cherry hill: Down the road. More storm clouds or a light at the end of the tunnel? - 02/04/09 08:24 AM
I've heard the verdict of so many who gaze into their crystal ball I'm about ready to tune it all out.  Are we near the 'bottom'? Should I buy now? Should I wait a year? Two years?   I wish I knew any of the answers but I don't know.
 

There, I've said it. I don't know.  The reason I don't know is not because I don't have a crystal ball - though I don't.  The reason is because the answer depends on your reason for buying.  It depends on your current financial situation and it depends on whether … (0 comments)

cherry hill: When they walk through the door they just 'know'. Or not. - 01/19/09 10:31 AM
I recently read an agent's blog post that said she tells buyers that they will know if it is the house for them the moment they step through the door.  There is no doubt that buyers sometimes really do "know".  When they get that "I love it feeling"  should the agent validate it?  Sometimes.  But what if there are things about the house that are negative and could be overlooked by someone taken over by their emotions.
Without raining on their parade an advocate for a buyer should make sure the buyers keep everything in perspective before they have made a … (2 comments)

cherry hill: Prospective home buyers should provide ID to the agents who take them to homes. - 01/18/09 12:38 AM
For those that will work without a preapproval (at least for a first showing) I hope they make some effort to identify the person. A copy of a photo ID would be best, but if you want to be unobtrusive making a note of the license of the car they are driving is a minimal step.
I think it should be law in every state that a licensed agent must obtain proper ID to take a person into someones house. A prequal may not be ID but it is something and anyone who doesn't have it by the second showing … (4 comments)

cherry hill: BREAKING NEWS! My commission is NOT subject to "3rd party" approval in a short sale - 01/14/09 09:36 AM
Here's the thing. When I sign a buyer agent agreement with my client it specifies a time period and a commission amount. It also obligates my buyer client to condition offers on the seller payment of my commission. That is NOT subject to any 3rd party approval.
Now I realize that the '3rd party' may not understand or accept this inconvenient fact but a fact it remains. I explain to my client that they may be put in the position of having to pay any shortfall out of pocket...that makes them unhappy and they generally decide to leave the short … (2 comments)

cherry hill: Fannie Mae Announces National REO Rental Policy - 01/14/09 02:24 AM
Fannie Mae announced yesterday: "... the establishment of a new National Real Estate Owned (REO) Rental Policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The company currently has an eviction suspension in place through the end of January which will allow for the new policy to be fully operationalized prior to the suspension concluding."
This may be good news for the housing market. The glut of vacant homes in some areas has exacerbated the ongoing problems facing all segments of the market. Unfortunately, this only applies to homes that are occupied by renters … (2 comments)

cherry hill: I don't speak sports. - 01/10/09 09:56 AM
I had this conversation with my daughter and son-in-law the other day.  She says that she might need to learn to golf so she can go to the 'golf outings'.  She is 31 and a VP at a major bank.  She thinks business happens on the links.  He works for a major Philly law firm and doesn't speak sports either.  He thinks it could help if he did.
Come to think of it, most of the guys I know don't speak sports either.  I don't.  Heck, I didn't know the Eagles were going to be in the super bowl till the … (4 comments)

cherry hill: A buyer on Trulia wants a "non-monetary influenced' Realtor - 12/24/08 04:03 AM
Here is the answer I gave. ==== Follow me on For those who have a real desire to own a home , have good credit and want help with the search, the process and especially negotiating the purchase, I'm available. My speciality is discovering financing options and negotiating purchase price and terms as an advocate for home buyers. Each home of interest requires analysis.
My primary service area is Camden, Burlington, and Gloucester counties in Southern New Jersey.
Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill Nj 08002
856-488-8444
MEMBER: NAEBA (National Association of Exclusive Buyer Agents www.naeba.org )

… (0 comments)

cherry hill: Timing the market - which market? - 12/22/08 11:12 AM
Timing the market:
We can (I hope) all agree that we have not seen the bottom. Yet some people will continue to buy and not be sorry. Many others will (and should) wait. It is not purely a financial decision though that is an important part. As I have said before, we will only see the bottom when we are looking back. Still timing is not simple. Is it worse to buy 6 months before the bottom or 6 months after. If you buy 6 months before with an interest rate of 4.75% fixed are you better off than if you … (0 comments)

cherry hill: Get everything done in 15 minutes. - 12/15/08 10:39 AM
That's right. 15 minutes. I went to the National Association of Exclusive Buyer Agents convention in Orlando last month. One of the speakers talked about time management and time blocking. I've tried to set out consistent blocks of time to get things done. Email: 1 hours 9am to 10am. Marketing 10am to noon... etc. Sometimes it actually works.
I work from home a lot. There are lots of things to distract me - The bathroom that I'm tiling, the associated electric, plumbing, paying bills, web design, researching homes for buyers, --- LOTS of things. When I see myself getting distracted … (6 comments)

cherry hill: Rent vs Buy - 2009 edition - 12/05/08 02:56 AM
Although home prices have declined - rents have not and there is no reason to think that they will. It is time then to dust off the rent vs buy calculators. There are a lot of them available.
GinnieMae NYTimes DinkyTown SmartMoney
There are dozens of calculators for rent vs buy. I'd check the numbers with more than one as they all have different assumptions. Still, you get pretty consistent results. The financial advantages of long term home ownership can be tremendous. That includes condos for those with an aversion to maintenance and no desire to tend the lawn. Some … (0 comments)

cherry hill: A letter to the renting community. - 11/26/08 04:31 AM
 
==============
If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask. If you are in the market for a home in Camden county or elsewhare in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILLYOU ARE SETTLED.
 
Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in … (0 comments)

cherry hill: Is it hard to get a mortgage now? - 09/29/08 10:44 AM
 
Well, is it?  That is what I keep hearing but it is mostly from wet behind the ears folks that came into the business thinking they were going to make a lot of money.  They bloated the ranks of real estate agents and mortgage professionals alike.  Now they are jumping ship - good riddance.
To put 'hard' into perspective think about doing business in 2003.  Was it hard to get a mortgage then? That was before stated income loans, 80-20 to people with credit scores in the 600,  and other goofy stuff that led to disaster.  No, it was not … (8 comments)

cherry hill: Dual Agent: Analogies - 09/20/08 06:16 AM
We have all heard the attorney analogy regarding dual agency.I was reading a blog that made the statement.  "You wouldn't use a quarterback working for the other team."  Not sure I like that one but then thought of..."Can you imagine a sports team in which both sides have the same coach."I'm looking for additional statements that can be used in the same way to get the point across.Any takers?
 
Paul Howard, Broker/Owner
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
856-488-8444
 
National Association of Exclusive Buyer Agents
NAEBA
… (0 comments)

cherry hill: FHA guidelines still evolving - financing repair costs. - 09/05/08 11:36 PM
I first posted this in May and since then FHA has become much more widely used.  As it should.  It is still evolving though so another look seems justified.
 
For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.   In 2004 FHA was a last resort for many.  In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.    HUD just issued new guidelines … (0 comments)

cherry hill: Dual Agent remorse - 09/04/08 01:37 AM
I got an email through Trulia the other day from a young lady that was interested in a house in a town where I work.  She had seen my profile and answers to questions I had given in Trulia.  She had looked at a number of homes by calling the number on the sign in front of the house or in the listing.  Interested in a particular house, she started asking questions of the agent.  She was not comfortable with the reserved answers she got and felt the agent really wasn't trying to advocate for her.  After she read my Trulia … (4 comments)

cherry hill: HUD homes in South Jersey (NJHomeBuyer.com Realty) - 08/15/08 02:45 AM
In 1997 I began taking the South Jersey HUD list from the newspaper and posting it on my website.  At the time, it was the only online place it could be found.  As HUD wised up and started posting that I continued for some time.  When they got to the point (just a few years ago) where they were actually adding information of value (a home inspection report for each one) AND started putting them in the MLS - I stopped.  For a consumer these days the best place is to go straight to the website of HUD's vendor. 
Go to: … (0 comments)

cherry hill: FHA and Condos - 08/01/08 11:57 PM
I read a recent article in the Chicago Tribune that stated,
"Also, approvals for condos take eight to 10 weeks, twice the processing time for single-family dwellings."  
  It does not.  To get some real facts I contacted Eric Bornebusch a senior loan officer at JPMorgan Chase.
Here is what he said,
"A condo development needs to be FHA approved to be able to finance a unit with an FHA loan.  If the development is existing, and already FHA approved, its very easy, just like a single family home.  If the condo project is NOT FHA approved, a spot approval … (0 comments)

cherry hill: Listing Agent Responsiveness - 06/18/08 11:21 AM
With the tools we have these days communications can happen very quickly. Most of us are "connected" and then some. I prefer communications with almost everyone to be by email, at least in a business context. The simple reason is that I want a record of what I say and what I'm told. I'm always a little suspicious when I send an email request for information and don't receive an acknowledgment within at least 12 hours. (I prefer no more than 4) Not necessarily an answer but an acknowledgment that the email was received. Of course it can happen that the … (0 comments)

cherry hill: When you step through the door do you know if it is the house for you? - 06/16/08 03:14 AM
I recently read an agent's blog post that said she tells buyers that they will know if it is the house for them the moment they step through the door.  There is no doubt that buyers sometimes really do "know".  When they get that "I love it feeling"  should the agent validate it?  Sometimes.  But what if there are things about the house that are negative and could be overlooked by someone taken over by their emotions.
Without raining on their parade an advocate for a buyer should make sure the buyers keep everything in perspective before they have made a … (4 comments)

cherry hill: What do buyers need to know before making an offer on a home? - 05/13/08 12:01 AM

What do you need to know before you make a purchase offer on a house? This may vary with the part of the country you are in and with the house itself. I am in Southern New Jersey. My office is in Camden County.
Some things to know (or learn) are:

Comps: People use this term as though it has an actual definition. This does refer to comparable homes that have sold recently ( How recent is 'recent'?) That is not all though.
What competing properties are now on the market? How long have they been on the market? … (0 comments)