Home Fire Safety in Bradley Beach NJ

With this week’s news coverage of the devastating fires in California, home fire safety is a most timely topic.  Although we may not be at great risk for wildfires here on the Jersey Shore, an important part of responsible homeownership is being prepared to both prevent a fire in your home and to rescue yourself and your family should there be a fire in your home.

 This printable Fire Safety Checklist, provided by FireSafety.gov, is a great resource for determining what fire hazards may lurk in your home, how to make them less hazardous, and what to do in the event of a fire.  The Today Show also provided some useful tips to ensure you would know what to do if you had to evacuate your home in the event of fire.  These tips include:

Make copies of your documents.  Either put them in a waterproof and fire-proof safe, or give the copies to a trusted friend or relative.  Make electronic copies, as well.  Remember that valuables left in a safe deposit box at a bank could also be destroyed in the case of a widespread natural disaster.
Get your insurance information in order.  If disaster strikes, make your claim right away, and be sure to take pictures of the damage.
Prepare an emergency kit.  Don’t wait until it’s too late.  Gather essential items such as a battery operated radio, bottled water, food, medication, blanket, first-aid kit, etc.
Come up with a family plan.  Again, do it now!  Make sure everyone knows where the important documents are, and agree on a meeting place in case you become separated. 

Many of these items are tips we hear over and over again, but they never really seem useful until a disaster strikes close to home.  By the time that happens, of course, it is generally too late to put the tips to use.  Preparedness now can save time and, possibly, lives later. 
If you are thinking of becoming a homeowner in Bradley Beach NJ, please call me today at 732-775-2774 or visit PatrickParkerHomes.com.  You may also begin searching Jersey Shore real estate here!

What is A Short Sale?

A short sale is the sale of a property, with the authorization of the creditors, for less than what is owed on it. Short sales are done all the time.  Whether it is for the forgiveness of debt owed by a nation or an individual; it simply means that someone is willing to settle for less than what they originally anticipated. It’s part of business. All lenders know they will not win all the time. Risk and loss of capital is an anticipated cost in the lending industury. Changing economic conditions, conflicts, and Mother Nature are among some of the many causes of unforeseen situation that turn good lending contracts into bad. In the context of foreclosure on second assets, a short sale occurs when debtors agree to settle their liens for a known amount of money as opposed to taking a chance at auction. Auction prices are often unpredictable and usually greatly discounted. Many lenders are willing to mitigate further risk of loss by making deals before auction. Bad debt is sold by lenders all the time. For instance, there is a huge market for unsecured credit card debt that is sold for pennies on the dollar to collection agencies. That’s self-effectuated short sales. Lenders are more happy to discuss resolutions of aged debt. Their business is to lend capital, not dispose of foreclosed assets.

If you ever run into a problem with short sales, contact me and we’ll discuss more.

Visit a Jersey Shore Pumpkin Patch!

The temperature is dropping, the leaves are beginning to change, and autumn is officially in full swing in New Jersey.  That means Halloween is just around the corner! 

A great way to spruce up your home’s curbside appeal during this season is to decorate with a few locally-grown pumpkins – maybe even add some hay and a scarecrow to really get festive!  Visiting a local pumpkin patch is also a fantastic way to enjoy the fall weather with your family and get some of those always-cute snapshots of the kids picking out their pumpkins.  Why not start a new tradition this year and visit one of these local pumpkin patches? 

To learn more about living here and Bradley Beach NJ real estate, please visit PatrickParkerHomes.com or call me at 732-775-2774.  You can begin searching the MLS here!

“A Shore Deal!”, A K.Hovnanian Type of Sale.

Due to the success of K. Hovnanian’s “Deal of A Century”, huge price reductions on homes for one weekend, “A Shore Deal was created. During the weekend of October 27 & 28 there will be a major sales event on Oceanfront and Ocean-view town-homes in Bradley Beach. Purchasing one of these beautiful units on that weekend could save you $100,000+. The Developer, John Simone of Simone Development will be there along with Diane Turton, the leading broker of the Jersey Shore. Mr. Simone is also willing to give a $10,000 gift certificate towards Osker Huber Home Furniture and Design as a bonus to a purchaser on that weekend.

The development consists of 4 Luxury Town-homes located at 811 Ocean Ave in Bradley Beach, NJ. These new construction townhomes have 3 bedrooms, 3.5 baths, high-end kitchens, 9ft. ceilings, 2 zone heating and cooling and much more. Prices start at $1,250,000 to $1,450,000. I will be a great opportunity for a select few.

Retiring in Bradley Beach NJ With a Mortgage

The Jersey Shore is a fantastic place to retire.  A common dilemma, however, among retirees is how to afford retirement while paying on a mortgage.  According to the Federal Reserve, among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992.Are you heading into retirement and still holding a mortgage?  Here are some tips that can help you get started:
-  If you have plenty of savings and a modest mortgage, go for the loan payoff.  You might consider trading down to a smaller home or even work part-time until you’ve paid off the mortgage.
-  If you have cash sitting in, for example, a money-market fund held in a regular taxable account, you could consider using this money to reduce your loan balance.  Although you mortgage may be costing you just 6% and the interest may be tax-deductible, your money-market fund is likely yielding only 5% — and you have to pay tax on that income.

If your mortgage is so large that paying it off will hinder your ability to retire in comfort, you should try get the mortgage payment down as low as possible.Even better, trade down.  After paying a 5% or 6% real-estate commission and paying off your current mortgage, in most cases, you could put down cash on your new home, leaving you with a smaller mortgage.  If you financed the new mortgage over 30 years at 6.5%, your monthly payment would be lower. You might even refinance later in retirement, further shrinking your monthly payment by extending the loan another 30 years.  Even in today’s tight credit environment, you shouldn’t have a problem qualifying for a new loan, as long as you have a reasonable amount of retirement income.Thinking of retiring to the Jersey Shore?  Begin requesting relocation information.  Or, for more personalized service, please call me at 732-775-2774 or visit PatrickParkerHomes.com to learn more about Bradley Beach NJ real estate.

Buyers Beware When Investing in Foreclosures in Bradley Beach NJ

As we discussed last week, the rate of foreclosure is rising at breakneck speed all across America.  Last week I provided a link to an article full of great advice on how to avoid foreclosure. 

This week I want to look at the issue from another angle – from the perspective of those looking to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit. 

While this seems like a great idea on the surface, considering the abundance of foreclosed-upon homes that are becoming available, potential investors should use caution and take the time to investigate what they may be getting themselves into when purchasing property at auction or from a bank. 

As this article on RealEstateJournal.com details, there are caveats to investing in foreclosures.  If you are thinking of investing in a property with the hopes of flipping it for a quick re-sale, you should first consult an experienced Realtor to get a clear picture of the current real estate market in your area.  If homes are not moving off the market quickly, you could end up with a property that won’t sell and ends up costing you in the long run.  Also, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid.  Since these properties generally cannot be inspected prior to purchase, it is important to decide in advance how much you are willing to invest in improvements over and above the purchase price of the property.

If you are interested in investing in Bradley Beach NJ real estate, please email or call me at 732-775-2774.  You can also visit PatrickParkerHomes.com or begin searching the MLS here. I would be happy to help you invest in your future on the Jersey Shore.