Rutherford NJ Real Estate Bloghttp://www.GlennSellsNJ.com/blogRutherford NJ real estate market news provided by ERA Justin Realty Co.Wed, 02 Sep 2009 03:00:00 GMTQuick Sale Nets More Than Originally PlannedOne of my recent sales was written up the the Record today in an article titled "Quick Sale Nets More Than Originally Planned for Carlstadt Homeowner". You can read it here

]]>http://www.glennsellsnj.com/Blog/Quick-Sale-Nets-More-Than-Originally-Plannedhttp://www.glennsellsnj.com/Blog/Quick-Sale-Nets-More-Than-Originally-PlannedSun, 28 Feb 2010 15:03:00 GMTGlenn's February PodcastHi All,

Here is my February Rutherford NJ Real Estate Podcast.To listen to it click on the microphone below or click here. Hope you enjoy the show. You can also listen to earlier podcasts from this site.

 

You you would like to mke a donation to help send a child with Muscular Dystrophy to summer camp, send a check payable to MDA to ERA Justin Realty, 118 Jackson Ave, Rutherford, NJ 07070 or click here to donate by credit card. Thank you from me and the kids.

]]>http://www.glennsellsnj.com/Blog/Glenns-February-Podcasthttp://www.glennsellsnj.com/Blog/Glenns-February-PodcastWed, 17 Feb 2010 22:38:00 GMTThe Truth About Short SalesI found this very informative article about short sales on Inman News.

The truth about short sales

By Dian Hymer
Inman News February 09, 2010

Buyers often shy away from considering short-sale listings, either because they’ve had a bad experience or have heard horror stories about the deals that take forever and never close. Buyers’ agents sometimes steer their clients away from sales that are subject to the lender agreeing to accept less than what they’re owed, because it can mean a lot of work for nothing.

Short sales will probably be a part of the home-sale market for the next couple of years. They provide opportunities for buyers, particularly those attempting to buy a home in a low-inventory market.

Before you enter into a contract to buy a short-sale listing, make sure that you understand the process and set your expectations accordingly. One of the biggest differences between a short sale and a conventional sale is that short sales take longer. Although many lenders are streamlining the short-sale process, it can still take 45 days from contract acceptance to receive lender approval.

Make as clean an offer as possible, but be sure to include contingencies for inspections and appraisal and loan approval. Your contract should also include a short-sale addendum that includes a time frame for lender approval.

Listing agents often want the buyers’ contingencies to begin when the offer is accepted by the seller. However, buyers usually prefer to pay for inspections and the appraisal after lender approval. As in all home-sale transactions, these items are negotiable.

Your short-sale offer will stand a better chance of lender approval if you are preapproved for financing. Include verification of the funds needed for your downpayment and closing costs and a preapproval letter from your lender with your offer. The ratified purchase offer and supporting documentation from the seller and listing agent will be submitted to the lender.

Short-sale approval is often contingent on the buyer and seller making concessions. This means that the lender could ask the buyers to pay a higher price. The seller could be asked to bring money into escrow so that the lender nets more from the sale than the contract provides. If either party is unable or unwilling to do so, the transaction will fail unless the lender reconsiders.

HOUSE HUNTING TIP: Regardless of how committed you are to buying, it’s not wise to bid on every short sale you come across that might work for you. Approximately one-third of the short-sale listings on the market don’t close, either because the lender won’t approve a realistic price, or because there are multiple liens secured against the property. Generally, if there are more than two liens, the likelihood of the short sale going through is slim.

Don’t look at a short-sale listing until your agent has talked with the listing agent to find how much ground work has been done. Does the listing agent have the sellers’ written authorization to negotiate on their behalf with the lender? Has the listing agent been in touch with a representative of the lender’s loss mitigation department? Have the sellers provided all the documents that will need to be submitted to the lender when an offer is accepted, such as a financial statement, hardship letter, bank statements, pay stubs, etc.

Stay away from short-sale listings where the listing agent doesn’t have the seller’s cooperation. For instance, the sellers may not have their paperwork in order to present to the lender. Understandably, it’s difficult for most people to face losing their home and good credit. But, without the sellers’ cooperation, the sale won’t go through.

