Find out the 10 biggest mistakes for home buyers and how to avoid them!
"Having run an international company, I could appreciate the marketing that Tom did for our house. He priced it correctly at $2,250,000 and implimented a marketing plan which produced two full price offers in a few weeks. We were impressed with this extremely thorough transaction."
~Satisfied Seller
"Please let me take this opportunity to thank you for moving my property in Short Hills. I was told that the McDonough name was magic when it came to selling or buying property - now I'm convinced."
~Satisfied Seller
You will need to check with the municipality where the home is located. Some require that the Seller obtain the Certificate of Occupancy (CO) prior to closing and some don’t. There can be unique requirements, for example, Maplewood requires that the Buyer, not the Seller, obtain the CO. All municipalities require that the Seller obtain a CO in the case of new construction.
You don’t want to wait until the last minute to obtain a CO, because the municipality may require you to make certain repairs to the home before they’ll issue the CO. This will probably require a re inspection, and may take time. You can’t close on the property without a CO, if it’s required by the municipality.
If you have any questions, please call me.
Marty Eagan
Attorney at Law
Morristown, NJ
973-898-7300 x126
This is a good question that I hear often. When you purchase a home you are buying the rights of the land, the air and any physical improvements that were done. You will want to know the exact property lines (also known as metes and bounds). Your attorney will review the survey and let you know if the neighboring properties are encroaching on your property. This can be in the form of a fence, a driveway, landscaping, etc. These issues pass to you if they are not addressed before your transaction closes. As your real estate attorney, I would help you negotiate correcting any of these issues.
A survey gives you, the buyer, the piece of mind that the property you are buying is clearly identified and that you are fully aware of any encumbrances that may exist.
Call me if you have any questions about this article.
Martin D. Eagan
52 Maple Avenue
Morristown, NJ 07960
973-898-7300 x126.
Marty@MartyEagan.com
www.MartyEagan.com
Rates as of 1/18/2010, APR Based on $250,000
Loan Type Rate APR
30 Year Fixed 5.00% 5.08%
15 Year Fixed 4.50% 4.63%
5/1 ARM 4.00% 4.07%
30 Year Fixed Jumbo 5.25% 5.33%
FHA 5.25% 5.33%
Contact me today to take advantage of these low rates and my years of expertise!
Fred Concepcion, Loan Officer
Home Capital Network
fconcepcion@homecapitalnetwork.com
The selection of restaurants in the Summit area is exceptional! Just in town you can find anything to satisfy your appetite, from Persian food to Japanese to just a good old slice of pizza.
Each year, NJ Monthly Magazine conducts a survey to compile the Annual Readers and Critics Restaurant Poll Results which determines the public’s selections for the best and most outstanding eateries from around the state. Categories are separated into the North, South, and Central New Jersey regions and an additional one is open to critics’ choices.
This list has confirmed the distinction of our local eateries as establishments in Summit and surrounding towns have ranked among some of the top restaurants in North Jersey in several categories.
The restaurants and their categories are:
New Restaurant: Bona Vita Osteria, Summit
Delicatessen: Millburn Deli, Millburn
Brew/Pub: Trap Rock, Berkeley Heights
Italian: Bona Vita Osteria, Summit
And the critics have chosen:
Steak: Roots, Summit
BBQ: Pop’s, Madison
How convenient to have these restaurants just in town! Hurry and take advantage of you’re the area’s distinct cuisine before the 2010 list is released!
Written By Esther Tomasello
es.tomasello@gmail.com
Prudential New Jersey Properties’ Chairman and CEO Bill Keleher was recently nominated as a NJBIZ Business of the Year Awards finalist in the Executive of the Year category. The awards recognize New Jersey’s most outstanding individuals and companies. Chosen from a field of more than 100 top New Jersey executives, Keleher was honored, along with other nominees, at a black-tie awards dinner ceremony held at The Palace at Somerset Park in Somerset, NJ.
Most of the first time buyers I am talking with really want to buy. However, either they are not willing to make a reasonable offer that has a chance of being accepted, or they are just not comfortable in taking the plunge into homeownership at this point in time.
