Tips To Successfully Market Your Home

Watch this video on You Tube. Great tips for marketing your home for a successful sale plus the power and leverage of the RE/MAX brand.

NJ Home Foreclosures - Banks Still Want Their Money

This is an interesting article I read on CNN Money today. The headline reads, "You lost your house - but you still have to pay"

Read the full article here.

Wondering what the law in NJ is with respect to deficiency judgements? I found this excerpt

on Foreclosure.com

Are deficiency judgments permitted in New Jersey?

Yes. Adeficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan. New Jersey however has a “Fair Market Credit” doctrine set forth under N.J.S.A 2A:50-3 which is a safeguard against low or minimal bids which may give rise to a windfall in the event of a deficiency proceeding. Under this doctrine the defaulting borrower is given credit for thefair market value of the property regardless of what the bid at the foreclosure sale was. This is however an affirmative defense which must be raised in a deficiency proceeding. Deficiency actions must be brought within three (3) months of the foreclosure sale.

Are you a home owner in trouble? Are you thinking of walking away from your home and letting it go to foreclosure? This article should make you think twice. There are other avenues available to you to help, such as a loan modification, a short sale and others. Read my recent post on lenders forgiving 2nd debts.

Hoboken St Patty's Day And A Letter From The Chief

Chief Anthony Falco Sr of the Hoboken Police Department has issued a public letter stating it's new no tolerance policy - the answer to the unruly madness that goes down during our Hoboken St Patty's Day. Last year was one of the worst the town has seen, people jumping on roofs, completely drunk by noon, tinkling in the streets and more..

The fines are hefty and will set you back a few thousand dollars if you're caught. A word from the wise: make good decisions, have fun, and be safe.

Here is the letter:

“Dear Residents and Visitors of Hoboken,

On Saturday, March 6, 2010, the City of Hoboken will be hosting the annual St. Patrick’s Day Parade. The parade is very popular and draws tens of thousands of people to our city. At times, some of our residents and guests become disorderly and unruly making it a difficult day for our residents who do not celebrate the day. In order to keep our city under control and create a safe and enjoyable environment for everyone, I will have every one of my officers working on that day with almost all of them, out on our streets, on patrol. My officers will be strictly enforcing all criminal and motor vehicle laws as well as all city ordinance violations. The following are four violations where there will be a zero tolerance policy in effect for the day:

1. City Ordinance 145-23 A/B (Consumption of Alcohol/Open Container in Public)- Any person seen possessing an open container of alcohol in public faces maximum penalties of a fine up to $2,000, and the possible sentence of having to perform Community Service.

2. City Ordinance 145-22 (Urinating in Public)- Any person observed urinating on public streets, sidewalks or in parks faces maximum penalties of a fine up to $2,000, and the possible sentence of having to perform Community Service.

3. New Jersey State Statute 2C:33-12 (Maintaining a Nuisance)- House parties have become our largest problem on the parade day. Last year my officers responded to 131 calls for disorderly house parties. This year, when a party is deemed to be unreasonably reckless, disorderly and unsafe, the renter or owner of the apartment or house will be charged with this statute. A person is guilty of this offense when one “by conduct which is unlawful or unreasonable, knowingly or recklessly creates or maintains a condition which endangers the safety or health of persons”, or when “one knowingly conducts or maintains a premises or place where persons gather for purposes of engaging in unlawful conduct.” The maximum penalties for this offense are imprisonment of up to 6 months and fines not to exceed $1,000.

4. New Jersey State Statute 2C: 33-2a (Disorderly Conduct, Improper Behavior)- A Person is guilty of disorderly conduct if “with purpose to cause public inconvenience, annoyance or alarm, or recklessly creating a risk thereof he, (1) Engages in fighting or threatening, or in violent or tumultuous behavior, or (2) Creates a hazardous or physically dangerous condition by any act which serves no legitimate purpose.” This offense carries maximum penalties of a 30 day prison term and a fine not to exceed $500.

I ask all the residents and guests of our city to please be considerate to everyone on this day, and to inform all family and friends to act respectful and orderly. Once again, we want this to be an enjoyable, but more importantly, safe day. The Hoboken Police Department will do everything within their powers to keep it as such. Finally, Do Not Drink and Drive. You may injure yourself or others, and if caught, you will be arrested.

