Your Real Estate Agent is a Dumb Ass!

Yes that is what i said if your real estate agent sits there and tells you he can short sale your home and you want have to pay your mortgage and stay in the house he is a “A STUPID ASS” as Real Estate Agents we cannot dish out legal advice, when I do a Short Sale there is no trickery of flim flam nonsense, its a Listing an Attorney and a loss mitigation person from the lender that’s it! No deed flips, no special payment programs etc. There are to many Agents calling themselves “Short Sale Experts” and they really are not. So if you are a home owner and your Real Estate agent tells you he or she knows that you can stay in the house for x amount of time and that they guarantee that the bank will give you this or that, that should be a red flag! make sure you are working with a competent agent and also an attorney that also knows what he or she is doing, just because they have Esq. at the back of their name does not make them an expert. There are some questions you may want to ask that attorney and realtor and it is very simple:

#1 Ask the realtor if he works with a Short Sale Attorney

#2 Ask the Attorney hoe many Shore Sales they have completed

That is it, then also ask for references, a good agent and good attorney can make the difference between a successful short sale and one that does not work at all.

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      A Short Sale is a PROACTIVE process!

      I run into this all the time, someone will have their home for sale or on the market for two sometimes almost three years not to realize that the Agent or The Attorney are not doing what they are supposed too and they blame the lengthy process on the bank, meanwhile the home owners just get deeper and deeper into the foreclosure process with nothing left but to foreclose on the home. Here is some news for you home owners trying to Short Sale your home, THE BANK DOES NOT WANT YOUR HOUSE! yes the banks are very busy, yes the process can become a little crazy but they are willing to work with you at some point, you need a qualified agent and a experiences attorney who will be willing to be proactive contact the bank on your behalf and push the issue with the bank, I have had many short sale successes after I found the right attorney. I still keep running into homeowners who don’t understand the process not that it is their fault the people coaching them did not explain it to them, I am just as eager to get all these short sales off the market as well that is why I am so proactive when i take on a short sale listing. If you have any questions about short sales etc. Please drop me a line 973-846-0065 or email me at mdefede@gmail.com

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        Nutley Home Sales: The New Normal is…Normal!

        Homes for sale in Nutley New Jersey

        September is a transition time for almost everybody. Here in Nutley, the kids have shifted into school gear, adults have moved out of vacation mode, and businesses are already sprucing up for the (believe it or not) Holiday Season.

        In real estate, we are looking with more than casual interest at what’s going on nationally. Especially those measures that tend to affect Nutley home sales. The largest professional association in the country is our own National Association of Realtors®.  At the beginning of the month, they broke another piece of welcome news. This one looks like the difference between ‘indicators’ of a strengthening home sales market — and signs that it’s already fact.

        The NAR release was about TOM. No, as you have probably guessed, TOM isn’t some real estate broker’s name — it’s the Time On Market measure. For Nutley homeowners who are selling (or planning to sell) their properties, it’s a vital measurement of one of the two most important characteristics of how things are going – a tip to what they may expect when they list. Along with median price trends, it tells the story of whether the market is hot, cool, or somewhere in between.

        For some years now, TOM has been an uncooperative sort of fellow. At least when it came to Nutley home sales. Following the financial crisis came skyrocketing foreclosures…then the fallout from that — painfully long TOMs marking the lengthening time it took to move homes through the market. TOM had stretched out to a painfully long median of 98 days – close to the longest ever.

        The good news: TOM is just about back to normal. From the cyclical peak hit in 2009, by mid-summer, he was back “in the range of historic norms for a balanced market.”  Traditional sellers were reporting the median TOM had returned to the balanced range of six to seven weeks. IOW, TOM is finally behaving himself.

        And what about that other half of the picture that helps guide home sales expectations?

        I think it’s too soon to tell for sure, but the head economist at NAR knows what history tells us to expect when this kind of balanced market returns. According to him (Lawrence Yun), “Our current forecast is for the median existing home price to rise 4.5% to 5% this year.”  Plus another 5% in 2013!

        So the transition that September means for everyone else seems to be underway in the real estate world: and it’s a transition back to home sales normalcy. In light of what we were looking at a just couple of years ago, I think it’s fair to say we are delighted that ‘normal’ is the ‘new normal!’

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          Buying A home in NJ with Bad Credit

          Buying a home with bad credit in NJSo you want to buy a home, but you have bad credit, what you can do

           

          Just because you have bad, poor or no  credit, filed bankruptcy or gone through a foreclosure or divorce,  does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you’re going to pay more than a borrower who has sparkling credit and its going to take some time to finf the right lender to counsel you and help you clean up your credit.

          • The period between bankruptcy filings is seven years, but the ding to your credit report stays for 10 years.
          • For better rates with a conforming loan, the wait is four years after filing bankruptcy.
          • FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
          • Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
          • Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.

          How to Improve Your Qualification For a Conforming Loan

          • Obtain a major credit card. It’s easier to get than you would think after a bankruptcy, for three reasons:
          1. A bankruptcy filing gives you a “fresh start.”
          2. The lender knows you have no debt.
          3. You can’t file bankruptcy again for another 7 years.
          • Show steady employment on the job for one to two years.
          • Earn a regular salary or wage (this does not apply to self-employment).
          • Save a down payment of at least 10%.
          • Avoid late payments and continue to pay your bills on time; do not fall behind.

          For more information about buying a home with bad credit call me at 973-846-0065 and I can point you in the right direction!

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