North Jersey Real Estate Magazine by Authoritative Content, LLC.

DISCOVER THE 9 MOST IMPORTANT THINGS TO DO AFTER SELLING YOUR HOUSE

realestate NORTH

JERSEY

8 QUESTIONS You Need To Ask You can’t hire a real estate agent until you’ve heard their answers to these 8 questions.

GET THE RULES

ENFORCED

Learn how to survive in a condo where the association isn’t doing its job enforcing the rules.

MAKING YOUR OFFER

A guide to showing a seller you’re serious about buying their house.

FENDING OFF REAL ESTATE EXHAUSTION

NEGOTIATING

FROM WEAK AND STRONG POSITIONS

Facing Foreclosure Don’t freeze up in the face of a crisis. Understand the process and what you can do.

SELLER FINANCING: IS IT RIGHT FOR YOU? Important Things To Consider Before Making A Decision.

Is it time to bail out? Learn how to do so the smart way

CONTENTS December 2015

LETTER FROM THE CEO AND THE EDITOR

Features 06

8 VITAL QUESTIONS FOR COMPARING REAL ESTATE AGENTS

ENFORCING RULES IN A CONDO ASSOCIATION

Condos And Townhouses 28

THE PROS AND CONS OF TOWN HOMES AND CONDOMINIUMS

DEALING WITH NOISY NEIGHBORS

Financing Your Home

Buying A Home

PULL OUT THE PIGGY THE DIMES COUNT!

3 WAYS TO TAKE THE STRESS OUT OF BUYING REAL ESTATE

SHOULD YOU REFINANCE YOUR HOME?

3 COMMON ERRORS MADE BY FIRST TIME HOME OWNERS

HOW YOUR CREDIT INFLUENCES YOUR LOAN RATE

WHAT TO DO AFTER YOU’VE BOUGHT YOUR HOUSE

3 STEPS FOR GETTING A MORTGAGE

Agent Spotlight 22

IRENE SZEGLIN

Community Spotlight 24

Home Economics 42

WHAT YOU CAN DO TO AVOID A FORECLOSURE

HOMEOWNER UMBRELLA INSURANCE

THE REAL COST OF OWNING A HOME

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CONTENTS December 2015

Investing

Selling A Home

THE BENEFITS OF COMMERCIAL REAL ESTATE

ARE REAL ESTATE SEMINARS A SCAM?

BUYING LAND AS AN INVESTMENT

72 USING REAL ESTATE AGENT ALTERNATIVES

A BASIC GUIDE TO INVESTING IN PROPERTY

SELLING YOUR HOME WITHOUT AN AGENT

THE PROCESS OF CLOSING A HOUSING SALE

Making An Offer

HOW TO RECEIVE AN OFFER ON YOUR HOME

SUCCESSFULLY NEGOTIATING A HOME SALE

Your Team

TIMELINE FOR A HOME PURCHASE

Selecting A Home 60

TIPS ON PREPARING FOR YOUR HOUSE HUNT

THE NEW TREND OF GREEN HOMES

2 WAYS TO DETERMINE IF A HOME WITH TERMITE DAMAGE IS WORTH IT

3 TIPS FOR FIRST TIME HOMEBUYERS

ESTABLISHING A RELATIONSHIP WITH YOUR REAL ESTATE AGENT

WHAT DOES A REAL ESTATE LAWYER DO?

PUBLISHER & EDITOR’S FOREWORD

PUBLISHER’S FOREWORD DECEMBER 2015

Editor Samantha Rowan

Head of Creatives Nyvia Ross

Graphic Designer Kerwin Wepee

Digital Property Managers Maharlika Matutinao Layla Anaya

Digital Property Assistants Krystine Sitjar Warren Nietes

Online Presence: www.northjerseyrealestatemag.com

Facebook Google+ Twitter Tumblr Pinterest

For advertising concerns please contact KJ Ross at webskillz@gmail.com

North Jersey Real Estate’s magazine content cannot be copied or reproduced in any form without the written permission of the publishers. North Jersey Real Estate’s editors and publishers shall not be held liable for any unsolicited materials. All prices and specifications published in this magazine are subject to change by manufacturers, agency and retailers.

Season’s greetings!

e at Authoritative Content hope those of you reading who celebrate Thanksgiving were able to do so surrounded by your families, happy and healthy. Our hearts go out to the families devastated by the recent Paris attacks. While it may not have taken place in the United States, such a tragedy is felt by all of humanity, not just a single nation. As 2015 comes to a close, we bring to you the first ever issue of North Jersey Real Estate! It is a happy time indeed for our staff, as we move from content sellers to our very first major publication. We are based out of northern New Jersey ourselves, and felt it was only right to select it as our focus as we begin tackling the real estate industry. Within the pages of this issue and those yet to come, you can expect us to uphold our mission of empowering real estate buyers, sellers, and agents alike. For consumers, we offer advice on

how to properly navigate the real estate market in 2015, from buying and selling, and most importantly, comparing agents. No two agents are the same, and we want you to have the tools you need to find your next home, and make sure that, if you’re selling one, the property won’t be put in the hands of someone who will let it sit on the market. You can find us online at northjerseyrealestatemag.com. There’s also our companion site for properties, listings.northjerseyrealestatemag.com. You won’t find every property currently listed in northern New Jersey there, but rather a list we are steadily growing of the most desirable properties this area has to offer, aggressively promoted by the most consummate professionals.

Kenan Ross KENAN ROSS CEO Authoritative Content

LETTER FROM THE EDITOR Season’s greetings!

wide variety of holidays are celebrated this month. Whether your festivities of choice have already arrived or you and your family are excitedly awaiting Christmas and Kwanzaa, I hope this winter finds all of you safe, secure, and happy. When I was first approached to become the writer of the North Jersey Real Estate magazine, I have to say I was just as nervous as I was excited. At the time, it was unheard of to me for one writer to be responsible for a whole magazine! But, a lot of research and planning later, I can proudly say that I’ve done my best to provide readers with an expansive and informative resource on purchasing and selling property in the North Jersey area. I’ve worked for Authoritative Content for a few years now, and I’m more excited than words can

express to have had such a huge hand in their first publication. As we move toward the New Year, we’ll be looking at expanding our staff. With luck, North Jersey Real Estate will be present yearround to provide advice for prospective and present home owners alike. If you’re looking to buy a home in the Northern New Jersey area— that’s Bergen, Essex, Hudson, Morris, Passaic, Sussex, and Warren County— you can find the latest listings at listings.northjerseyrealestate.com. And if you’re thinking of listing your own home on the market, the agents featured on our site are some of the best in the state! Happy holidays,

Samantha Rowan SAMANTHA ROWAN Editor North Jersey Real Estate Magazine

NORTH JERSEY real estate | December 2015

F E AT U R E S

8 Vital Questions For

Comparing Real Estate Agents

ifteen years ago, the role of a real estate agent selling and buying homes was a very obscure one. In the early 2000s, after deciding to put your home up for sale, you would approach a number of real estate agent with the intention of getting them to help you sell your home. They’d give a listing presentation, and once they had won you over, disappear to presumably begin putting your home through the works to get it sold. But what were they actually doing?

The real estate agent would tour your home, photograph it thoroughly or hire a professional photographer to do so for them, write a compelling description of the premises, and then list it via the Multiple Listing Service, affectionately known as the MLS. Depending on the type of syndication with that listing service, your home would also appear on sites like realtor.com, homes.com, trulia.com, etc. If they had any kind of mailing list, they’d begin their print advertisement campaign to reach out and spread the word of their newest listing. From then on, word of mouth aside, they would pretty much be done.

NORTH JERSEY real estate | December 2015

That process is exactly how most real estate promotion tends to go today. And that’s the problem. Fifteen years ago, the above process was considered “working” to sell a home. Now, if you ask us, we say that’s the bare minimum. Technology has evolved drastically in the last decade, connecting us globally from the comfort of our homes. Buyers aren’t just coming from a few blocks over now--they’re being connected with homes from states, and sometimes even entire countries away. With the world a much smaller place than it used to be, and considering all of the methods available for real estate

F E AT U R E S agents to build an audience, and cultivate a relationship with those audience members, just listing a home and moving on can’t be called a job well done any longer. Before the housing market crash of 2007, the booming real estate market meant that in a community with high demand, it wasn’t really necessary for an agent to do more than list the home and wait for some eager buyer to snap it up. Just getting the word out was enough. But now, with the value of homes having plummeted and sellers spending months locked into contracts with agents that aren’t bringing them a single offer, choosing the right agent for your needs is more important than ever. In this market, the capabilities of your real estate agent are just as important as the dollar value of your home. You want an agent with the knowledge and expertise to help increase your home’s value before it hits the market, and also be proactive in maintaining your home’s exposure to the public once it’s out there.

The wake of the housing market crash has separated real estate agents into two groups: the agents who list and wait for a buyer to be brought to them by another agent, and the agents who proactively work to cut out the middleman altogether. Unfortunately, telling members of the two groups apart can be difficult if you don’t know what to look for. How can you know what kind of effort a real estate agent is really putting into getting the homes they list sold? While you wouldn’t be able to get most agents to come out and say whether they’ve been cutting corners, there are actually some pretty simple questions you can ask to divide the strong from the weak, and ensure you end up with the best. We’ve compiled 7 questions that you should ask of any real estate agent who wants to be who you choose to list your home with. We strongly believe you shouldn’t sign anything with an agent until you know the answers to these 7 questions, and that ideally, have compared their responses to someone else’s. 1) DO YOU CONTROL YOUR ADVERTISING BUDGET, OR DOES YOUR BROKER? Part of landing a gig as a real estate agent is pure salesmanship. They have to be able to convince you that they’re the best person for the job of selling your home. Unfortunately, even the best intentions can be undercut but an inability to ensure an agent will actually be able to follow up on their promises. Who’s in control of their advertising budget is a big thing: if an agent promises you they can dedicate a certain amount of money to promoting your home, only to

return to their office and be told by their broker those kind of funds aren’t going to be approved, their hands are tied. There isn’t anything they can do. You want an agent who is in control of their advertising budget, so you know they’ll be able to come through on any promises they’re making you. 2) HOW MUCH MONEY ON AVERAGE DO YOU SPEND TO PROMOTE A SINGLE LISTING? This question is a little sneaky, but it’s totally valid! You want to know who has a system in place for how they handle the properties you work with. If an agent doesn’t know this number, it means they aren’t keeping track of how the money spent advertising from one property to the next compares. An agent who does know this number offhand will prove themselves to be dedicated and organized--exactly the kind of person you want on your team. 3) EXACTLY WHERE AND HOW DO YOU PROMOTE YOUR LISTINGS? Where you advertise matters. In 2015, 8 out of 10 people shopping for a home start their search online. This means that an agent who isn’t devoting 80% of their efforts to online promotion is following the wrong avenues. If you ask an agent this question and they say they do the majority of their advertizing by mail, you’ll know you’ve come across someone who’s methods are just plain outdated. These days we all know most of that sort of mail just doesn’t get looked at, or worse, goes right into the trash. It’s 2015. Social media isn’t just about catching up on the latest celebrity drama or scores from recent sporting events. Platforms like Twitter, Facebook, Pinterest and Instagram give real estate agents the opportunity to cultivate an audience of thousands that they can reach with just the stroke of

NORTH JERSEY real estate | December 2015

SHOPPING FOR A HOME LOAN?

