The South NJ RE Info Blog

I wanted to let everyone know of the great Christmas present I received this year.  My grandson, Hayden.

He was born at 7PM tonight and weighed in at 6 lbs, 8 oz.  He was born to my daughter and he is definitely a keeper. :-)

 

It's that time of year when we all gather and celebrate the holidays. We and ours would like to wish you and yours a very Safe & Happy Holiday. And we hope that your New Year is as or more prosperous then the previous one.

 

Terry & Linda Iwaniw

The American dream can be yours and you CAN buy a home. Owning your own home is more than just a matter of pride (but there is a lot of that), it's also a great first step toward financial and personal security. If you've never owned a home before (or if you haven't owned one in three years), you can easily start the process of buying a home. There are many programs geared toward First Time Home Buyers. We can help you with every step toward homeownership. However, you might want to do some of your own research to begin the process. 1. Decide how much you can afford The first step is to find out how much you can spend on a home. There are lots of calculators online that can help you. One great resource is ginniemae.gov. Here you can find calculators that will help you to decide whether you should buy or rent and, if you should buy, how much you can spend and how much you need to save. For first time homeowners or people who have not owned a home in three years, there might be some public programs that will help you become of homeowner for the first time. Many states have home buying programs that help new homeowners with downpayments. We will help you determine if you qualify for a program. 2. Shop for a loan Just as you shop for a bargain in a store, you should also shop for a good interest rate on a home loan. Remember the higher your credit score, the lower your interest rate. Getting a high credit score is as simple as paying your bills on time, every time, for a number of months or years. You can see your credit report is once a year at annualcreditreport.com. You might have to pay extra to get your credit score, but the information can tell you a lot about what kind of home loan you qualify for. Scores of 700 or higher are considered the best. You will have to have some sort of downpayment. The downpayment is usually 3 percent to 10 percent of the purchase price. But it is possible to make a deal without money down. We'll discuss this with you. 3. Choose a real estate agent We can help you find all the houses available in your price range and give you tips on how to buy and negotiate for a home. We'll help you through all the paperwork and tell how to take each step in the process. Remember YOU can buy a home and we can help you.

If you're thinking about purchasing property (for either your own use or as an investment) at a sheriff's sale or foreclosure auction, below is some advice given by some experienced auction buyers/investors.

1. Pay cash. Most auctions require you to close in fewer than 30 days. In many cases, that will not be enough time to get a bank loan. Even though hard money loans are an option, the going rate is usually 15 percent plus points and immediately refinancing may not be a viable option.
2. Check the place out. Most auction companies working for banks will let you get in with an inspector a week or so before the sale.
3. Get a separate appraisal. Hiring an experienced and knowledgeable appraiser can keep you from getting caught up in the auction frenzy and over-paying.
4. Look for short/distress sales. Don't wait for the property to end up at a sheriff's sale or foreclosure auction, try to negotiate a short sale prior to foreclosure of the property. A warning, though, buying properties short takes patience, but if you have time on your hands you are likely to get a very good deal.

The last thing you need to be sure you have is a professional real estate agent working on your side.  You'll need someone who knows the ins and outs of the housing market and the specific areas that the property is located in.  An appraiser can give you the current value of the property, but a professional real estate agent can give you insight into the neighborhood market, trends in the area, and issues that they are aware of.  After all, the professional real estate agent works with those factors on a day-to-day basis.