Sincerely,

Chief Anthony P. Falco, Sr.

Jersey City | Real Estate | Listings | For | Sale | And Their Agents

It never seizes to amaze me how some real estate agents conduct business and list real estate property.

I have to give credit where credit is due first; Hoboken real estate agents, and even downtown Jersey City agents are for the most part very professional, responsive and do a good job marketing property and getting feedback.

However, the Heights is a completely different story, and I'll even stretch and say that the same rings true for agents in Union City.

Here is a classic example, I just got off the phone with an agent who does not have any interior pictures of a property he is marketing listed anywhere, not on the MLS, not on the internet, nothing. So of course, it is my job to call him and ask specific questions about the interior and condition of the property. As an agent, I don't like to take my clients to properties they won't like. I, like consumers like to browse through pictures to get a sense of a property before taking my buyer to it.

So, I asked 'what kind of condition is this in'? His response, "good." Me - 'what does the inside look like? Is there a newly renovated kitchen and bath? Hardwood floors? Tile?' He said there aren't any pictures so you just have to see it. The owner is home he'll let you in.' Me - long sigh.

Really.

Another example of lack of professionalism. I'll call xyz typical realty in Union City, and get an answering machine or worse no answer. If I get a machine I'll have to call and leave a message then stalk the office for days until I get someone on the phone. This is usually a week process and is extremely frustrating when trying to make appointments to show your prospective buyers property in these areas..

These agents and agencies need to step it up and service their customers. After all they too are paying their agents to sell their home. And that means calling people back promptly to make appointments to get as many buyers and their agents through homes as possible.

I want to bring up three major points that keep properties from selling.

Number ONE - No pictures!

Buyers AND agents will skip over your property because you don't have any pictures. I can not say this enough. In addition to having pictures, you need good, quality pictures. See my previous post on do's and don'ts of pictures.

Number TWO - Seller home for showings. Another big no no.

This is a huge deterrent for buyers and agents. This can go along with agents having to accompany showings.

Why is this a bad idea?

Many reasons. To start, buyers are instantly uncomfortable when seller's are home for showings. The reason agents stage and neutralize property, and ask that sellers are not home for showings is to make the buyer feel like they are in their own home, to picture themselves there and spend as much time as they like previewing a home.

Sellers, when you are home, the buyer will feel like the are intruding on your home. They feel uncomfortable, will rush through the appointment and become annoyed that they couldn't see the house they way they would've liked to - through their eyes.

In addition to making your prospective buyer uncomfortable, some sellers give them a hard sell. Every buyer has an agent that they are working with for a reason, and the agent knows what features to point out to their buyer based on what they know about their client.

Why do people hate car salesman? Because everyone hates being "sold".

Seller's, if you must be home, it is to your benefit to step in a hallway, or find a space where you are out of sight so that you give the buyer a chance to experience the house as if it were theirs.

Don't follow around the buyer and their agent, and don't feel the need to describe your home and all of the work you did or how great your neighbors are - this will just give the buyer the feeling that you are pushing too hard and maybe there is something wrong with this place. I can't tell you how many times I've heard someone say to me in this case, "if it's so great why are they moving?"

And lastly number THREE: Hard to make an appointment.

This may sound obvious, but sellers, when you are interviewing agents here is a test you need to conduct. Call the agents and their offices as a prospective client and take notes of how long it takes for you to receive a call back. Then call back and act as a prospective agent and see how easy or difficult it is to make an appointment.

Both are important, because although yes it's buyers you want, but buyer's typically have agents and it's the agent's who make their appointments.

If you own a home or condo in Jersey City Heights, Union City or any of the neighboring towns, I would think twice about the impulse to call a local agency. If they don't seem professional to you, then call a real estate office in Hoboken or downtown Jersey City and enlist a professional who is familiar with your area and homes similar to yours. One important tip in this case: you'll need to ask that your agent install a lock box in a safe location, because the one drawback to having an agency from Hoboken for example list your home in North Bergen, is gaining access to the house. No agent wants to drive 20 minutes out of their way to pick up and drop off keys, so make sure it's easy for them by having a spare set at home. If you are not comfortable with this, then again, do your homework and find the most professional office in your area.