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F E AT U R E S

a few keys--for free. While it’s not important to be on all of these websites, you should definitely be wary of anyone who hasn’t established a presence on any of them. It doesn’t matter where that audience is located, but how big it is. Would you rather have an agent on your team who can put your home on the radar of thousands of people within the region, or someone whose reach barely extends through their own city? When that kind of advertising can be done at no cost, why would you want to hire anyone who isn’t willing to do it? 4) IN YOUR 5-10 MOST RECENT TRANSACTIONS, WERE YOU THE LISTING AGENT, SELLING AGENT, OR BOTH? We know this is number four, but it’s a big one. A lot of real estate agents make a great living off of listing homes for people and not actually finding them their buyers. To them, when they say that they’ll sell your home, what they actually mean is that they’ll put your home where people can see it. While this may be a great livelihood for them, your perspective as a seller should be vastly different. To you, a real estate agent who consistently is only the listing and not the selling agent is a person whose marketing strategy simply does not work. They aren’t finding buyers: they’re listing homes and waiting for a buyer to be brought to them by another agent. It’s not just about getting a home sold; it’s about HOW you get it sold. 5) ON AVERAGE, HOW LONG DO YOUR LISTINGS SIT ON THE MARKET? This is another truly important question. Just because a home was sold doesn’t mean it didn’t sit on the market for a year before someone finally put an offer down

on it. An agent who is doing the bare minimum will list your home and move on, leaving time to be the factor that dictates when your home is sold. Be wary of signing a contract with an agent who wants to have you in their pocket for the long-term; it’s a red flag that they don’t expect a quick sale. You want an agent with a much less passive philosophy. You should note, however, that an agent who is a pillar in the community with a high level of demand may not need to do more than list the homes and wait, simply because their popularity brings them a large amount of listings. In their life, it makes sense to avoid the costs of unnecessary advertising, since the can achieve quick success without it. While this isn’t a good match for you if you’re in an area with a low level of demand, a person of popularity within the community may be just who you need if the market in your neighborhood is a particularly fast one. 6) DO YOU HAVE A WEBSITE? IS IT PROMINENT IN GOOGLE’S RESULTS FOR SEARCHES RELEVANT TO THE COMMUNITIES YOU SERVE?

that sticks in the minds of people in need of their services--provided they’re marketing themselves properly. That’s another sticking point: how well are they marketing themselves? If they’re too disorganized to advertise their own services thoroughly, you can probably trust they aren’t going to be thorough in their efforts with your home. Their website should show up in the real estate related search results for their community; with how far a potential buyer could be coming to purchase a home, more people are making those kinds of searches than ever. 7) HOW LONG ON AVERAGE DOES IT TAKE FOR YOU TO RESPOND TO SIMPLE INQUIRIES? Real estate is a fast-paced environment. If you’re a buyer and a home has caught your eye, but it’s 8 pm on a Friday evening,

Many real estate agents work under the umbrella of their company, but there are many who understand the importance of branding to further increase their reach. An agent with a website isn’t just operating as another employee of their company; they’re using their name and face to create a brand

NORTH JERSEY real estate | December 2015

F E AT U R E S

you aren’t going to halt your search for a home until whenever that question is answered--you’re going to keep looking. It’s critical moments like these that brings buyers and sellers together, which means a 48-72 hour window for questions is way too long. 8) DO YOU HAVE A TEAM IN THE OFFICE, OR ARE YOU WORKING ALONE? Never assume an agent is only promoting your house. At the end of the day, an agent is working to make his or her living, and an agent flying solo on all their projects is very likely to prioritize them in the order they believe the properties will sell. This sets the houses toward the end of the list to see their promotion or resources suffer; some may even slip through the cracks entirely. A team working together covers more ground, and stands a better chance of giving a list of properties similar treatment.

real estate agent, which makes all the advertisements you see listing a number to call useless if there isn’t also a website link right next to it. The way to identify a real estate agent that suits your needs has changed over the years now that it’s more important than ever that they be thoughtful, driven, and aggressive in the promotion of their listed properties. It’ll require some dedication on your part, but it’s worth it to make sure you get the value you know your home deserves.

Now, these questions may seem to resemble more of an interrogation, but you have to keep in mind how important this is. For many people, the purchase or sale of a home is one of the biggest transactions they’ll ever make in their life. No one can afford to lose thousands of dollars because they put their trust in a real estate agent whose priorities didn’t line up with theirs. Very few agents are knowledgeable in how to market on the Internet. The fact is, the majority of people in the market to buy a home don’t want to start off dealing with a

NORTH JERSEY real estate | December 2015

Good agents do exist in every market--and not every agent that isn’t meeting the standards we’ve set here is necessarily lazy, or trying to cut corners. They may just be doing the best they know how. Some agents doing the bare minimum still sell houses, and are respected and well-loved members of their community. But it’s a homeowner’s responsibility to not settle for less to get the job done. Now that you’ve armed yourself with the information in this article, you’ll never have to.

YO U R T E A M

Is A Condo Right For You? The prospect of owning a condo is very exciting to some. Are you wondering if a condo is right for you? If so, you need to do your due diligence before you sign anything, or you may end up stuck with a deal that is no good at all. Learn 7 things you should consider first!

CLICK HERE TO LEARN MORE

www.northjerseyrealestatemag.com

NORTH JERSEY real estate | December 2015

F E AT U R E S

Enforcing Rules In A Condo Association

If the board isn’t doing its job to enforce the rules of the condo association, you have a right to speak up. Here’s how you can get started. WHEN THE RULES AREN’T ENFORCED It is the board’s job to serve as an example for the owners within the development. A board that doesn’t follow their own rules, or fails to enforce them with owners can easily lead to problems. There is a certain trust involved in the act of being a homeowners’ association board member, and to not properly fulfill their duties means they are breaking that trust, something that is actionable in court. However, even if your board is not properly enforcing the rules, owners have

the right to push for the rules within the regulatory documents to be followed, and can go as far as to file a claim against the board for not doing its job. SPOTTING A VIOLATION When just one person in the building isn’t following the rules, it holds consequences for everyone. If you are a condo owner and you spot a neighbor violating the regulatory documents and the board is not properly enforcing the rules, you do have the option of doing something about it. You can write the owner a

NORTH JERSEY real estate | December 2015

letter, speak to them personally, or even sue the owner or board in order to get the rules enforced. However, you may not fine your neighbor, take away their privileges to common areas (such as the laundry room or pool), or schedule a hearing. All of these things require the authority of the board. ENFORCING THE REGULATORY DOCUMENTS If your association is properly enforcing rules and regulations, there is a specific process that they will likely follow when it comes to

F E AT U R E S

correcting problems. If you have a complaint, it should be made in writing, and some member of the board or staff should be able to verify that your complaint is actually a valid problem before contact with the owner in question is made. If the issue is a real violation, the owner will be contacted, including the tenant if the space is being rented out to someone else. This should be done in written form, unless there is a large chance that the owner would be extremely co-operative over the phone. Regardless, it is always helpful to have a paper trail. ISSUING FINES TO VIOLATORS In the instances of certain violations, a disciplinary fine is issued. Before the fine can be issued, however, the association must first have in place a policy regarding how fines over violations are treated. This should have been previously given to owners, so that no one

feels theyâ&#x20AC;&#x2122;ve been suddenly fined out of the blue. In order for fines to be properly issued, the owners must first know what measures can be taken against them. It should also be stated whether these fines can be recurring, and if they will be imposed on a monthly, weekly, or daily basis. IS FINING FAIR? Fining is a method that is commonly used by associations in order to address violators of the developmentâ&#x20AC;&#x2122;s regulatory documents. The fine acts as a deterrent to keep owners from violating the rules in place, and is not a form of revenue for the association. In many instances, fines are an acceptable response to a violation that an owner has been repeatedly notified of but made no attempt to correct. A common complaint within condominium developments is nighttime noise:

this can range anywhere from parties in the evening to an owner being forced to listen to a night owl watch television or shower through a thin floor or wall. CONDUCTING A HEARING If an owner believes that the claim against them is unfair, they may ask for a hearing in the hope of having it dropped. Depending on the jurisdiction, they may have the choice to ask for an audience with the entire board, and in some cases, the owner has the option of addressing the board at any meeting open to all association members. Hearings, however, are typically closed. The best hearings are one where the board is polite and the owner is not defensive, as a hostile atmosphere is not at all productive to reaching a conclusion on the case.

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BUYING A HOME

3 WAYS TO TAKE THE STRESS OUT OF BUYING REAL ESTATE Buying real estate can be a very stressful time in your own life, but it really doesn’t have to be that way.

urchasing a brand new house is an adventure and should be an enjoyable and exciting time for you personally. There are some steps you can take to help keep the anxiety from a real estate buy to help you relax and enjoy the process. Here are 3 things smar t buyer s make sure to do.

Be Prepared A lot of anxiety is caused by the unknown. If you have anything that is worrying you in regards to a real estate buy, let your real estate agent know immediately. There’s generally something which is not totally understood that’s leading to the anxiety. The more you can find out about a home buy, the more ready you will be. You’ll find yourself less stressed whenever you arm yourself with the appropriate information you will need.

Work With A Great Agent A terrific real estate agent will help keep your house hunting a good experience while at the exact same time answering any questions you may have. The majority of real estate agents absolutely love their job and have the capability to match homes with prospective house owners very easily. Stay in communication with your real

NORTH JERSEY real estate | December 2015

estate agent and tell them if anything is bothering you so it will get taken care of quickly. This is a quest that you will experience with the real estate agent together, so it is crucial to keep in close contact and talk about both the positive and negative facets of it.

Stay Positive The more optimistic you remain in your outlook, the more likely that you’ll be able to locate the ideal house inside the perfect location at the perfect price. Negativity is going to just put a strain on the house hunting, which could negatively impact the outcome. Even though looking for your home is really serious business, it does not necessarily mean that you can not take pleasure in the process. By continuing to keep your positive attitude you’ll be able to happily look for a home much easier. Buying a brand new real estate property could be the biggest decision that you will ever make in your life, but it could also wind up being the best. Remain calm, cool and collected and have fun looking for your house simply by remaining well informed and in very good communication with your real estate agent.

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BUYING A HOME

3 COMMON ERRORS MADE BY FIRST TIME HOME OWNERS A

lot of first time homebuyers are going to hurry right into a real estate agreement without thinking things through, and this can turn out to be devastating. Without effectively assessing the actual home or property first you might lose a lot of money. It is extremely common to see homebuyers just fall in love with a residence and buy it without getting it appropriately checked out. In some instances the new homeowner might end up being stuck having a home in that is lovely on the exterior but falling apart behind the actual walls. Below are a few of the other typical errors that many buyers make when purchasing a brand new home. 1. NOT FINDING THE RIGHT MORTGAGE LOAN

2. FAILURE TO GET THE HOME CHECKED OUT

Having the appropriate lender to help back you up financially will save you a lot of money over the course of years of payments. The majority of homebuyers don’t have the actual means to buy by themselves, meaning they’re going to have to obtain a mortgage loan and repay it over a specific number of years with interest. Never ever take the first mortgage loan offer you come across. Always assess mortgage loan and get a mortgage broker. He / she will do the comparison shopping for you and in many cases find a deal you may have overlooked otherwise.

This is often a very big error for first time and experienced homebuyers as well. Home inspections are going to reveal the good and the bad issues with the home. You have to know the state of the home before putting any cash down. There is always the possibility that there is underlying structural damage. 3. NOT UNDERSTANDING PROPERTY TAXES You need to understand the property taxes you are going to pay as soon as you own the home. There are

NORTH JERSEY real estate | December 2015

tons of costs involved with owning and also maintaining a home and property tax is one of them. It’s important to make sure that your spending budget can support these extra costs. These are the common mistakes many people make when searching for real estate. Take time to find out about your taxes, have a home evaluation carried out and also check around to find the best mortgage loan. All of these things can certainly wind up helping you save thousands of dollars in the long run.

