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Julie Ann King

Cell: (732) 598-2222
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East Freehold Move In Ready Ranch

10/2/2015

Beautiful Move In Ready home in East Freehold

Freehold Township

This beautiful, loved, updated and well maintained ranch is ready for you to just move right in and unpack. Located in the sought after community of Longview with close proximity to a wonderful school system, convenient commuter options, recreation galore, shopping and all major highways and roadways. Features include refinished hardwood floors, updated bathrooms with custom tile work, replaced windows, siding, gutters, front door, upgraded new garage doors, furnace, air conditioning, hot water heater, stamped concrete patio and walkways, shed, gazebo and more. Call for details 732 598-2222. The finished lower level adds a huge benefit of that extra living space for entertaining, a home office, a gym, a home theatre area or whatever meets your needs. There's enough room for all of it!  Follow the link for our virtual tour:

http://www.tourfactory.com/1437903

Should I Buy A Short Sale

9/29/2015

 

          

 Should I buy a Short Sale?               

So, short sales have been around for quite some time and at this point  I have to say, that for the most part, I personally have not had any that were a complete nightmare.  Of course this is from the perspective of things that can go wrong, not from the perspective of the possible emotional aspects of the transaction. Usually the seller is facing a hardship such as divorce, illness, bankruptcy or unemployment, which can cast a sadness over an otherwise happy event. On the bright side, a successful short sale will help the seller avoid a foreclosure which is much easier on their credit, and in some cases the bank may offer cash incentives to the seller for moving expenses.

 

What is a short sale?  A short sale happens when the sellers bank/lender agrees to let them sell their home for less than what they owe on their loan.  The price that the bank will agree on is most often determined by a percentage of what similar homes are selling for at fair market. It is not determined by what the seller owes on their loan.

 

How does it work?   The process of purchasing a short sale looks pretty much like a traditional sale is most respects. You will apply for financing the same way and you will go through most of the same steps. Some differences are  that with a traditional sale the buyer  negotiates with the seller on price, with the short sale, the buyer and seller negotiate and then the bank has to agree.  And sometimes they do, though the bank also  has the option to say no, or to counter the buyers offer. There possibly could be more than one lien on the property, a second mortgage,  a home owners association lien, among others. Those would have to be negotiated as well.

 Another difference is that in most short sales the buyer will be responsible for obtaining the certificate of occupancy and any inspections that are needed by the town to get the CO.  Also any issues that arise from the buyers home inspection are most often the buyers problem, the seller many times is not in the position to fix anything or offer any credits towards repairs. The bank regularly takes the position of selling "as is."  Though I have seen some banks issue credits for some issues that are environmental in nature.

Some Advice on Short Sales:  When inventory is low or when you can get a great price on the best home for you and your family , look to all resources. The perfect  home for you could be a short sale, it may be in the area you would love to live, it may have the prefect backyard for you or the best floor plan, it could be in the price point that you are most comfortable with.  I would not exclude a home for the simple fact that it is a short sale. Conversely, I would not target a home because it was a short sale.  You have to look at all the facts and determine the best course of action.  I will stress that it is imperative that you have an agent that is experienced and that you listen to the advice that they give you. Most short sales that fall apart are due to inexperience and a lack of communication. I personally would not recommend getting involved in a short sale with a listing agent who has no experience, or an uncooperative seller. Best and most optimal situation is the short sale that has 2 experienced agents and a seller who is utilizing the service of an attorney who specializes in short sales.

If you are in the market for a place to call home, recognize that it's a huge investment and you owe it to yourself to explore all  your options. Do it wisely and educate yourself on all that is available to you.

I would be happy to answer any questions or go over the process in more detail.

 

 

Your First Home

9/13/2015

Buying Your First Home

Buying Your First Home

So, you've made the decision to become a home owner.....Congratulations! It is after all the American Dream, and a very exciting time in your life. Don't let it turn into a nightmare......here are a few words of wisdom to hopefully remove some of the issues that can turn that fun exciting adventure into a stressful event.

Must Do # 1

You would not go shopping for a car, or a dress for that matter without knowing what your purchase power is. Buying a home, which is most likely one of the largest purchases you will make, should not be any different. In fact, long before you even start your search the wisest thing to do is get a handle on your finances. Your good credit is imperative to open the door to home ownership. Talk to a mortgage person for advice on how to maximize your credit score and buying power. He or she will be able to put you on the road to getting a pre-approval, which tells the sellers that you're a serious and prime buyer and will help with the negotiations on your new home.

It's All In the Planning #2

Build the right team....Hopefully at this point; you've aligned with a mortgage professional you're comfortable with. Now, it's time to get the rest of the team together. The difference between transactions that make it to the closing table and those that don't are the professionals involved. I cannot emphasize enough how important it is to closing and closing on time to assemble a good team that will work together to overcome any and all obstacles that sometimes come up in a real estate transaction. You need a realtor that is full time, experienced and committed to the best possible outcome for you and your family. With that done your team is on its way to making it to home plate. You will eventually need a good real estate attorney, (with a good support staff in their office) as well as an experienced home inspector....more on that after you find the perfect home!

 Latte Anyone? #3

So, you've got this great realtor and this wonderful mortgage person, let's go find a house! But wait....do not forget to prioritize. You will not only have mortgage payments, but you will need to budget for property taxes, utility bills, insurance, repairs and other maintenance items. Then there's the latte factor. Do you love to stop at Starbucks or DD on a regular basis? Do you love a few vacations a year or dinner out a few times a month? Make sure you consider your life style when figuring out your home buying budget. As wonderful as homeownership is, you have a life to live, so make sure you factor that into your price point.

Ready Set Go #4

Now we really are ready! I know you've been watching HGTV and possibly Googling neighborhoods, you may even have started to think of paint colors! Stop right there....you need to make a list. Your dream list and then the list of things that are essential, things you must have. You may have to trade a dream item for two things on your essential list. Example: you would love a brand new kitchen, but it's more practical to have 2 full bathrooms. We all have a budget and no one really ever finds everything they're looking for, not even in the highest of price points. You need to set realistic expectations and know that if you find 80% of what your looking for, that is a home run  And remember, location cannot be changed but you can always add that new kitchen. They say sometimes it is best to buy the smallest house in a good location, rather than the biggest house in an inferior location.

Keep the Faith and Have Fun #5

Try to have a little faith in the old adage that everything happens for the best. Don't try to time the market or the mortgage rates. The best time to buy a home is when  you find your perfect place and it's within the price point that you chose. Try not to get caught up in the emotions as it can only lead to bad decision making. Your emotions get attached to that new kitchen that's got the great back splash, your better judgment will recognize that the little house with the dirty carpeting may after all be the better choice. Try to have a little fun with it, your creating memories and stories that you will look back on one day. Buying your first home or any home thereafter is not only where your heart will be, it's an investment.  So stay calm and choose wisely!

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