RealtorIrene Blogs about Northwestern NJ Real Estate - Hunterdon & Warren

Desperate to catch a fish, I'm about to poach at the Pequest Trout Hatchery, Warren County NJ

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Wed, 21 Jul 2010 20:46:26 -0400

Desperate to catch a fish,
I'm about to poach at the Pequest Trout Hatchery, Warren County NJ

I know they're in there because I've seen total strangers pull trout from the Pohatcong Creek right at my front yard. Even though it isn't being stocked right now, the darn things ARE in that water at my home!

My buddy Jim Heebner at The Owl's Nest showed me which end of the pole to point at the water - plus sells me squirmy worms genetically engineered to attract the very biggest trout. Well, Jim never mentioned the DNA business but I'm confident his bait is magical and not just pulled from the ground...

Almost to the extreme of buying a silly hat and a camo vest, I wanted to see what these fish looked like in the water. Perhaps those things that look like sticks aren't the best goal. A shame because I have am now a top stick reeler-inner.... So, the other day I popped into Warren County's Pequest Trout Hatchery and Natural Resource Education Center between real estate appointments. I shan't wear high heels there again, however.

I did learn that the Pequest Trout Hatchery has a variety of free programs geared for all ages. Perhaps Family Fishing Basics would be a great idea for this novice trout fisherwoman! Yeah, I'll sign up as long as they let me try catching that big one in the fountain! Otherwise, perhaps a late night outing?

Nah, the bail will cost more than a trout dinner is worth!

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Foreclosure - Short Sale Pricing on a non-distressed, immaculate ranch home for sale in Frankford NJ (Branchville)

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Mon, 19 Jul 2010 16:48:56 -0400

Foreclosure - Short Sale Pricing on a non-distressed, immaculate ranch home for sale in Frankford - Branchville NJ

This totally renovated three bedroom ranch home for sale even has a new septic! Located on a quiet street yet near major commuter roads, 11 Worthington Road, Frankford NJ (same zip as Branchville), is nestled amid woods. Despite new carpeting, fresh paint, new appliances, the estate has dropped the price to just $215000 - as inexpensive as a run-down short sale or foreclosure!

*** On July 19, price became $214,000 and the incentive changed. ***

For what one might expect to pay for a foreclosure that needs a lot of work or a short sale that may take months to close, you can own a gem in move-in condition.

New $8000 SELLER CREDIT on 3 Bedroom Ranch Home for Sale

11 Worthington Road, Frankford (Branchville), NJ 07826 View Map

Enormous price drop plus Seller offers credit up to $8000 - regardless of whether you're a 1st time buyer or not!!!

Perfect as a vacation getaway or a year-round residence!

Totally renovated ranch home for sale has now been professionally staged! Worth a visit just to see the transformation.

Nestled amid 3 Sussex County mountain lakes, this will be a perfect home or vacation property. On a quiet road, well-located for commuters, this redone ranch is surrounded by wooded lands.

Brand new septic is just one of the amazing fixes at this home.

Painted, carpeted and ready for you to move in!

Due to shared zip codes, may appear as Branchville; it is in Frankford NJ.

Details

Asking Price:

$215,000

MLS:

2735098

Sq. Feet:

1032

Lot Size:

.34 acres

Bedrooms:

Bathrooms:

# of Floors:

Year Built:

1972

Contact Info

Irene Kennedy
Serving Warren & Sussex County, NJ

Main 908-454-1717
Cell 973-493-8216
Email | Website

All information is deemed reliable but is not guaranteed.

Going the extra Mile for Sellers along the Route 78 Corridor - Tool for Pricing your Northwestern NJ Home for Sale

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Tue, 20 Jul 2010 12:26:24 -0400

Going the extra Mile for Sellers along the Route 78 Corridor - Tool for Pricing your Northwestern NJ Home for Sale

Although I publish monthly market reports for many of the Warren and Hunterdon County areas I serve, I'm helping potential sellers in Great Meadows decide whether or not to list their home for sale. They do not have to move. Giving them solid facts is a job I take very seriously. Whether or not they opt to list the home along the Route 78 corridor is their business. The data upon which they decide is my business!

My brokerage has a fabulous report that I think far outweighs a basic CMA. We call it a Price Trend Analysis. It takes forever to pull it together but I'm delighted to do PTA every time. And I have that for discussing with these folks. Although the GSMLS system does not offer historic data in an easy to obtain fashion, with some efforts I can get what I need. Combine that with my knowledge of Excel and I have a new tool to offer anyone considering listing a home for sale along the NJ Route 78 corridor!

I extracted average prices of homes for sale in the towns that a buyer would look if considering Great Meadows NJ. These are shown in red. For my post, I varied what these folks actually paid but the related impact on their actual price are the blue columns. The real one also has the street address instead of "Listing Appointment."

