Homes for sale in Nutley NJ

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        Nutley Real Estate Agent Matthew DeFede, Tech Savvy Agent

        It’s time for a Tech Savvy Real Estae Agent in Nutley NJ, Old Shool Vs New School

        Some real estate agents think that being tech savvy is just about owning a few cool tools for real estate. Let me tell you as a Nutley NJ Real Estate Agent

         it is not about the tools or the gadgets. It is about your ability to understand and properly communicate with the tech savvy consumer through means of SMS, Email, and Social Media.

        Today’s buyer loves to connect to their tech savvy real estate agent instantly. When they have a question, they want a pretty immediate answer and through the use of modern technology it is possible and Home sellers want to see their home all over the web these days, who can blaim them we know that 95% of buyers start searching for a home online!

        Today’s Tech Savvy Agent comes armed with iPad, iPhone (smart-phone) and the ability to deliver a top level of service from any remote location. 

        I can meet with sellers at a drop of a hat because my presentation is on my iPad and always ready. I always have a Flip charged and in my bag for moments I want to catch and send to YouTube.  I think today’s most successful agents are out in the field selling real estate, and are probably not having coffee or lunch or hanging out down the shore on the weekends!

        You still need old school skills to handle a transaction but you also need to be tech savvy, real estate has changed over the last decade, you need to get more eyes on your properties and  it all comes down to marketing.

        So if your a home seller who would you choose to sell your home? Old School Realtor or New School Realtor?

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          Nutley Public Schools Information

          Registration

          Nutley High School Registration

          Nutley NJ

          Nutley High School will be accepting new student registrations for the upcoming 2011-2012 school year for grades 9-12 from February 7 through the 18th.  This is for Nutley residents who are currently attending a private/Catholic school but are planning to transfer into our public school system for September.  Please contact Mrs. Jean Boyle at (973)320-8494 for an appointment to register. 

          Kindergarten Registration

          Registration for the upcoming 2011-2012 kindergarten class for Nutley residents will take place during the week of March 7-March 11th.  Further details here

          Registration for all Nutley Schools requires the following documentation:

          Parents must bring all of the following residency information: N.J. driver’s license or town ID with Nutley address also current utility bills (one of each) including PSE&G, water, cable, and a phone bill. In addition, homeowners need a mortgage statement or tax bill. Renters, a certified landlord statement and lease must be provided at the time of registration. These forms are available for download here, or by contacting Mrs. Jean Boyle at the Registration Offices located in Nutley High School (973-320-8494).

          Parents must also provide the following documents for the child being registered: original birth certificate; custody papers (if applicable) as well as health records (VACCINATIONS: DPT(4), measles(2), mumps(1), rubella(1), polio(3), varivax(1) and hepatitis B(3) as required by New Jersey law). A Mantoux Test is recommended but not required.

          Transfer students must be signed out of previous school and obtain transfer card with transcripts in order to register.

          PLEASE NOTE FOR K thru 6 -Students must be registered in district of residence – if a move is made after registration to another Nutley district, a new registration must be completed and the child will be required to start in the new residing district.

          Kindergarten thru 12th Grade

          Registration is done by appointment only by contacting Mrs. Jean Boyle (973)320-8494 at the Registration Office in Nutley High School.  Please note that Kindergarten children must attain the age of 5 years on or before October 1, 2011.

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            How Do I Short Sale My Home? I Am Behind On My Mortgage.

            If you are behind on your mortgage and you need to sell your home and you have tried a loan modification and so on you may be a candidate for a short sale, I am trained to work with sellers and banks to help short sale a home, it could be a single family home in Nutley or a multi-family home in Belleville, Bloomfield or Clifton. I can help any client anywhere in Northern New Jersey, Essex County, Bergent County etc. If you have questions please feel free to give me  a call at 973-846-0065

            Short Sales in Nutley NJ-Should I sell my home this way?

            What is a short sale? Let’s start off with some questions and answers below.

            1) What is a short sale?

            A short sale is a situation where a distressed seller must sell their house for less money than the mortgage balance. A short sale is suitable for mortgage holders whose financial situations command that they liquidate their interest in the property and who are not able to qualify for other other modification options. Simply put a short sale is when the value of the property has dropped below the current mortgage balance owed.

            2) Will my bank allow a short sale?