THE CLOSING: Short sales require a lot of patience, a cooperative effort between the buyers, sellers and agents involved, and frequent communication to keep everyone involved in the process up-to-date.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

]]>http://www.glennsellsnj.com/Blog/The-Truth-About-Short-Saleshttp://www.glennsellsnj.com/Blog/The-Truth-About-Short-SalesThu, 11 Feb 2010 17:23:00 GMTHaitian EarthquakeAfter the disasterious earthquake in Haiti, many people are looking for safe places to donate. One good place to make monetary donations is the Lions Club International Foundation. All donations to the Foundation that are designated for Haiti will go to Haiti. To get more details, visit the Rutherford Lions Club web site at www.RutherfordLionsClub.com.

]]>http://www.glennsellsnj.com/Blog/Haitian-Earthquakehttp://www.glennsellsnj.com/Blog/Haitian-EarthquakeFri, 15 Jan 2010 17:22:00 GMTVideo explaining the updated homebuyer tax creditsThe video below is a very informative. It was produced by the National Home Builders Association and explains the revised $8,000 First Time Buyer Housing Credit and the new repeat buyers $6,500 credit. For complete details click here

After viewing the video, visit http://www.FederalHousingTaxCredit.com for more details

]]>http://www.glennsellsnj.com/Blog/Video-explaining-the-updated-homebuyer-tax-creditshttp://www.glennsellsnj.com/Blog/Video-explaining-the-updated-homebuyer-tax-creditsSat, 26 Dec 2009 03:00:00 GMTMerry Christmas and a Happy and Healthy New Year

]]>http://www.glennsellsnj.com/Blog/Merry-Christmas-and-a-Happy-and-Healthy-New-Yearhttp://www.glennsellsnj.com/Blog/Merry-Christmas-and-a-Happy-and-Healthy-New-YearWed, 23 Dec 2009 22:59:00 GMTMy December PodcastHere is my December Rutherford NJ Real Estate Podcast. In this month's edition we talk about how the tax credit has improved the real estate market over the past couple of months and then talk about why buyers and sellers should be celebrating. To listen to it click on the microphone below or click here. Hope you enjoy the show. You can also listen to earlier podcasts from this site.

]]>http://www.glennsellsnj.com/Blog/My-December-Podcasthttp://www.glennsellsnj.com/Blog/My-December-PodcastWed, 23 Dec 2009 01:05:00 GMTGood Article about PricingThere was a good article in the Record on Sunday about pricing your home to sell quickly. You can read it here.

]]>http://www.glennsellsnj.com/Blog/Good-Article-about-Pricinghttp://www.glennsellsnj.com/Blog/Good-Article-about-PricingTue, 15 Dec 2009 03:00:00 GMTHappy ThanksgivingHappy Thanksging all!! Click here or on photo below to view my Thanksgiving greeting. It has sound so turn up the volume.

 

]]>http://www.glennsellsnj.com/Blog/Happy-Thanksgivinghttp://www.glennsellsnj.com/Blog/Happy-ThanksgivingThu, 26 Nov 2009 12:27:00 GMTERA's Guide to Tax CreditERA has a very good guide to the homebuyer tax credits. It has a very informative chart which compares the old credit with the new one. Check it out here. On this site you can also check out other informative real estate information.

]]>http://www.glennsellsnj.com/Blog/ERAs-Guide-to-Tax-Credithttp://www.glennsellsnj.com/Blog/ERAs-Guide-to-Tax-CreditSat, 14 Nov 2009 03:00:00 GMTCongress Extends and Expands Tax CreditCongress today extended the $8,000 tax credit for homebuyers who haven't owned a house in the last 3 years and added a new $6,500 credit for homebuyers who have owned a home for the past 5 years. Both credits now expire on 7/1/10. The Senate passed the bill on Wednesday by a 98 - 0 vote and the House passed it on thursday 403 - 12. The President is expected to sign it into law on Friday. For full details go to http://www.google.com/hostednews/ap/article/ALeqM5hJJraNRE6DjWj2orF7SYJ12PADEAD9BPKTA80.

