Tonight Rutgers kicks off its 2007/8 football season against Buffalo at home. Good luck to Ray Rice and the rest of the Scarlet Knights. I'll be in the stands tonight, as well as for the rest of this season's home games, wearing red.
Tags: RUTGERS
The New York Times is reporting that the median price of American homes is expect to drop for the first time in 50 years. This eventuality is going to spell even more trouble for homeowners who are either trying to sell their home now, or will be forced to sell in the near future. The thing that is amazing about this story is that so many people in the real estate industry said that the nationwide decline in home prices would never happen.
From the NY Times:
In all, Global Insight expects a decline of 4 percent, or roughly 10 percent in inflation-adjusted terms, between the peak earlier this year and the projected low point in 2009. In California, prices are expected to decline 16 percent — or about 20 percent after taking inflation into account.
As of July 2007, the median home price of all homes for sale in New Jersey was $449,000. That means by these projections the median home price in 2009 may be closer to $404,000.
Need to sell now before time blows up 10% of the profit you stand to make? Call or email us today.
Tags : 
home prices : 
real estate : 
valuation : 
FSBO
If you have ever clicked on the Buy A Home link above, you already know that in addition to buying houses, we also sell houses.
WE ARE NOT BANKERS! That means we understand that everyone does not have perfect credit and zero debt. We are a company that prides itself on working with people fairly and honestly. If you have had a past bankruptcy, or have been denied by other lenders, we still can help.
We have a lease-purchase program second to none which allows you to purchase a home that is priced fairly, has incredible terms and does not require a large initial deposit.
In the current lending market our lease purchase program is attractive because we work with tenant buyers to get them into a nice, clean rehabbed home today and make sure they have the ability to purchase the home at a later date for a fair price. Our best partners in our lease purchase program are people who may have had some credit problems in the past but are working towards improving their financial situations.
Our Lease Purchase Program
Our lease purchase program is modeled after the one developed by Scott Frank and Andy Heller. What we do is offer our tenant-buyer the ability to get into a nice home for a low option payment. We like to create a longer option period for our tenant buyers so they are able to work on their credit and be sure they can qualify for a mortgage when it comes time to exercise the purchase option. The time frame of the purchase option is anywhere between 24 and 36 months. Additionally we will apply a portion of the monthly rent paid to the tenant-buyers eventual down payment.
Now for what really makes our program different from those offered by other investors. We Lock In The Purchase Price For The Home For The Entire Option Period. When we approve our tenant-buyer and they sign either a 2 or 3 year lease option on our property, the fair market value of the property on that day is the same amount that the tenant-buyer will purchase the property for at the end of the option period. We believe this aspect of our program creates a win-win situation for our tenant-buyer by allowing them to get into a quality home and purchase it a reasonable price. We feel that their dedication to working to improve their credit is worthwhile for us to pass along any appreciation the property experiences while they are there.
Tags: 
lease purchase : 
new jersey : real estate
One thing that I find amazing is that while the media pundits constantly remind us of the sub-prime meltdown, the bursting of the housing bubble, the record number of foreclosure filings and the general doom of the overall real estate market and U.S. economy, they have no problem accepting new advertising from Countrywide, Quicken, DiTech and other mortgage lenders.
Read this article from Saturday's New York Times.
Consumer advocates say many ads are at best misleading and at worst steer consumers into risky loans with promises of low introductory rates that do not make clear that they could pay significantly more in a few months or years.
Tags : 
subprime : 
mortgage : 
foreclosure : 
media : 
TV : 
advertising
If you are facing foreclosure by your lender, one option you have is to give the deed to your home to your lender. This is called Deed In Lieu of Foreclosure. While this option to stop foreclosure makes sense, it may not be the best option for all homeowners.
When a homeowner has given the deed to their home in lieu of foreclosure to their lender, they no longer have title to or ownership of the mortgaged home. In New Jersey, under the state's Fair Foreclosure Act, the debtor homeowner needs to "voluntarily" surrender their property. This means that the homeowner must have received all proper notification by their lender of their intention to foreclose the loan.
It is important to note that as a homeowner you need to formally notify and document your intention of giving your lender your deed in lieu of foreclosure. Simply abandoning your property will not be sufficient.
Tags : foreclosure : 
deed : new jersey
Kathy at Shak & Jill asked a question on her blog today that not enough people are asking - what happens to all of the homeowners who have been foreclosed on by their lender?
It is impossible to turn on the TV or read the newspaper and escape someone from the news media drone on about the number of owners in foreclosure. While that number is large, I think Kathy has brought up the real story that we should be talking about - not how did we get here, or how bad is it out there, but what happens to the owners that have lost their home.
Homeowners are thrown into foreclosure for any number of reasons. 99% of the homeowners out there in foreclosure did not wind up in that position because they chose to stop paying their mortgage. More likely than not they experienced something such as a job loss, illness or other catastrophic event that caused a financial hiccup. That one missed payment then started to snowball into a larger and larger amount that eventually became so large it would be impossible to make up.