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BUYING A HOME

What To Do After You’ve Bought Your House Congratulations: you’ve gone through all the hard work of buying your home and the final preparations are in place. The job’s not done yet, though.

utting your name on the dotted line of your contract can be an exciting time. However, if you think that your work is over now that you’ve finally found your new home, you’re far from the truth. The following will give you a look at what further proceedings to expect after you’ve entered an agreement with the seller of your home. AFTER SIGNING YOUR CONTRACT Once you’ve signed a contract to purchase your new home, the ball gets started rolling on you moving into your new property. Depending

on the time frame that you put on moving into your new home, you will have between thirty and sixty days to take care of the closing process. You’ll need to order surveys and appraisals, as well as meet with your lenders. You should also inform your current landlord, or putting your home up for sale.

have both hired real estate agents, this will be a lot easier than if you were making the transaction alone. However, the downside of this is that your agent’s will need to be paid a commission at the closing table. You should know the fees your broker charges before entering into an arrangement with then.

FINALIZING YOUR MORTGAGE AND CLOSING The biggest things you’ll need to take care of are your mortgage and closing. You’ll need to finalize your mortgage, and also take care of the closing process between yourself and the seller. If the two of you

CONTRACT SIGNING AND CLOSING If you have an agent involved, they will be orchestrating what goes on behind the scenes between the period of signing your contract and meeting at the closing table. You should expect to be asked for

NORTH JERSEY real estate | December 2015

BUYING A HOME certain documents, as well as to review inspection reports about your home, among other things, although on the whole, this will be your agent’s job. This will be a time for the two of you to keep close contact as the date of closing nears. THINGS TO DO BEFORE CLOSING Tasks can vary depending on the type of sale, as each is different and may require different approaches. The following is a general example of what follows as you count down the days until closing. You’ll apply for financing, and your lender will order an appraisal of your soonto-be new property, including a termite inspection and property survey, as well as any other tests that need performing. After the inspection, if your contract included a contingency clause regarding the state of the home, you’ll decide if you really are going to buy the home. Around this time, you should

be finding out whether or not you were approved for a mortgage, which will lock in your interest rate. PRESENTING REQUIRED DOCUMENTS You can expect that your lender will need certain documents from you, like your last two years’ tax returns and W-2 forms, pay stubs, and documentation of any other sources of income you may have, as well as investments, records of any debts you may owe, and any mortgage or rent checks that have been canceled. You may also be asked for information about your previous employers as proof of your employment (including tax returns if you are self-employed). YOUR INSPECTION REPORT On a typical inspection report, you’ll fine general information, as well as sections that center on specific areas of the house. The main information will include details such as the year

the home was built, it’s structure style, what temperatures are like inside the home, weather, and so on. From there, the condition of the main house will be examined, followed by the roof, siding and trim, carport or garage, the landscaping, doors and windows, basement or crawl space, attic, and the utilities, such as electricity, heating, ventilation, A/C, and plumbing. The condition of the interior (walls, floors, and ceiling surfaces) will be inspected for any damage as well. Important test include checks for radon, termites, and asbestos. In the home stretch of buying your home, you may be tempted to just kick your heels up and let your real estate agent handle everything. You only have a little while to hold on until you make it to the closing table, however. After you’ve handled financing and inspections, there is very little more than handling title insurance to take care of as you await your closing date.

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R E / M A X In f i n i t y

Harmon Cove ll

Featured Agent: Irene Szeglin Learn more about Irene Szeglin, an experienced real estate agent whoâ&#x20AC;&#x2122;s helped sell condominiums and townhouses in northern New Jersey.

Q: What areas of New Jersey are you most familiar with as an agent? How much experience do you have? A: I primarily focus on homes and condos located in the fabulous Hickory Hill Estates community, as well as the Harmon Cove, Riverside Court, and Osprey Cove areas of Secaucus. Iâ&#x20AC;&#x2122;ve worked in real estate for 15 years. Q: What was your background before you went into real estate?

NORTH JERSEY real estate | December 2015

AGENT PROFILE

Harmon Cove lV

Harmon Cove l

Harmon Cove lV A: I have a Masters in Business Administration from New York University, and several years of experience in business and finance. Q: Do you live in any of the areas you help sell homes in? A: I’m currently living in the beautiful Hickory Hill Estates in Totowa NJ, where I serves the Board of Directors for Hickory Hill Condo Association for both Homeowners and the Condo-Association. Before that I lived in the Harmon Cove complex in Secaucus, NJ for over 20 years, where I continue to serve on the Board of Directors as President, a position I’ve had for more than a decade now. Q: It sounds like you’ve been very busy! Have you earned any awards for your service? A: I was awarded the New Jersey Association of Realtors (NJAR) Circle of Excellence Sales Award from 2002 to 2014.

Harmon Cove lV

NORTH JERSEY real estate | December 2015

COMMUNITY SPOTLIGHT

Community Spotlight: Harmon Cove, Secaucus We sat down with Irene Szeglin to discuss the communities of Harmon Cove, from their physical locations and layouts, to the local amenities residents benefit from.

Harmon Cove Towers Q: How many townhouses are in Harmon Cove I? A: Harmon Cove I contains over 370 townhouses overlooking the Hackensack River, as well as bordering the Harmon Cove marina. Q: Which streets are a part of Harmon Cove I?

Harmon Cove I

A: Harmon Cove I houses Harbor Key, Marina Key, Sandpiper Key, Sandcastle Key, Sunset Key, and Sea Isle Key. Q: How many floor plans are featured in Harmon Cove I? What are their layouts? A: Harmon Cove I has 6 different layouts, all ranging from 1 to 4 to bedrooms. These residences include waterfront views of the Hackensack River, carport parking for 2 cars, decks, and fireplaces. Q: What amenities come with Harmon Cove I residency?

Harmon Cove IV

A: Harmon Cove is protected by 24-hour security at a gatehouse entrance. Beyond the gate is the Clubhouse, home to management

NORTH JERSEY real estate | December 2015

offices, meeting rooms, and party facilities. Residents also have access to pools for both children and adults, a playground for children, a basketball court, tennis courts, and the Cove Club. Q: How many town homes are in Harmon Cove II? A: Harmon Cove II holds over 250 3-story townhouses, across 16 acres of a beautifully maintained landscape. Q: Which streets does Harmon Cove II consist of? A: Egret Lane, Dunlin Plaza, Sanderling Court, Teal Plaza, and Whimbrel Lane are all the streets that make up Harmon Cove II. Q: How many floor plans are featured in Harmon Cove I? What are their layouts? A: Harmon Cove II has 11 different layouts, all ranging from 1 to 3 to bedrooms. These homes feature a wonderful view of the park-like setting that makes up this portion of Harmon Cove, as well as decks,

COMMUNITY SPOTLIGHT

Harmon Cove ll fireplaces, and carport parking for two cars.

Spinnaker Court, Mainsail Lane, and Topsail Lane.

Q: How many layouts are featured inside Harmon Cove Towers?

Q: What amenities come with living in Harmon Cove II?

Q: How many layouts are available within Harmon Cove IV units?

A: Residents of Harmon Cove II enjoy access to the Clubhouse, located just beyond the gatehouse. The gate provides 24-hour security for the entire community. Within the Clubhouse are party facilities, management offices, and meeting rooms. Book the Clubhouse for your next party, or enjoy a day out with the family at the adult and childrenâ&#x20AC;&#x2122;s swimming pools, tennis and basketball courts, and the Cove Club.

A: There are 3 different layouts featured within Harmon Cove IV, ranging from single bedroom units to spacious 3-level town homes with 2 bedrooms and a den. These units all feature carport parking, decks, fireplaces, and views of the landscaped grounds from their balconies.

A: Harmon Cove Towers is home to 95 different layouts, from 687 square foot studios, to sprawling 3-bedroom duplexes with balconies.

Q: How many townhouses are housed within Harmon Cove IV? A: Harmon Cove Iv is home to more than 130 units. It lies to the south of Harmon Cove I and II and is adjacent to Harmon Cove Towers. Q: Which streets belong to Harmon Cove IV? A: Harmon Cove IV is the smallest of the four communities, and includes only 3 streets:

Q: What amenities are included in Harmon Cove IV residency? A: Harmon Cove IV residents enjoy access to a swimming pool nearby. They are also protected by 24-hour security. Q: How many units are inside Harmon Cove Towers? A: The Towers house over 560 condominiums, all well-maintained with luxury features.

Q : W h a t f e a t u re s c o m e with a Harmon Cove Towers condominium? A: Residents are protected by a 24-hour state-of-the-art security system, as well as a concierge service and weather-proof parking. Inside the units residents enjoy spacious kitchens and bathrooms (some including saunas), terraces, walk-in closets, and fireplaces. Q: What facilities are included with residency in Harmon Cove Towers? A: Residents of Harmon Cove Towers enjoy access to hobby and recreational facilities, including a well-supplied weight, gymnastics and exercise room, meeting rooms, a golf practice room, a game room with a giant screen Tv, ping pong, and a pool table. There is also onsite dry-cleaning, a deli and hair salon.

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There are advantages and disadvantages to condominiums and town homes, so hereâ&#x20AC;&#x2122;s what you need to know if youâ&#x20AC;&#x2122;re thinking about living in one.

CONDOS AND TOWNHOUSES

THE PROS AND CONS OF TOWN HOMES AND CONDOMINIUMS W

ith the advent of construction, no longer are properties simply either commercial buildings or single-family homes. While apartments are a classic renter’s option, what about multifamily housing options for buyers? The following will take you through an introduction to two common multifamily housing styles: the town house and the condominium. WHAT IS A TOWN HOUSE? A town house, or town home, was actually called a row house in decades previous. Town houses are located in a small lot, and are connected to other similar-looking units by a wall. If you are buying rather than renting, the title to the land the unit is on belongs to you. If there are common areas shared amongst residents, there will be an interest charge applied to all owners through the homeowners association. The association uses these fees to maintain those areas, as well as make repairs on the entire development. TOWN HOME FEATURES Compared to your average singlefamily home, town houses are actually not too far away, although they are a definite step up. They are almost always at least two floors, as a single-floor townhouse

is typically known as a villa. Town houses come with their own parking spaces directly in front of their unit, as well as amenities like tennis courts, community pools, and exercise areas. Because the association handles maintenance and repairs, owners of town homes often are able to go without the typical worries of single-family home owners. Town homes are known for their particularly lowmaintenance needs, as there is no grass to mow, fence to repair, or

yard to take care of in general. And of course, one of the factors that tends to draw buyers in are town home prices: in spite of the local amenities that they often come with, town homes are frequently more affordable than the average single-family home. POTENTIAL TOWN HOUSE ISSUES

One thing to keep in mind if you’re considering purchasing a town house is that you’ll be part

NORTH JERSEY real estate | December 2015

CONDOS AND TOWNHOUSES

of the homeowners association whether you like it or not, and the association will require that all members pay a due that is either annual, biannual, quarterly, or even monthly. You pay for the common areas regardless of it you are actually going to use them. When buying a town home, you’ll need to ask yourself whether the unit leaves you with room to grow, particularly if you have a family. And most importantly, find out for sure if the unit you’re considering actually is a town house. Your purchase should bring you ownership of the land the unit is on, but if not, it’s more than likely a two-story version of our next multifamily housing option: the condominium. WHAT IS A CONDOMINIUM? A condominium, often called a condo for short, is a housing option that has risen in popularity over the years, thanks to the increasing prices of land and single-family homes. When you buy a condo, in order to take possession of the deed, you’ll need a mortgage, and money to pay the property tax, charge for access to the common areas, and the maintenance fee the association will be collecting each month. More often than not, condos are layered on top of one another, although there are twofloored versions that even have

accompanying parking space, just like a town home. It’s hard to tell the difference between condos and apartments, and that’s because the main distinction is ownership: an apartment is only ever for rent.

