Archive for December, 2007
First Time Home Buyers–Beware!!!
December 22nd, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers
Another First Time Home Buyer Disaster
Please Don’t Let This Happen to You
Janis Gagliardi, a real estate expert in Port Orange Florida, shared this DISASTER story of a First Time Buyer in her PortOrangeJuice.
Anyone, Anywhere in the country buying their first home should follow her advice:
“We searched and found a beautiful home for a young couple a few months back and successful negotiated and went under contract. The couple was pre approved by their lender and had provided the document to the sellers which helped solidify the deal.
Just before closing their credit was pulled again as underwriting normally does. Our customers (buyers) received a call from their lender and much to their horror were informed that they were not approved to close.
To make a long story short, they had given a family member a credit card to a furniture store and over $10,000 in furniture had been charged to their account! The lender disapproved the loan. Not a pretty story!”
We always inform our buyers not to charge anything, change jobs, or buy a car before closing.This has been known to end many a sale! It is very important to not charge anything or apply for other loans during this sensitive period.
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Zillow Has New Smart Search Feature For Buyers & Sellers
December 19th, 2007 Categories: Buying a Home in NJ, Selling A Home in NJ
Zillow does it again…maybe.
Just read this post on Future of Real Estate Marketing about Zillow.
“The launch of their new Smart Search functionality tells you exactly how many listings the company has in its database, from a top level State search right down in to individual neighborhoods. It’s kind of fun surfing around the country (zoom out to the USA level on their map) and seeing what’s out there (according to Zillow anyway).”
Thanks Joel, I know buyers and sellers of real estate in New Jersey are using Zillow…with conflicting feelings. This puts it into perspective. Given the density of our state, our numbers are impressive. It’s always fun to join in the dialogue.
Here’s what NJ looks like:
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Requirements on Jumbo Loans Just Got Tighter From Wells Fargo
December 17th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Wells Fargo is tightening the guidelines on a regular basis.
You may not be in a distressed area but the guidelines are much tighter then 6 months ago and far tighter versus a year ago.
Wells Fargo has increased the FICO requirement on jumbo loans from 620 to now a minimum score of 680. The max DTI went from 50% down to 45%. I know Wells Fargo is usually the front runner in jumbo pricing so if you are quoting a rate to your borrower please make sure this announcement does not eliminate your borrower from going to Wells. They also have changes to the Limited Doc/VOA program.
THE NEW GUIDELINES ARE EFFECTIVE DECEMBER 15, 2007.
Wells Fargo appraisal guidelines are as follows:
- At least three sales closed within the previous six months
- Comps should be within one mile/12 blocks of the subject (urban/surban)
- Rural areas comps must be within 10 miles
Wells is also watching the Soft and Distressed Markets.
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South Orange Dog Park…Nor’Easter That Wasn’t
December 17th, 2007 Categories: South Orange Living
I took a drive through the South Mountain Reservaton just after the “storm” on Thursday.
They predicted, snow, sleet, freezing rain…all we really got was a beautiful landscape.
Turning off South Orange Avenue into the South Orange Dog Park I stopped to check out the view and was rewarded with some beautiful pix.
My favorite was in front of the Dog Run.
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Meme’d: Who is Perri K. Feldman
December 13th, 2007 Categories: Just Because...
I just got Meme’d by Fedua “Sarah” Bandy, who just shared five tidbits about herself online…for the whole world to see.
I had no idea what a Meme was…but now I get it…it’s a chain letter in the cyber world. Wikipedia states it is a link from one person to another.
Far be it for me to break the chain…so here goes:
1. I am living less than 2 miles from where I grew up…and that’s more than just ok!
2. Travel is our family passion and I spend a lot of late nights searching the web for great deals.
3. My family loves to ski. I try to keep up, but, alas I am always the caboose.
4. Living in Los Angeles in the Eighties, working for Warner Bros. Film, was definitely “cool.”
5. If you don’t ask, you don’t get. I believe in making your own opportunities.
Ok, now it is my turn…TAG YOU ARE IT!!!
Cathy Devito Hill & Co.
Nancy Steinhausen LiveInDurhamRegion
Lisa Herald The Woodlands Herald
I’m looking forward to jumping into your worlds!!!