            Banks want to avoid foreclosure too. A foreclosure cost the bank lots of money and data has shown that when a bank receives a property through foreclosure it is in worse shape compared to other options because of unhappy owners who leave the property a mess or in damaged conditions. A short sale helps the bank preserve losses and helps the mortgage holder preserve their credit and financial situation. If you are in a hardship situation your bank would much rather do a short sale than foreclose on your property.

            3) I have an FHA loan. Will my bank do a short sale?

            Absolutely a bank will do a short sale on an FHA loan. In fact FHA has introduced the Pre-Foreclosure Short Sale Program or PFS that will pays the seller up to $1,000 at the closing just for finishing the short sale. This program was designed to help you transition to more reasonable living costs without the impact of foreclosure.

            4) Do I have to be late on my payments to do a short sale?

            It is not necessary to be delinquent on your loan to get approved for a short sale. There are more details below on the requirements for short sale but it is important to know that a short sale can be done due to the value of the property declining below the mortgage amount or when the home owner has met with tough times. Basically you don’t need to be late just in a hardship situation. A reason for NOT approving a short sale is: You don’t like the neighbors. A real hardship is what is required for a bank approved short sale.

            5) Do I have to pay a tax on my short sale?

            New laws have been passed that prevent lenders from sending you a 1099 tax form. In 2007 President Bush signed The Mortgage Debt Relief Act that alleviates taxes on a short sale loss. It was common practice for banks to deliver a 1099 tax form to the to the former home owner that ordered the seller pay a tax loss. This has been temporarily stopped and has become a huge benefit for sellers in a distressed situation. The Mortgage Debt Relief Act has been extended through 2012. It is important to consult a certified accountant in regard to your personal situation because not all short sales are protected. For example investors selling an investment home through a short sale are not exempt from paying this tax.

            6) How long does a short sale take?

            A good short sale package is designed to get quick results. Many unknowing realtors will fumble a short sale out over 9 months to beyond a year and often times fail to produce an approved short sale. An experienced short sale real estate professional will quickly complete the short sale procedure and have your property sold in approximately 60 days from time of contract. Completing a short sale is difficult and it takes intelligent agents who will finish the short sale in a timely manner.

            Before a short sale you should look at a few other options.

            A short sale is when a seller must sell their property and the proceeds are less than the amount owed to pay off the mortgage. A short sale is desirable for sellers whose financial picture or circumstances requires that they liquidate their property and they have run out of other loss prevention options. A short sale happens when the property value has declined below the balance of the loan.

            Knowing your options before a short sale is important to know. Occasionally if you have defaulted on your mortgage it is “curable” and there is a strong option that you are able to replace lost salary or reduce your costs.

            Special Forbearance – A special forbearance is a written repayment agreement between you and your mortgage company that involves of a plan to reinstate your mortgage after it has fallen behind. Some variations are settlement over a time period, a cutback of your monthly payment for a brief time, or a strategy for you to resume complete monthly payments while delaying the missed payments. What your bank is doing is letting you get caught up with you payments.

            Loan Modification – Modification of your loan is a permanent change to your mortgage. It also allows your loan to be reinstated and provide a monthly payment that you can pay for. Loan modifications open up a number of options such as decreasing your interest rate, or extending the time for you to pay back the mortgage by re-amortization of the balance due. It’s similar to applying for a new loan but not all will get approved for a modification.

            Combining The Above – It is possible that your mortgage lender will combine strategies to accomplish a preferred end result. Each and every bank is a little diverse on how they run these situations. The purpose of mitigation is to keep you owning your house and assist you in recovering from a adjustment in your monetary condition.

            So what happens when there is no way of helping you recover and keeping you in your home? When loss mitigation is not a viable option or cannot work you are headed toward a possible foreclosure. There are however options for you instead of letting your home go into foreclosure.

            Deed-in-Lieu  – Deed-in-lieu of foreclosure is simply giving your property to the bank by deeding to them. Basically you hand over your house to your lender. This may sound like a viable option as opposed to a foreclosure but there are some things you need to know.

            1) A deed-in-lieu as far as your credit report is concerned is just as bad as a foreclosure.

            2) Lenders don’t really want your home. It becomes an asset that they have to deal with and selling properties is not what they like to do. Many banks will not allow a deed-in-lieu and want you do do a short sale instead.