as well as local amenities like tennis courts, pools, playgrounds and more, but there are definite disadvantages to condominium ownership that should be considered prior to purchase. You will be obligated to pay association fees each month. CONDOMINIUM AMENITIES You can also expect there to AND RESTRICTIONS be restrictions on what you can and can’t do with your property, When you buy a condo, and you will share a wall, ceiling, everything within the boundaries and floor with your neighbors. of your contract comes into The proximity you have to your your possession. (This does fellow condo owners will leave not, however, mean that you you with less privacy than you may arrive and begin knocking would normally have in a home down walls, as there are specific for a single family, and on top of restrictions that apply to what that, condos typically take longer you may and may not do to or to re-sell than a standard home within your property.) The rest of would. the development is shared with the remainder owners. The space When it comes to buying a new shared amongst condo owners home, whether you are on your is commonly the pool, spa, roof, own, have a significant other, sidewalk, exercise room, etc. or an entire family, there are a All of the condominiums are variety of options before you as governed by a board of directors, far as housing styles go. If you and you automatically get a vote would like to avoid handling the in all their major decisions. The maintenance that comes along homeowners association takes with a standard single-family care of repairs, maintenance, an home, consider a town home cleaning, but the operating and or a condominium. While both maintenance charges are split have pros and cons, no housing among all of the owners in the situation is perfect. By getting building. These fees are scaled informed and keeping a realistic to the size of the unit you own. outlook, you should be able to decide on a housing option that’s CONDOMINIUM DISADVANTAGE right for you. While the main appeal of condominiums are the low amount of exterior maintenance,

NORTH JERSEY real estate | December 2015

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CONDOS AND TOWNHOUSES

Dealing With Noisy Neighbors If you’ve ever dealt with troublesome condo neighbors before, you know it’s a pain. The following is the right way to diffuse the situation.

onfrontation is a scary thing these days. In a condominium association, it can be easier to just expect the board to deal with neighbors rather than confronting them yourself. In the case of a noise issue, owners will often deal with the issue rather than actually confront their neighbors. This goes on until the owner gets fed up, but rather than approaching the source of the noise, they simply use a broom handle to convey their irritation. This tends to only encourage the problem in some cases: the noisy owner is annoyed because the complaining owner didn’t come speak to them, and the complaining owner is annoyed

that the noise doesn’t stop, and no apologies are made. DEALING WITH NEIGHBORS When contacting your neighbor to complain about a bothersome habit of theirs, the key to not turning your interaction into World War III is to treat them as your friend, not your enemy. This can be difficult if said neighbor has been getting on your last nerve for the past few days, weeks, or even months, but it will help your situation greatly. You should assume that they will be reasonable, even if it later turns out that they aren’t. By presenting yourself as a good person who merely wants to solve a problem,

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rather than a vengeful accuser who wants payback, you’ll be more likely to get what it is that you want out of your neighbor with the least amount of hostility. OFFERING HELPFUL SOLUTIONS Firstly, you’ll need to greet your neighbor in as civil of a manner as possible, even if they are currently your least favorite person on the planet. Don a helpful attitude and suggest some potential solutions to resolve the issue. Perhaps an owner that is noisy could lay down a rug, pad high-traffic areas, or take other measures that help reduce sound. You could establish an agreement that you will call if the noise gets

CONDOS AND TOWNHOUSES too loud. If there is a pet that is posing the issue, such as a dog, the owner could begin training to control barking. AVOIDING FACE-TO-FACE DISCUSSIONS You may be very hesitant to initiate a confrontation. If that is the case, examine local and state laws, as well as building codes and the regulatory documents for the rules regarding your neighbor’s disturbance. If you discover a violation that applies to them, make a copy and leave them at your neighbor’s doorstep. A large majority of the U.S., if not all of it, prohibits nuisances regarding animals or general noise levels. It’s possible that by reminding your neighbor of the rules, they will cease causing the problem. It’s likely, however, that you are going to have to establish contact in order to get your problem solved. You should do this tactfully (without revealing any

anger or resentment you hold toward the person) whether you choose to make your correspondence be through mail, over the phone, via a messenger, or in person. ARRANGING A MEDIATION GROUP Another option is to contact a mediation group and try to work out a date to have a mediation session with your neighbor. Mediation is the process of settling a dispute with the help of a neutral party member trained to help people come to an understanding. There are many programs that offer mediation services for a low or even waived fee. Many judges retire and become mediators, and can be located through your local bar association. You can also find a group through your local court office or the Internet.

has proved futile, you may want to reach out to your other neighbors, particularly if they have also been effected. In increase in voices will make the board pay attention. If the owner in question begins spitefully responding to complaints,it may be time to take court action. However you decide to deal with a troublesome neighbor is up to you. There are some people who simply will not change, and as a result, many people with nuisances for neighbors end up moving away. If leaving is not an option for you, you’ll need to have the determination to see your complaint through to the end. This can be difficult, and some owners will find themselves learning to live with the issue rather than taking part in a constant battle with a neighbor.

STRENGTH IN NUMBERS If mediation isn’t an option, and the contact you have established (if any)

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F I N A N C I N G YO U R H O M E

t u O l l u P gy g i P The

s e m i D e Th ! t n u Co W

hen the time comes to start saving for a holiday vacation, it is time to pull out your piggy bank. Everybody pulls together with each other to scrape up the hidden dimes as well as nickels from the deep dark depths of your chesterfield. Someone discovers a lone dime and the actual cheers start. Is it craziness? No, this is complete sanity! You see, our family vacation has not been missed yet and we’re planning on buying a house. Every year it’s a new adventure to find cash that seemingly is just not there for luxuries, still pay the bills by the due date, and keep food on the table. This is how we do it and this also is the reason why it works. You’ve got your goal set, which may be a nice getaway, the dream home, or brand-new wardrobe, and so on.

Imagine finding the money and the way you’ll use it buying that new house. In reality, the money is there; it simply needs to be found. Your single dollars that happen to be retrieved are just a start. They set in motion many events which begin with a choice and will take off from there. The actual momentum rises and a craze breaks out and all of a sudden your goal is actually reached. Some sort of decision made it occur and that’s truly all it takes. If you seriously want to own your home, take out the piggy bank. Set it somewhere noticeable and put a label on it which says “house”. Place all of your loose change in it and after that scramble for some more. Now there. Your decision has already been

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F I N A N C I N G YO U R H O M E

made and the action started saving money for your own brand new home. It will require more time to save for this home than a vacation obviously. Your patience level will need to stay high and spirits cannot get shattered along the way. This really is it, it is all or absolutely nothing. Once the decision is reached and your piggy is on the table plus rattling a couple of coins you are off and away to an excellent start. You have a goal. At this moment the fun begins. Youâ&#x20AC;&#x2122;ll have to find extra money. It will have to come by either in the actual form of lessening expenses or perhaps earning more cash. Those are your two choices. Dependent on a firm goal, you can make anything at all take place so long as you have established a way. Your piggy is really a symbolic measure of your goal. It is real, however, and each time weâ&#x20AC;&#x2122;ve started off using a piggy, we have reached our goal. You may get your own home by using the first step and defining that it will get accomplished. In some way, it is going to get done.

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F I N A N C I N G YO U R H O M E

Are You Prepared To Buy Your First House?

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F I N A N C I N G YO U R H O M E

SHOULD YOU

REFINANCE YOUR HOME? You’ll find an increasing number of home-owners that are considering re-financing their mortgage and are not sure about the actual procedure. Today, getting a mortgage refinance loan can be difficult due to financial institutions being a lot more cautious about lending. Listed below are 3 useful tips you can certainly use to help you obtain a home loan.

TIP #1 - DECIDE WHETHER YOU’RE UP FOR IT Your mortgage refinancing process might be a long and complex one. It’s impossible to prevent this and you’ll just have to have a bit of patience. The entire process could possibly take a month or perhaps longer to be performed and with little understanding of the process, you may end up feeling quite frustrated. There are actions like a home evaluation and underwriting that may have to be performed.

TIP #2 - CONSIDER THE PENALTIES When you go for home loan re-financing, consider all the fees and penalties you may incur. Occasionally, the charges for early pay back are greater than the total amount you get to save when refinancing the loan. This usually depends on the type of home loan you initially took. Do your calculations correctly. If you find the sum of money you save from the home loan refinancing is actually negative as a result of prepayment fees and penalties incurred, it’s always best to put off your plans for right now.

TIPS #3 - ENLIST A LOAN OFFICER To obtain a quicker quote on your home refinance options, you should use your loan officer from your commercial lenders or perhaps banking institutions. Instead of dealing with outside credit institutions, the financial institution has all your paperwork as well as previous financial information. To keep you as a client of the financial institution, they will be enthusiastic to help you. This doesn’t, however, imply that you should not seek a better quote elsewhere. It may not be quicker should you deal with another lender, however, if it will save you a whole lot more money it should be seriously considered. A great deal of home-owners are looking at their home loan refinancing possibilities. If you want to save money with reduced payments each month, a refinanced home loan may be exactly what you need.

NORTH JERSEY real estate | December 2015

F I N A N C I N G YO U R H O M E

How Your Credit

Influences Your Loan Rate Buying real estate can be a very stressful time in your own life, but it really doesn’t have to be that way.

here is a direct link relating your credit card and your home loan, and it isn’t using your credit card with the 2% cash back buy your new house. The link involving the credit card plus your home loan is based on your credit score. If your credit rating is out of whack, you’re not going to be able to qualify for a home loan. If you would like purchase a house and be OK’d for a home loan, you have to be sure that your credit card bill payments reflect responsible credit ownership, so that the loan companies consider you a good risk.

and too many of these marks will effect your ability to obtain a home loan.

CREDIT CARD PROBLEMS

BUYING USING YOUR CREDIT CARD

If you have any kind of charge card issues in any way these are going to be reported to the credit agencies. Simply paying one repayment late on the credit card bill reflects terribly on your credit history. Anytime you make a past due payment it appears as a black spot in your credit file,

Always make your current credit card repayments when they’re due. By doing so, lenders will certainly look at you as being a dependable credit card holder that is able to handle credit. When you apply for a home loan, your credit report will be pulled and all these issues will be looked at. Having a good credit score history is one of the most crucial pieces of getting approved for a home loan.

One more thing that will be accessed whenever you submit an application for a mortgage is how much credit is available to you. If you are thinking about purchasing a big screen TV with all the bells and whistles and using up the credit left on the credit

NORTH JERSEY real estate | December 2015

card, it is wise to do it after you’ve purchased the house. The lending company wants to see that you have available credit.. TRYING TO GET NEW CREDIT CARDS Don’t apply for any new charge cards when you want to get a home loan. You need to assume the position of certainly not needing any added credit at the time. Trying to get too much credit simultaneously will look desperate to many lenders. When you’re trying to get a home loan it’s best to lay very low with your credit and do not do anything whatsoever that could possibly raise any red flags. Just be sure you make all your payments on time on your cards, don’t submit an application for any added credit and don’t make any kind of large purchases. These steps can help you when you are looking to get approved for a new home loan.

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F I N A N C I N G YO U R H O M E

3 STEPS FOR GETTING A I

f you have been considering owning your own home, you’ll have to go through the process of setting up your home loan. Being a first-time buyer, you may not know very well what is required and wanted by mor tgage brokers. Here is a s tep - by-s tep pl an that you can follow in order to secure your home loan.

