NEW LISTING! 3 Montreal Woods Court in Manalapan, New Jersey

 


3 Montreal Woods Court, Home For Sale in Manalapan, New Jersey

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$609,000
Single Family Home
Main Features
5 Bedrooms
4 Bathrooms
Lot: 0.37 acre(s)
Location
3 Montreal Woods Court
Manalapan, NJ 07726
USA

Jodi Goldberg Jodi Goldberg

(908) 770-2150
jodiagoldberg@gmail.com
http://www.JodiGoldberg.com

Listed by: Jodi Goldberg with RE/MAX Central

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What Are Your Responsibilities As A Cosigner?

Are you considering being a co-signer for someone’s home loan?

Co-signers are required in many cases and for many people. If a person has poor or no credit, an unsteady job, a high debt-to-income (DTI) ratio, or other credit issues, it can be nearly impossible to be approved for a home loan. In these cases, a person can have a mortgage co-signer who “agrees to back up your loan, guaranteeing the lender that the loan will be repaid”, according to The National Association of Realtors®. A co-signer essentially enhances your credibility as a borrower, making it much more likely that you will be approved for the loan, but picking the right co-signer is vital.

Here’s what you need to know about the responsibilities of a co-signer:

If the main owner of the loan fails to make payments, the co-signer is financially responsible for the loan and their credit score could suffer.

Co-signers should be:

  • A trustworthy person

  • Have good credit/someone who will be approved by lenders

  • Willing to be part of a long lasting agreement

  • Have a good income

  • Be 18 years or older

  • Be willing to have their income, credit history, credit score, assets, and debts scrutinized by the potential lender

Agreeing to be a co-signer for a home loan is a very serious agreement, so it is best to draw up a formal contract that both parties will have to sign. “A real estate lawyer can help you and your co-signer draw up an agreement that specifies who will pay the bills, who will occupy the residence, and contingencies, like what happens if the main mortgage holder cannot make the payments”, according to the National Association of Realtors®. This contract can help protect both the main owner of the loan and the co-signer against any fall-outs or worst-case scenarios.

Who would make a good co-signer?

  • A lot of people ask friends or family members to co-sign for them because these types of relationships are often built on trust.

  • Younger people, perhaps someone purchasing their first home, may ask their parents to co-sign on the mortgage.

  • With married couples, typically a spouse will be the co-signer for a home loan.

  • Siblings

  • Aunts or uncles

  • Grandparents

  • Business partners

  • Long-time friends

The National Association of Realtors® says that in an ideal agreement, “the co-signer should never have to hear from the bank after the papers are signed”. Before asking someone to be your co-signer, be sure that you are ready for the responsibility of owning a loan.

To read more on the responsibilities of a co-signer, check out this article.

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5 Reasons To Buy a New Home Over a Resale

Many buyers today are finding no shortage of resale homes to consider, but choosing a resale over a new home may not be the best option for all. The biggest draw of resale homes is their relatively cheap price, but it’s important to remember that you get what you pay for. Here are 5 reasons to buy a new home over a resale from U.S. News.

1. You can customize a new home. One of the biggest benefits to buying a new home is that the buyer can customize and tailor the home to fit their specific needs. For instance, in building a new home, buyers can choose where the bathrooms will be, what kind of flooring will be in each room, and sometimes even the lot on which the home will sit. These kinds of options are really great for people who know what their specific needs and wants are or for buyers who want a home that they know can support their needs for many years to come. In buying a resale, home owners just aren’t afforded that luxury. Customizing resale homes is a very difficult and expensive process, and sometimes it’s just downright impossible.

2. Energy efficiency. Whether you’re building your own home or buying a new one that’s already been built, chances are your home will have top of the line energy-efficient appliances. Some of the best things about having energy efficient appliances are the tax breaks you get at the end of the year and, of course, lower utility bills. Green systems and energy-efficient appliances can help save homeowners thousands of dollars throughout the year. Older resale homes are usually not equipped with these new, green, energy-efficient machines, and thus end up costing the buyer more in utilities. It is possible to retrofit resale properties, but replacing all of those large appliances can get very expensive.

3. Fewer repairs. New homes haven’t experienced the wear and tear that resale homes have, which means that features of a new home will most likely hold up better than features of older homes. For example, when buying older pre-owned homes, many buyers will find that they need to replace the carpet, repaint the walls, re-insulate the attic, etc. These are things that new homeowners really don’t have to deal with.

4. Less maintenance. Many of the new homes on the market are specifically engineered to minimize maintenance requirements for the homeowner. Patrick Costello, president of Forty West Builders, based in Ellicott City, Md, says that his company doesn’t use wood for exterior trim, since it is susceptible to rotting and often requires repainting, but instead uses composite, which means less work for the homeowner. Older homes typically aren’t endowed with this kind of technology, which, again, means more work for the homeowner.

5. The warranty perk. When having a home built, many buyers can negotiate a contract in which the builder will agree to take care of necessary repair work in the home for the first year, at minimum. Other components of the home will be under warranty for longer than the first year, in almost all cases. So, necessary repair work could include anything from a leaky roof to a broken heater, and if either of these things happen within the warranty period, the builder pays to have it repaired. When buying a resale home, there is no chance of taking advantage of a builder’s warranty.

For more reasons to buy a new home rather than a resale, and to read the full article from US News, click here!