Many are a little nervous about owning a home in today’s environment. They read the paper, see the news, and talk with people who may have lost their jobs. The fact is, in our country, over 90% of the workforce is still employed. I know unemployment has risen dramatically in the last few months, but still, people are working. I’m telling my clients that as long as you have a good job and decent credit (620+); it couldn’t be a better time to buy than RIGHT NOW.
There are lots of reasons why it is an awesome time to buy, including:
1) Large inventory pool in which to find your dream home;
2) Sellers that are willing to entertain “reasonable” offers and terms allowing buyers to get a great price and perhaps all closing costs paid by the seller.
3) 5% interest rates! Come on! Rates aren’t getting much, if any better, despite what your brother-in-law says. (The difference in a 5% rate and the 6.5% rate of 6 months ago is over $152 per month on a $160,000 home.)
4) The $8,000 tax credit. That’s right, our government (us) is actually paying people to buy their first home.
5) Availability of programs through USDA and grants with NJ state housing finance authorities to help buy a home with little or no money down!
Once the clients see that they can afford the home; sustain the lifestyle they desire; and even reach other financial goals such as getting out of debt, they are MUCH more willing to pull the trigger and buy that dream home. As a mortgage planner, I have an obligation to not only recommend the right loan for our clients, but also show them how to balance their homeownership with the achievement of their other goals.
To your success!
Fred Concepcion, Loan Officer
Home Capital Network
fconcepcion@homecapitalnetwork.com
After a very well-attended tax appeal seminar held in November in Chatham, members of Prudential NJ Properties Summit/Millburn Office are taking their show to Essex County, a county known for its relatively high property taxes. Join us on Thursday January 14th 7pm at the Maplewood Memorial Library, 51 Baker Street, Maplewood, NJ 07940 for an informative evening.
A panel of speakers will include the South Orange Tax Assessor, a real estate appraiser, and a tax attorney.
You will leave the seminar with answers to the following questions:
1. How does the tax appeal process work?
2. What components comprise your tax assessments?
3. If you are contemplating a home purchase, what do you need to know about the property’s taxes?
4. What is your potential for filing a petition for tax appeal?
Prudential New Jersey Properties prides itself on educating the public about real estate-related and relevant topics. This is the 4th public seminar we have held this year. Watch for more seminars to come, or contact me if you would like us to create a seminar on a topic in which you have an interest.
If you find yourself strolling through Summit, NJ, you might walk into… say, a pair of oversized Dorothy slippers. You might also notice beautiful stained glass windows… in a bus stop. Or perhaps you’ll notice a statue of self-righteous looking man disposing of his garbage on Beekman Road.
These works of art are a part of the mission of the Mayor’s Partnership for Public Art, established in 2002. The Partnership’s goal, according to their website, is to “bring art — mainly contemporary sculpture — to public spaces in the city.”
Since 2004, works of art have been placed throughout the city in places like Wilson Park, Summit High School, the Promenade, and in various corners of downtown Summit. The works stay on display for approximately 6 months.
The Dorothy slippers, a work entitled “Dorothy was Here” by Elizabeth McCue of New York, NY, were displayed in front of the Summit Recreation Center on Morris Avenue.
The man disposing of his garbage is a 25-year-old piece by J. Seward Johnson of Born, NJ. The statue entitled “Holier than Thou” was displayed at the mini-park on the corner of Bank and Beekman. Another one of Sewards sculptures, “Contact #2,” was placed in front of the Summit train station. This one was of a man and a woman in a deep embrace that exuded the feeling of saying farewell and, because of its realism, triggered talk around town.
Stained glass windows can be found at three bus shelters at the Village Green. These works were commissioned between 2004 and 2006. The work of Barbara Ellmann of New York City is displayed at the shelter on the corner of Broad and Maple. On the corner of Broad and Elm, is Valeri Larko’s work. She is a former resident of Summit but now resides in New Rochelle, NY. Lastly, at the corner of Broad and Summit is where the windows of Judith Wadia, of Weehawken, NJ, are found.
The Mayor’s Partnership for Public Art, more commonly known as Public Art/Summit, makes conscious and constant efforts to beautify the city of Summit. Their website says that “it is a city entity; Public Art/Summit receives no funding from the city for acquisitions or operations.” They receive funding from donations, and public and private grants.
Esther A. Tomasello
es.tomasello@gmail.com