Voila! I have just got that extra mile for potential sellers. Coming at a price analysis from 2 different directions - solid data within the last 12 months and historical average sale prices - we're in the same ballpark.

Will these owners along the Route 78 corridor decide to list the home for sale in Great Meadows NJ? Who knows, but at least I'm confident they have the right tools to use in making a decision.

Considering selling a home or looking to buy a house in Northwestern NJ - Warren County or Hunterdon County NJ? I serve the Route 78 corridor of Warren County & Hunterdon County. Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Open House, Sunday July 25 at 9 Beaver Trail, Lake Tamarack, Stockholm - Hardyston NJ

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Tue, 20 Jul 2010 10:45:30 -0400

Open House, Sunday July 25. 9 Beaver Trail, Lake Tamarack, Stockholm - Hardyston NJ

Those interested in a vacation property in a Sussex County NJ lake community and folks wanting a small ranch home for sale with an easy commute are likely visitors to my Open House at 9 Beaver Trail in the Stockholm section of Hardyston. I'll open the doors on Sunday the 25th at 1:00 p.m. and start packing up at 3:30, unless demand dictates I stay later.

Even though it needs work, I expect this Lake Tamarack home to be very popular. When listed, it was the second cheapest and had BY FAR the largest lot. Yesterday another seller reduced the asking price, so we are now third on the list. That GSMLS currently indicates 9 Beaver Trail will be the only Lake Tamarack Open House on July 19 - that too could change once other agents read this post. LOL.

Because 9 Beaver Trail is a furnished (and small) home, I'll only let one party in at a time. To avoid long waits, I ask potential buyers working with a real estate agent to get him or her to show you the home. Why wait in line when your agent can help avoid that?

Meanwhile, here are a couple video posts for you:

Lake Tamarack Homes for Sale. VACATION or Live at 9 Beaver Trail, Stockholm- Hardyston, Sussex County NJ

Lake Tamarack - A wonderful place to Vacation or Live year round. In the Appalachian hills in Sussex County NJ's Stockholm - Hardyton

Vacation Homes in Sussex County NJ - A Long Tradition!

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Thu, 23 Jul 2009 14:18:23 -0400

Within 50 miles of Manhattan, weekend getaway or vacation homes for sale in Sussex County NJ, are very appealing to folks looking for a "country home" with little upkeep required. Prices have fallen drastically, so more people from New York City are purchasing vacation homes in the rural Sussex area. Folks from other distant areas are also jumping on the bandwagon!

Vacation properties in Sussex County being purchased by distant owners is nothing new. In 1961 my great-uncle Joe and aunt Dot purchased a summertime log cabin in Lake Tamarack, Stockholm NJ. Brooklyn apartment dwellers, Dot and her 2 boys spent the entire summer enjoying the mountain air, lakes, hiking, etc. Joe came weekends and for his week's vacation. Dot's brother from Staten Island owned a lakefront cottage down the road; most of the neighbors were also city-dwellers seeking a great place to spend the summer.

The history of other vacation communities within Sussex, NJ is similar. Over time, most of the summer homes in Lake Mohawk, Scenic Lakes, Highland Lakes, etc., were converted for year-round residency or replaced by more modern homes.

The get-away appeal of Sussex County, NJ, is nothing new! Nor is it limited to summers - year round relaxation, strenuous sports and nature offer a 4-season change of pace. No matter what one's age, Sussex County NJ resort homes make a great place to have some fun.

In this little series of posts, we'll take a peek at why New Yorkers and even folks who own a beach house at Long Beach Island still want a ski condo near Mountain Creek, a small home adjoining Ballyowen Golf Course or one of the many other weekend getaway homes we have for sale in Sussex County!

Irene Kennedy's 2009 series on Getaway Properties in Sussex County, NJ:

Part 1: Vacation Homes in Sussex County NJ - A Long Tradition!
Part 2: Highland Lakes Vacation Properties

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 visit 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.

Lake Tamarack - A wonderful place to Vacation or Live year round. In the Appalachian hills in Sussex County NJ's Stockholm - Hardyton

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Fri, 16 Jul 2010 20:06:39 -0400

Lake Tamarack - A wonderful place to Vacation or Live year round. In the Appalachian hills in Sussex County NJ's Stockholm - Hardyton

Those who regularly read my blog know I've written a lot about the lake communities in Sussex County NJ. A year-round paradise, these homes for sale are very popular both as permanent residences and vacation properties, averaging 50 miles from New York City, Here are some of the reasons people love the 34-acre Lake Tamarack in the Stockholm section of Hardyston Township.

