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Short Sale Instead Foreclosure?
Wy Short Sale Instead Foreclosure
Short Sale Instead Foreclosure?
Headlines today are filled with stories about homeowners in financial distress—people facing lender’s foreclosure on their home. Millions of American home owners are wondering why Short Sale Instead Foreclosure? They ask themselves if Modification, selling or what else to do. Like most crises, this one has produced its share of rumors and misinformation. One of the biggest is “just let it happen.” “Why fight back” this is too emotionally draining, and the government’s loan modifications have helped a lot of people. Well, that’s only partly true.
While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.
Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:
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Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
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Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.
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Improve eligibility for a government insured loan– The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
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Avoid a deficiency judgment– Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.
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Protect employment prospects– Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy. These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.
One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. Find out who the top short sale agents are in your market. These pros are closing 70 to 90 percent of the short sales they represent—more than three times the national average. They know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.
Find Out About Better Options and Incentives, Contact Us for a FREE consultation and hopefully we can assist you navigate to better solutions. Roberto A. Sanchez – Broker-Associate Dir. (973) 216-1945 or email me at: RSanchez@robsrealtor.com.
Home Owners Better Off Than Renters?
Are Home owners Better Off Than Renters?
The differences between buying and renting are massive. According to the Federal Reserve, a typical homeowner’s net worth was
Home owners Better Off Than Renters?
$195,400, while that of renter’s was $5,400. The data reflects 2013 and the next survey of household finances, which is conducted every three years, will be out in 2016. Based on what has happened since 2013 and projecting a conservative assumption of what could happen next year to home prices if we see only 3% price growth, the wealth gap between homeowners and renters will widen even further. The Fed is likely to show a figure of $225,000 to $230,000 in median net worth for homeowners in 2016 and around $5,000 for renters. That is, a typical homeowner will be ahead of a typical renter by a multiple of 45 on a lifetime financial achievement scale.
Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn’t be overlooked. A vast majority of homebuyers take out a 30-year fixed rate mortgage to make a home purchase. After 30 years, there is no mortgage payment (nor rent payment). So the home price growth over that time period would be the equity that the homebuyer would have accumulated. For example, the median home price of a single-family dwelling in the U.S. thirty years ago in 1985 was $75,500. This year, it will be at least $220,000. That figure of $220,000 is the housing component of the person’s wealth. Even had home prices not risen, the person would still have $75,500 in wealth today – on top of not paying any further monthly mortgage after 30 years.
This simple example does not play out nearly as neatly in the real world, since people do not stay in one residence over the 30 year period. Almost all homeowners trade up, change neighborhoods, or move to a better school district at some point. However, they are able to make those residential relocations due to the housing equity accumulated, even over a shorter period, and can immediately apply that equity
Home owners Better Off Than Renters?
to the next home as a downpayment. Therefore the conditions of steadily building housing wealth still hold.
We also know that not everyone can or should be homeowners. The memories of easily accessible subprime mortgages and subsequent harsh foreclosure pains are still fresh, and remind us of the devastating impact on the families involved, local communities, and to the broad economy. In addition most young adults have not developed the financial standing or have found a stable, desirable career and, therefore, choose not be homeowners until later. The homeownership rate among households under the age of 35 is 35% currently and rarely rises above 40% historically. For those under the age of 25, the current ownership rate is 23% and rarely rises above 25%. But the time will eventually come when people want to convert to ownership. By the time people are in their prime-earning years of 45-to-55, nearly three-fourths do eventually become homeowners. By retirement, nearly 80% are homeowners.
A recent survey of consumers commissioned by my organization revealed that 80% believe that purchasing a home is a good financial decision (2015 National Housing Pulse Survey). Most consumers appear to already understand the simple math and the benefits of homeownership. So don’t overthink the matter of whether now is a good time to buy, or whether stock market returns will be better. The exact timing of a home purchase will have little financial impact in the big scheme of things.
Just know that homeowners generally do come out ahead of renters in the long run.
Right Time to Sell?
Right Time to Sell?
Right Time to Sell?