Owners who are foreclosed on have their credit ruined so they are unable to get back on their financial feet. The debt that they are saddled with as a result of the foreclosure makes it necessary for them to sell most of their possessions that are of value which include their autos. This makes getting to and from work an ever growing challenge and because of the damage to their credit they are unable to get a car loan or afford a used one that will run. Unable to get a mortgage they enter into the rental market and are forced to pay for a home but not experience any of the benefits that are afforded to owner occupants. Foreclosure can ruin a homeowners life and they should do everything they can in order to avoid this outcome.
Pundits - Instead of repeating how bad it is out there - please spend some time informing the rest of America what is happening to their friends, families and neighbors.
Photo Credit : spankyblu1
Tags: foreclosure : new jersey : real estate : 
homeowner help
Do you own property in New Jersey, but live outside the state? Across the state there are just over 100,000 residential properties owned by people who reside in other states. Where we primarily work, Middlesex, Monmouth and Mercer Counties, there are just around 11,000 of these properties.
There are countless reasons why people become out-of-state owners of property. Many people that call us tell us that they did not become an out-of-state owners on purpose, instead, something happened that forced them into the situation. Some of the most frequently cited reasons include -
I tried to sell my property before I moved, but didn’t get a good offer
I thought it WAS sold before I moved, but then the deal fell through
I got a good job offer and had to move before I was able to get the property ready to sell
I inherited the property and then had to wait months for the court to give me permission to sell
I had tenants and thought I’d hold onto it for income, but it turned out to be more trouble than it was worth
Regardless of what prompted a person to become an out-of-state owner, the issues that everyone of them faces are the same: maintenance, taxes (which in New Jersey are astronomical), insurance, and monthly payments. And if you are an absentee landlord you have the added headaches of long distance management and rent collection.
We work with out-of-state owners all the time and offer them solutions that help them get out from under their problem property. Call or email us today to and we will be glad to discuss with you the services that we offer.
Tags: new jersey : 
landlord : 
"absentee owner" : 
"real estate"
We understand that homeowners want to make sure that they get the most money possible when they sell their property. That is only fair. As such, many people who call or email us have also called the 1-800 numbers and We Buy houses signs (pic) that dot every other telephone pole in their neighborhood. When we speak with a homeowner we automatically assume they have already spoken to other investors about selling their home.
Many times we will work out a solution for a homeowner only to be told, "Well this other investor has told me that they will pay me $X and your are offering me $Y".
What we as professionals explain to homeowners is that we base our offers to purchase property on a strict set of guidelines and market indicators. The number that we come to is a fair one that allows the homeowner to be rid of their problem property and us a small percentage of profit. Additionally, and what we feel is one of the most important aspects of our offer, we intend to buy the property and honor our word by closing the deal.
(what we do)
We have seen many homeowners lulled into a false sense of security by blindly accepting the highest offer they receive from an investor only to find that the person with whom they signed a contract is unable to get the money to purchase the property, or are unable to sell the contract to another investor. That leaves the homeowner in a position where their home is under contract and tied up by an investor who cannot or will not close. This scenario only adds more stress and pressure to the homeowner. We have had occasion where a homeowner rejected our offer for a higher one made by a person who was unable to close and eventually came back to us.
As we continue to work in this volatile housing market we meet homeowners that need to sell as a result of any number of reasons. Each of these individuals, with their own personal circumstances, have come to the conclusion that their life will be better once they are rid of their "problem property". We work with homeowners to understand their situation and needs and craft solutions that end as a win-win.
Be Aware - the market is changing daily and what your property is worth today may be $10 - 20k less months from now.
At the end of the day, you as a homeowner need to make the decision that is best for you. If you would like to discuss your particular circumstances and needs please call or email us today.
"As a small businessperson, you have no greater leverage than the truth."
John Greenleaf Whittier
Tags:
Investing : 
"we buy houses" : new jersey
When a loved on passes on, many times they leave the home they lived in to their relatives thinking that it will be a good investment for them. However many times the problems that come with the inherited property outweigh the benefits of ownership.As people get older their income and physical ability to maintain their home decreases. As such roofs and gutters go years without being maintained or repaired, kitchens and baths don't get updated and the once well maintained landscaping starts to grow unchecked. When they are not made, these little problems can grow into large expensive ones that now become your responsibility once your loved one is gone.
Roof repairs, structural updates, new carpet, and interior remodeling can be a costly endeavor that many beneficiaries of property do not wish to make. However by not making these repairs the prospective pool of buyers is extremely limited. People looking for a home do not usually want to buy one that needs major repairs and there are also issues where their lender may not approve a mortgage for such a property.
We buy properties from estate beneficiaries and do not require they make any updates or repairs. Also, since we are cash buyers we do not run into the same issues with lender oversight on the properties we buy. We can close fast, usually within 7 to 10 days, and pay up to 85% of the property's appraised value.
If you have inherited a home and want to sell it today, contact us here.