All my Sussex County NJ lake community, golf, ski and resort posts may be found at: Vacation Properties in Sussex County NJ.
My personal memories of my Great Uncle Joe's pool - Lake Tamarack NJ - were covered in Vacation Homes in Sussex County NJ - A Long Tradition!
The Lake Tamarack Association has a site full of history, photos and new memories being made.
And, yes, thanks for asking. I do just happen to have a new listing that I would love to sell you! Lake Tamarack Home for Sale. VACATION or Live at 9 Beaver Trail, Stockholm - Hardyston. That link will give you detail on and a video of 9 Beaver Trail.

Lake Tamarack, a wonderful Sussex County NJ choice

Stockholm - Hardyston, 07460

Located within the Stockholm section of Hardyston NJ, Tamarack is a private lake community with roughly 320 homes.

Right off Route 23, where there is an NJ Transit bus stop, this is wonderful community. Once all summer cabins, most are now year round homes in a town with a well-rated school system.

Members (residents and their guests) can swim, fish or boat in the 34 acre lake. Located in the front-range hills of the Appalachians, there are ski slopes in the next town.

Contact Info

Irene Kennedy
Serving Northwestern NJ - Warren, Hunterton, Sussex

Main 908-454-1717
Cell 973-493-8216
Email | Website

All information is deemed reliable but is not guaranteed.

Lake Tamarack Homes for Sale. VACATION or Live at 9 Beaver Trail, Stockholm - Hardyston, Sussex County NJ

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Fri, 16 Jul 2010 20:11:54 -0400

Lake Tamarack Homes for Sale. VACATION or Live at 9 Beaver Trail, Stockholm - Hardyston, Sussex County NJ

This lake community ranch home for sale sits on a double lot - THE largest now available for sale, yet it is the second cheapest within Lake Tamarack. Used for 45 years by one New York family as a summer vacation property. (Per Mapquest, 9 Beaver Trail in Stockholm NJ is about 43 miles from midtown Manhattan.)

Note: On July 19 another seller reduced the price. As a result, 9 Beaver Trail became the third cheapest within Lake Tamarack. Open House on July 25.

Vacation Homes in Sussex County NJ - A Long Tradition! - Mentions my relatives' old Lake Tamarack cabin. This new listing of mine is its twin plus my second cousin married this seller's daughter. This charming "Granny home" does need updating.

Some of Lake Tamarack's community amenities: Lake Tamarack - A wonderful place to Vacation or Live year round. In the Appalachian hills

My Gold Card is better than your Platinum Card > Pre-Qualification letters vs Pre-Approval Letters

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Mon, 19 Jul 2010 19:05:32 -0400

Very early this morning, I got an email from one of my clients who had seen some blog posts on this subject. Instead of joining the opinions, I am delighted to share a post by Jeff Belonger. Based in NJ, he is one of the mortgage EXPERTS upon whom I can rely for solid information. It is very important market and mortgage information for buyers AND sellers in Northwestern NJ (Hunterdon County and Warren County).

So, here is what Jeff has to say:

***********************************************************

Via Jeff Belonger- The FHA Expert FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

Could one say that the sky is falling?

There has been a major discussion weather or not Pre-Approval letters will be like dinosaurs, extinct. It was started with this post by Marilyn Boudreaux - Pre-Approvals Disappearing? - It was then followed by Lenn Harley's post, Calling all loan officers on Active Rain?? What are the facts here?? No Pre-Approval letters??? - After reading every comment on both posts, it sounded like some realtors just wanted to walk the plank per se. Some mentioned that Pre-Approval letters aren't worth the piece of paper that they are written on. So I wanted to set the record straight and give some insight.

In regards to both posts and the comments, I think some seem to be losing focus on what we should be paying attention to. When writing a blog post or comment that is of opinion, some people will read it as if it's factual or correct. This is sometimes why news is misleading or incorrect. And I read several comments by loan officers that were just wrong. Some of them are lender overlays and nothing more.

Some other comments to nibble on :

From a real estate agent - "I definitely require a pre approval letter - make darn sure the loan commitment is in 15 days and financing contingency in the contract is off - buyer's deposit is on the hook - sorry"

Me? A loan commitment in 15 days? This is to include weekends? It's just not that easy anymore.   Gerry Suarez talked about these so-called 10 day closings. I can close a loan in 10 days or less. Also, some commitment dates be unreasonable. What is a reasonable commitment date?

From a real estate agent - "I am at a loss. Sellers are still expecting "pre-approval" letters, and are not willing to go forward with a "pre-qual" which is considered useless."

Me? Here is a Call to Action to all realtors. Educate your sellers properly. Give them the facts about the real differences. Sure, there is more curb appeal when you say "Pre Approval". A good loan officer's pre qualification letter should be just as good. More later.