Times are changing and you’re thinking about moving the family into a new home. But before you start searching for your next dream home, you’ll need to figure out when you’re going to sell your existing home. The decision is a complex one, especially considering the unpredictable economic environment you’re living in. And while there’s no magic formula for determining the best time to sell a home, there are several factors you should consider.
The wrong time to sell
This likely won’t come as a big surprise: you should avoid selling your home during the winter holiday season. Tensions run high during the holidays and budgets run low. The result? No one’s really itching to buy, and offers that do come in are often low. So as a general rule of thumb, avoid the months of December and January when selling a home, however you depending on your needs you might need to sell during these months, assess the situation with your agent and look at the current state of the market in your area.
The best season for selling
Conventional wisdom dictates that spring is the best time to sell a home. In spring, the holidays have past, the new school year is still a while away, and gardens and other outdoor spaces tend to look their best. And while spring is the season that sees the largest amount of buyers, it’s also the season when inventories are highest. This means lots of competition, so if you’re going to sell in spring, you really need to get your property to stand out with effective marketing and staging.
The best day for selling
According to research, Thursday is the best day of the week to list your home for sale. By listing your home for sale on a Thursday, you can make it available immediately for weekend showings. Come Saturday the busiest day for real estate – your home will have only been on sale for two days, which is great for attracting full-price offers. In general, the shorter amount of time your home remains on the market, the higher the offer you’ll receive.
For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking. FOR A FREE, NO OBLIGATION, NO HASSLE Market Report, Email Us or Call Us at (973) 216-1945.
What’s Important About Selling Your Home
What’s Important About Selling Your Home
Selling your home is a big financial and emotional task, which requires planning and preparation, before you decide to put your home on the market there are key steps you should become aware of to be prepare and get your home ready for a successful sale to the right buyer and attract the best possible offer in both price and terms.
1. Determine what is your home worth?
As an experienced, skilled agent for Century ACV in Clifton with the training and know how necessary to help you navigate the complexities of today’s’ changing Real Estate market, we understand there are several factors that go into determining your home’s market value. These include the condition of the property, square footage, amenities and location, as well as, but not limited to recent comparable property sales. For a snapshot of your home’s current value, you can enter your address into our FREE , NO OBLIGATION online value estimator tool. Alternatively, you can look at a recent property tax bills to get your home’s tax assessed value, which is a percentage of your home’s fair market value. If you know your state’s assessment rate (which is usually between 80 and 90 percent), you can estimate fair market value by dividing your tax assessed value by the assessment rate.
For a FREE, NO OBLIGATION market analysis of your home, provide us the needed information and we’ll get you a customized report for your area.
2. Getting Your Home Ready For Sale
There are several simple, low-cost things you can do to boost the value of your home. These include eliminating clutter, washing windows and walls, and installing higher wattage bulbs to create a brighter environment. Larger projects, like adding bedrooms and renovating kitchens and bathrooms, typically yield more substantial increases in sales price. Staging your home, which helps paint a picture for how buyers will use their new space, can also add value.
3. Marketing Your Home for Maximum Results.
According to research by the National Association of Realtors (NAR) approximately 92% percent of potential home buyers start their search on the internet, followed by 88% of inquiries to an actual agent, therefore maximum and effective internet exposure is key to a successful marketing plan.
At Century ACV, me and my team are fully committed to achieving results by providing exposure through the main sites (90% of exposure on the internet) Google/Yahoo homes, Trulia/Zillow and like Realtor.com represent the largest, most utilized website due to its natural association and syndication through 1000’s of regional/local and state boards throughout the country. The plan to get your home sold should be a comprehensive approach to Internet/traditional methods:
Feel Free to Contact Us and Find Out What’s Your Home Worth in today Market, Get your FREE, NO OBLIGATION customized report or Call us for a friendly conversation on how you could benefit for today’s more favorable Real Estate selling market.
4. Skillful Negotiation and Networking
Today’s competitive real estate market requires forward vision and understanding how the buyers think. Many owners rightfully believe they could sell their homes utilizing internet, however research shows that when buyers look at for sale by owners (FSBO) homes they could actually get a better deal by discounting the sellers assumed commission savings, however a great percentage of those buyers do not necessarily understand the process and waste a lot of time to both themselves and the sellers.
