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    How to Close on a Home Quickly in Nutley NJ

    Congratulations! You’ve finally found the house of your dreams in Nutley and submitted an offer. Now on to the tricky part – getting your loan approved.
    How Long Should it Take from Purchase to Closing on a Home in Nutley NJ?

    Homes for sale in Nutley NJ

    Once your offer is accepted by the seller, your loan application will be submitted to an underwriter for approval or disapproval based on your financial and credit standing. This process, which can take as short as two weeks or as long as two months, is often the most stressful time for a new homebuyer.

    It is common for a new buyer to be excited about their home purchase only to hear horror stories that their loan may be denied or the offer may fall through. This anxiety or uncertainty can also be heightened if the buyer needs to move quickly, and has to consider a temporary rental until the house closes. While this situation is never ideal, there are certain steps that can help move the closing process along. Here are a few tips and quick close solutions:

    Know what you can afford. Knowing how much house you can afford is a crucial part of getting approved for a home loan quickly. Consider your monthly bill obligations and income. What are you currently paying for rent and how much more could you afford or be willing to pay for a mortgage?

    Know your credit score. Before deciding to purchase a new home, you should make sure your credit is in good standing. There are many free resources to pull your annual credit report without a fee, and you should do this before getting too far involved in a home purchase.

    State all financial information upfront and truthfully. This may go without saying, but if there’s something with your work or credit history that may raise a red flag to a lender, it’s better for them to know ahead of time. Many buyers are given pre-approval to purchase only for a lender to overlook a detail in their employment or credit history which can cause their loan to be denied.

    Provide paper and electronic copies of all financial documents. Make sure your lender has a copy of your recent tax returns, bank statements and other asset information. If you own any other property or vehicles outright, make copies of the titles for the lender to know what assets you have.

    Ask the right questions and think ahead. Regularly ask your lender if there is anything else you can provide to help your portfolio. Chances are they are swamped with paperwork and may not have time to be thinking ahead about your underwriting and escrow. By politely asking, ôWhat’s next?ö you may help create a sense of urgency that can help speed the process and get you into your new home more quickly.

    If you’ve done your buyer homework, crossed all your T’s and dotted your I’s, your home will be more likely to close in a desired time frame. However, if you’re still in escrow and need to move quickly due to a lease expiration or other unforeseen event, you may find yourself looking for a temporary rental. According to associates at the David Morris Group, the best advice in this situation is to plan for the short-term. If you have a lot of furniture and belongings, you may want to put them in storage for a month or two while you find a smaller month-to-month rental. If you’re unable to find a temporary living arrangement, you can also consider staying with family and friends during this time. This ômoving to moveö may cause an unneeded headache, but at the end of the day, you will be much happier you decided to wait out your loan when you’re able move into your new house and call it home.

    To find homes for sale in Nutley NJ, come by my Web Site and search all Nutley Homes

    MATTHEW DEFEDE- “Your Online Connection To Your Real Estate”

    Matthew De Fede SFR

    COLDWELL BANKER Residential Brokerage

    The Best Web Site For Nutley Real Estate, Clifton Real Estate, Belleville & Bloomfield NJ

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      What is the Average Time to Sell a Home in Nutley NJ

      In recent years, the average time to sell a home has dramatically increased. This is largely due to the unemployment rate and credit crunch, which are limiting the number of first time home buyers entering the market, as well as the increasing number of short and foreclosure sales. According to the Accredited Seller Agent Council, the average time to sell a home in the U.S. is 10 months. However, there are many factors that can impact how quickly your home will sell.
      Factors Affecting the Average Time to Sell a Home

      Home listing price – An asking price that is either too low or too high can dramatically reduce the chances of selling your home on a timely schedule. Your agent should be familiar with the local market and provide you with local comps (comparable homes that have recently sold) to help determine what your asking price should be. Whether you take or ignore this advice is a contributing factor to the length of time the house will remain on the market.

      Condition of home – The condition of your home during viewings or appraisals is also a contributing factor. When anticipating a showing or other appointment, your home should be spotlessly clean and tidy with no visible flaws. Nail holes, carpet stains and other defects must be patched, cleaned or corrected. Many agents also suggest you ôdepersonalizeö your home by removing personal items such as photos, memorabilia, etc. If you own pets, they should be contained in a separate area of the house with no evidence they live on the premises. Home buyers need to be able to envision themselves living in the home – the less clutter or distraction, the more likely it will sell.

