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
I have no direct experience to comment specifically but do have a recommendation---for this or ant other matter that will affect quality of life and future resale, test it out yourself by visiting the area at different days/times. Make your decision with eyes - and nostrils - open!... more
Market value is determined only after a trained eye assesses the condition of your property as well as any pros and cons of the property that may affect the value compared to similar homes in the area. West ny is a part of my territory. You can contact me if you want a market analysis.
As far as time on the market, you want to price your home to sell well below the average time on the market. The worse thing you can do is to overprice your home and gradually bring down the price overtime to eventually reach the correct market price only for a buyer to ask the most common question and the first question asked by a buyer when viewing a home. "how long has this home been on the market?". It's extremely easy to put doubt into a buyers mind even at a fair market value.
Reach out to me if you want to further discuss your property and guidance to make the right financial decisions.
Brian Kim
Broker associate
Remax competitive edge
177 Washington valley road
Warren nj 07059
Cell (732) 887-9659
Bkim@remax.net... more
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
RealtyTrac is not for the average investor, it provides information only a professional would need because there are so many discrepencies and other factors involved in the information they provide. They provide what the courts provide them about liens against properties and republish it. In addition they have links to Bank's and Servicing Company websites. Since it is easier to buy a house after the bank has cleared all the liens and the property has a good title it is not a good investment for the average investor. An agent on the other hand may find the information valuable because they can get specific information about houses going into foreclosure. In conclusion, I understand that you feel RealtyTrac is 'snake oil,' because it is for most people.... 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
In addition to NJ Transit (Blvd. East, Bergenline Avenue, Kennedy Boulevard and River Road) buses, ferry, and light rail options, there are numerous smaller private "jitneys" that run on Blvd. East, Bergenline Ave., and Kennedy Blvd. to NYC with an end-point of 42nd St. and Eighth Avenue. As indicated in an answer by my colleague, 30-35 minutes (rush hour) is the approximate transit time, less off-peak. If you have any additional questions about West New York and nearby towns, please feel free to contact me!
Elena Schwartz, ABR(r)
Sales Representative
NJAR Circle of Excellence 2008
WEICHERT, REALTORS
(O): 201-392-3939 X128
(C): 201-600-1612
eyschwartz@weichert.com... 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
Nellie,
If you wish to refinance, most banks will NOT allow your home to be on the market during the refinance. It must be withdrawn from the MLS. Once the re-fi is completed, you then can re-list the property. There will be closing costs involved (title search, title insurance, appraisal, mortgage application fee) with a re-finance that can cost a few thousand dollars. This is something to consider depending on how long you intend on staying in the co-op.
Sincerely,
--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com... more