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The Real Skinny on the Subprime Freeze Plan: Who’s Left Out
December 12th, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Mortgage Update
Just came across this article from CNN:Money.com that helps to explain the subprime freeze plan on interest rates – it looks like the majority of the people out there in this situation may not qualify for the assistance they so desperately need.
Your buyers are sure to appreciate this insight
The new foreclosure prevention program may leave out most distressed subprime borrowers.
By Les Christie, CNNMoney.com staff writer December 11 2007: 2:51 PM EST
NEW YORK (CNNMoney.com) — Distressed borrowers looking for relief from the recently announced White House foreclosure prevention plan may be in for a disappointment.
In announcing the administration’s plan, which includes a five-year freeze on interest rate hikes for some subprime borrowers with adjustable-rate mortgages (ARMs), the White House estimated it would offer relief to 1.2 million families out of the 1.8 million facing higher interest rates. The initiative comes at a time of record high foreclosure rates.
But there are very strict limitations.
Link to Full Story “Subprime Freeze Plan: Who’s Left Out“
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Stretch’s…Great Italian Restaurant in Livingston, NJ
December 5th, 2007 Categories: Livingston Living, NJ Dining Out
If you are looking for Great Italian food…try Stretch’s across from Livingston Center. We eat there at least three times a month.
We can always count on good service, large portions and reasonable prices. The kids have loved it since they were little (they are in high school now.)
Stretch’s got it’s start from Belmont Tavern in Bloomfield, NJ…which has been around forever!!! I recently found a recipe for their famous Chicken Savoy. I never made it. Didn’t need to…we just go to Stretch’s for our favorite dish. Read the rest of this entry »
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What is Title Insurance & Why Do I Need It?
December 3rd, 2007 Categories: Buying a Home in NJ, Condo & Townhouse Living in NJ, NJ First Time Home Buyers, NJ Real Estate Laws
For many Americans, the purchase of a home is the single largest investment they will ever make.
Home-ownership is an integral part of the American dream, yet like anything else, purchasing a home comes with certain risks. Homeowner’s insurance and flood insurance help protect you from loss or damage due to theft, fire, or acts of nature.
But what if your ownership itself was challenged?
Title insurance protects property owners or others with a financial interest (such as a mortgage lender) from loss or damage as the result of liens, encumbrances, defects in, or the unmarketability of title to the property. Read the rest of this entry »
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Homes Are Selling In NJ
December 2nd, 2007 Categories: Buying a Home in NJ, Chatham Living, Livingston Living, Madison Living, Maplewood Living, Millburn & Short Hills Living, Selling A Home in NJ, South Orange Living, Summit Living, West Orange Living
The New York City Real Estate market is thriving and homes along the Midtown Direct Train line and the 78/24 and 280 corridors are benefiting from it.
Buyers shut out of the NYC market are coming to New Jersey taking advantage of well priced homes.
Below are the November (11/1/2007–11/30/2007) closed sales of single family homes provided by the Garden State MLS.
NOVEMBER 2007 HOME SALES
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Best Places for Sledding in Essex County NJ
December 2nd, 2007 Categories: Just Because..., Livingston Living, Maplewood Living, Millburn & Short Hills Living, South Orange Living, West Orange Living
It’s SNOWING!!!!
Pull out the boots and gloves, grab the sled, load up the car and head for the best places for sledding before anyone else gets there!!!!
Since I was a little girl, my three favorite places to go sledding in Essex County were at:
1. The top of Francis A. Byrne Golf Course at 1100 Pleasant Valley Way in West Orange. The walk from the parking lot was always a killer, but once you were there it was great…and not very crowded.
2. South Mountain Reservation. Drive along Brookside Dr. between Glen and South Orange Ave. and you will see cars parked along the way. Try to find a spot and grab your toboggan for a glide through a winter wonderland.
Map of South Mountain Reservation
3. Cameron Field in Meadowland Park just below North Ridgewood Ave and above South Orange Village. You can park at the top or the bottom of the hill…watch out for people walking up for their next ride as you fly down fast and furious.
Don’t forget to load up on hot Chocolate!!!
Where is your favorite place?
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