From a loan officer - "I think that defining the difference between pre-quals and pre-approvals is important. I view a pre-qual as taking an application and getting an automated approval. I view a pre-approval as the pre-qual plus validating income, assets and etc. I then have another category for a pre-approval with an underwriting decision...(more was stated)"

Me? The first sentence is right on. But it sounds like this person has Pre-Approval A and B. A real pre-approval should be fully underwritten. Please read below.

Pre-Qualifying Letter vs Pre_approval Letter

What I want to focus on is the difference between a Pre-Qualification Letter and a Pre-Approval Letter.

Pre-Qualification Letter -

The loan officer should be pulling a credit report and collecting a few pay stubs and bank statements. They should go a little further and ask some important basic questions such as time on the job, rental history, etc, etc. Jeff Belonger's questions for a pre-qualification of a mortgage.

Pre-Approval Letter -

The same thing that was done with the pre-qual situation, but that you also take a full mortgage application. Not only should you be running this loan through AUS (automated underwriting system), but an underwriter should be approving this also subject to the appraisal and title. What happens is that many loan officers just run the loan through AUS and if they get an approval, they then hand out a Pre-Approval Letter.

In my opinion, here is the major issue. What happens if the loan officer calculated income incorrectly? Or that they missed a large deposit on the bank statements? Or they missed child support on the pay stubs?

Summary : A very good qualified loan officer should be able to just hand out a pre-qualification letter and the loan should still close. Here is an excellent comment by Robert Rauf on Lenn Harley's post. - Rob's comment - This is just myself, but if I am unsure of a particular borrower and I run AUS and it comes back refer, I will then go over it with my underwriter. I don't need to go through the whole approval process.

Something else that just took place more recently and why Pre-Approval Letters might not be as credible, even if an underwriter signed off on the file. Under Fannie Mae, a new credit report has to be pulled prior to closings. You don't have to do this on FHA loans. But it has become a lender overlay with many lenders, to where they are doing this anyhow. Larry Bettag wrote about this - Don't use your credit after you apply for a loan.

Answer to Marilyn's original post - You can still offer Pre-Approval letters - Ken Cook wrote an excellent comment on Marilyn's post. - Ken Cook's pre-approval comment -

There was some discussion about RESPA and the new GFE rules and what Fannie Mae has said about pre approvals. First thing is that you don't need a Good Faith Estimate to give out a pre-approval letter. You can give a borrower a form that is called an 'Itemized Fee Worksheet', which is exactly the same as the old GFE, Good Faith Estimates. There are 7 trigger points that have to be met to tell a loan officer that a GFE has to be sent out by RESPA's rules. You could still give out a GFE prior to this, but the lender is held to that GFE. That is the issue surrounding GFE's.

Keep in mind - There are many lenders with their own lender overlays, which is why you are reading so many different answers from loan officers. Some loan officers think their answers are from HUD, when it's actually from their company, just trying to be extra careful.

PS. - I received an approval from my underwriter to post on this topic - Monday dry Humor -

_____________________________________________________________________________________________________



                                                                                       FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Via Jeff Belonger- The FHA Expert FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

Could one say that the sky is falling?

There has been a major discussion weather or not Pre-Approval letters will be like dinosaurs, extinct. It was started with this post by Marilyn Boudreaux - Pre-Approvals Disappearing? - It was then followed by Lenn Harley's post, Calling all loan officers on Active Rain?? What are the facts here?? No Pre-Approval letters??? - After reading every comment on both posts, it sounded like some realtors just wanted to walk the plank per se. Some mentioned that Pre-Approval letters aren't worth the piece of paper that they are written on. So I wanted to set the record straight and give some insight.

In regards to both posts and the comments, I think some seem to be losing focus on what we should be paying attention to. When writing a blog post or comment that is of opinion, some people will read it as if it's factual or correct. This is sometimes why news is misleading or incorrect. And I read several comments by loan officers that were just wrong. Some of them are lender overlays and nothing more.

Some other comments to nibble on :

From a real estate agent - "I definitely require a pre approval letter - make darn sure the loan commitment is in 15 days and financing contingency in the contract is off - buyer's deposit is on the hook - sorry"

Me? A loan commitment in 15 days? This is to include weekends? It's just not that easy anymore.   Gerry Suarez talked about these so-called 10 day closings. I can close a loan in 10 days or less. Also, some commitment dates be unreasonable. What is a reasonable commitment date?

From a real estate agent - "I am at a loss. Sellers are still expecting "pre-approval" letters, and are not willing to go forward with a "pre-qual" which is considered useless."

