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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          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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            If you are organized and willing to put in some serious spadework, buying a Nutley foreclosure can save you thousands of dollars.  A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in June. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

            If you have never looked into what is involved in snagging one of the foreclosures in Nutley, a few basics will greatly improve your chances for success:

            1.Do Your Research So You Can Act Quickly.

            The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of Nutley Real Estate trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

            2.Weigh in With Cash.

            Time is an important factor in buying a Nutley foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, “A cash buyer who can close in 10 days can certainly get the best deal.”  Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

            3. Create Clean Offers.

            If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down — can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself.

            As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines.  If you are considering buying a local foreclosure and are looking for an experienced agent to stand by your side, call me — and let’s get to work!

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                For quite a while, Nutley residential real estate holders – that is, homeowners – haven’t had to work very hard to come up with a description for the U.S. real estate market. ‘Lousy’ certainly came to mind. ‘Bleak’ was a strong contender. ‘Cautiously optimistic,’ at best a distant third.

                So this month’s Wall Street Journal report came as a quiet reminder that, for serious-minded investors who view our situation from a less-involved perspective, our residential real estate outlook is neither lousy nor bleak. In fact, the combination of lower residential prices and the international currency environment has created a ‘property-buying binge’ by Asians, Canadians, Europeans and Latin Americans – more than 60% of whom pay in cash.

                “There’s this international view that America is on sale,” according to one property manager. He should know; he’s an executive whose Chicago-based company buys foreclosed homes and manages them for investors. A year ago, all of his investors were domestic. Now, one in five is foreign.

                Whereas before, most foreign residential real estate investors were interested in ‘trophy’ properties to enhance their personal prestige, the new onslaught is coming from buyers who see that they can earn high returns by buying here, renting, then reselling in the future when the market rebounds. It seems that in many countries, a residential real estate downturn is expected, but has yet to occur. In their estimation, ours is already history.

                It looks like “a gift,” according to one developer, who judges that an oceanfront condominium in Rio de Janeiro sells a level 50% higher than an equivalent property in Miami. International or domestic, investment money is always drawn to bargains — but when bargain basement prices are combined with the perceived safety represented by U.S. residential real estate, the lure is apparently irresistible.

                “FOREIGNERS SNAP UP PROPERTIES IN THE U.S.” was Nick Timiraos’ headline, with a caption that read, “To many Americans, plowing money into real estate has never looked like such a risky venture. But to many foreigners, U.S. housing has never looked like a smarter investment.”

                Thanks, Nick, for giving us some outside perspective; I guess we can adopt the ‘cautiously optimistic’ view with a lot more confidence. If you have been waiting on the sidelines to make your own Nutley residential real estate investment, I hope you will give me a call when you decide that now is the time. I’m standing by to help you find the property you’re looking for!

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                    Simple But Effective: Nutley Front Yard Marketing

                    When it comes to Nutley property search resources, one tool house hunters rely on without hesitation is so simple they probably don’t even think about it. Although online sites and search engines are incredibly valuable, some stall users until they give up their email address. Classified ads may be tried and true, but often require searchers to make a phone inquiry to learn the address in question. But there is a low-demand, high-yield, unequivocal property search aid without any of those drawbacks: the good ol’ frontyard ‘For Sale’ sign.
                    It may seem like an awfully old-fashioned marketing method, but that sign remains one of the most effective tools we recommend to attract buyers. With the prices of single-family homes on the rise in half of the largest US cities, many who have been on the sidelines waiting for the market to turn around are revisiting the idea of selling. For them, what about putting out that ‘For Sale’ sign?
                    One advantage is obvious: signs alert the most interested potential buyers – those already on a property search in Nutley. Your agent’s posted cell phone number (or a number that plays a recorded message) will certainly draw inquiries from interested buyers. Although its reach is a tiny fraction of the Internet’s, not everyone begins a property search online. To reach potential homebuyers who have targeted your neighborhood, the humble sign can be your #1 marketing tool.
                    Today’s Nutley property searchers have cell phones, most of which have apps which recognize a digital feature some of today’s yard signs display: a QR code. When a QR design appears on a For Sale sign, users just use their phone to scan the code and instantly gain access to the agent’s web page with full information about the property. Not so old fashioned, after all…
                    Drawbacks
                    The main disadvantage is location location location: only people who already live in the neighborhood or pass by the property will see it. The quality of those reached is high, but their numbers don’t compare with what online listings can yield. Too, some homeowners are nervous about the idea of seeming to invite unwanted visitors – although the addition of a “call for appointment” tag usually resolves that issue. For those who are shy about announcing to the neighborhood that they are ready to move, it’s good to remember that the goal of marketing a home is to attract as much attention as possible: hiding the ‘product’ is counter-productive.
                    There are many ways to advertise a house for sale. Many homebuyers’ property search begins with an agent; some with an online session…but for others, that simple yard sign can be what prods them into thinking about the home that could be theirs. For anyone planning to market their own Nutley home, the surest first move is to hire a professional: an agent with a proven multimedia marketing plan. And you can bet that a good old-fashioned (or nowadays, new-fashioned) yard sign will be part of it!

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