Be Sure That Your Credit Is Actually Worthy

Without a good credit score it’s unlikely that you’ll be approved for your home loan. You can obtain a copy of your credit report by contacting a firm that handles credit history files. Once you get the report you will see whether one can find any discrepancies in it. If you think that there is anything in your report that’s a mistake, you need to get this taken care of before applying for your home loan.

Get Pre-Approved

The ideal way to get yourself a home loan will be to ask for pre-approval. Therefore you’re automatically approved for the home loan up to a certain amount. You’ll know the actual range of prices of homes you can take a look at as well as manage to pay for. Buyers which have pre-approval are also taken more seriously by sellers and realtors. Taking the NORTH JERSEY real estate | December 2015

time to get pre-approval for a loan shows that you are serious about investing in a home. You can visit a financial institution in your city on a regular basis to deal with and talk to a loan manager there. If you are offered a pre-approved home loan at your own financial institution, you shouldn’t take it until you have shopped around a little. There may be other banking institutions that are offering a much better rate, and even a small difference in the interest rate can amount to thousands in the long run. You should also look at the conditions of the home loan. Various financial institutions have different features for mortgage loans. For example, one particular lender could have a larger fee in the event you pay off your home loan early than another.

Start Looking At Homes

Get in touch with a real estate agent and begin taking a look at various homes available on the market. An agent can help you pinpoint the houses for sale in your price range as well as schedule viewings for you. Many people make the error of not checking their credit score first prior to applying for a home loan, and not shopping around for the best rate. If you take the time to check out your credit rating first, and speak with various lenders, you are going to wind up saving both time and money in the process.

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HOME ECONOMICS

What You Can Do To Avoid A Foreclosure The threat of foreclosure isn’t the end of the world. There are ways to avoid it, and even defeat it completely.

nderstanding the consequences of a foreclosure, as well as how the process works, is extremely important if you want to actually beat one. You can fight down a foreclosure. And even if you can’t, taking a stand against losing your home could at the very least gain you some very valuable time. CONTACTING YOUR LENDER Lenders don’t actually want to repossess your home, especially in a down market. However, if when they try to contact you, whether it’s by mail or phone, and they can

never get a hold of you, they are left to assume you have no intention of paying them back. This starts the foreclosure process. But if you were to actually communicate your issue to your lender, you might find that they are actually prepared to help you out. There have been instances where lenders were willing to allow borrowers more time to make their payments because they had been laid off, or even gave an advance to help those who had found themselves in new jobs where they no longer made as much. You never know what a lender might be able to offer you until you contact them.

NORTH JERSEY real estate | December 2015

CHALLENGING YOUR FORECLOSURE No matter whether you have a title deed or a standard mortgage, you have the right to challenge your foreclosure at any point during the process. It’s not uncommon for lenders to make errors when filing documents, and this can be used to your advantage. Even if it doesn’t work, it could still get you months to either get your finances back in order or find a new home to move into. In order to properly challenge the lender, you’re going to need an attorney on your side, as they will be the one examining

HOME ECONOMICS

your original loan documents for any errors. Should they be found, not only could the documents be rendered unenforceable, but if you suffered financial hardship by them, the lender could actually end up owing you money. OFFERING UP YOUR DEED The foreclosure process is expensive for your lender, as well as timeconsuming. If you are in a situation where it is absolutely hopeless for you to come up with the money you owe, you could consider offering up your deed in order to avoid the credit-crashing effects of a foreclosure. You will save them time and money by simply signing over your deed to them and having the action be recorded. This spares your lender time from the foreclosure process, lost interest, and more. Be aware, however, that this is not an easy decision to make, as you are giving up all of your home’s equity when you do so.

DEEDS INSTEAD OF FORECLOSING Should you decide that it is worth it, however, the process is as follows: Contact your lender and inform them of your situation, as well as the (failed) attempts you have made to fix things. Your lender is going to need to be convinced that there is no possible way for you to make your payments. After you get a commitment from them that they will be willing to accept your deed in the place of a foreclosure, Sometimes the lender can prepare your deed, but often this is performed by a title insurance company. Mail it off to your lender and confirm that it has been signed and recorded. After that, all that’s left to do is say goodbye to your home, and vacate the premises. WHY GIVE UP YOUR DEED? In giving a deed in lieu of a foreclosure, the next time you try to obtain a mortgage, you can still

truthfully say that you have never been foreclosed upon. This increases your chances of being approved, as your credit will not have taken the hit that results from a foreclosure. However, the drawback here is that many mortgage lenders also want to know whether you have ever given a deed in lieu of a foreclosure as well. In this case, if you do not answer truthfully, it could be found out and counted as fraud. Foreclosure is a scary experience, and leaves lasting marks on your credit rating. However, there are ways that you can avoid the foreclosure process, if not defeat it altogether. Remember, the easiest way to deal with a foreclosure is to avoid one entirely in the first place. Following that, you’ll need to maintain contact with your lender updating them on your situation. Avoidance will only hurt you here, not help you.

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HOME ECONOMICS

Homeowner

Umbrella Insurance D

Do you know you actually stand the risk of being sued as a homeowner in the event somebody gets hurt on your property? An accident can happen to someone visiting you, or to somebody youâ&#x20AC;&#x2122;ve hired to cut your lawn, or even fix your light. A visiting friend might trip and fall on the stairs, injuring or breaking a leg. A homeowner runs the chance of being held legally liable for such an accident happening within their home. The actual liability coverage provided by common home insurance may be of use, but just to an extent. It may not be sufficient to cover you against big claims. Umbrella insurance coverage provides you with extra coverage in the event you exhaust your homeowners insurance. It is easy to exhaust your homeowners insurance, leaving you exposed to the chance of losing your home, your good reputation, as well as your credit ratings. You will need additional insurance coverage to protect you should the need arise. Below are some circumstances that may result in a lawsuit against a homeowner.

INCIDENTS ON YOUR PREMISES You can be held liable if someone is injured while on your property. This may happen regardless of whether the incident was your fault or not. You can also be held responsible if your family pet hurts somebody or a member of your family causes some sort of accident.

KNOWN PROBLEMS Youâ&#x20AC;&#x2122;re more likely to face some sort of lawsuit if an accident takes place on your property as a result of problem you were aware of. An example of that is an accident caused by a broken staircase in the house.

NORTH JERSEY real estate | December 2015

HOME ECONOMICS

OTHER FACTORS You may be faced with a lawsuit as a result of other issues such as privacy intrusion, slander, character assassination, libel, vicious prosecution and so forth. All of these might look unrelated to homeownership, however, if you are confronted with them, you can easily lose the home in an unforeseen lawsuit. Umbrella insurance coverage will offer coverage for these types of lawsuits too. This particular insurance coverage is preferred by financial advisers to improve the liability coverage. This insurance lowers the chance of losing the property as a result of an incident on your property or from another suit. An extra amount of about $300 can increase your homeowners insurance liability coverage to $1 million. Umbrella insurance policies are extremely important should you be confronted with an unforeseen lawsuit. Itâ&#x20AC;&#x2122;s in the very best interests of every homeowner to get sufficient insurance for his/her home and property to safeguard against any lawsuits that may arise.

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HOME ECONOMICS

The Cost Of

Owning A

HOME

he cost of owning a home goes way beyond the mortgage loan repayment amount each and every month. Apart from having to pay your mortgage loan each month, you must consider the expense of insurance coverage, property tax, and maintaining and improving your home. Many individuals only consider how much they can afford regarding a mortgage and forget to consider additional fees related to the house.

visual appearance and to increase the value of your house with every single passing season.

The following are expenses that you will definitely have to handle, and should be considered when you are purchasing a house.

Carry out repairs involving small problems before they develop any more. Check bathrooms and also toilets for any problems. Fix small cracks on walls prior to them getting any worse. Remember, a new home requires regular upkeep. While the problems of your brand-new house are much less, always perform frequent inspections and repair things once you notice a problem. Do not make the assumption the new house is perfect and does not require any maintenance.

HOME MAINTENANCE There are certain aspects of having a home that need regular maintenance. These include your heating and cooling system, the plumbing of the home, drainage, painting the exterior and the inside and too many more to cover. Homeowners often neglect to clean drainage pipes, which very easily leads to blockages and leaks. Clothing dryer vents can rather easily lead to fires if they’re not properly cleaned out and maintained. Keeping up with the grounds as well as the garden also needs to be considered. You may have to buy a lawn mower or perhaps outsource this work on a regular basis.

HOME IMPROVEMENTS

You may need to make improvements to your home to meet your particular style and design preferences. This may involve painting your house, changing the flooring, installing an add-on, etc. You are going to want to continuously improve your home both for the

To prevent running into high upkeep and restoration costs, there are some things you’ll want to watch for, like windows and doors. Examine the seals on your home windows and doors routinely to avoid water from getting into the house. Water can ruin your finishes and furniture.

PREPARE YOUR BUDGET IN ADVANCE Owning a home involves many costs down the road. Make sure that your budget is actually set up not only to handle your mortgage repayments but the true expenses of home ownership as a whole. In addition to paying your home loan every month, you must consider the expense of insurance coverage, property taxes, and keeping up with as well as improving your home. A lot of people only consider how much they can afford in terms of a home loan and forget to think about additional costs associated with the house. They are real expenses that you will have to handle and should be taken into consideration when you’re investing in a home.

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INVESTING

THE BENEFITS OF

COMMERCIAL REAL ESTATE T

here are several reasons why men and women enter in tothe business of purchasing real estate. There’s wonderful money to be made in this occupation, but that’s only one of many reasons men and women choose to take part in the game. Some other reasons consist of skill building, community building, the amount of real estate property obtained, effort devoted, as well as influence potential. All these reasons are explained in more detail down below.

SKILL BUILDING Buying real estate is not a dull job at all. It will require a variety of

skills within a variety of different social environments, which stimulates creativity as well as problem solving abilities. Every day at work differs—plus there will always be opportunities regarding networking.

COMMUNITY BUILDING This type of work helps bring about community growth, which can be extremely rewarding. It also involves increasing employment for individuals in the community by fixing up old buildings to re-sell, and allows for increased affordability of homes for community members.

QUANTITY

The amount of real estate to be sold is extremely high, making it an occupation with plenty of security. There isn’t any worry in this particular profession there will not be enough investment opportunities to go around for both beginners and experts in the field. The real estate game guarantees long-term self-employment and excellent monetary returns. One of the best things about the real estate profession is that the amount of time and effort put into each deal is similar and completely independent of the reward you may get from it. For most other occupations it is the complete opposite: to receive maximum rewards you need to put in maximum effort. This is not the way it is within the real estate industry.

INFLUENCE POTENTIAL With real estate, it’s always wise to get the most out of property ventures. Rather than pay the entire initial investment, it is a lot more effective to be lent part of it. This way, the complete cost can be quite a bit lower, therefore maximizing the actual return. There are many more rewards to this particular occupation and it would be impossible to give out all of them. This is a fulfilling job for each person in the trade—they each have their own favorite part of the job. There is a lot of cash to be made, but that is just a part of the picture of what real estate is about.

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INVESTING

TRANSFER

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INVESTING

ARE REAL ESTATE SEMINARS A SCAM?

ven though real estate may be an extremely great investment vehicle worth taking into consideration, some people are actually offering real estate seminars in crazy get rich quick guarantees. A lot of individuals are attracted to the chance of earning thousands of dollars off properties upon investing a modest amount of cash. You may wind up investing many hundreds and possibly thousands of dollars for these real estate seminars that tell you there is quick cash in real estate. While some real estate seminars are legitimate, some are really a rip-off. Certainly there are real workshops that educate investors in the real estate industry without making promises of fast wealth. Tread very carefully if you see ads promoting investment secrets and techniques and risk-free investments for these real estate seminars. Listed below are some questions you should ask yourself prior to attending these workshops.