Hoboken Real Estate | and Foreclosures: Bank Of America announces 2nd debt forgiveness

Bank of America, one of the largest US based lenders announced yesterday that they are the first to agree to lower or eliminate payments on second mortgages. HUGE HUGE news.

This comes as a welcome update because it is estimated that as many as half of all at risk mortgages have second liens. It is because of those second liens or mortgages, that loan modifications have been a large failure in part due to the fact that lenders have been reluctant to take large losses on those liens.

This federal based initiative, introduced under the Obama administration, has created an incentive for those lenders that work with home owners through the Home Affordable Modification Program along with the Second Lien Modification Program.

Could it be because of guilt that BOA has signed on for this? Or have they finally learned their lesson? Or did they realize that if they don't start helping and cooperating with more homeowners with loan modification requests that they have even more foreclosed properties on their hands and their losses will increase? Whatever the reason, this will help stop some of the bleeding of some homeowners that are trying to keep their homes without going into foreclosure. My Realty Trac Foreclosure report shows that foreclosure fillings are up from 2008 over 20% with California, Arizona, Illinois and Florida accounting for more than half of those filings.

It is estimated that in NJ 1 out of every 55 housing units received foreclosure status in 2009.

The Home Affordable Modification Program has a user friendly website where you can get more information. On it you'll see a simple to fill out questionnaire that will help determine your eligibility under this program. A determining factor under HAMP calls for the borrowers total mortgage payments including taxes, interest, insurance and maintenance fees to total more than 31% of their pre-tax income. You can see examples of how your payment might be reduced on the website. There is also a link where you can request to have a counselor assigned to you if you wish. The website is translated in Spanish for those Spanish speaking owners who have found it difficult to find help.

Unfortunately lenders are overwhelmed with filings which can make this difficult process even more stressful. But certainly this news will shed some light for some. It is unclear whether this Second Lien Modification promise will translate over to short sales as well for those who might not qualify under a loan modification, or simply can't get through to the right people to help.

A common short sale myth is that if a home owner has two loans then they don't qualify for a short sale because the 2nd loan wouldn't receive any money from the sale.

This simply isn't true, many times we can negotiate both first and second mortgages, and in some cases the second mortgage has been completely forgiven.

Just last night I signed on to help a home owner currently struggling to make her payments after BOA and Citibank have both been unsuccessful in helping her with loan modifications and have actually raised her debt due by charging her exuberant fees on what she thought was a modification. After treating her with a lack of respect she turned to me.

She was worried that a foreclosure was her only option but after meeting with her, she is a short sale candidate and I will be working hard to find her a buyer to start the process.

Lenders have to learn to work with homeowners and start to relieve this very very large problem that they partly created..

A treasury spokeswoman on CNN's article was quoted as saying that many more banks are expected to sign on very soon - (let's hope).

Hoboken Real Estate: Short Sales @ The Hudson Tea

It's clear no condo building in Hoboken is immune to short sales. The Hudson Tea building in Hoboken is seeing it's share. Attention buyers, how about a sprawling three bedroom three bath condo for sale around $800,000? This short sale listing is one of the few where the agent has had communication, or seems to have had communication, with the bank and has already been given a price opinion as to what number the bank is looking for to allow the short sale to go through and close. These type of short sales typically take less time in the pipe line then other one's where the bank won't start the process or hint at what they'll accept until there is a buyer contract on the property - which makes things much more difficult.

This unit is an R line, 4th floor with a galley kitchen that has black granite counters, stainless steel appliances and white kitchen cabinets. There are three spacious bedrooms and they have been upgraded with hardwood floors. If you have or are starting a family, and love this building but can't find a condo large enough for you, then you may want to seriously consider purchasing a short sale.

You will still need to fill out an offer to purchase, and submit a recent pre approval letter from your preferred lender. You'll also want to conduct a home inspection up front, if you desire. Your offer will look that much stronger to the bank if you do.

If you are not in a situation where you have to move quickly, then you have the time to wait for a response from the bank on whether or not your offer was accepted. When a listing agent says that the bank has approved a price or is looking for a certain price, then typically the bank will only agree to sell the property if the offer price is the suggested price or very very close to it.