      Location of home – Location is always a top factor in the desirability of a home, especially in a soft or surplus market. A home that is adjacent to a busy road, a messy neighbor, or a busy shopping center will be more difficult to sell than a home with open range, unobstructed views, or better school districts. If your home is not in a desirable location, it may take a price reduction as well as additional time to sell.

      Region – Home markets vary from city to city based on the employment rate and inventory of available properties. For that reason, the average time to sell a home can vary by months depending on what city or market it resides in. According to ClearCapital, the average time to sell a home for soft markets such as Miami, Las Vegas or Detroit could be 10 to 12 months, whereas in a healthier market such as Washington D.C. or Houston, it can take as little as one to two months.

      Home Seller Flexibility – A flexible seller who is willing to accept spur-of-the-moment or random viewings may be more likely to receive an offer than those who limit the schedule or frequency of potential buyers to view the property. Likewise, a seller who is flexible on the price of the property will be more likely to accept a reasonable offer. The seller needs to be realistic and understanding that, in order to sell a home, compromises are needed.

      Type of Home Sale – The type of home sale is also a contributing factor in how quickly a house will sell. If the property is a short-sale or foreclosure, the process can take six months to a year (or more). However, if it’s a traditional home sale with a quick close, it can take as few as two to four weeks. Unfortunately, in these scenarios, the seller has little control over how long the process will take, as the majority of acceptance and paperwork lies with the lender and title companies.

      Clearly there are a variety of factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and having flexibility and patience will help smooth the process and bring your home to a close within a desirable time frame. If you want to get a better estimate of how long it will take to sell your particular home, let me know. Agents are happy to take these requests even if you aren’t sure you are selling your home.

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        Home Appraisal versus Home Inspection in Nutley NJ

        The mortgage settlement process, often referred to as the mortgage closing, can sometimes seem confusing and a little overwhelming. Whether you are buying a new home in Nutley or refinancing an existing home in Nutley, there are various fees to be paid and steps to go through. Two steps that are often confused by homebuyers are the home appraisal versus home inspection.
        Remember the Difference: Home Appraisal versus Home Inspection in Nutley NJ

        One easy way to remember the difference between an appraisal versus a home inspection is that a home inspection is for your protection. A home inspector will not estimate the value of your home in Nutley.

        Typically, home appraisals are for lenders; home inspections are for buyers.
        What is a Home Appraisal?

        A home appraisal is a document that provides an estimate of a property’s price, otherwise known as its market value. Your home will serve as collateral for the mortgage, so a lender will require an independent appraisal on the property prior to the approval of your mortgage loan application. This is to ensure that the mortgage loan amount is not more than the value of the home and lot you want to purchase or refinance. Most lenders will loan you no more than 95 percent of the appraised value of the home or purchase price, whichever is less.

        The person who conducts the home appraisal is called an appraiser. This person will consider several factors in developing the home appraisal, including location, square footage, recent sales of similar properties, and construction quality to estimate the property’s market value.

        There is a fee associated with getting a home appraisal. Some lenders and brokers will include the appraisal fee in the loan application fee; you can ask the lender for a copy of the appraisal. If you are refinancing and have a recent appraisal of the property, some lenders may waive the requirement for a new appraisal. If you are in this situation, you could save a few hundred dollars by using the existing appraisal.
        FHA Loans Appraisal

        Many mortgages are insured by the federal government through the Federal Housing Administration (FHA.) The FHA requires lenders to get an FHA loans appraisal on properties prior to loan approval. According to the FHA, they require appraisals for three reasons:

        To estimate the market value of the property.
        To make sure that the property meets FHA minimum property requirements/standards for health and safety.
        To make sure that the property is marketable.

        An FHA loan appraisal document will indicate property defects that are easily noticeable and found not in compliance with U.S. Department of Housing and Urban Development’s minimum property standards. These defects may not be the same as those items noted in the home inspection report. The estimated cost of a property appraisal is $263 to $444, with a nationwide median cost of $292.
        What is a Home Inspection?

        There are two types of home inspections, those required by the lender and home inspections initiated by the buyer.
        A Lender’s Home Inspection

        A lender, especially one that offers Veteran’s Affairs (VA) or FHA-insured mortgages, may require a home inspection and an analysis by an engineer or consultant to check for things like water damage, termite damage, and the structural condition of the home. In rural areas, lenders may want a test of the septic system (if applicable) and a water test to make sure the well and water system will maintain an adequate supply of water for the house. These water tests usually will check for water quantity, not quality. The health department of the local city government may require a water quality test as well, but this might be done outside of the mortgage settlement process and require a separate payment. Keep in mind that a lender’s inspection is for the benefit of the lender, not you. You may want to ask for a buyer’s home inspection to make sure the property is in good condition. The cost of a lender’s home inspection will likely be between $300 and $500.
        A Buyer’s Home Inspection

        Often, a buyer will make the purchase offer of a home contingent on the results of a home inspection. You will have to pay for this inspection. The cost varies by region, but spending hundreds of dollars could save you thousands.

