Archive for the ‘Tips for Sellers’ Category

According to the National Association of Realtors, in December existing home sales rose for 3 consecutive months in a row from where they were a year ago.  The latest monthly sales data shows a 5% rise in sales of existing home sales.  You can read the full article from the National Association of Realtors by clicking here.

If you are looking to buy or sell in Bedminster, check out Bedminster Real Estate today!

The Basking Ridge Real Estate team from Weichert (Jennifer Blanchard, Judi Jensen and Gerry Light) are working with qualified buyers who are looking for homes in the following locations:

• Bedminster: Stone Run and Edgewood up to about $500,000
• Bedminster: Autumn Ridge up to about $700,000
• Basking Ridge: any four bedroom single family home in the Hills specifically including the Carlisle and Liberty Ridge sections up to about $750,000

Whether you’re thinking of buying a home with an in-ground pool
or toying with the idea of having one built, there are many
important considerations to take into account.  In additon to significant installation costs for those building
a new pool, all homeowners with a pool will need to be mindful of ongoing maintenance expenses as well
as insurance and tax implications.

If a swimming pool is in your future, here are some things to keep in mind:

•    Installation costs for a 600-square-foot concrete pool average around
$30,000. Less expensive options include fiberglass shells and pools with
liners; however, pool liners need to be replaced approximately every 10
years, raising ongoing maintenance costs.

•    Other equipment you will need to maintain your pool include an energy-
efficient pump, chemical balancing supplies, cleaning, and fees for
opening and closing the pool for the season. A rule of thumb is
homeowners should budget around $600 annually for maintenance in a
seasonal swimming climate and between $15 and $25 per week in a
year-round climate.

•    Homeowners with a pool should increase the liability portion of their
homeowners insurance policy from the standard amount. In addition,
many underwriters require you to fence in the pool so that children can’t
wander in unsupervised.

•    There is no guarantee that adding a pool will add to your home’s selling
price. Experts advise keeping building costs between 10 percent and 15
percent of what you paid for the house to help assure you don’t invest too
much money that you won’t necessarily recoup on resale.

For more information on Buying and Selling in Bedminster,

Click on the following link:  Bedminster Real Estate

The statistics in this article pertain to neighboring Basking Ridge (Bedminster stats are on the home page of the Bedminster Real Estate website) but the tips for getting on the market and showing your home through the winter are applicable no matter which town you live in.  So head on over to the Basking Ridge Patch and check out my latest article.

If you are considering a move into or out of Bedminster, NJ, check out what’s for sale there or request a custom market analysis.

I posted this about six months ago on my Basking Ridge Real Estate Blog.  In the last few days, I’ve had several inquiries that caused me to go back to that post.  So I thought I would copy it over here.

I recently attended a Weichert sales meeting at which a local real estate attorney was a guest speaker.  He was there to help us help our clients navigate through short sales.  He is one of the only attorneys that I know of who has a dedicated staff member to communicate with the banks and keep on top of each transaction as it works its way through the myriad of steps at each bank.

If you are in a position where you think foreclosure is the only way out – please contact me first – I can put you in touch with the right resources to help you make that decision.  A short sale may be right for you instead. 

(According to Wikipedia, a short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.)

If a short sale is for you, it is imperative to get the house on the market as soon as possible since the first thing on the following list is an exectued contract of sale!

To move forward with an attorney’s support for a short sale, you will need to have the following documents:

• Copy of fully executed contract.  Don’t worry if the negotiated sale price is lower than the amount of your mortgage.
• Hardship Letter.  This is written by you, detailing the hardship you are facing in keeping up with your mortgage payments
• Copy of the last two years tax returns
• Copy of the last three months pay stubs
• Copy of the lat two months of bank statements
• Written authorization for your attorney to contact the bank and negotiate the short sale
• HUD-1 Statement (the attorney will prepare this)
• Copy of the last two months mortgage statements (for the first and second loan if applicable)
• Copy of the listing agreement
• Complete list of all debts including monthly expenses
• Copy of your 401k and retirement plan(s) statements
• Market analysis prepared by your realtor
• Commission bills provided by your realtor for both the buyer and seller agent
• Back title: includes your deed, the survey and your title insurance policy

The sooner you have all of this information compiled and sent to your attorney, the better. If you want to contact the bank before hiring an attorney you can do that too – the department you want to contact is Loss Mitigation.  I strongly recommend using an attorney with EXPERIENCE in this process – there are lots of phone calls required, things move very slowly and then all of a sudden very quickly.  It is often difficult to stay on top of where things are in the process.  Except for the initial fee, I believe the balance of of the attorney fees as well as the real estate commission will be calculated into the total debt that will be resolved by the short sale.

Information on this post was provided by Rafael J. Betancourt of Triarsi, Betancourt, Walsh & Wukovits, LLC a law firm in Cranford, NJ.

If you are considering a short sale, an estimate of your home’s value in today’s market might help you finalize that decision (you can use this link for a home any area, not just Bedminster).  This information, along with your mortgage history will help you determine the best course of action.

Some rules to follow when selling your home

1. Hire a good agent - A professional who knows your neighborhood and has a good track record in the community.  Don’t hesitate to ask how many sales they handle in a year, how much of that business has been local and what percentage was representing sellers vs. buyers.  A good balance of both is important.  It’s good for a listing agent to represent buyers sometimes – it helps to understand both sides of the transaction.
2. Clean out the clutter – you are moving: start packing!  Closets count too!  Don’t just shove your stuff in a closet – those doors will be opened!!  I read somewhere that when kitchen counters are free of appliances and other clutter, the kitchen will appear 40% larger.  I’m not sure if that’s exactly true, but you get the picture!
3. Spiff things up – make any improvements that will make a a difference in how the house shows.  A fresh coat of paint goes a long way, a throw on the couch, clean windows!  Keep the front walk swept, the front door should be in good shape, the hedges trimmed and the lawn mowed.  Buyers make a decision within the first 10 seconds – not whether they’ll buy a particular house, but whether they will even consider the house.  First Impressions count for a lot!
4. Determine the worth of your home – Knowing the fair market value of your home is so important as it allows you to play the market smarter.  Contact me for information on the value of your home, and then,
5. Price it right! – I can help you be objective when pricing your home.  We need to set the price so that it is as close to market value as possible.  The price must reflect trends in the market and take into consideration what has sold in and around the neighborhood.  Visit my website for more information on what has sold in Bedminster, NJ.
6. Have a plan; and share this plan with your realtor.  Are you set on your price or eager to move?  Have you already purchased your next home?  How low are you willing to go to make the deal happen?  Let’s run through scenarios – be prepared for when that first offer comes in.  Typically, the first offer is the best offer, even if it doesn’t appear that way initially.
7. Figure out your selling costs: understand the taxes due, attorney fees, township inspections, etc.
8. Set the stage – open the curtains, turn on the lights, put away the dog’s dishes.  Don’t cook spicy foods, put away the laundry.  Place cut flowers on the table.  A bright home is a welcoming home.   Make it easy to show – don’t require 24 hour notice unless there are extenuating circumstances.  It’s hard, but be ready to show the home even on short notice; hopefully this inconvenience will be temporary!

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