learn about the fees and costs of the loan product.

There are also several types of loans offered by mortgage lenders in New Jersey. The most common are conventional, FHA, VA and USDA.

Conventional Mortgage Loan - a common type of mortgage secured by collateralized property and not insurance or guaranteed by the government . Because the loan is secured by collateral in the property at least 20% or more of the purchase is usually required for a down payment.
FHA Mortgage Loan - a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). They are popular with first time buyers because of the low down payment requirements. To use this type of mortgage for a condo, the condo development must be approved by the FHA.
VA Mortgage Loan - a home mortgage loan granted by a lending institution to qualified veterans of the U.S. Armed forces or to their surviving spouses and guaranteed by the VA. It can be used to purchase on conventional homes, mobile homes, and condominiums. To use this program, which provides 100% financing veterans must have a ‘Certificate of Eligibility’. VA loans are assumable, with the approval of the Veterans Administration, and allow funding fees to be rolled into the loan.
USDA Mortgage Loan is a home loan program offer by the Rural Development Authority in the US Department of Agriculture. This program can provide 100% financing with no private mortgage insurance. The home must be located in an area defined as rural by the USDA and borrowers must meet certain income guidelines. As unlikely as it may seem, many areas in New Jersey qualify for USDA Mortgage Loan programs. Click here to view property eligibility.

New Jersey has some specific mortgage loan assistance available through the NJ Housing and Mortgage Finance Agency (HMFA).

Live Where You Work (LWLW) – This program is a home mortgage incentive program that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed. Check the HMFA website to see if the town you’d like to live in is covered by this program.

If you would like to buy a house in the town where you currently work, then LWYW might be right for you. Employees benefit from attractive mortgage rates, more flexible loan application review and underwriting criteria, and reduced commuting times to work. Municipalities benefit from having a committed workforce living nearby, and the activity and economic vibrancy that comes with people living near where they work. Click here for the LWYW fact sheet.

Home Ownership for Performing Employees (HOPE) is an employer guaranteed loan program that offers no down payment, below-market, fixed rate mortgages to eligible employees without private mortgage insurance. Employers must be approved by the HMFA. Here is the HOPE fact sheet.

Other programs through the NJ HMFA can be found here.

So take some time to explore the internet, talk to friends and do some investigating to find a mortgage lender in New Jersey that you can work with, and that can provide you the information necessary to make the right decision on the type of mortgage loan for your Jersey Shore home purchase.

This, Mortgage Lenders in New Jersey and Mortgage Loans report is part 2 of a 6 part series on home buying at the Jersey Shore.

New Jersey Real Estate Agency Relationships
Lenders and Loans
Homes and Communities
The Contract - Contractual Provisions
Offer and Acceptance - Attorney Review
Closing

If you need an Accredited Buyer's Representative (ABR) at the Jersey Shore, give me a call!

Keller Williams Realty – Atlantic Shore
Laura Giannotta, ABR®
609-384-6121
Laura@JerseyShoreViews.com

GET YOUR OWN JERSEY SHORE VIEWS!

(Search homes for sale at the New Jersey Shore)

Denial...And the Walls Come Tumblin' Down...And the Walls...I Guess I Am Really that Old?

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 15 Aug 2009 12:55:28 -0500

As if I didn’t feel old enough, the death of Les Paul and thinking back to the ‘Summer of Love’ at Woodstock, my good buddie Craig Rutman, the Apex of Real Estate in North Carolina sent me a note.

If you don’t know Craig he’s the ActiveRainer scouring the internet, visiting every site possible, so I don’t have to!

Well Craig, sent me a link this morning that curled my graying hair!

It was about Bob Dylan, song writer and performer extraordinaire, (please tell me you remember him). He actually started his career in the folk scene in NYC in the early 60’s. His idols were, of course, Woody Guthrie and Ramblin’ Jack Ellitiott. Still foggy, how bout "Blowing in the Wind".

We’re not talking 40 years since Woodstock, we’re talking 50 years full of Bob Dylan music.

Fast forward to July 23, 2009! A great day in Ocean County! Bob Dylan will be playing at Blue Claws Stadium (home of the Blue Claws, surprising isn’t it?) otherwise know as First Energy Park in Lakewood, Ocean County.

Unfortunately, Lakewood’s not what it once was, so the performers had (?) to stay in Long Branch (Monmouth County, NJ).

I guess Robert Zimmerman, AKA Bob Dylan, needed to walk. So he did..around a area of Long Branch many will say is not so nice.