Me? Here is a Call to Action to all realtors. Educate your sellers properly. Give them the facts about the real differences. Sure, there is more curb appeal when you say "Pre Approval". A good loan officer's pre qualification letter should be just as good. More later.

From a loan officer - "I think that defining the difference between pre-quals and pre-approvals is important. I view a pre-qual as taking an application and getting an automated approval. I view a pre-approval as the pre-qual plus validating income, assets and etc. I then have another category for a pre-approval with an underwriting decision...(more was stated)"

Me? The first sentence is right on. But it sounds like this person has Pre-Approval A and B. A real pre-approval should be fully underwritten. Please read below.

Pre-Qualifying Letter vs Pre_approval Letter

What I want to focus on is the difference between a Pre-Qualification Letter and a Pre-Approval Letter.

Pre-Qualification Letter -

The loan officer should be pulling a credit report and inquring about income and assets. They should go a little further and ask some important basic questions such as time on the job, rental history, etc, etc. Jeff Belonger's questions for a pre-qualification of a mortgage.

Pre-Approval Letter -

The same thing that was done with the pre-qual situation, but that you also take a full mortgage application and collect income and asset documentation. Not only should you be running this loan through AUS (automated underwriting system), but an underwriter should be approving this also subject to the appraisal and title. What happens is that many loan officers just run the loan through AUS and if they get an approval, they then hand out a Pre-Approval Letter.

In my opinion, here is the major issue. What happens if the loan officer calculated income incorrectly? Or that they missed a large deposit on the bank statements? Or they missed child support on the pay stubs?

Summary : A very good qualified loan officer should be able to just hand out a pre-qualification letter and the loan should still close. Here is an excellent comment by Robert Rauf on Lenn Harley's post. - Rob's comment - This is just myself, but if I am unsure of a particular borrower and I run AUS and it comes back refer, I will then go over it with my underwriter. I don't need to go through the whole approval process.

Something else that just took place more recently and why Pre-Approval Letters might not be as credible, even if an underwriter signed off on the file. Under Fannie Mae, a new credit report has to be pulled prior to closings. You don't have to do this on FHA loans. But it has become a lender overlay with many lenders, to where they are doing this anyhow. Larry Bettag wrote about this - Don't use your credit after you apply for a loan.

Answer to Marilyn's original post - You can still offer Pre-Approval letters - Ken Cook wrote an excellent comment on Marilyn's post. - Ken Cook's pre-approval comment -

There was some discussion about RESPA and the new GFE rules and what Fannie Mae has said about pre approvals. First thing is that you don't need a Good Faith Estimate to give out a pre-approval letter. You can give a borrower a form that is called an 'Itemized Fee Worksheet', which is exactly the same as the old GFE, Good Faith Estimates. There are 7 trigger points that have to be met to tell a loan officer that a GFE has to be sent out by RESPA's rules. You could still give out a GFE prior to this, but the lender is held to that GFE. That is the issue surrounding GFE's.

Keep in mind - There are many lenders with their own lender overlays, which is why you are reading so many different answers from loan officers. Some loan officers think their answers are from HUD, when it's actually from their company, just trying to be extra careful.

PS. - I received an approval from my underwriter to post on this topic - Monday dry Humor -

_____________________________________________________________________________________________________



                                                                                       FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

Follow me on:

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Want to Steal a Foreclosure? Get the REO facts from a Northwestern NJ real estate agent

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Fri, 24 Apr 2009 11:05:40 -0400

Want to Steal a Foreclosure? Get the REO facts from a Northwestern NJ real estate agent - serving Warren, Hunterdon and Sussex Counties

Part 4 of Distressed Properties are NOT Black Holes! a six part series based on my real estate experiences in and around Warren, Hunterdon and Sussex County, NJ.

REO List Price Considerations

Most BPO forms ask the agent to indicate what a property will sell for within 30 days and within 90 - 120 days. In setting a price, the bank considers:

current, local market conditions including active inventory, average days on market, etc.
shape of the property;
how much of a loss it has already taken on the original mortgage and the foreclosure process;
amounts paid for trash-out and any work required to make the home safe and secure, i.e., winterization;
carrying costs (insurance, taxes, bare-bones maintenance, utilities, etc.) during the time the REO is listed;
the commission it will pay both agents - a fixed percentage in my experience.

Based on these factors, the bank also looks at its internal situation. How many REOs are they carrying? How quickly does the bank need to "unload" the property? Let's remember that most banks are "for profit" organizations; many report to shareholders. Nevertheless, an REO list price is usually a good deal.

Stealing an REO in Northwestern NJ

Interested in getting a foreclosure for 70% or less of list price? Ain't gonna happen!

The list price is typically a huge bargain already. The bank really DOES know what a fair offer is, based on hard data for local market conditions. The list price takes the shape of the property into account, so don't expect another discount based on bad condition. The bank will not take lowball offers seriously and may not even counter one.

