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Gail Vinnal with Savva Realty has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows. According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. “As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
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2009 was a difficult year for everyone, those of us in the Real Estate profession saw a down turn in the market that was previously unheard of and homeowners found mortgage problems they never expected. With unemployment up and the stockmarket down, adjustable mortgages adjusting and property taxes rising many people are just unable to keep up with their payments this led to a glut of short-sales and forclosure properties on the market lowering the sales value of every property for sale. Having never worked with a short sale and limited experience in forclosure I took myself to school to learn how to navigate this new storm. I have now received the SSFR (Short-Sale and Forclosure Representative) designation from the National Board of Realtors and am a little better informed as to the workings of a short sale. Although they are still frustrating to all involved, new legislation should help us get these properties closed in a more timely fashion. All homeowners looking to sell there home do to economic needs should be aware that there are avenues to be considered before making the difficult decision to put your home on the market. If your mortgage is current but you see yourself falling behind, you may be eligable for a Home Affordable Refinance. For more information on this program vist www.MakingHomeAffordable.gov. If your mortgage is past due, contact your lender's loss mitigation department. Do not fall for any of the scams out there where you are asked to sign the deed and still live in the home or sell the home in "name only" to an investor. These scams will end with you homeless and somone else owning your home. Before you do anything, contact an attorney for advice, you lender for possible solutions and a realtor for a maket analysis to determine the current market value of your property.
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Now that the homebuyer credit has been extended buyers are once again starting to enter the market and don't really know where to start. Although once the decision to buy is made the buyer is eager to start looking at houses the first move he should make is to contact a mortgage company and get pre-approved. If the mortgage broker he is dealing with does not ask for financial information or proof of employment that buyer should go to another broker. You need a knowledgeable mortgage person who you have confidence in to tell you what you actually qualifiy for, how much of a down payment you need and what other costs you can expect from a purchase. Let this broker know how much you can comfortably pay for housing each month. The payment on the mortgage you qualify for and the amount that gives you the monthly mortgage,tax and insurance payment you are comfortable with can be vastly different and you really should not allow yourself to become house-poor! When taking to your mortgage rep be sure to ask if he has any special programs you qualify for sometimes certain areas, professions and social standings qualify people for lower interest rates or down payment assistance.
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When we read about todays real estate market lately all we are hearing is that it's a buyer's market. Not really, but it is also not a seller's market. Buyers are under the impression that a "buyer's market" puts them in control of the deal and they call all the shots. That is true to a point but when it comes to negoiation, the seller has to have a bottom line and telling buyers itsa buyers market you can come in $50000 under is doing a disservice to both sides. Sellers are not always in a position to take a large reduction in price, they have been advised of a marketable price and they should have been advised of an approximate apprasial value. Sellers also have some control. So what kind of a market are we working in?? I prefer to call it a Lender's market. the lenders are controlling the deals. In the past 2 weeks I have heard of 4 and experienced 1 deal that fell apart within in days of closint because the lender changed their mind. I am talking about deals where everything is done, a commitment is in, seller's are packed, buyer's gave notice at their apartment and everyone is a loser. When will this craziness end!
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Attention all that read this blog feel free to follow me on twitter as well. I am at www.twitter.com/gevinnal . Come one come all!!
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They go really wrong! I had a listing that went under contract within the first week on the market. The contract price was less then the seller's wanted (when isn't it) but we negoitated an as is clause meaning NO repairs at inspection and everything seemed to move forward smoothly. The buyer's attorney didn't care for the no repair clause but the attorneys worked through that and we moved on. Home inspection showed some minor problems but seller's attorney reminded the buyers that repairs were basicly built into the sales contract price so take it or leave it, the seller's were making no repairs. Buyers want the house. Fast forward to one day before commitment, 1 week before closing, we receive a letter stating that the buyers want to be compensated for repairs with a $4,000 reduction in purchase price. When the seller's attorney responded that they would consider doing some repairs but would not discuss the situation until we had a commitment we received a letter killing the deal. I am left with unhappy seller's and a house that has been off the market for 6 weeks.
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To be built
• 2,800 sq. ft., 2 bath, 4 bdrm colonial
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$999,999
Upper Montclair, Montclair
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Custom Colonial to be built. conveniently located in the heart of Upper Montclair near downtown and transportation. Hardwood floors throughout, custom baths and moldings throughout. Gourmet kitchen. Early buyer can have choice of colors and cabinets.
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Updated Colonial
• 2 bath, 3 bdrm colonial
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MLS®
$309,000
- Price reduced
Flemington, Raritan Township
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Charming Colonial features an updated kitchen, freshly painted rooms, well maintained wood floors, private home office, woodburning fireplace. The park like backyard backs up to church property. New ceiling fans and window air conditioners. Close schools and town. Sump pump and french drains. Propane gas for cooking. Back on Market quick closing possible
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Extra Large 3 Bedroom Unit
• 1,800 sq. ft., 2 bath, 3 bdrm townhouse
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MLS®
$380,000
Deer Run Farm, Howell Township
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One of the largest units in the complex. Owner has done over $30,000 in upgrades! 3 Bedrooms, 2.5 baths overlooking the 2nd and 3rd fairway of Deer Run's exclusive golf course. Newly updated kitchen with maple cabinets, marble countertops tiled backsplash. Entry way with Cherry wood flooring. Open floor plan with Diningroom, Sunken living room, Pella slider lead to the patio with view of the golf cours. New baths, updated electric, furnace all new doors and windows.
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Upper Montclair Colonial to be built
• 2,800 sq. ft., 2 bath, 4 bdrm 2 story
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$999,999
Upper Montclair, Montclair
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Custom Colonial to be built in desirable Upper Montclair. Conveniently located in Upper Montclair near transportation and downtown. Custom Baths and moldings, Gourmet kitchen. Still time to choose colors!
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The Pointe, West Orange
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The 2 story at 11 Howell Dr., West Orange has been sold.
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Note that this information is outdated.
Puppies are due to arrive the end of July! check out the web-site and reserve your new pet today
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Custom California Contemporary
• 2 bath, 5 bdrm single story
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MLS®
$635,000
- Reduced
Mount Pleasant, West Orange
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Beautiful updated contemporary home. Roof in 2007. updated electrical, newer baths, Central Air, open floor pan that overlooks private wooded lot
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Completely restored Tudor
• 7 bath, 6 bdrm 3 story
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MLS®
SALE PENDING
$2,549,000
- Reduced
Upper Montclair, Montclair
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This completely restored tudor offers old world charm and all the amenities of today's living. Gourmet eat in kitched with viking appliances, butler's fantry 4 fireplaces New York views.
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Custom Built Brick Ranch
• 4 bath, 5 bdrm single story
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MLS®
$799,000
Beaufort, Roseland
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New windows thrughout the house. New laminated wood floors in 3 bedrooms. Lots of room for potential pool and tennis court. This park like home is ready for your enjoyment
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