Well, a police report ensues…suspicious character wandering around…

Guess who, Bob Dylan with no ID, two 20 something cops, and a trip back to Dylan’s hotel, because the 20 something’s didn’t have a clue!! Click here to read about the whole episode, not mentioned yet in our local papers!

So tell me Mr. Dylan…How Does It Feel (Like a Rolling Stone) .

. .

Me (left) and Tessie circa 1969 (missing her all the time) !

Buying a Home at the Jersey Shore - What You Need to Know...NJ Real Estate Agency Relationships

Laura Giannotta Keller Williams Atlantic (Keller Williams Atlantic Shore ) — Sat, 15 Aug 2009 08:43:29 -0500

Buying a home at the Jersey Shore? Congratulations…Let’s take a look at some of the things to consider before you sign on the dotted line.

New Jersey Real Estate Agency Relationships
Lenders and Loans
Homes and Communities
The Contract – Contractual Provisions
Offer and Acceptance - Attorney Review
Closing

The current Real Estate Agency Law in New Jersey is relatively new. Here’s a brief history of real estate agency law in New Jersey. Prior to the 1995 every real estate agent worked for the seller. The law setting up 4 types of real estate agency and disclosure of agency was enacted in New Jersey after a national study found state laws to be lacking.

New Jersey now has strict real estate agency laws, and requires real estate agents to tell clients upfront, before any “substantial contact”, how they’ll be working. That means before a buyer begins to relate information about the type, location or price range of the property he or she desires or before a seller discusses his or her motivation for listing.

New Jersey Real Estate Agency relationshipsare detailed in the New Jersey Consumer Information Statement (CIS). Law requires the CIS be reviewed prior to any discussions. The full Consumer Information Statement can be found here.

Briefly, there are four types of real estate agency in New Jersey. They are:

Seller’s Agentworks only for the seller. The agent has fiduciary duties or legal obligations to the Seller. These include care, undivided loyalty, confidentiality and disclosure. Seller’s agents include all persons licensed with the brokerage firm authorized to list the property (more on this under disclosed dual agency).
Buyer’s Agentworks only for the buyer. A buyers agent has fiduciary responsibilities to the home purchaser; care, loyalty, confidentiality and disclosure.
Transaction Broker represents neither the buyer nor the seller. They locate qualified buyers for a seller or suitable properties for a buyer.
Disclosed Dual Agent works for both the buyer and the seller. Prior to working as a Disclosed Dual Agent the brokerage firm must first obtain informed written consent from both the buyers and sellers. A Disclosed Dual Agent in New Jersey MAY NOT, without express permission, disclose that the seller will accept a price lower and list, nor can the Disclosed Dual Agent disclose that a buyer would pay more than the offered price.

Disclosed Dual Agencyin New Jerseymost often occurs when a real estate agent with a firm is working as a Buyer’s Agent and shows the buyer properties owned by sellers who have listed their property with that firm.

Real estate sales persons in New Jersey act as representatives of their broker. Therefore disclosed dual agency occurs when the buyer looks at ANY property listed by the same broker, not only properties listed by the agent. Remember a disclosed dual agent can not put one party’s interest above another.

If real estate agency relationships in New Jerseyare still unclear, ask questions when you interview real estate agents to represent you. Or, as in any step during the home buying process in New Jersey, ask an attorney.

Where can you find a real estate agent to represent you? Ask friends and relatives who they’ve dealt with. Research online, reading blogs and examining websites can give you a glimpse of the agent’s interests and specialties. If you'd like an agent with advanced training in representing buyers, find an Accredited Buyers Representative (ABR®). Check out this website to find an agent with the ABR® designation.

Prepare a list of questions that are important to you. Ask about the agent’s knowledge of the area, what they’ll provide for you and their strategy for finding your next home. Ask about continuing education (CE). New Jersey has no CE requirements, so find an agent that takes continuing education seriously. Don’t be afraid to ask for references. Speak to the agent’s previous clients to get a better idea of the agent’s strengths and weaknesses.

Just as a Buyer’s Agent provides ‘undivided loyalty' you, as a home buyer, should do the same. REALTORS® in most cases don’t get paid til they get to the closing table. So you’ll want to find a buyer’s agent that you can work with and stick with them.

You can still search for homes on the internet, through friends or at Open Houses. Just make sure it’s understood, You’re Already Working With An Agent.

Keller Williams Realty – Atlantic Shore

Laura Giannotta, ABR®

609-384-6121

Laura@JerseyShoreViews.com

GET YOUR OWN JERSEY SHORE VIEWS!

(Search homes for sale at the New Jersey Shore)