The bank knows that most homes in an area the average sold price is XX% of the list price - in my Warren, Hunterdon and Sussex County, NJ, market areas, this ratio is 95%. While a bank might accept slightly less than the average ratio, my experience shows that this percentage gives one a great idea of what number the bank will accept.

I've found REO banks to be even less flexible on price than non-corporate sellers. Why? Because they know their list price is a steal, which is why buyers come in droves to look at REOs.

Non-Money Components - Your offering price is just one factor

Closing Date: If you want to purchase an REO, offer to close in 30 days. Yes, I realize this is quick but it has a dollar value! Banks want the REO off their books, especially if the closing will be prior to the end of a financial quarter.
Paperwork: Complete and submit every piece of paper the bank has requested. Most banks have their own forms and want them used. For my REO listings, I can load them in the MLS for any agent to readily obtain. Banks will reject offers that are missing the required paperwork.
Down payment: Some banks specify a percentage of the price as minimim earnest money. In every case, I suggest the "good faith deposit" be at least 1.5% of your proposed purchase price. Show the bank you are a serious buyer. A strong second deposit (post-contract, before closing) will also sway the bank in your favor.
Mortgage: A few banks want a shot at your loan and insist they do your pre-approval, even if you have no intention of using them for the loan. (Remember, it is their property and they can make whatever rules they want...) Even without any imposed requirements, a pre-approval from a "brand name" will strengthen your offer. Sure, you can actually then get your loan from "My Cousin Vinnie's Finance Center in Podunk" but a name-brand might just be that little added extra that gets your offer accepted by the bank.

Here is why I earn the big bucks (ROFL) for Northwestern NJreal estate

A tip I use to help my buyers "steal" a Warren, Hunterdon or Sussex NJ REO

Banks tend to have a very aggressive price-reduction strategy. They want to sell the REO quickly even if they will not consider offers far below the list price. Many banks drop the price almost monthly, assuming no offers are being negotiated. Waiting until the price drops where you want it to be could mean someone comes in ahead of you -DON'T RISK LOSING A PROPERTY YOU REALLY WANT OVER A SMALL DOLLAR AMOUNT.

But in considering your offer, you should know WHEN the last price reduction took place, the frequency between all price changes and the percentage of each. If it is a new REO listing, I can often determine a particular bank's reduction pattern by examining another local REO listing owned by the same bank. So, if a bank habitually reduces its list price 5% every 32 days and the current price came about 27 days ago...

(Fellow agents - I know this tip is could mean more work, if you're not already doing this. Some of you might use MLS systems that do not permit you to research historical data to gather a price reduction history. My personal perspective is that I'll continue to do all I can to get my buyer the best deal possible AND submit an offer that will fly.)

Part 1 - Distressed Properties are NOT Black Holes!
Part 2 - Short Sales can be a great thing despite Timeframe & Lowballs
Part 3 - So You Want a Foreclosure: Bank-owned Properties - REOs
Part 4 - Want to Steal a Foreclosure? Get the REO facts.
Part 5 - Consider a Foreclosure - Advantages of REOs
Part 6 - Pitfalls of Foreclosures. Disadvantages of REOs for Buyers

Considering selling a home or looking to buy a foreclosure in Warren, Hunterdon or Sussex Count, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Foreclosures after a BANKRUPTCY? A Deed-in-Lieu might be the way to go

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Tue, 13 Jul 2010 14:53:08 -0400

Foreclosures after a BANKRUPTCY? A Deed-in-Lieu might be the way to go -

although I am not a lawyer and never give legal advice!

True story from Phillipsburg NJ. Although I've listed and sold many NJ REO homes for sale, this is my first time with this particular situation. I'm working with a mortgage servicer that I'll call "the bank." It is trying to find the owners of a vacant home. Those owners completed a Chapter 7 bankruptcy and the mortgage debt has been eliminated. A foreclosure, however, may well be in the works on this property.

Here the folks think they have legally and responsibly taken care of their obligations. Still one more hurdle outstanding, however. The bank does not yet own the home so cannot list it for sale. It is hoping to discuss a post-bankruptcy deed-in-lieu of foreclosure with the owners of this Phillipsburg NJ home. Given the high costs and long time for a bank to foreclose, it wishes to avoid this process. The bank is willing to sweeten the pot.

Potential pluses of the deed-in-lieu of foreclosures to the bankrupt owners?

Money. Yes, a bank may be willing to pay them a little something to agree to the deed-in-lieu.
Credit rating. Depending on how the bank reports the final outcome can have a big impact on the owners' credit scores. Certainly important as these good folks will wish to improve their credit ratings for the future!
No costs to the owners for the deed-in-lieu process (unless they wish to consult their own legal counsel).
Really and truly having the situation resolved. I suspect the owners will be surprised to learn they still have a legal liability on the home.