Homes being marketed by a professional real estate brokerage are priced at fair market value and buyers that are serious and pre-approved understand the benefits of using a Realtor to assist them.
The Sellers therefore benefit by having a much larger pool of qualified, serious buyers looking for similar properties in your area where normally 100’s if not 1000’s of agents are attracting the kind of buyers that would be searching for homes in your area, in addition, realtors have the know-how, influence with lenders, attorneys, inspectors and can guide the buyers with sound advice.
As per us at Century ACV we have a team to negotiate in your behalf for the maximum possible price and the best conditions as well as, look after every detail during the many to make sure the sale is consummated and you can move on.
We constantly update a database of possible buyers, interested in purchasing homes in your area, in addition, buyers are notified as soon as a property becomes available through our automated buyers’ lead notification system. Feel free to contact us anytime we might hopefully be of help, as we can provide you with a FREE, NO OBLIGATION Market Report for your Area or Feel free to call us at (973) 216-1945.
5. How long will my home be on the market?
The time your home spends on the market depends on several factors, including location, condition, how competitively your home is priced and how aggressively your home is marketed. Statistics show that if a home is properly priced, an offer should come in within the first 12 showings. If you want to speed up the sales process, don’t underestimate the value of staging and curb appeal research shows that well-prepared homes can sell up to 32 percent faster than homes that aren’t.
6. How can an agent help get to a successful closing?
A real estate agent can help with all aspects of the selling process, from pricing to marketing to handling the intricacies of closing. An agent will negotiate on your behalf to secure the best price – and quickest sale possible, an expert agent with savvy negotiating skills could be invaluable to achieving your maximum potential and get to the final closing table, handling buyers/sellers agreement contingencies (attorney review, inspections, lending requirements, city/state permits and approvals, sale/buy contingencies, final title requirements and closing checklists)
Most people will get to know of a particular agent through a family member or friend that might have utilized his or her services satisfactorily and refer the individual agent. feel free to look at some our past clients have to say about their experiences. At Century ACV me and my team can assist you with the selling process,pricing, marketing, negotiating and closing successfully your home, we strive to provide you with full attention to your needs and help you move along. Get a FREE, NO OBLIGATION market report for your area TODAY!
Call us Roberto A. Sanchez at 973-216-1945 – email: RSanchez@Robsrealtor.com.
Common Homebuyers Mistakes
Common Homebuyers Mistakes
Common Home Buyers Mistakes
Let’s face the facts: Buying a home can be an amazing experience, but it can also be quite complicated. With emotions running high, it’s all too easy for home buyers to skip over crucial steps and make mistakes. But don’t worry! I’ve laid out some of the biggest mistakes that home buyers make below so you will know to avoid them.
Low-balling the seller
If you find a house that you absolutely love, don’t play games: work with your agent to come up with a reasonable offer based on the sales of comparable properties in the area. Some buyers seem to think that taking their time and making a seller “sweat” is a good strategy for getting the best price possible. Don’t fall into this trap! You will likely never be the only one interested in buying a particular home, so if you find one that you love, get it before it’s gone. Don’t kill the deal by making too low of an offer or by making excessive estimates for repairs.
Not reading contracts
When you sign a real estate contract, you’re entering into a huge financial obligation. And while it seems like common sense that you should always read (and understand) all of the terms and conditions, many home buyers do not. A good idea is to have your agent go over your contracts with you, section by section. Because contracts are legally binding, it’s crucial that you discover any issues BEFORE you sign.
Spending too much – Set a Top Price Based on Your Income/Financials
Your approval amount should act as a guide, showing you what you could pay for a home if you maxed out your finances. Your pre-approval amount should not, however, be the price that you buy at. Buying at the top of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover recurring expenses, but then you’ll have little or nothing left for recreation or other projects. So instead of buying at the top of your approval level, but within your comfort level: a level where you’ll still have sufficient money left over for other things.
Have Realistic Expectations
Often times buyers enter the market without a clear vision of what they want/desire against what they can afford, a nicer home with more features and amenities in a better neighborhood will cost more than a similar home less updated and in need of minor repairs or cosmetics repairs in the same or somewhat similar neighborhood, therefore it might be still a great deal if willing to put the effort and sweat equity to improve the home and increase its desire ability and comfort without the initial more expensive financial commitment, beware of the common homebuyers mistakes that can make your shopping experience and final results less appealing and rewarding, consult with your agent and make sure you’re making the right decision.