IS THE SPEAKER EXPERIENCED? Can the speaker show actual experience that he has truly made money from real estate investments? The speaker should be able to provide real proof that he or she has used the info they are offering to make money. Proper information as well as recommendations from the speaker needs to be supplied with accurate contacts that can be looked into further. Be very wary of speakers that use religion to gain credibility.

IS INFORMATION GIVEN BEFOREHAND? Is adequate info provided prior to the seminar? Most advertisements regarding a real estate seminar have a tendency to focus on the good things without providing actual information. A beautiful picture of wealth and luxury is usually painted without any real information about how to actually get there. Good real estate seminars should provide you with details on what you would need to do to make a profit and mistakes you need to avoid. The actual goals and the discussion points of the workshop should be clearly spelled out in advance.

WHAT MATERIALS ARE PROVIDED? Many workshop offer publications and CDs for sale. Make certain that the actual materials provided are useful and written by well-known authors. Read through the first few pages and the table of contents. This can provide you with a good concept of the material and what it addresses. A number of these real estate seminars are simply used as avenues to sell more books as well as CDs while providing no real info. Real estate seminars that offer embellished results and out of this world profits for any modest investment are an straight up scam. Legit workshops are going to concentrate on providing you with step by step guidelines as well as solutions without making outrageous promises. Good references are going to be given, and speakers will be well known successful individuals in the real estate field.

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INVESTING

BUYING LAND AS AN

INVESTMENT T

here’s a lot of land out there that can be converted into a fantastic investment possibility. If you’re contemplating purchasing land either to build or to hold on to and sell later, there are a few things that you need to know first. Purchasing land is a good choice for individuals that do not think that they’ll be in a position to get together a down payment for a house easily in the future. It gives hope to many who would love to own their own property. A home can be built on this land as soon as their finances improve and the building of it can be taken one step at a time rather than done in one large chunk. Lots of people do not understand that buying a home can be made achievable by buying land that may be developed. One thing you’ll want to watch, however, will be cheap land that appears too good to be true. Find out every little thing you can regarding the land before making an investment and have it surveyed if needed. Your realtor will help you find out more about this land to make sure that it is everything you want and can also have your home built onto it later. If you’re searching for land that you want to hold onto for security or perhaps to sell whenever the prices increase, you’ll have to

do the same research as stated before. When it comes time to sell this land, you’ll want to make sure that the investor is able to build on it very easily. Beware Of Emotional Attachment One of the common issues with purchasing land and holding it for a resale later on will be the investor adores the property and does not want to let it go. It’s crazy how a piece of land can grow on you over the years and it can be hard to sell it off if there’s an incredible attachment to it. This happens quite often, particularly when a husband and wife buys some land in the country and wind up going to it often for a weekend getaway. If you have been considering getting yourself into real estate property investing and would like a quick start, consider buying a piece of land. Your real estate agent will be able to let you know lucrative areas where land is still very affordable, yet has got the potential to boom in the future years. By holding onto this particular land then selling at later on with a higher price, you may end up with a tidy down payment that you can use to buy the house you’ve always dreamed of. Even if the prices don’t rise as anticipated, you will still have built up equity in the real estate that can be used to fund a brand new home.

NORTH JERSEY real estate | December 2015

INVESTING

A BASIC GUIDE TO INVESTING IN PROPERTY

f you’ve been thinking about getting your feet wet through buying properties, there are a few basic things you really need to know first. These suggestions will help you get a general concept of what you should be searching for if you’re serious about investment properties.

LOOK FOR PROPERTIES WITH GOOD RESALE VALUES

Several of the properties that are available seem like they are a good deal until they’re evaluated for resale value. If you are planning on purchasing a property so that you can resell it later, the actual resale value is one of the most important things for you to keep in mind. It does not matter if you’ve found yourself a good deal on the property if you are not in a position to flip it easily later on.

CHECK OUT THE MARKET IN THE NEIGHBORHOOD

It’s not important what condition the market is in when the neighborhood you are buying the investment property in does not have good statistics regarding property sales. A city may be successful for property sales, but one neighborhood may be experiencing difficulties for one particular reason or some other. Make sure you check on the marketplace of the neighborhood prior to finalizing a deal.

EMOTIONAL BUYS You shouldn’t permit your feelings to become a part of an investment. You may like the look of the building for the reason that it reminds you of an enjoyable experience you had in your childhood, for example. However this does not relate to profit. Keep your own feelings separate from your business deal. Solely base your selections on stats as well as trends.

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MAKING AN OFFER

SUCCESSFULLY

SALE

NEGOTIATING A HOME

REMAIN TACTFUL AND POLITE If you are considering mentioning all of the faults in the home in order to secure a much better deal, it will come across as an insult. This does not lead to good negotiations and courtesy must be used if a problem really should be brought up, instead of being used as a bargaining chip. Grace involves letting the home owner understand what a lovely home they have and what an amazing job they have done decorating it. Let the seller really know what you adore without going overboard and drooling all over the home. KEEP THINGS BALANCED

ome people believe that all it usually takes to get a super deal on a home sale will be to run into an eager seller that will consider a low price. This seldom happens. A home sale consists of two parties that are each looking out for his or her own best interests and negotiating for the best deal for the home. Part of effectively negotiating a home sale involves restraining yourself when you’re speaking with the buyer. Do not let them learn how desperately you would like the home or show any other emotions that display signs of desperation.

DON’T GIVE UP WEAKNESSES You must never exhibit any signs of weakness while negotiations for prices are going on. You want to look like a buyer that has got a serious desire for the home and that’s the only thing that should be shown. This is actually the best way to create a trust factor with the seller. A prosperous negotiation for a home sale also depends upon courtesy, grace and tone. Having these in position sets up a positive atmosphere for negotiations right at the beginning.

NORTH JERSEY real estate | December 2015

An overall tone needs to be established by both sides. For example, if just one party is electronically inclined and the other isn’t, sending e-mails to each other to schedule viewings won’t work. The old-fashioned telephone and face-to-face methods still work well and in some cases will work the best in securing a great deal. Generally both of the parties involved with the home sale are well-informed people that have employed the very best real estate agents they can to barter the best deal possible. These are a few of the negotiation methods that need to be put in place in order to get successful outcomes.

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The interest rate on your home loan can be the deciding factor in whether you really can or can’t afford the loan. Having a proper understanding of interest rates will put you in a position to be able to select the rate that’s best for you.

Do You Understand Interest Rates?

After you’ve selected your loan and your lender, the next thing to consider is interest rates. Interest rates are another vital consideration that shouldn’t be overlooked.

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MAKING AN OFFER

TIMELINE FOR A HOME PURCHASE

typical question potential home-buyers ask is when is a good time to get loans when you are considering a home investment. The straightforward answer is as early as possible. To avoid running into credit issues, you need to start improving your credit score and start speaking with potential lenders well in advance. This will make it easier and quicker so that you can secure financing when the right time comes. You stand a much better chance to help seal a great home purchase deal when your finances are in order when you make an offer on a home for sale. Below are great tips on exactly how to be sure that you are well prepared financially when considering a home purchase. THREE MONTHS BEFORE YOUR OFFER

Time for you to get a real estate agent! In case you have not been working with one yet, call one so you can get started knowing one another and also what’s involved in the process. It is also time for you to focus on your

financial situation. Talk to several loan providers and compare the different options you’re looking at.

loan. Don’t make big purchases at this time or move big amounts of money around. Your account really should remain as stable as it can.

Figure out the monthly payment requirements and the down payment expected. You will be instructed to provide a little information for the loan provider to carry out a pre-qualification analysis. This could include bank transactions, pay slips, information on your current job and also tax statements. This particular information is actually used to determine a good budget range you’ll want to target for a home in and also to approve the application for a pre-approved mortgage.

ONE MONTH BEFORE YOUR OFFER

TWO MONTHS BEFORE YOUR OFFER Check around to get a suitable home within the right price range. Compare different homes available in the market. Your budget range could restrict you to a smaller sized homes than you would like. Should this happen, you can speak to your lender to see if they can raise the amount of the

NORTH JERSEY real estate | December 2015

You should have made your selection on a home that fits your requirements and your financial budget. You need about a month to seal a home purchase deal. You can now come up with the lending rate together with your loan company and also get a preapproval letter. Give the letter of offer as well as the pre-approval letter to the seller. This guarantees the owner that your finances are in order and you’re in a position to make a deal with strong funding at your disposal. The home purchase can now be completed. When you are prepared well ahead of time, the entire process of a home buy may be simple and fast. You will be able to shop around for a good home as well as bargain for the very best price knowing exactly where you actually stand in financial terms.

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SELECTING A HOME

TIPS ON PREPARING FOR YOUR HOUSE HUNT Read on to find out how you can acquire the right resources for your house hunt and get very specific info to expedite your search.

GETTING READY FOR THE HOUSE HUNT Before you begin looking for a new home, it’s important for you to have both your finances and your own wants and needs in check. The most important is to get your finances in order, which means creating a budget that you will be able to stick to, as well as getting familiar with the process for obtaining your mortgage. In order to narrow your search, you should also become familiar with the different kinds of houses available. You will also need to decide what your minimum requirements will be, including any extra amenities you’d like. Here, it’s

very important to outline the things you don’t want in your house as well. SETTING YOUR CRITERIA You’ll need to decide where exactly it is important for you to live. Do you want to be near to your job, or your child’s school? If you’re going to be using a real estate agent, now is the time to hire one whom you’re confident understands what it is that you need from them, and begin checking listings and prices throughout America, or within your designated areas online. Other resources for learning about homes for sale include family, friends, the newspaper, magazines, foreclosure

NORTH JERSEY real estate | December 2015

databases, and listings of homes for sale by owner. You’ll need to be prepared to compare homes against each other, and perform inspections to see that the properties are in proper condition. BEGINNING YOUR SEARCH After you’ve decided that your finances are in the proper order for you to purchase a home, it’s time to actually find that new house. You may know where you’d like to live next, or you might not have decided already. If you know where you’re going, and it’s within a reasonable distance, the best thing you can do is go for a drive in that area.

SELECTING A HOME

When finding the right location, you’ll need to decide just how far you’re willing to travel to get to work each morning, as well as what the local amenities are like, such as schools, public transportation, and shopping. Does the neighborhood fit your ideal lifestyle? GETTING PREPARED You’ll be better off if you do the research necessary before you’re up to your elbows in the home buying process. What are local tax obligations? Will there be a special kind of insurance you’ll need? If you haven’t been preapproved for a mortgage yet, get to work on this immediately. You’ll also need to get up close and personal with the details: always look at more than one home to start off, and take notes to compare later. Eliminate homes that don’t meet your standards, and come up with questions to ask the owners of the ones that do.