            Short Sale – A short sale allows you to sell your home and use the proceeds from the sale to pay off part or most of your mortgage. In most situations your lender is willing to accept less than the amount of the mortgage balance. As previously stated this option is for home owners whose financial state of affairs requires that they sell their home.

            Here are some of the reasons your lender will do a short sale:

            A declining home market – This cause does not examine your credit or your financial state. This is when you are just upside down in your home and owe more than it’s worth. Don’t forget a short sale means you must sell your home. This does not apply if you want to move because you don’t like your neighbors.

            The Mortgage is in or Near Default Status – This is the reason for most short sales. There was a time when lenders would not do a short sale if all the payments were current. Banks have now realized that in many cases it makes sense to do a short sale before the payments are in default.

            The Seller has Faced Bad Times – This is a short sale situation where there is a real hardship the home owner is facing. A hardship letter is required in all short sales explaining the reason you are in need of a bank short sale. Sometimes a hardship letter can go over the top. It’s good to know the guidelines for writing a good hardship letter. Your hardship letter should always point out that you seek a short sale so that you won’t have to do a foreclosure. Some examples of a hardship are: (Illness, Death, Divorce, Unemployment)

            You must also think about your assets when submitting for  short sale. Your lender is going to require you to fill out a financial statement listing your assets. If your lender decides you have an abundance of money they might not grant the short sale because they feel you have the ability to repay the deficient amount. Often times in this situation your lender will still allow a short sale but they might require you to pay back the shortage with a promissory note. This can still be a good solution for a seller who must sell their property and has the ability to pay back a reduced amount of their mortgage loan.

            Negative Amortization – Some finance programs that were formed prior to the housing bubble were designed with a negative amortization. This means that each month the amount the borrower pays is not enough to cover the interest on the loan. This is a legitimate situation for a short sale.

            Aggressive Secondary Financing – During the housing boom some home lenders were making second mortgages up to and even over 0 LTV. This is another situation that will be considered when requesting a short sale. Second and Third mortgages get a little tricky when doing a short sale but we have experience in dealing with these tough situations.

            A short sale is not an easy process but a good real estate agent can take away much of the burden. Do a little research and find the correct agent for your predicament. Most agents do not understand the short sale process.

            for more information go to www.HomesInNutleyNJ.com

            NYC Commuters, Cambridge Heights in Nutley NJ

            Well the selling season is upon us at Coldwell Banker Residential Brokerage in Nutley and we have some great townhomes going up for sale in Cambridge Heights in Nutley. A majority of the people that live in the complex are professionals and work in NYC. Cambridge Heights is close to all major roads and is close to all NYC transportation, The complex has a tone of amenities also, Pool, Gym, Exercise Room & Clubhouse. You can get a great deal on a 2 Bedroom Townhome for around 300k-400k. The complex is fairly new and very well maintained. If you would like more information go to http://www.HomesInNutleyNJ.com, Matthew DeFede of Coldwell Banker ph: 973-846-0065

            Purchasing New Construction in Essex County NJ

            Purchasing New Construction in Essex County

            Select a Geographic Area

            A buyer needs to select a geographic area that is suitable for their individual lifestyle. Today, lifestyles are the key determinant to making an informed home buying decision.

            The buyer should determine what is a reasonable commute to work and what the means of transportation will be…via interstate or mass transit. Schools will be of great interest to the buyer with a family.

            If seeking a pre-retirement or retirement home, the buyer should determine the proximity of family, friends, and existing home.

            A determination should be made as to where consumer goods and medical services are made available.

            Affordability is a key factor in any home buying decision. Knowing if this is a move-up in home value, or a lateral or downward move, will move the decision making process right along.

            Once these lifestyle issues can be resolved, the search can be narrowed to several qualifying locations.

            Select a BuilderOnce location has been selected and a Coldwell Banker Residential Brokerage Sales Associate has shown the buyer several new home sites, the next step is to research the builders. A reputable homebuilder will belong to a local homebuilders’ association. Also, it is advisable to check with the local building inspector for an opinion on quality.

            Choosing a builder is just as important as choosing the style of the home. The builder not only has the responsibility for the largest investment a buyer may ever make, but his or her skill and preferences can have a direct impact on future comfort and happiness.

            Not all new home communities are the same. Each one carries the distinctive mark of the builder, whether that happens to be innovative floor plans, distinctive craftsmanship, bold architectural statements, or just great value. Each builder also has a different personal style and way of communicating with his or her clients.