        When you make a purchase offer, sometimes called a binder, contingent on the results of a home inspection, it allows you to cancel closing on the deal if an inspector finds problems with the home or property. If deficiencies are found with the home, you may want to renegotiate for a reduced price or require the seller to make repairs to the home. If you are getting a VA or FHA loan, you will need a certificate from a qualified inspector stating that the home is free from pests such as termites and rodents. In this case, you can also make your purchase offer contingent on pest inspection results.

        Similar to the lender’s home inspection, an inspector should examine the home for structural soundness, water damage, and pests. In addition to these basic home inspection criteria, you may want to have the home inspection include an examination of the condition of the roof and the plumbing and electrical systems. It is also wise to have the home tested for environmental hazards that may not be visible to the casual observer. This may include testing for radon gas emissions, water quality, asbestos, lead-based paint and other toxic materials. If you are making your purchase offer contingent on the results for environmental hazards, make sure this is stated clearly in the conditions of your offer.

        Remember, the easiest way to know the difference between an appraisal versus a home inspection is that an inspection is for your protection!



        For more information about buying or selling a home in Nutley NJ

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          Nutley real estate—some essential qualities of a reputed agent

          In the wake of growing competition that can be observed in real estate markets, it is important to take necessary help from a reputed Nutley real estate agent in selling or buying a property. Home owners need to look out for some essential qualities in a real estate agent before the hiring process. In a move to tackle excess money spent on transactional fees and other processing charges, it is necessary to take the support of an agent who understands the market conditions to a great extent.
          A reputed Nutley real estate agent will make use of some of the innovative approaches that can deliver tremendous benefits. With volatile trends that can be observed in property markets, it is necessary to choose aggressive market approaches for selling and buying the property.
          Promotion of homes through the help of sites, social media sites and e-mail campaigns and paid ads will garner better results. A transparent system of working is a desirable trait in a reputed Nutley real estate agent. With consistent communication between the real estate agent and the home owner, the transactional process gets the right fillip.
          Choosing a certified Nutley real estate agent over a freelancer with no prior experience is important to get the right price for the property. Not only is this approach considered cost saving but also an assured way to get your home the right price.
          Buying properties through reliable partners can take off the burden from home owners or property seekers. It is therefore necessary to put in an effort in finding a reputed Nutley real estate agent who could deliver the right benefits. Making optimum use of market conditions with the help of technological advances combined with the right kind of experience can deliver better results for clients.

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            Nutley Homes for Sale – Grab the best deal

            Nutley is one of the most preferred places for people living in New Jersey. This small town is away from the noisy cities and therefore is a common choice of people who want to buy a house away from the bustling cities. The town is known for its parks and museums. The town is also rated as one of the best places to live. If you want to buy a house in this small, beautiful place then check out the real estate agents who can offer you some of the best Nutley Homes for Sale.
            The Nutley Homes for Sale are available at affordable prices. You don’t have to break into a bank to buy a house nowadays. There are many types of properties available at Nutley and depending on whether you want to buy a commercial property or a residential the price of the property differs.
            Nutley town is popular historical museum that attracts visitors from various places. All those people who love shopping should visit Franklin Avenue. For best food and shopping this is the right place. You can shop till you drop and grab some sumptuous meal at this place. Clifton Commons is also a popular place for shopping in Nutley. This small town has lots to offer to its denizens. Therefore, opting to buy a property in Nutley is a wise decision.
            You can know about the properties that are available for sale online. For residential properties you can check out the Nutley Homes for Sale agents who can offer you best deals. After all, buying a house is known to be one of the best kinds of investments. Whenever you want to take a break from your city life, spend a weekend at Nutley.

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              13 Nelson Place in Nutley New Jersey

              Nutley Real Estate | Nutley Homes For Sale | Nutley Realtor



              Market Stats

              Single Family Home
              Main Features
              3 Bedrooms
              2 Bathrooms
              1 Unit
              13 nelson Place
              Nutley, NJ 07110
              To get updates on open home dates and other property events, please click the “Like” button below:

              Matthew DeFede

              Matthew DeFede

              Coldwell Banker Residential Brokerage
              (973) 778-4500

              Listed by: Coldwell Banker Residential Brokerage

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                A no-nonsense approach to Marketing A Home in NJ

                I believe that selling a home in NJ in today’s economic environment has to be a “PROACTIVE” approach, no longer can an agent take a listing agreement throw the home up on the Bergen County MLS and hope that its sells, we are just not in that type of market  My approach to selling in Bergen County Real Estate is very different than many of the other agents in Bergen County NJ.