For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking for in a friendly, NO OBLIGATION, NO HASSLE environment. Email Us or Call Us at (973) 216-1945.
Roberto A. Sanchez – Broker-Associate (973) 216-1945.
Questions Before Buying Home
Questions Before Buying Home
Questions Before Buying Home
Whether you’re a first-time home buyer or a seasoned real estate investor, buying a home is a an exciting process. However, there’s also a lot to consider when you decide to buy. So before you begin your search for the perfect property, here are four questions before buying home you should ask yourself.
What do I want?
Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condos and co-ops, there are many different options on the market and it’s important to choose the type that best fits your needs. Figuring out the town or neighborhood you want to live in is equally important. While a property might have all of the amenities you’re looking for, factors like crime rate and proximity to highways can impact the overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system) before you begin your search.
What can I afford?
The rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary. For a more tailored look at what you can afford, use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today.
Questions Before Buying Home
Am I financially prepared?
A few months before you start searching for a home, review your credit history and make sure it is in good standing. Get copies of your credit report, ensure that it’s accurate, and fix any issues you discover. It’s likely that you’ll also want to get pre-approved for a home loan, which will put you in a better position to make a serious offer once you find the right property. Pre-approval from a lender is based on your credit history, debt, and income.
How do I make the best bid possible?
Do your research! Your opening bid should be based on the sales comparable and trends of similar homes in the area. before making your opening bid, get online and review the selling prices of comparable properties and better yet, have your agent pull information off the local MLS (multiple listing service) with pinpoint information that can help you be more successful in getting your offer accepted. If these properties sold for less than the current asking price of the home you’re looking at, you can feel comfortable make a bid that’s slightly lower than what the seller is asking.
If You’re thinking to buy or sell and need honest, accurate and dedicated service to fulfill your Real Estate needs call me at (973) 216-1945 Roberto A. Sanchez – Century ACV Real Estate Email: Rsanchez@robsrealtor.com
Questions Before Selling Your Home
Questions Before Selling Your Home
Questions Before Selling Your Home
Selling your home is a big financial and emotional task, which requires lots of planning. So before you decide to put your home on the market, here are four questions to consider.
What is my home worth?
Several factors go into determining your home’s market value. These include the condition of the property, square footage, location, amenities, as well as recent comparable property sales.
For a snapshot of your home’s current value, you can enter your address into a free online value estimator tool. Alternatively, you can look at a recent property tax bill to get your home’s tax assessed value, which is a percentage of your home’s fair market value. If you know your state’s assessment rate (which is usually between 80 and 90 percent), you can estimate fair market value by dividing your tax assessed value by that assessment rate.
How can I sell at the highest price possible?
There are several simple, low-cost things you can do to boost the value of your home. These include eliminating clutter, washing windows and walls, and installing higher wattage bulbs to create a brighter environment. Larger projects, like adding bedrooms and renovating kitchens and bathrooms, typically yield more substantial increases in sales price. Staging your home, which helps paint a picture for how buyers will use their new space, can also add value.
How long will my home be on the market?
The time your home spends on the market depends on several factors, including location, how competitively your home is priced, and how aggressively your home is marketed. Statistics show that if a home is properly priced, an offer should come in within the first 12 showings. If you want to speed up the sales process, don’t underestimate the value of staging. Research shows that well-staged homes can sell up to 32 percent faster than homes that aren’t staged.
How can an agent help?
A real estate agent can help with all aspects of the selling process, from pricing to marketing to handling the intricacies of closing. An agent will negotiate on your behalf to secure the best price – and quickest sale – possible. Looking for an agent who can help guide you through the selling process? Feel free to contact us!
For a Free, NO OBLIGATION consultation, feel free to call me at (973) 216-1945 or Rsanchez@robsrealtor.com Roberto A. Sanchez – Broker- Associate (973) 216-1945 Century ACV Real Estate
Reducing Clifton Home Price Sell Faster
Reducing Clifton Home Price Sell Faster
Why You Should Consider Lowering Your Home Price if It Seats and Don’t Yet Sell.