THE PROCESS REMAINS THE SAME No matter who you are, your chances of finding success in the housing market increase if you do your research ahead of time, choosing a location, getting informed, and properly examining your finances first. Whether you’re buying a home for the first time or not, this process is always the same. However, it gets easier once you’ve moved on to your next home, and with each one after that as you continue to upgrade, or even more to new areas. OTHER HOUSE HUNTING RESOURCES There are a variety of sources of information that home buyers will use in their quest to find a new home. However, the biggest one is usually a real estate agent, as it has been repeated that the National Association of REALTORS (NAR) helps nearly 50% of buyers discover their eventual homes. Many buyers

will discover the home online, and then approach a real estate agent for help in getting the deal closed. However, after real estate agents, yard signs are actually still the most common way that people find out about properties that are up for grabs. Next are newspapers, friends, neighbors, and builders. SEARCHING FOR SPECIFIC INFORMATION For information on community resources, you can talk to the chamber of commerce in the area, or a real estate agent. They can provide you with promotional literature, maps, kits welcoming you, and more. A real estate agent can also get you comparable listings in order to give you a ballpark figure, and taxes are included on the Multiple Listing Service, as well as on the seller’s receipt.

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SELECTING A HOME

THE NEW TREND OF

reen homes are definitely the brand-new trend in real estate. This trend identifies homes that have a better effect on the environment compared to normal homes. The trend to go ecofriendly is actually growing fast and becoming much more than just a novelty. This desire for “green” will grow as each year goes by due to the very high cost of power, a lot more awareness of the weather and a society that is much more informed regarding building ecofriendly homes and properties. In the long run, brand-new green homes tend to be cheaper to run and maintain. Savings run in the form of recycling, harvesting water and using energy-efficient power systems. Green homes also have a positive effect on the health of the neighborhood, significantly reducing the cost of medical care. Green homes offer less expensive renewable sources of energy. Solar is a great energy alternative that’s

cheap and always available. So is wind. Alternative building materials may be used to build decks, add additions or even for some other renovations necessary for the home. All these alternative sources are made of used items which will save trees. Water can be harvested from rain and recycled. The environmentally friendly movement provides excellent health advantages to help society as a whole by motivating individuals to plant flowers and trees, conserve the surroundings, reduce pollution, encourage a healthy lifestyle, etc. All these things have a good impact on the health of people throughout the community. The benefits of going green should not be ignored. Designers are keeping a close eye on this ecofriendly trend and as a home-owner you can do the same. If you already own your home, use environmentally friendly

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materials for renovations and make any possible changes to the energy efficiency of your home. If you’re looking for a new home, ask your real estate agent about any green features on homes you are interested in looking at. Green homes offer the luxury of saving money while at the same time establishing a relationship with the environment. It’s your responsibility to learn as much as you possibly can regarding ecofriendly homes and help the cause as much as possible. It is important for everybody to work together to protect and preserve the environment, simply because this benefits everyone now, and also helps clean things up for future generations. Let your real estate agent know your feelings about this brand-new trend for green homes so that he/she can further direct you towards a greener listing.

SELECTING A HOME

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SELECTING A HOME

2 WAYS TERMITE DAMAGE IS WORTH IT

TO DETERMINE IF A HOME WITH

EXACTLY HOW MUCH DOES IT COST? The cost of hiring a pest contractor may run into thousands of dollars to completely get rid of the termite problem. Check with the home owner to find out if he/ he is offering to pay for the costs of getting rid of the harmful termites in the house. This should include the costs of damage that’s been done to parts of the house too. If you really adore the home you are looking at, you may want to stall your purchasing decision and really think twice about it. Will it be really worth the stress and lost time involved to take care of all the destruction that’s been done over time?

f you purchase a home with any kind of termite problem, chances are you are biting off more than you actually can chew. Termite damage is unnoticeable in many instances, and having a house with this kind of damage will generally be too challenging to handle. The damage brought on by termites might be disastrous, and you may want to find out more prior to purchasing a home with termite problems. GET THE DAMAGE ASSESSED Look for any warning signs of damage together with a home

inspector. You will be unable to establish the amount of destruction inside a termite-infested home. Your local home inspector will start checking out the underside of the carpets if the home has wooden flooring. In the event they think there are termites within the home, you can also fully inspect the house by simply moving the house appliances, opening up wall space as well as looking at the ceilings. If they find really serious problems around the house, you might want to hire a pest-termination crew in to assess the extent of the damage done to the house’s structure.

You can contract pest controllers to examine the home you are considering for termite destruction. If you suspect that the home you are viewing is actually infested with termites, do not hesitate to employ a local pest exterminator to do a thorough evaluation of the house. The cost of hiring a company may perhaps cost you a good deal less in the long run. Hopefully this information has made it easier for you to know what to watch out for and the way to assess the damage properly. Get in touch with a pest contractor for more details regarding homes with structural problems due to termites. In some instances they may be taken care of very easily, however in other cases you need to merely run away as quickly as you can from the home’s damage.

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SELECTING A HOME

3TIPS

For First Time HOMEBUYERS

s a first-time home buyer, you might not know exactly what you should expect in home prices and types of houses. It might come as quite a shock to learn what exactly you can pay for and what is out of your price range when you initially begin looking at the homes available in your city.

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A lot of first time home buyers have some sort of palace in mind, when really they can only just afford a little house in their community. This really is something that every real estate agent must deal with at some point in his or her profession, and it has to be addressed early enough so that the purchaser can find out what to expect and never get their hopes up. 1. SET A PRICE If you’re searching for your very first home you must first have some sort of price in mind. Your spending budget will determine the type of house you really can afford. You’ll need to find out what is available by scheduling a meeting with a real estate agent.

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There are common features you can expect to find in a home that fits in your budget in the area. You can certainly find out how much square footage you will probably have in the actual home, the location and the kinds of features available in the areas of town you can afford. Your real estate agent can explain those to you so you understand the kind of home you should be searching for and why.

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2. BE OPEN TO RURAL LOCATIONS If you’re willing to commute into town, you’ll be able to explore your real estate choices on the outskirts of town. You can find more house for less money the further you actually travel away from the town, and sometimes you can find a home that is nearly twice the size for the exact same price. If you don’t mind traveling, this is an excellent method to start off with a home purchase. 3. LIST YOUR PRIORITIES By listing your focal points you will have a much better perception of what to search for as a firsttime home buyer. Talk these over together with your real estate agent to narrow down your goals for your home with a brand new point of view. You may find out that it’s really worth your time to make the commute if you are more comfortable living in a spacious home in a specific community. However, a smaller home might seem a lot more comfortable if it’s inside the city and closer to the actual amenities you need. As a first-time homebuyer you will have some important decisions to make. You’ll probably own this home for quite some time in the future so don’t rush into a buying decision without total clarity. You can use the guidance of your realtor to help with this decision and also to answer any queries you may have.

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SELLING A HOME

SELLING YOUR HOME

WITHOUT AN AGENT IF YOU’RE THINKING ABOUT SELLING YOUR PROPERTY ON YOUR OWN, WITHOUT A REAL ESTATE AGENT, THERE ARE THINGS YOU SHOULD KNOW. THE FOLLOWING WILL SHOW YOU HOW TO GET STARTED.

h en it comes to getting your home sold, one of the most important parts is advertising. You can’t get any bids on your home if no one knows that it’s even for sale in the first place. That said, many real estate agents will do the bare minimum when it comes to advertising for your home, as more advertising means more cash out of their pocket, and that’s

money they’ll only make back if your home actually sells. This leaves many homeowners with the decision of selling their property themselves. The following will provide you with a guide to doing just that. YOU CAN SELL WITHOUT AN AGENT

You won’t be the first person to decide to sell their home without the aid of a real estate agent. While 95% of homes are sold

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through agents, many home owners tend to interpret that as meaning 100% of homes are sold that way, but it’s definitely possible to go at it alone. When you make that decision though, it’s important that you take into account things like marketing and exposure.

GETTING THE WORD OUT

Most sellers who work by themselves find that the most difficult part of the process is gaining exposure for their property. In a strong market, there are buyers everywhere to be found, but in a down market, they’re scarce. A real estate agent can get you exposure like no one else can through the use of the Multiple Listing Service, or MLS, that they have access to. This is actually the main reason that people enlist the help of a real estate agent.

SELLING A HOME

TIPS FOR SMOOTH

NEGOTIATING

1. HOW DOES NEGOTIATION WORK?

From negotiating to buy or sell a home to divorce, job benefits and salary, negotiation is all about give and take.

“

ALL IT TAKES IS ONE BUYER. WORKING ON YOUR OWN

You might think that there’s some miracle quick-fix for getting around the exposure you’ll be lacking without the help of MLS, but there isn’t. An agent that is working alongside other brokers is the height of exposure, something you can’t hope to reach working on your own. However, there are advertising techniques you can make work for you, from paying for ads in newspapers, on bulletin boards, and even on television, as well as using signs and posters. The benefit you have here though, is that you don’t have the dozens or even hundreds of homes to sell that are on MLS, you just have yours. This means you don’t need to find droves of buyers. All it takes is one.

THE “FOR SALE” SIGN

If you’ve decided that you’re motivated enough to spending your weekends advertising and giving open houses, as well as negotiating with buyers offering potentially up to $50,000 less (if not more) than your asking price, the firsts step to getting your property sold is your For Sale sign. There are sign companies that usually work with real estate agents to make these signs, and you can hire the services of one through either the yellow pages, or by calling a local real estate firm and asking who makes their signs.

2. WHAT IS A COUNTEROFFER?

A counteroffer is what takes place after the initial contract is presented. A buyer makes an offer, and you can respond by countering their offer with yours.

3. YOU DON’T HAVE TO TAKE THE FIRST OFFER

Sellers typically never take the first offer unless the full price is offered right off the bat.

4. EVERYONE SHOULD WALK AWAY A WINNER

Get your home’s worth, but don’t leave your buyer feeling robbed.

5. HANDLING TOUGH NEGOTIATIONS

Whether you accept is up to you. Keep in mind, though, that turning it into a power struggle can be bad.

NORTH JERSEY real estate | December 2015

SELLING A HOME

Using Real Estate Agent Alternatives The truth is, you don’t have to have a real estate agent to sell your house. There are alternatives that can save you quite a bit of money.

ost people will suggest that you use a real estate agent to help you get your home sold. A competent agent is going to be in a far better position to sell your home than you are, from interacting with potential buyers, to merchandising your property, and dealing with paperwork. But in a market where buyers are scarce, it might be a better idea to try selling your home on your own. The following will cover how you can save the money you would have spent on a real estate agent’s commission, as well as increase your luck when it comes to finding a buyer in a difficult market. THE PERKS OF USING AN AGENT Generally, the most trusted way to get a home sold is to go through a real estate agent. More often than

not, your agent will have access to the Multiple Listing Service, which will vastly increase the amount of exposure your property gets. Another benefit of listing with an agent is that they will often work with others in the area, further increasing your home’s exposure. But not all agents are experienced enough, or even interested, in getting their peers interested in your home. Regardless, working alongside an agent is still the most reliable method. KNOWING WHEN TO SELL BY YOURSELF A suggestion would be to attempt to sell your home on your own for a month, and if that doesn’t work, list with an agent. A normal listing period with a real estate agent is three months, but what happens if no buyer takes interest in your

NORTH JERSEY real estate | December 2015

property during that period? There have been sellers who listed their home for six months to a year, and were never approached by anyone. What’s a homeowner to do when they happens? Do you cross your fingers and keep listing? Is it time to take matters into your own hands? Or is there another option? USING A LOW COMMISSION AGENT Before you give up on using a real estate agent entirely, try a low commission agent. One of these will allow you to take advantage of getting your home in the Multiple Listing Service (MLS) database, but you’re still working on your own for the most part, and won’t have to pay a commission to the agent whenever you sell. A low commission agent will help you with the paperwork you need to complete, perform

SELLING A HOME open houses and tours, help you with financing and advertising, and of course, list your home on MLS. THE DISADVANTAGE OF LOW COMMISSION AGENTS While it may seem that a low commission agent does just about everything a regular agent does, that’s actually not the case. When it comes to advertising, you’re actually going to have to pay for any work that is done, such as newspaper ads. And while the agent will provide the sign that goes in your front yard, during open houses you’re going to be on your own, the same way you will be with financing (most agents will simply give you a list of lenders and wish you well). And while you’ll get a listing on MLS, don’t expect much effort more than that to be put into spreading the word about your house. Essentially, when you hire a low commission agent, you are getting exactly what you pay for.

