RealtorIrene Blogs about Sussex County NJ Real Estate: June 2009

You Want Us to Use Your Appraisal? Be Careful What You Ask For...

This Sussex County, NJ, real estate agent has the great fortune to represent a couple considering a vacation/retirement purchase - completely discretionary. They were not tied just to one county but are mostly focused on New Jersey. Of greatest interest is farm-type real estate. Plenty of options here in the Garden State and I've recently toured many of them!

FreeDigitalPhotos.net - barn photo acknowledged To match my clients' dream, I'll call them Mr. and Mrs. Farmer. They decided to make an offer on a property listed for 5 months. Naturally, I did extensive work on comps so that the Farmers had solid data on value. From the listing agent, I learned that there had been no offers. We had some excellent terms - all cash deal, hefty deposits, closing date to suit Seller's needs. Naturally, price was the stumbling block.

The listing agent kept stating that the price was based on an appraisal, so the price was really fair. My response, "I understand, but my buyers can only consider data to which they have access." I did agree that we'd be delighted to consider the appraisal - but only if we could actually see it! List agent got permission but forwarded just the cover page, which had the value and the date. Called the other real estate agent and explained that if she wanted us to review that appraisal, we'd need the entire document. She promised to forward the full report later in the day.

Meanwhile, I looked at the summary - dated mid-October 2008. Value was exactly the Seller's counteroffer, lower than the list price. Using MLS statistics from homes that had closed since then, I worked up an Excel spreadsheet. Values had dropped since October and using that documented metric with the appraisal figure, one arrived right to the number in our initial offer. (And less than our counter, which was called a "deal breaker.")

I shared this data with Mr. & Mrs. Farmer and faxed the listing agent both my spreadsheet and supporting GSMLS documentation.

All of a sudden, the appraisal was no good. The appraiser had not selected the right comps. The listing agent not only decided to withhold the details that had been promised, she negated what she stated was the fair basis for the Seller's price point. We were to ignore the appraisal summary because it wasn't any good. Furthermore, the documented declining values over 7 months from the MLS have no bearing; it wasn't what the agent "was seeing."

The listing agent would be sending me the comps she wants used instead of the appraisal she provided.

I don't think so... Nor did the Farmers...

Did the listing agent shoot herself in the foot? You betcha.
Do the Farmers think my initial comps were right on the money and their offer fair? That I did a fabulous job on their behalf? You betcha.
Am I still weeping about returning the Farmer's deposit to them? You betcha!

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or www.HomesIrene.com.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Sussex, Vernon, Wantage. With her vast network, however, Irene Kennedy also can help you find an equally talented real estate agent elsewhere.

26 comments • Irene Kennedy Sussex County NJ Realtor® • June 28 2009 10:29AM

Reblog of: I'm wearing orange diapers ... while getting my head shaved (for charity)

Let's get some more contributions from the Sussex County, NJ, community - real estate agents, homeowners, buyers, you name it!

Ken's post will appear as a Feature because it showed up in today's AR newsletter as a feature. This happened to me a few Thursdays ago; the gold star & position on the front page didn't appear until Monday.

I'm turning off comments on my page - please visit the original!

And, yes, I made a little contribution.

Via Novation Mortgage:

No, it's not a joke. I came up with this idea and my friends Jason Crouch ("heck ya, let's do it") and Jeremy Blanton ("I'm all over it") kind of kicked me into gear with it when they jumped on board so quickly.

Times are tough and there is no denying it. Sure we can have "positive thoughts" and "draw in good energy" and one way of doing that is by joining Jason, Jeremy and myself along with thousands of others to put this into motion.

Instead of completely rewriting the hundreds of words already written please take just a moment and read the Social Media House website. Here are some excerpts ...

I WILL SHAVE MY HEAD! If we raise $10,000 by Sunday, June 14 I will shave my head on YouTube! (If we raise $15,000 I will shave my face, too). If we raise $25,000 I will do it wearing an orange diaper with the Twitter bird drawn on my very white chest!

Here is what we are doing - we are going to restore this home to good living conditions. Once the renovation is complete we are going to advertise for people to recommend a family or individual who they believe deserves the opportunity to live rent and utility free for a maximum of one year in the home. We, the Social Media Community are going to prove to the world that we believe in giving. We believe in “paying it forward”.

Not only will we provide the home rent free but, provided donations are high enough, we will also pay generously toward the utilities. Since there are no or very limited management fees all contributions after the rehab will go directly to covering the costs of the home.

The home is already in my possession, rehab has already begun and we three are already itching to do the next one. Essentially we'll be helping someone or a family of someones to have a respite from the damage they have endured in this collapsing economy.

Who Will Live There?

Someone one of you recommends perhaps. You may have a family member or friend who has been devastated financially because of circumstances which blindsided them. They may have recently experienced a personal tragedy or be in greater need for some reason truly outside of their control.

The selection process is quite simple and I will detail it in another post. Submissions will be screened and you will be allowed to vote for the final candidates. For this first project we will accept applicants from local community and faith organizations. Selection will be blind meaning you won’t know anything about the people except why they are in a hardship. Since it is NOT a charitable organization there are a lot of hoops we will not have to jump through until it becomes a charitable organization but for complete fairness sake you will only see a few paragraphs about the people excluding names, ages, etc.

Who Will Not Live There?

Drug abusers, people abusers and anyone who is in their situation because of abuse of the system, self or others.

When Does This Happen?