If You’re thinking to buy or sell and need honest, accurate and dedicated service to fulfill your Real Estate needs call me at (973) 216-1945 Roberto A. Sanchez – Century ACV Real Estate Email: Rsanchez@robsrealtor.com
Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage, or any other given circumstances beyond your control, but, There is one factor you can control: Reducing your Clifton Home Price Sell Faster.
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few buyers
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of buyers but no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline to Sell by
If you’ve got to sell soon because of a job transfer, relocate, downsize/upsize or you’ve already purchased another home, it may be necessary to generate buyer interest by adjusting your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money buyers are willing to spend for similar homes in your area.
5. You can’t make upgrades.
Maybe you’re cash tight and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others and its time to reduce Clifton home price sell faster by promoting and mobilizing the available buyers to look at your home.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
If thinking of selling your home or condo, the first step is to determine what’s your home worth in TODAY’s Real Estate local market. Feel Free to Contact Us or Call us at (973) 216-1945 for a FREE, NO OBLIGATION Market Report.
Clifton Homes Sale, Sold Report – October, 2016
Clifton Homes Sale, Sold Report – October, 2016 |
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Clifton Single Family Homes Report for October: 45 homes were SOLD with an average price of $319,762 (98.7% of Listing to selling price) and 61 days on the market, compared to $316,543 with 59 closed and 56 days on market for September, which represents a modest change of approximately 1% increase in value. The Highest Priced Home Sold for: $725,000 with a Listed Price of $795,000 The Lowest Priced Home Sold for: $170,000 with a Listed Price of $154,900 Multi-Family (2-4 Units) Homes Report for October:
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| Information valid as of November 6, 2016. Please contact us for the most current information and status of these properties. |
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Owning versus Renting Benefits
Owning versus Renting Benefits
1. TAX BENEFITS.
Owning versus Renting benefits you through the allowable tax code deduction of the interest you pay on your mortgage, property taxes and some of the costs when 
buying, for investment properties other deductions like repairs, depreciation are also allowed.
2. APPRECIATION.
Real Estate has passed the test of time and allows a stable and steady growth over time, despite the recent housing crisis, home prices have increased on average approximately 5.2 percent each year from 1072 through 2015 according to the National Association of Realtors.
3. EQUITY.
Money paid for rent is money that you’ll never see again, having a mortgage allows you to build equity as you pay down the principal balance, in addition to:
4. SAVINGS.
Building that equity is in itself a savings plan and when you sell, you could qualify to take up to $250,000 (or $500,000 for married couples) as gain without owing any federal income taxes. (Check with your CPA for further advise on these)
5. FREEDOM.
The home is yours. You’re can do as you choose, decorate, paint, upgrade, remodel and choose to live as it fulfills your lifestyle after all that’s some of the intrinsic owning versus renting – benefits.
6. PREDICTABLE.
Unlike rent, your mortgage payments are fixed and don’t rise over the years (if your loan is a fixed rate mortgage) , taxes and insurance cost will likely increase.
7. PRIDE OF OWNERSHIP.
Among the many benefits of home ownership like, remaining in a neighborhood for many years and becoming part of the community, pride of ownership is one of the many traits that owning your own property affords through a sense of accomplishment and satisfaction in knowing this property is your own and you’re coming home! after all that it is the essence of the American Dream.
If Thinking to Purchase or Sell, Contact Us for a FREE – NO OBLIGATION consultation. Roberto A. Sanchez – Broker-Associate – Cell (973) 216-1945 or email me at: RSanchez@robsrealtor.com.
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257-261 East 33rd Street
257-261 East 33rd Street, Paterson, New Jersey
$ Click for current price
8 BEDROOMS | 3 (3 full ) BATHROOMS |
Great Investment located in convenient location, close to schools, shopping, transportation and major highways, three family home featuring 8 bedrooms, 3 baths. Great property. fenced-in, private yard with plenty of parking....Great Investment! CALL TODAY for a private viewing!
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Roberto A. Sanchez
Broker-Associate
ACV Real Estate
973-216-1945
Licensed In: New Jersey
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