Am I certain this is the best choice for these particular owners? Of course not. My task simply is to locate them, inform them that the bank is VERY interested in doing a deed-in-lieu of foreclosure and put the 2 parties in touch with one another. My only "reward" would be to list the Phillipsburg NJ REO home for sale once the bank takes title.

As more and more distressed homeowners in Northwestern NJ consider bankruptcy, I have a feeling my experience with this will serve me and others well. I'd like to think that I'm providing a useful service to both sides of the equation!

My Distressed Properties series on Short Sales - Foreclosures - REO issues and BPOS:

Part 1 - Distressed Properties are NOT Black Holes!

Part 2 - Short Sales can be a great thing despite Timeframe & Lowballs

Part 3 - So You Want a Foreclosure: Bank-owned Properties - REOs

Part 4 - Want to Steal a Foreclosure? Get the REO facts.

Part 5 - Consider a Foreclosure - Advantages of REOs

Part 6 - Pitfalls of Foreclosures. Disadvantages of REOs for Buyers

Considering selling a home or looking to buy a house in Northwestern NJ - Warren County or Hunterdon County NJ? I serve the Route 78 corridor of Warren County & Hunterdon County. Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Phillipsburg NJ Data on Homes for Sale, July 2010 - Warren County Market Reports

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Mon, 12 Jul 2010 14:19:51 -0400

Phillipsburg NJ Data on Homes for Sale, July 2010 - Warren County Market Reports

The first time buyer tax credit had a more significant impact within Phillipsburg than it did in many of the neighboring Warren County NJ towns. With a wealth of options under $150,000 the uptick in Phillipsburg closings on homes for sale isn't a huge surprise. I know of some that didn't meet the June 30 deadline but the extended closing date means those 1st-timers are still in luck for the credit!

My Phillipsburg Real Estate Market Report is based on data recorded in GSMLS as of July 12, 2010. Statistics on homes for sale will change based on when numbers are run, accounting for variances with my previous trend snapshots indexed at Market Data on Homes for Sale in Warren County NJ.

Tracking Phillipsburg NJ home for sale? I cannot exclude other towns with these links but can pull only P'burg from a the MLS itself for you. There are still MANY choices priced under $150,000 too!

Homes for Sale $250,000-$350,000- Phillipsburg NJ and other 08865 zips (Pohatcong, Lopatcong and Harmony)

$150,000-$250,000 Homes for Sale in Phillipsburg NJ zip

Considering selling a home or looking to buy a house in Northwestern NJ - Warren or Hunterdon County? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Warren County NJ & works from the Phillipsburg office. Having recently moved from Sussex County, she continues to service that adjacent area - and understands the pain of moving!

We Rode Thomas the Train - A fun but NOT Fabulous Northwestern NJ Family Outing from Phillipsburg, July 9

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Sat, 10 Jul 2010 11:47:23 -0400

Thomas the Train - A fun but NOT Fabulous Northwestern NJ Family Outing from Phillipsburg, July 9

I am certain that the heat on Friday beat the rain on Saturday but I'm sure glad we had the earliest ride possible on Thomas the Train from Phillipsburg in Northwestern NJ.

Frankly, the ultra-noisy toy train whistles were the best part and I would not recommend the outing to anyone other than die-hard Thomas fans! The engineer caps were adorable but it was just too hot for them. We three always have fun but this event wasn't our favorite...

Thomas the Train - Northwestern NJ Family Outing from Phillipsburg - early July 2010

When the 11 a.m. Steam Train heading to the mines pulled into the station, we were sorry not to be getting on that. It was much more impressive than Thomas - even for the 3 and 5 year olds. Guess we'll be doing that next - once the weather cools down.

Lopatcong NJ Real Estate Snapshot - Data on Homes for Sale, July 2010. Warren County Market Reports

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Wed, 07 Jul 2010 14:30:56 -0400

Lopatcong NJ Real Estate Snapshot - Data on Homes for Sale, July 2010. Warren County Market Reports

This snapshot of market data is based on GSMLS statistics as of July 7 and covers some changes from my previous market report.

Closings on 2 homes for sale in Belview Estates in Lopatcong NJ helped bump the average sale price during June. One was $475K, the other $499,900.

In my opinion, only a few of Lopatcong's 10 closings are likely to have been first time buyers seeking that $8000 tax credit. Lopatcong NJ has some very well-priced homes for sale and is a very desirable address. That is what accounts for the activity!