How To Win a Multiple Offer Bidding War

The housing market is starting to even out in some areas of New Jersey. We are starting to see less inventory on the market which means buyers will start to compete when making an offer on a home. For the seller, that is great news! For the buyer, you have to make sure you are prepared to go into a multiple offer bidding war. It is best to talk to your real estate agent, but here are a few tips for you…

1. Make your offer attractive

You don’t know what the other buyers are offering, if they have any contingencies, if they are paying cash, or if they are asking for closing costs. Try to make your offer as attractive as possible without breaking the bank or leaving yourself without room for inspections or ample time for closing. This could simply mean offering more and asking for less. Your real estate agent can advise you on this.

2. Get pre-approved, not just pre-qualified

This is a must when purchasing any home. Even if it is not a bidding war, having a pre-approval letter is something the seller will ask for before accepting any offer. With mortgage underwriters cracking down on loans these days, it is very important to get pre-approved.

3. Price

Typically when it comes to a multiple offer situation, the listing agent will let each buyer know they need to bring their highest and best offer to the table. Keep in mind this might mean something different for each buyer. Do not over stretch yourself financially just to win a bidding war. Make on offer based on your highest and best purchase price. Highest and best also includes the bottom line. The listing agent will plug in the amount of your offer along with any closing costs or things you are asking for within the contract to show the seller what they will net at closing. Whichever offer presents the highest and best under the most favorable terms typically wins.

It is not uncommon to see a multiple offer situation. It just depends on the house, the ral estate market, and the demand. Talk to your real estate agent about competing in a multiple offer bidding war. Remember, do not over stretch yourself just to win the war. Make sure it makes sense for you and your situation.

How Long Will it be Before My Short Sale Offer is Approved?

Every short sale is different and depends on the lender and listing agent.  It is important to be patient when sending a short sale offer, as short sale approvals can take up to several months at a time.

What you can do to help speed up the process is to qualify the short sale.  First, examine the comparable sales.  What that means is to look at the comparable sales in the area and with your agent, make an educated offer that is reasonable and close to the comparable sales in the area.

Next, find out how many short sale offers have been submitted.  The offer prices may not be disclosed but in most areas, but agents can release the amount of offers that have been received—this will also help you and your agent figure out the best offer price for approval.

Another way to qualify the sale is to find out if the seller’s sale package is complete.  Usually if the file is missing paperwork and incomplete, the bank will either prolong the approval and send it to the bottom of the pile.

Once again, short sales approvals are essentially on their own schedule and will be approved when the bank says so.  They key is to be patient, especially if this is the house you truly love and want.

The information in this blog was gathered from Elizabeth Weintraub, About.com guide.

6 Things Covered in a Home Inspection

It is important to get a home inspection before buying a home; doing so can save you trouble down the line. Many homebuyers are not sure of what is included in a home inspection, but a thorough inspection is one that includes the following:

  1. Inspection of the home heating system and central air.
  2. Plumbing inspection.
  3. Assessment of electrical systems for up to date hardware.
  4. The roof is inspected for any leaking and any normal wear and tare.
  5. The attic, basement, walls, floors, windows, and doors are also part of an inspection
  6. They also do a check of any visible insulation.

There are additional services that can be included in the home inspection at the request of the homebuyer or the real estate agent. Such things include: mold inspection, radon inspection, water inspection, and a heat/air loss test.

Some information in this article was summarized from Inman News.

Nine Dos and Don’ts When Buying Your First Home

DO know where your credit score stands. Before you apply for a home loan you can get your free credit report at AnnualCreditReport.com. This allows you to make changes in your spending habits and a chance to boost your credit score if it is not up to par. Most buyers cannot purchase a home without first taking out a home loan which requires certain “creditworthiness”.

DO research the home market. You can look at RealtyTimes’ Market Conditions or Coldwell Banker’s Home Price Comparison Index to find information regarding housing costs in various markets.

DO plan ahead. According to RealtorMag, “the average first-time buyer only stays in a home for four years”. Questions that you need to answer are: Will you raise children in this home? Do you plan to grow old here or do you plan on this being a starter home? Will Grandma be staying here in the future? Do you plan to have pets and will they need the outdoor space? All of these things should be taken into consideration when buying a home. It will influence the size and type of home you will need.

DO know when to ask for help. During your housing search you will most likely need to hire a real estate agent, a home inspector, an attorney to cross all the t’s and dot all the i’s, as well as a mortgage broker.  You have plenty on your plate as a first time home buyer; let these guys help you with the rest.

DO prioritize your needs and wants. Be willing to compromise in order to stick to your budget. A solid foundation and running water are things you need. Granite countertops and a pool are examples of things we may want, but don’t need. Make a list of your priorities.

DON’T buy a home for a quick profit. Buy a house because you need one, not to make money off it tomorrow. Don’t bank on your home price soaring. Especially right now, the housing market is unpredictable.

DON’T allow lenders to fool you. Know what YOU can afford, instead of focusing on what a lender will loan you. Take a look at your existing bills; college loans, car payments, cable bill, cell phone bill, life insurance, car insurance, and numerous utility bills. Rather than living paycheck to paycheck, choose a home that suites your budget comfortably.

DON’T settle for the first home you see. Keep an open mind and walk through many different homes to get a feel of what fits you and your family. You may end up loving a different style home or completely different neighborhood than you imagined in the beginning. This is a big investment; take your time during your search.

DON’T sign unless you understand the loan. Research your different mortgages and loans just like you researched the housing market. Find someone to help you understand every part of the loan, take your time, and find one that works best for you and your lifestyle.

The information in this blog was summarized from: http://realtytimes.com/rtpages/20080416_firsttimebuy.htm