How To Sell Jersey Shore Real Estate Fast!

As most owners of Jersey Shore real estate have realized by now, this is not the ideal time to try to sell a house.  With a struggling economy and negative media surrounding the housing market, more and more homes are staying on the market for longer and longer as fewer buyers are out making offers.  So what should you do if you are in a situation where you need to sell your home now?  The Wall Street Journal offers the following tips that I hope you’ll find helpful:

 

1. Don’t wait around.

Even in the better housing areas, it’s taking a long time to sell houses; so, don’t try to sit out the market. That’s what hundreds of other timid sellers are doing, each of them hoping — somehow, some way — that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won’t. If you want your place sold, the best way to make sure that happens is to put it up for sale.

 

2. Fix it up and clean it up.

Buyers are taking your house out on a date. It has to make a good impression.

You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order.  As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people’s things.

What Does Housing Recovery Act Mean To Jersey Shore Home Buyers

President Bush signed into law this week The Housing and Economic Recovery Act. This is the most sweeping change to housing reform since the New Deal of 1934. It is designed to assist more Americans invest in home ownership and shore up the faltering housing and mortgage markets. Like any legislation, it comes with the good and the bad. I encourage you to write your Congressmen to see if we can get legislation to revoke some of the bad.  For example, effective October 1, 2008, FHA will increase the minimum required down payment from 3% to 3.5% for Jersey Shore home buyers. The legislation also calls for the elimination of seller down-payment assistance programs such as AmeriDream and Nehemiah by October 1, 2008.

As of July 14, 2008, upfront MIP premiums became risk-based on credit scores and the annual premium increased across the board. Instead of the original plan of making FHA loans more affordable for potential Jersey Shore home buyers; the new legislation is doing the exact opposite and makes it more expensive.

Details of the Housing and Economic Recovery Act:

Here are some key provisions of the Housing and Economic Recovery Act that most affect Jersey Shore home buyers:

Jersey Shore Real Estate Tip: Questions To Expect From Your Lender

Before lending you a large sum of money to purchase a piece of Jersey Shore real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan. If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind. Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and Income

•  Where do you work?

•  How much do you make?
 
•  How long have you been at your job?
 
•  How is your income derived — steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding Debts

Bradley Beach NJ Real Estate: Short Sale Tips

In the current Bradley Beach NJ real estate market, there has been a lot of buzz around “short sales.”  What is a short sale, exactly?  A short sale is when a lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of a property by a financially distressed owner – in essence, the lender forgives the outstanding balance of the loan.

 

There are pro’s and con’s to short sales on both sides of the deal.  For the seller, credit history is seriously damaged, but not as badly as it would be by foreclosure.  Sellers also walk away with no profit, which makes it difficult to purchase another home.  For the buyer, the property comes at a reduced price, but it also generally comes with its fair share of problems, and there is a considerable amount of “red tape” to get through to complete the purchase.

 

The short sale buying process can be a confusing one, especially for a first-time short sale buyer.  Check out this helpful article from BankRate.com and see 10 Steps for Short Sale Buying below:

 

1. Identify potential short sales
2. View the property
3. Do your research
4. Find all liens and mortgages
5. Figure out the financing
6. Contact the lender
7. Complete the lender’s short sale application
8. Assemble the proposal
9. Negotiate
10. Close the deal

To learn more about investing in Bradley Beach NJ real estate, please visit PatrickParkerHomes.com.  For more personalized service, please call me today at 256-508-0211. 

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