Search Homes for Sale $250,000-$350,000- Lopatcong NJ and other 08865 zips (Pohatcong, Phillipsburg and Harmony)

$150,000-$250,000 Homes for Sale in Lopatcong NJ

All my market trend reports are indexed at Market Data on Homes for Sale in Warren County NJ.

Pohatcong NJ Updates on Homes for Sale, July 2010 - Warren County Market Reports, Irene Kennedy

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Wed, 07 Jul 2010 13:26:16 -0400

Pohatcong NJ Updates on Homes for Sale, July 2010 - Warren County Market Reports

My Pohatcong Real Estate Market Snapshot Report is based on data recorded in GSMLS as of July 3, 2010. Each month I update previous data in Excel so my charts and graphs capture changes.

Please ignore the trendline in the Average Home Sale Prices. As there were no closings of Pohatcong NJ homes for sale in January, the line is wrong. We can clearly see that buyers are targeting the least expensive of the offerings!

Search: Homes for Sale $250,000-$350,000- Pohatcong and other 08865 zips (Phillipsburg, Lopatcong and Harmony)

Houses for Sale $350,000 and up - Pohatcong plus

Although President Obama did sign legislation extending the closing deadline for first-time home buyers, the impact of that tax credit in Pohatcong NJ was negligible. Unfortunately there just was no flurry of closings on homes for sale. Pohatcong is not the only area to reflect this "bust" - not in Warren County, not in the US.

I index my market trend snapshots at Market Data on Homes for Sale in Warren County NJ.

Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Warren County NJ & works from the Phillipsburg office. She also services adjacent areas of Hunterdon and Sussex Counties - and understands the pain of moving!

Are You Up for Selling Your OWN Real Estate? - Reblogged For Sale by Owner FSBO information

Irene Kennedy Realtor® in Northwestern NJ (Weichert) — Wed, 07 Jul 2010 09:28:09 -0400

The following post concerning For Sale by Owner - FSBO - is just as true in the Northwestern NJ area as it is in Debe Maxwell's. Putting your home for sale yourself isn't as easy - or safe - as many think. If you are thinking about a FSBO, I have a great tip sheet that I'll gladly provide.

Have disabled comments. Please leave yours at Debe's original post via the link below.

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Via Debe Maxwell - Search Charlotte Homes for Sale - Charlotte NC Neighborhoods (Helen Adams Realty):

Are You Up for Selling Your OWN Real Estate?

As I’m sure you are aware, the real estate industry is experiencing one of its worst down markets in history—at least locally it is. The last thing you want to do is pay commission to a real estate agent, right? Not to mention the fact that you’re nearly positive you can sell your own home just fine without having had any experience in doing so—it’s EASY!

Before sticking a “For Sale by Owner” sign up, however, you’ll need to make sure that you’re ready for the work and headaches entailed in doing so.

Time. Yes, you absolutely can sell your real estate on your own without the help of an agent but, it takes a lot of preparation and time. How much is your time worth to you? How much time do you have to spend preparing, pricing, marketing, procuring a buyer, showing and quite possibly even selling your home? Before you set out on your own, make sure you can afford the time and energy investment requirements.

Service and value. Going it alone, you’ll lose out on a wide variety of services offered by Realtors®. For example, many agents now provide home staging services as well as extensive advertising and marketing services both online and off.

Exposure. You also need exposure to buyers—real estate agents work together to help their sellers procure buyers for them. Realtors® also belong to various organizations which allow sharing of listing information among other Realtors® and the public—your buyer. As well, real estate marketing is our business—we do this full-time and we realize that 87%+ buyers find their homes online—on our sites.

Legalities. Selling a home involves contracts, closings and a multitude of legal issues that can make or break a real estate sale. Real estate transactions have occasionally led to outcomes that were unexpected, including lawsuits. A professional helps ensure that the contracts are legally sound, binding and carried out to the letter of the law.

Market knowledge. Realtors® have instant access to current market information. We are able to establish an accurate selling range within minutes after viewing your property. Since the real estate market is in constant fluctuation, it’s important to have a complete knowledge of the market before pricing your own home. Otherwise, your risk underselling or overpricing your home. Public online sites’ estimates and comparable sales are NOT accurate and can cause you to make a costly mistake right out of the gate with your pricing.

You will also need experience with legal contracts and excellent negotiating skills. Recent NAR reports that only 2% of homeowners who market their home for sale are actually successful—and many times, the buyer is a family member or a friend.

Unless you have your finger on the pulse of the market, chances are a costly mistake can and will be made.

Can you sell your own real estate? Absolutely—but, can you really afford to?

If you’re trying to sell your Charlotte NC home and need the expertise of a professional, I can help. Call me at (704) 491-3310 or email me at Debe@DebeMaxwell.com for more information.

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