Agents will show short sales that have these type of advertising remarks because they know that they and their buyers have a much higher chance of actually purchasing the property. Unfortunately too many agents that aren't equipped to handle short sales, list them, and in turn waste the time of many sellers, buyers and agents..

Donating Your Fashion For A Good Cause

Hello LaVidaSquared ladies! Do you have the winter blues about your closet? Want to make some room to buy some new threads? Feel guilty about throwing away those knits and trendy tops that you just don't wear?

Feel guilty no more! This weekend Alice Chan's new consignment shop in the Lower East Side is taking your fabulous donations! Don't think that's exactly charity? Well, how about if she splits all of the proceeds between the Red Cross foundation and Doctors Without Borders!

See!? All better now, and an excuse to go shopping next week for last item winter sales and key pieces for Spring.

Poor, Pretty, and Fashionable Fundraiser
What: Alice Chan’s newbie LES resale shop, PPF Consignment, is accepting stylish clothing donations to sell, with all proceeds split between the Red Cross and Doctors Without Borders.
Why: Pare down or plump up your closet; jackets and bags are only $10.

When: Fri., 5-8 p.m.; Sat. & Sun., noon-8 p.m.

Where: 168 Ludlow St., b/t Houston & Stanton Sts. (212-677-7973).

The Hoboken And Jersey City Real Estate Market Is Heating Up

Spend some time in any real estate office and you'll notice that there is lots of buzz. Our office is busy and appointments and deposits are up all around. I had three different showings this past week on three different properties where in each one there were multiple offers. There are many buyers making offers taking advantage of the low, corrected prices and incentives. One agent in my office had to wait hours to get keys for the property he was showing because 7 other agents were showing that same condo.

I have a client I'm working with who is interested in two properties and both of them have offers on them.

My office alone had 40 closings in December!! Hoboken had a total of 72 units sell last month, our office sold more than half of those.

I think it's going to be difficult for buyers to get out of the frame of mind that it is a slow market. While yes there is still a good amount of inventory available, however there is a larger amount of buyers AND investors shopping. The only way to guarantee a good purchase is to find the property that suits you and make an offer, negotiate and seal the deal as quick as you are comfortable with.

I recently had a buyer lose out on his first choice property because another buyer came and placed a higher bid - $30,000 more than ours..

Bottom line: if you're in the market for a home and you see one you really like, just remember that someone else may have seen that home as well and is probably also considering making an offer. Don't low ball for too long, remember, prices are already corrected and inventory is moving.

Hoboken | Hot Property: The Hudson Tea | Condo's |

The Hudson Tea Condominiums has held it's reign as one of Hoboken's hottest places to live. No doubt these unique homes have attracted accomplished single professionals, high profile families and even some politicians and celebrities including the likes of Governor Corzine, the late Arturo Gatti and Eli Manning.

This makes The Hudson Tea - LaVidaSquares- Hot Property choice.

The Hudson Tea was once home to the Lipton Tea Factory established in 1893, when at that time, tea leaves were only enjoyed by the rich as it was an expensive commodity, that is until Sir Thomas Lipton made it available at affordable prices and with a guarantee of quality. While the first Lipton Tea factory was actually once on the corner of 13th and Hudson - also known as the Tea Factory, not to be confused with Toll Brothers' Hudson Tea, it then moved its head quarters to where we know now to be as Harborside Lofts and The Hudson Tea buildings.

What makes the Hudson Tea so hot?

• For starters, it is a solid structure of pure concrete with thick walls and sub flooring.


• Next it boasts 13 foot ceilings with exposed beams


• Extra large windows that stand 10 feet tall


• An incredible water front location with easy access to the Ferry, buses, Lincoln Tunnel, highways and PATH
  
  The Hudson Tea is not your grandma's building - unless grandma has serious style. They are lofty and open and modern, and the New Harborside building is boutique but on a grand scale with attention to detail in their newly outfitted kitchens with dark cabinetry and white hot stone counters.

The Harborside has recently sold out through the developer directly however there are re sales available currently and with prices softening in the last year, owning a home in one of these fabulous buildings is more of a reality now for many.

Just today a true one bedroom , 835 sq feet just closed at $410,000. There are studios currently selling under $400,000 and there are spectacular residences available with NYC water views up to 1.5 million and a penthouse that is undergoing major renovations and upgrades to make a special home.