                I use all the latest selling tools and technology to market your home in Ridgewood, Glen Rock, Franklin Lakes & Wyckoff  ie: Web, Social Media, Text Alerts, Personalized direct mail and more. I also use the conventional means as well, I like to create a buzz around your home or real estate you are selling and I treat it just like we would a marketing campaign in Bergen County, combined with the Coldwell Banker Residential Brokerage Brand I Market Your Bergen County Real Estate Several Different Ways, Web, Social Media, Print, TV, Radio, Ask about our “LEAD ROUTER DIRECT RESPONSE” Marketing Program & our Coldwell Banker Home Warranty.

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                  Short Sale in Bloomfield New Jersey, A Must See!

                  Are you looking for a great deal on a home (SHORT SALE) in Bloomfield!


                  3 Bedrooms, 1.5 baths, VERY WELL KEPT! Close to NYC Transporation – $225,ooo CALL ME AT 973-846-0065

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                    Can You Still Buy with No Down Payment on a Home?

                    For many 1st time home buyers requiring down payment assistance, the idea of putting the traditional 10 or 20 percent down on a home purchase can leave them feeling drained or hopeless. Will they have to sacrifice their dream neighborhood or home size simply to afford a pricey down payment?

                    Fortunately, it may be possible for certain buyers to put no down payment on a home and still qualify for a competitive loan. Whether you are short on cash or just don’t want to spend your cash on housing, 100 percent financing can be an attractive option for first time buyers.

                    Prior to 2007, putting no down payment on a home was a common option for 1st time homebuyers. However, with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to 1st time home buyers requiring down payment assistance who meet certain eligibility requirements.

                    100% Financing Options û No Down Payment
                    USDA Loans – A USDA Guaranteed Loan is a Government insured 100 percent purchase loan. These USDA Guaranteed Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. While they may be an attractive option for first time home buyers, there are income restrictions and loan limits that first time home buyers must meet.

                    VA Loans – The Department of Veterans Affairs (VA) backs loans provided by certain lenders to help qualified veterans, reservists and active-duty service members to finance their homes. For those first time home buyers that qualify, there are flexible income, debt and credit requirements.

                    ADDI Program – The American Dream Down Payment Initiative (ADDI) provides down payment, closing costs and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. To be eligible for ADDI assistance, individuals must be 1st time home buyers interested in purchasing single family housing. Additionally, individuals who qualify for ADDI down payment assistance must have incomes not exceeding 80 percent of area median income.

                    90%+ Financing Options
                    FHA Loans û FHA Loans offer a 30-year fixed-rate loan for first time home buyers with a 3.5 percent down payment. The down payment can be a gift from a family member or other grant program, and there is a maximum mortgage amount for each county.

                    Fannie M’ HomePath Loans û Fannie M’ HomePath offers a five percent down payment program on many of their foreclosed properties. To be eligible, you must have a minimum 660 credit score.

                    1st Time Home Buyers Down Payment Assistance Programs
                    If you’re a first time home buyer and don’t qualify for any of the above scenarios, you may be wondering where you can find down payment help. Fortunately, there are multiple ways to receive 1st time home buyers down payment assistance.

                    Junior Loans û Many banks offer Junior Loans to first time home buyers, which are typically smaller loans (under $50,000) that help buyers meet tough down payment requirements.

                    Gifts and Gift Registries û An increasingly popular option for buyers is to register for down payment gift registries, which allow family and friends to donate funds in lieu of buying a traditional wedding, birthday or graduation gift.

                    Tax Refunds û Buyers who typically receive a refund on their income taxes can easily put the extra cash toward a down payment.

                    Seller Negotiation û A less popular, yet worthwhile option may be to negotiate a donation of down payment funds from the home seller. Because of the extreme home surplus in recent years, many sellers are willing to negotiate untraditional payment terms or purchase agreements. It may be possible that the seller will consider giving you a portion of the home down payment in lieu of reducing the home price.

                    Regardless of your financial situation, buying a home is a big decision and all financing options should be considered carefully. With the right resources at hand, you’ll be prepared to make an offer on your dream home in no time.

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