            The buyer should consider references of past clients. Drive through one of the builder’s previous subdivisions on a Saturday morning and try to get a random sample of opinions. Ask questions like: are you happy with your home? People are usually willing to share their joy or their sorrow.

            Determine the Amount of DepositNow that the right location and the right builder have been selected, it is appropriate to go to contract. Most builders require anywhere from 10% to 25% down in order to start a home. If the home is up and standing, the builder will accept 10%. If a custom home were to be created specifically for the purchaser, the builder would then expect a 25% deposit at contract.

            Selections increase in proportion to the price tag of the home. Correspondingly, the time it takes to build the home increases with the size and the number of custom features selected.

            Realistically, a home delivery date range, if started from scratch with an improved road to the home site, can take anywhere from 120 days to 18 months. Remember, the builder is anxious to keep the home delivery schedule on time. The builder does not get paid until closing.

            Pre-Settlement InspectionBefore the closing, a home inspection tour will be conducted. During the tour the builder will point out all of the features and provide warranty information on each. Learning about maintenance and upkeep responsibilities is very important. Most new homes come with a one-year warranty on workmanship and materials. However, such warranties do not cover problems that develop because of failure to perform required maintenance. Many builders provide a booklet explaining common upkeep responsibilities and how to perform them.

            Manufacturers provide warranties that are covered by the manufacturer, not the builder. The builder is responsible for any building code violations that occurred. However, in the unlikely event that there has been a violation (because builder research was conducted), the responsibility becomes the builder’s.

            During the inspection, the purchaser should look for scratches in the counter tops and flooring. Walls should not have gouges and the moldings and trim should be square. The buyer should take pictures before the title is taken, particularly if a problem is discovered. The builder will prefer, under all circumstances, to conduct any and all repairs prior to the buyer moving in because it is easier for them to work on repairs in an empty house.

            There are over 30,000 parts in a new home. Therefore, the propensity to find a small imperfection is great. However, many builders conduct their own thorough inspection before the buyer sees it. Most builders employ a cleaning service to make sure the home is clean prior to the closing.

            After the ClosingOne year later, it’s not uncommon to find settlement cracks in the drywall or nail pops. These are easily remedied and are the responsibility of the builder. A call to the builder is recommended prior to the termination of the one-year warranty.

            For More Information go To http://www.HomesInNutleyNJ.com

            House Hunting in Nutley New Jersey?

            House Hunting In Nutley NJHomebuyers often forget one of the most important steps in the home buying process: arming themselves with a pre-approved mortgage loan before they begin their house hunting.

            A pre-approved mortgage loan is a lender’s commitment to lend to the homebuyer, with specifications on the exact loan amount. To get pre-approved, homebuyers need to provide personal financial information — such as income, debts and assets — to a lender. Applications are usually approved with certain caveats. However, with the lender committing to the loan amount and interest rate up front, buyers can have confidence that adequate financing is in place before they start shopping for a home.

            Coldwell Banker cites numerous advantages of having a pre-approved mortgage loan, which include the following:

            Establishing an advantage in a competitive market: Having a pre-approval letter provides the homebuyer with an edge in a multi-offer situation. Sellers prefer working with potential buyers who are pre-approved in order to avoid the threat of a deal falling through because the purchaser cannot get sufficient financing.  An offer with a mortgage pre-approval letter carries far more weight than an offer with only a pre-qualification letter or no letter at all. In fact, sellers often accept offers from pre-approved buyers over buyers with higher dollar offers who have not been pre-approved. 

            Finding the best possible type of loan: Working with a mortgage lender before looking at houses allows the homebuyer plenty of time to evaluate what mortgage product works best for their financial goals. Once they decide upon the kind of loan that they want and are pre-approved, homebuyers can then focus on finding their dream home.

            Establishing the price range: Getting pre-approved for a mortgage enables homebuyers to determine, prior to house hunting, how much money they qualify for, and how much they can afford to spend. The real estate sales associate and homebuyers can then focus on finding homes in the established price range.

            Seeking comfort with the loan amount: By taking the time to seek pre-approval, the homebuyer can select a comfortable loan amount.  In many cases, buyers can qualify for mortgages that are more expensive than what they feel comfortable committing to for the long-term.  Buyers often end up acquiring a more expensive home than they want merely because it works on paper. It’s important for a buyer to purchase a home that they can afford.

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