Buying A Home in Cambridge Heights, Nutley NJ 07110

Thinking about buying a home in Cambridge Heights in Nutley New Jersey?

The median list price in December for single family homes in Nutley is $339,900. The list prices increased by 0.26%from the previous month. The price per square foot for listings in this area is $171. Buying A Home in Cambridge Heights, Nutley NJ 07110

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    Buying a Nutley Home from the Bank?

    The difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical, but  important to understand.  Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.

    A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any auction.

    With a bank-owned home, the ‘owned’ is attached by hyphen to a banking institution – a spot not exactly known for excitement. True, banks are eager to sell, since a bank-owned home represents an unprofitable financial and management burden. But banks are by definition cautious, thorough, and usually (unlike auctioneers) prone to moving like molasses in December. So, persistence and care will be needed to take advantage of the potential bargain a Nutley bank-owned home represents.

    Since you will need to prove you are qualified to buy a bank-owned home, being pre-approved for a loan will come in handy.  It will also be important to have a good home inspector at the ready, since most bank-owned properties are sold as-is. You will want detailed information about the condition of the house and likely cost of repairs that need to be made.

    And while there are many sources for identifying a suitable bank-owned home online, when it comes to the next step — putting together a successful offer — enlisting an experienced local real estate agent is standard practice.  Sometimes a bank-owned home can be priced under market, sometimes over — but if you want to write the winning offer, you need to examine and understand the latest numbers.  By looking up the market comps and procuring costs faced by banks, your agent will help you present an offer that is both attractive to the bank and to you.

    This winter, whether you are looking for an entry-level condo, a bargain fixer-upper, or a luxury REO, as soon as you are ready to start the search, call me — I will get you a list of Nutley  bank-owned homes now accepting offers.

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      Things To Be Thankful For: Nutley Kitchens!

      Things I am thankful for this year: health, of course — for friends, family, myself — and for the many things we all take for granted until something as devastating as Hurricane Sandy comes along to remind us of our good fortune.

      And especially on Thanksgiving, I’m grateful for…my kitchen!  Kitchens have become the center of activity in today’s home, whether during a casual weeknight family meal or a grand Thanksgiving feast for twelve. More and more of our local real estate listings reflect just that: focused interest on the kitchen.  Here are some relevant details that can draw interest to real estate listings in Nutley:

      Floorplan – Is the kitchen open?  Walled-off?   Great yard view?  Photos should be selected to highlight attractive layouts for effective real estate listings.

      Appliances – New?  Desired brand names? It’s amazing how prominent those concerns have become as interest in kitchens has been reflected in the real estate listings.

      Finish – Have safety touches been added to the kitchen?  Childproofed kitchen is a two-word real estate listings highlight worth featuring in any family-friendly neighborhood. One of the easiest updates is the addition of new hardware — which can also make it harder for little hands to pull open cabinets while the adults are busy baking the world’s best pumpkin pie!

      All kidding aside, I am thankful for all that we have here in town. This Thanksgiving, Sandy has reminded us of all those who will be spending this holiday without a familiar place to come home to.  If you would like to help Hurricane Sandy’s victims, a Red Cross page has been created to make donating easy: http://www.redcross.org/hurricane-sandy

      Here’s to a safe and happy Nutley Thanksgiving!

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        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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                Nutley Home Sales: The New Normal is…Normal!

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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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                  Nutley Foreclosures Go To Prepared Buyers

                  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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