Now. Right now. We must have the home ready for the back to school season in the even you select a family with school children. Target date for selecting the occupants is August 1 which is approaching rapidly! Meanwhile the renovation must be completed. I have already started but there is much more work to be done. We already have volunteers standing by to get it done.

Partners and Friends

We are working together with the Georgia Coalition to End Homelessness and the many institutions they serve. We will also accept applications from local faith based organizations as well as individuals. The most important criteria is that we find applicants who are not and have not been abusers of the system. Help us raise $25,000 in 3 Days on Twitter, Facebook and others as you see fit. All we need is 1000 people to give $25 each and the house will be finished and ready for people of greater need. Feel free to give as little or as much as you can.

For underwriting this project you will receive the following:

Donations of $10 will receive a text link back to your URL from the Social Media House web pages.

Donations of $25 will receive a 200x200 graphical link.

Donations of $50 will receive an editable entry with graphics and text.

Donations of $100 will receive an editable page and a mention on Social Media Edge Radio.

Donations of $250 will receive an editable page and a 5 minute guest appearance on Social Media Edge Radio.

Donations of $500 will receive a 25 megabyte blog account for 12 months, an editable page on the Social Media House web pages, and a 5 minute guest appearance on Social Media Edge Radio.

Contributors who donate more than $1000 each will be promoted during the 2 hours plus of video including selection of the first recipient of the 12 months free living grant.

If you want to name the project a contribution of $25,000 will get that done (the Your Name Project). Call for details, we’re flexible. You also get everything mentioned above

If you want to name the home for 3 years (the Your Name House) a contribution of $50,000 and it’s yours to name plus you get everything mentioned above: hosting, radio show, project name and exclusive Major Sponsor credits on the video.

Video post production is being handled by Robert Lewis of The NBA Channel.

0 comments • Irene Kennedy Sussex County NJ Realtor® • June 13 2009 08:22AM

Thankful Thursdays - A Vision of Thanks (aka Ties that Bind)

My nephews, Matt and Sam, moved to Kentucky a few years ago. Since then, I've felt disconnected from them, unable to maintain our special connection. Their family was visiting very briefly but due to my real estate showings, I was only going to have an hour or two with them.

Matt and Sam had other ideas and decided they needed to come to my home for a sleepover party at my distant Hamburg home - before knowing that we'd have hot fudge sundaes for dinner and stay up WAY late watching a PG-13 movie!

Matt and Aunt Irene Sam and Aunt Irene

The boys didn't need that rope to be connected to me.

Matt and Sam taught me an important lesson. And for that, I am very, very thankful!

14 comments • Irene Kennedy Sussex County NJ Realtor® • June 11 2009 09:23AM

Sparta, NJ, Real Estate Snapshot - Homes for Sale Market Data based on MLS

GSMLS market data for Sparta homes for sale shows that 29 homes were sold in May 2009! This represents the most closings within the last 6 months. While the average and median sale prices were down slightly, owners still benefited from a 93% list-to-sale ratio. (So did those buying homes in Sparta!)

Homes for Sale Market Report for Sparta, Sussex County, NJ

Whether you're considering selling your home or purchasing a home in one of Sussex County's fine communities (Lake Mohawk, for example), this is a better time than many folks think. Don't let gloomy newspaper reports dampen your hopes - let's sit down and chat about what these MLS statistics might mean for your real-estate plans!

Look for homes for sale in Sparta, NJ.

Considering selling a home or looking to buy one around Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right or HomeIrene.com.

Irene Kennedy, a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.

2 comments • Irene Kennedy Sussex County NJ Realtor® • June 10 2009 01:14PM

Wordless Wednesday - Why Travel Rejuvenates

Irene Kennedy photo from NH

18 comments • Irene Kennedy Sussex County NJ Realtor® • June 10 2009 08:21AM

A Hunting We Did Go and all We got was SKUNKED

Back in beautiful Sussex County, NJ, doing real estate deals after a short but lovely camping trip.

Although I don't have a shred of evidence to support this theory Real Estate agent serving Sparta NJ finds a Moose , I firmly believe that all the moose in New Hampshire headed to the Jersey shore for the weekend. Chip and I hunted at dusk, dawn and every point in between. We know every wallow in the White Mountains, so if anyone wishes to buy a mud hole in NH, I'll be your consultant.

NOT A SINGLE MOOSE TO BE FOUND!!! Why does NH have moose crossing signs when there are no meese, crosing or otherwise? Was it their weekend off?

A pit stop in Vermont seemed to portend many meese in my future. As I was mugging, I offered all passerbys my business card in case they wanted to buy a home or sell a home in New Jersey. No takers - I believe they thought I was kidding!

We had a spectacular campsite right at the beaver pond. Already used one shot for my first "Wordless Wednesday" post. We drove to the top of Mount Washington just in time for an unexpected hailstorm that caught all by surprise. (Hikers should ALWAYS have rain gear in their packs - ill-prepared kept the rangers hopping.) Road was closed for a bit, totally fouling up a wedding at the summit...

Other lovely pictures will magically appear, no doubt, The reason for this post, however, is to complain that we saw little wildlife in NH but this evening in our Hamburg, NJ, backyard, we had this:

Sussex County, Hamburg, NJ Bears

Here is the tough question... Who can figure out why tonight's dinner was a sandwich instead of grilled tuna? I'd offer lots of points for the winner but have absolutely no pull with AR gods or meese!

10 comments • Irene Kennedy Sussex County NJ Realtor® • June 04 2009 08:40PM