Thanks for all your help everyone. I understood that they needed some information but just still think it's a little bit too much asking for ALL the credit card numbers and their amount along with bank account number and how much you have in the account, your assets, stock and bonds and liabilities.
I am ok with them running a credit report on me. By all means do it but if I'm meeting your 3:1 ratio for monthly payments with my income and have a good credit, I still don't understand the necessity of giving ALL my information to some random people on a board. If I'm applying to a bank or mortgage by all means.
I just am frustrated I guess. Thanks.... more
Yep.....chasing foreclosures no doubt! It's the nature of the beast. The best way get on the inside track is to work with an agent(s) that is a "big time" distressed sale agent. These agents often have information on potential properties prior to recieving them as listings and share this information with their sphere of influence.... more
I have several contacts that may be able to help you. Please contact me at (973) 901-1900. I would prefer not to post them all in the open forum as the phone numbers I have may be cell phones and direct phone numbers that the loan officers may not want published in an open forum. I have sold homes in Edison over 20 years ago, I know the area a bit. Please call me, perhaps I can help you.
Robert Bruckner
Coldwell Banker
(973) 901-1900
RBruckner31@gmail.com... more
Do ,
As for my mentioning "other factors", here's a few other situations that can cause a short sale to be denied.
If there is more than one lienholder ( ie: first and second mortgage), then technically there are two investors looking for their piece of the pie, and this adds an additional level of negotiating and problems with getting the short sale approved. Primary lienholders get "first dibs" at payment. Often times the second lienholder will not accept even less of a % of what's owed them than what the primary lien holder is getting.
I had a situation with just one lien, where the home appraised (by a licensed appraiser) at $196,000...offer was $196,000. Amount owed was $234,000. Bank said they would only allow short sale IF the seller came to closing with $32,000 AND signed a note for payment of $75/month for 90 months. This was because the bank was not willing to take such a hit (18% less) than what was owed to them and basically wanted the seller to pay the difference (no forgiveness of the debt so to speak)
Well obviously if the seller had $32,000 laying around the seller would not be in a short sale situation. I was able to successfully negotiate with the bank to remove the contingencies. However, sometimes this negotiation cannot or does not happen and the seller has to walk away from the short sale and let the bank go to foreclosure.
There are so many reasons a short sale can go awry. Most times it's not the sellers fault, but the banks.
I do agree with John, that you should have been told that there is ALWAYS a chance the short sale will not be approved. I wrote a blog about the short sale process. It's a good primer on how the process works, although it talks about the process going from beginning to an actual approval :
http://marypetti.wordpress.com/2011/04/28/short-sales-a-not-so-brief-description-of-the-process/... more
The Grandview II at Port Imperial from Hudson river promenade walk - West New York, NJ 07093(double click to see the full size picture)Do you know someone who is moving or thinking about buying or selling
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Manhattan and Hudson River View from The Hudson Club at Port ImperialThis place truly provides inspiring views of New York City ... At the same time you will find fully amenitized lifestyle and quick,
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Hello Ivy,
That's a great question. There are several new condos and some resale of condominiums.
It is very imortant to know what are you looking for?
On new construction the formula is approximately 2% of the sale price and here are the good news: As of now the City of West New York has a five year tax abatement on some of the new projects like the Discovery Plaza II on 62nd street. You can contact the tax department at 201.295.5117 for more details.
If you wish to receive this form, just email me at munish@kw.com and i will send you that form via email:
Thanks and all the best
Munish... more
We bought a private home on Fairview Terrace which is considered the best block in West New York. You cannot beat the commute to Manhattan or the proximity to other really nice towns in NJ. The downside is the unstable tax situation. Our taxes were raised 47% in one quarter within a few months of moving into our home there. Also we bought just before everything really dipped so we overpaid and unfortuanately our realestate agent was not looking out too well for us. But, you cannot beat the prices and eventually this area will go up because of its location.... more
Hello, we have a condo available for sale with parking located in West New York, Blvd East. Very close to the Ferry to New York, if you still interested please feel free to email me at wmp632@yahoo.com. Thank you,... more
There are great houses in WNY and there are some good bargains in and around the WNY area. Give me a call at my office and we can go over what you are looking for and when you would like to buy. Thanks and I look forward to hearing from you. In the meantime, take a look at some of the properties I have for sale on my website. The address is below. Thanks again.
Best,
Laura Kellett
Broker/Owner
Laura Kellett Realty, LLC
201-766-3522... more
Robin....
If what you said in your response to Elena was not a totally disparaging remark regarding real estate agents, I don't know what is. Further, you wrote the following:
Real estate agents should become educated on issues such as this. It is common for lenders to require a condo development have over 12 units.
I would suggest that you keep your future responses to the answer you wish to give without interfering with what someone else has to say.
A good mortgage person WILL make the transaction work, provided Elena has good credit, meets income requirements and the building is financable.
Thank you.
Barbara... more
Hi Vinit,
First you need to get pre-qualified to know how much you are qualified for..You have to see how much is the maintenance fee what it includes, Tax, and also if you are looking for a unit with parking. I am familiar with the area and will be able to answer any questions you might have.
American Homes realty
Marisol S
201-779-9210... more
Richard,
As many have mentioned - connecting with a Realtor to represent you in the transaction will be the quickest way to submit your offer and be considered for the property. The real issue that must be considered basically boils down to - if you were shown the property with a real estate professional, go back to them to write up the offer. If you haven't seen the interior or have seen it privately somehow, I would suggest "interviewing" some agents - ask them questions directly and see which you feel is a good match to your needs and level of experience with buying a home. Whether you're a first time homebuyer or have owned several homes in the past, each transaction can pose unique situations that a professional is better prepared for. Feel free to contact any of us directly if you are still in need of assistance!
Christine Markow
ERA Statewide Realty
christine.markow@era.com... more
Hello Lu,
That's a question in every home buyers mind now and since day one.
There are a few ways to understand the value of the market of Condo's in WNY.
1. Look at recent condo sales in WNY
2. Look at recent New Condo sales in WNY
3. Look at the asking price and divide it by the sq. ft. of the unit and you will get the Price per Sq. Ft.
example: 250,000 divide by 993 Sq. Ft. = 251.76 dollard per Sq. Ft.
Most one bedroom new construction condo in WNY are selling for more than this price per sq. Ft.
320 62nd Street - 1 BR New Condo Sold in March for 219,000 for 600 Sq. Ft. = 365 per Sq. Ft.
Seller or Developerss asking price has no value. The value for the property comes from what other buyers like yourself are paying for new condo's in WNY and what banks are lending on the appraised value for the same?
In this market the banks are more careful to lend than the buyers are careful to offer. Rest assure you will not over pay in this market if you are getting a mortgage loan. If you are buying cash use the information I provided you and do your research and make an offer.
Remember one of the only areas in US today that is still holding its prices from last year.
Thanks and all the best
Munish... more