LOW COMMISSION COSTS The amount of money you will pay for a low commission agent is situational. Traditionally, a regular agent will receive 6 to 7 percent of your home’s proceeds, but a low commission agent could only charge 2 to 3. However, while you may only pay 3 percent to them upon the sale of your home, if you want to be listed on MLS, you could end up having to pay another 3 percent to the broker. While may commissions are flexible, there are some that will refuse to work for anything other than their set rate. In such instances, your two options are to pay the fee or pick another agent. FIXED FEE AGENTS Another option for sellers is to hire a fixed fee agent, who will put a sign in your front yard and list your home on the agreement of receiving a set fixed rate. Typically, this fee doesn’t amount to more than $500. There is also an Exclusive Agency agreement

for you to sign, which means that in the case that you sell your home on your own, you don’t pay the commission. If you find a buyer on your own, the agent will help you figure out a sales agreement, and if they are approached by someone interested in your home, they will give the prospective buyer a tour. When it comes to getting your home sold, while it is traditional to use a standard real estate agent, you may find yourself having trouble discovering a buyer that way. Before you decide to completely forgo the help of a professional, consider the options of a low commission or fixed fee agent. Worse comes to worst, however, there are plenty of people who have successfully sold their homes on their own, and there is nothing to say that you can’t also be one of them.

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NORTH JERSEY real estate | December 2015

SELLING A HOME

THE PROCESS OF CLOSING

A HOUSING SALE

A closing meeting is the important date at which the sale of your home is officially documented, and you have certain responsiblities.

f you’ve never taken part in selling a home before, attend a “closing table” is probably something you’re completely unfamiliar with. It might even sound a little scary. In reality, all you’ll be doing is attending a conference to go over and sign the papers that will finalize the purchase of your home. You’ll need to document the commitment you have made to your mortgage, and sign off on permitting your lender to foreclose on your home should you cease making payments. The date of a closing meeting is generally decided upon the contract

signing, but can be moved if a special circumstance arises. WHO ATTENDS A CLOSING? Real estate closings usually consist of the buyer of the hoe, the home’s seller, their respective agents, and the settlement agent. It’s possible that your mortgage broker may attend, and an appearance may also be made by your lawyer, lender, escrow agent, and even a representative of the title insurance company, depending on what region the closing is taking place in. Not only are these people there

NORTH JERSEY real estate | December 2015

to ensure that all goes over well with the documents, but this is also where agents receive their commission. THE EVENTS OF THE CLOSING This is when you finally see your name added to the title deed of your home, and you will receive the keys to your new property. Closing deals usually take between an hour or two; time is relative to the complexity of the deal and the amount of discussion that goes on. The day and time will be scheduled according to what is most convenient for all involved. Closing procedures

SELLING A HOME and protocol differ between areas, but the location will either be in a title company, escrow company, or attorney’s office. Be prepared to do a lot of signing documents. Papers passed out for signing at closing meetings include the settlement statement, loan papers, contract, title insurance, down payment and closing costs, title deed, mortgage payoff, and more. PREPARING FOR CLOSING There are certain things that you should have done to prepare before heading out to the closing table. You’ll need to have scheduled the closing within the commitment period established by your lender, or you’ll end up in trouble. If you’re still renting, let your landlord know you’ll be moving out, and find out how to get back your security deposit. Have your home inspected again, as the seller should fix any issues before the house is handed over to

you. This is also the time to order homeowner’s insurance. Check with your seller to make sure that they will actually be moving out of your home following the closing date, and make arrangements to move in to your new house. THE EVENTS OF CLOSING Closing meetings are held differently, but the main premise is typically the same: you’ll be escorted to a conference table where the seller and the respective agents between you will bear witness to you signing the finalizing legal documents. Any last questions will be asked and answered here; the loan documents and mortgage note will be signed, the last of the paperwork will be exchanged, and you will receive your keys. Your mortgage and deed will be recorded at the local government’s office by the closing agent afterward, and after that information is processed, you’ll be

the official new owner of the home. YOUR RESPONSIBILITIES Your closing statement, or the financial agreement that lays out what each party will pay for closing costs, will walk you through any charges you owe through the transaction. Some charges are prorations, or prorated, which means they are distributed between the seller and buyer. You can expect to have to pay for the notary fees, title insurance premiums, escrow fees, document recording and preparation fees, your share of the property’s taxes, any inspections you orderer, courier fees, new loans interest and all new loan charges, the change of ownership fee, fire insurance, and the change of record fees.

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NORTH JERSEY real estate | December 2015

SELLING A HOME

How To Receive

An Offer On Your Home There are many ways to ellicit offers on your home, but there are definitely things to avoid. The following guide will show you what to recognize.

fter you, and possibly the real estate agent you are working with, have gotten your home up on the market, the next part of the home selling process is to receive an offer from a potential buyer. There are no standard real estate contracts used during purchases, and there are terms that differ from state to state and region to region. The contract you are offered will depend on the real estate agent or lawyer employed by your buyer.

negotiations. Rather than the two of you putting your heads together to come up with a way to compromise, you and your buyer can end up distracted by issues that it’s still too early to solve because of a poorlyworded contract. Worse still are situations where hurt feelings come into play, whether on the part of the seller or the buyer. This is why good offers make use of facts. Facts build up a negotiation; emotions can make the situation tense and inefficient.

AVOIDING BAD OFFERS Offers that haven’t had much thought put into them can worsen

RECOGNIZING GOOD OFFERS There are characteristics that a good offer will have that will allow you to

NORTH JERSEY real estate | December 2015

recognize whether the potential buyer has good intentions. A smart buyer is going to use the price range of all of the other houses that have recently sold that were comparable to yours in order to come up with their offer. They’ll use your home’s size, age, location, and condition. You ideal buyer will also already have been preapproved for a mortgage, meaning they are already in a financial position to buy your home. And unless your home has obvious issues, or you have already had an inspection on your property, neither you nor your buyer will know if any corrective work needs to be done. This means that

SELLING A HOME

your buyer shouldn’t be asking for funds for corrective work until after the inspection. ACCEPTING AN OFFER If you don’t have any issues with the offer that your buyer has made, all that’s left for you to do then is sign the contract. Once you’ve signed, the contracted becomes ratified, or accepted. Just because the offer has been signed, however, does not mean that you are handing over your house. Even when a contract has been ratified, there are so many conditional clauses, known as contingencies, that the deal could still fall apart later down the road. UNDERSTANDING CONTINGENCIES Buyers will typically have clauses in their contract known as contingencies. These are a kind

of built-in escape hatch, so that if the buyer runs into a mishap later on, they aren’t still forced to purchase your home. Two common contingencies are related to property inspections and financing. A buyer is more than likely going to want to know the precise condition your home is in before purchasing, and if issues are discovered within it, such as termites in the woodwork, they’re more than likely going to back out of the transaction. With financing, that contingency usually is built in to give the owner an out if they are unable to obtain a mortgage. ACCEPTING CONTINGENCIES The more contingencies there are, the more ways a buyer has to potentially wriggle their way out of a sale. While this generates a kind of security for them, it leaves a lot of uncertainty in the transaction for

you. But allowing for a contingencyfilled contract boosts the morale of your buyer. While they are having your home inspected, they’ll know that you don’t intend to run off and sell the property to someone else. And if your buyer makes an earnest money deposit (money to prove that they’re serious about buying the property), and then pays to have inspections made, you’ll know that they’re serious, and won’t have to worry as much about the contingencies. Once you’ve signed the contract and inspections have been made, things get easier. Prior to accepting a deal, however, make sure that it is the absolute best thing for you, and that you aren’t caving to the other buyer’s wishes. If the offer price isn’t to your taste, don’t be afraid to attempt a counter offer.

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YO U R T E A M

ESTABLISHING A RELATIONSHIP WITH YOUR REAL ESTATE AGENT

robably the most important thing that you can do when you are either selling or buying a home is to establish a trusting relationship together with your real estate agent. This is the person who is going to help you buy or perhaps sell your home. The real estate agent is going to be giving you advice as you go along, so you need to be in a position to place your total trust into everything he or she says to be sure that everything runs smoothly in the process.

OTHER PEOPLE’S OPINIONS The one thing you’re going to be facing when you’re selling or buying is other individual’s views. You’ll discover that a number of people will tell you what worked for them when they sold or bought their home, plus exactly why it should work for you. Your real estate agent might be telling you the complete opposite, which can get quite confusing to say the least.

NORTH JERSEY real estate | December 2015

YO U R T E A M Something you need to understand is that real estate deals are quite different from one area to another. What seems to work well in one place can certainly be different from another. If you have got friends and family giving you advice, and the real estate agent is actually telling you different things, this doesn’t necessarily indicate that the advice you are being offered by your friends is totally wrong. It simply means that another approach was used according to their real estate situation at that time. THE TIMES CHANGE You might be receiving some information from people that sold their home over 20 years ago. Remember this when you’re trying to adhere to your real estate agent’s recommendations. Things can change from one month to the

next in real estate and different approaches are used in various instances. EXPERIENCE MATTERS Another thing to keep in mind is that your close friends are most likely not real estate agents themselves, and the only experience they’ve ever had with real estate has been personal. If you actually feel any pressure from anyone that is inexperienced you will have to keep in mind the trust you have established in your real estate agent and trust it 100%. THE REALTOR IS IN YOUR CORNER Real estate is really a win-win situation for you and your real estate agent. You will be able to get a good outcome by selling or perhaps purchasing a home, plus

the real estate agent will make a commission thanks to their knowledge and the work carried out to help make it all come together. Your real estate agent has a vested interest in seeing a positive outcome for both of you and with their expertise helping them to give suggestions based on good business principles. When you start working together with a real estate agent you have to have trust well established between the both of you. He or she needs to know that you are going to follow his/her recommendations and you really need to trust that they will always give the very best suggestions based on their extensive real estate knowledge.

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YO U R T E A M

WHAT DOES A

REAL ESTATE LAWYER DO? Y

ou know that you need to have a real estate lawyer involved if you intend on buying any kind of property, but you might not completely understand what part they perform with real estate. A few of the typical problems a real estate lawyer handles for his or her clients are: real estate leases, sales and purchases, property owners rights, tenants and landlords relationships (both inside and outside of your neighborhood), transactions for property including house loans, deeds, and financing. If you’re considering making a one-time property purchase, in all probability you’ll only need this real estate lawyer once, if you do not move again. Typically a real estate lawyer for housing acts for his or her clients as being a one-shot deal in order to complete a real estate deal. A real estate lawyer that is an expert or deals with real estate is actually somebody you’d deal with on a continual basis generally. If you’re managing a

rental unit, you need to have a real estate lawyer on hand for any potential problems between tenants and the landlord. Calling in a real estate lawyer in at the first hint of problems generally puts a stop to things from growing further. To be a commercial property owner, you will have to get a real estate lawyer on your side you can depend on for legal property guidance. When you’ve got commercial property that isn’t a leasing unit, it is still good to have your real estate lawyer available. Your investment decision has to be protected and a real estate lawyer can certainly work on your behalf quickly if need be. Real estate lawyers have a certain part within the real estate field and keep everything running smoothly on the legal level. They are definitely good to have around if you have property for investment purposes.

NORTH JERSEY real estate | December 2015

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