Tags: Probate : Estate : Inherit : new jersey
Countrywide, one of the nation’s leading single-family mortgage originators and servicers is having a tough day, week, month, year...... The company has been downgraded to a "sell" by Wall Street and they are having a tough time borrowing the money they need in order to fund new mortgages. There have been grumblings for months that Countrywide will be forced to declare bankruptcy but now those grumblings have grown into a growl and will soon be a roar.
If you have a mortgage from Countrywide, their possible bankruptcy filing should have no impact on you. Most likely your loan has already been sold to another lender. A majority of Countrywide’s mortgage loans are sold to Fannie Mae, Freddie Mac, or Ginnie Mae. About 36 percent of the loans go to Ginnie Mae, 48 percent to Fannie Mae, and the balance go to jumbo, nonconforming, and other investors. Countrywide typically retains the servicing rights to mortgages it sells in the secondary market.
The problem is going to be felt by all the people that have a closing date approaching and they were receiving their funding from Countrywide.
Tags: Countrywide : Mortgage : Bankruptcy
This case was reported in the New Jersey Law Journal
New Jersey homeowners facing foreclosure will have to move faster to cure a mortgage default, under a federal appeals court decision.
The Third U.S. Circuit Court of Appeals held that the right to cure ends when the property is sold at auction, rejecting the owner's argument that it continues until the deed is delivered to the purchaser.
The ruling in the closely watched case resolves a more than decade-old split among federal bankruptcy and district judges in New Jersey.
"Having finally been given the opportunity to break what is a virtual tie between the New Jersey federal courts," the court held in its Aug. 3 decision that 11 U.S.C. § 1322(c)(1) does not afford the debtor a post-auction right to cure.The relevant provision, § 1322(c)(1), enacted as part of the Bankruptcy Reform Act of 1994, allows a Chapter 13 debtor to cure a home mortgage default "until such residence is sold at a foreclosure sale that is conducted in accordance with applicable nonbankruptcy law."
Some judges have interpreted that language to cut off the right to cure - to pay the arrears and bring the mortgage payments up to date - when the auctioneer's gavel falls, the so-called gavel rule.
Others have found a right to cure up until the sheriff hands over the deed to the winning bidder, which usually occurs later, once the auction price is paid in full, the "delivery-of-deed" rule.
Lawyers involved in the case say judges in the Newark vicinage were more likely to follow the gavel rule than those in Trenton and Camden.
The debtor, Vincent Connors of Matawan, defaulted on a home mortgage loan held by Deutsche Bank National Trust Co.
The bank foreclosed on March 4, 2004, and the property was sold to 41 Lakeridge LLC at a foreclosure sale on Nov. 10, 2004. Lakeridge paid 20 percent of the $330,000 auction price at that time.
On Nov. 14, Connors filed a Chapter 13 petition, which triggered the automatic bankruptcy stay and halted the finalization of the foreclosure sale.
His Chapter 13 plan, filed on Nov. 30, 2004, proposed to cure his prepetition arrears on the mortgage.
Connors did not, however, exercise his right to object to the foreclosure sale, or to redeem the property from the purchaser within 60 days of the filing of the petition by repaying the auction price plus interest and costs.
The 60 days expired on Jan. 19, 2005.
On March 9, 2005, Bankruptcy Judge Novalyn Winfield granted Lakeridge's motion to lift the stay, over Connors' opposition, explaining that Connors no longer had the right to cure the default and his right to redeem had also expired.
But Winfield stayed the ruling until Connors could appeal.
U.S. District Judge Dennis Cavanaugh affirmed on June 20, 2006. Noting the "schism" among courts in New Jersey on the issue, he applied the gavel rule and found Connors also waited too long to redeem under state law.
Cavanaugh granted the motion lifting the automatic stay and Connors appealed.
In affirming, the Third Circuit found "unambiguous" support for the gavel rule in the language of § 1322(c)(1).
It agreed with Lakeridge's and Deutsche Bank's argument that the term "foreclosure sale" is synonymous with the foreclosure auction. Connors argued it encompassed the entire process and ended only with transfer of the deed.
Though the auction cut off the right to cure, Connors still had post-sale remedies under state law, wrote Judge Maryanne Trump Barry, joined by Julio Fuentes and Kent Jordan.
He had 10 days to object under New Jersey Court Rule 4:65-5, and his filing of the Chapter 13 petition then extended his time to object or redeem to 60 days under §108(b) of the Bankruptcy Code, said Barry. But he let the opportunity go by.
The legislative history and public policy considerations also supported the gavel rule, Barry added.
The 1994 change to the bankruptcy law was meant to overrule an "aberrant" 1987 Third Circuit decision, In re Roach, 824 F.2d 1370, that cut off the right to cure at the time of the foreclosure judgment, Barry pointed out.
On the public policy side, the gavel rule is preferable because homeowners receive prior notice of the auction but not of the deed delivery, said Barry.
States are free to provide more post-sale remedies but in the meantime, "the gavel rule protects purchasers by avoiding an interpretation that turns §1322(c)(1) into a federal vehicle for divesting them of property rights acquired at foreclosure sales."
Tags: foreclosure : bankruptcy : law : new jersey
video