]]>http://www.glennsellsnj.com/Blog/Congress-Extends-and-Expands-Tax-Credithttp://www.glennsellsnj.com/Blog/Congress-Extends-and-Expands-Tax-CreditThu, 05 Nov 2009 21:00:00 GMTSouth Bergenite ArticleThere was a nice article in the South Bergenite about the Realtor of the year award. Here is the link http://www.northjersey.com/community/announcements/67120037.html

]]>http://www.glennsellsnj.com/Blog/South-Bergenite-Articlehttp://www.glennsellsnj.com/Blog/South-Bergenite-ArticleThu, 29 Oct 2009 03:00:00 GMTMove to Extend Housing CreditThere is still time to get the tax credit, but you are going to need to contract on a house in the next few days. The absolute shortest time it can take to close with a mortgage is 30 days and that is only if you start everything immediately (home inspection, mortgage application and title work) and is only if everything goes smoothly. In order to qualifty for the credit you need to close by 11/30/09. If you close on December 1 or later you cannot receive the credit unless the current law is extended. there are a number of bills in Congress to extend this credit and the National Association of Home Builders, the National Assiciation of REALTORS and the Mortgage Bankers Association have sebt a joint letter to President Obama asking for his support for an extension. Here is their letter:

Dear Secretaries Geithner and Donovan and Dr. Summers: 

The undersigned trade associations have supported the first-time homebuyer tax credit as an effective housing stimulus during the current economic crisis. Congress established the homebuyer credit as part of the Housing and Economy Recovery Act of 2008 and it was subsequently expanded in the American Recovery and Reinvestment Act of 2009. The Internal Revenue Service (IRS) recently reported that over 1.4 million taxpayers have benefited from the tax credit as of August 2009. 

The current global credit crunch and economic recession began in the U.S. housing market and recovery will not be complete until the housing market returns to economic health. In normal times, housing represents approximately 15% of U.S. gross domestic product, with numerous spillover benefits into other parts of the economy. Although we are seeing some improvement in the housing market, it is essential that the favorable impact of the first-time homebuyer credit be sustained beyond the upcoming expiration date of November 30, 2009. 

The undersigned trade associations request your support for the extension of the first-time homebuyer tax credit for twelve more months. 

Economic Impacts of Housing
As the housing markets began to falter, the economic ripples were felt across a number of industries. This highlights that housing is a pillar of our economy, and emphasizes the need to ensure we do not jolt today’s very fragile housing market just as we are starting to see signs of stabilization. As the housing market recovers, so do a number of other businesses, including small businesses that rely on family expenditures that accompany home purchases. 

NAR has estimated that the first-time homebuyer tax credit program has generated approximately 355,000 home sales above what would have occurred in the absence of a credit. The credit has also allowed greater mobility among sellers. Existing homeowners are able to relocate (or simply move to a different home) because their current home has been sold to an eligible tax credit buyer. These entry-level, credit-eligible purchases have helped to reduce the glut of homes presently for sale on the market. 

This increased housing activity leads to other benefits as well. A December 2008 report by the National Association of Home Builders (NAHB) examined the spending behaviors of those who recently purchased a home. The study showed that buyers of newly-constructed homes spent an average of $12,332 on additional goods and services. Those who purchased an existing home spent an average of $8,927. The report indicated that this money is spent in three main areas: property repairs and alterations, appliances, and furnishings. NAHB has estimated that this spending, in addition to other economic benefits connected to housing activity stimulated by the tax credit program, has produced 187,000 jobs.

Importantly, the tax credit has produced tangible effects with respect to the imbalance between supply and demand in the housing market. New home inventory has continued to fall due to dramatic declines in construction. In addition, a welcome pickup in sales has also reduced inventory. Consequently, months-supply currently stands at 7 months, down from 12.4 months in January 2009. A healthy housing market ideally has 5 to 6 months-supply. Likewise, months-supply of existing homes on the market has fallen to 8.5 months, down from its high of 10.6 in November 2008. 

Achieving equilibrium between supply and demand for housing is critical to stabilizing housing prices, and therefore household wealth. An extended homebuyer tax credit is a critical policy for achieving this goal. 

Conclusion
The undersigned trade associations believe that the first-time homebuyer tax credit has had a stimulative impact on our economy. We support extending and even expanding it so the credit can help more buyers and sellers. As we approach the sunset date of the current $8,000 tax credit, we urge Congress to expand the program to include all purchasers of principal residences, increase the credit, make the funds available for closing, and extend the overall program by at least 12 months. 

Our fragile economy is just beginning to show signs of recovery. We should not jeopardize that recovery by letting this tax credit expire. The homebuyer tax credit is helping hundreds of thousands of Americans realize the American dream, and it is creating thousands of jobs that rely on housing. Problems in the housing industry led us into a global recession and housing incentives can help lead us out of the recession. 

Our members greatly appreciate the efforts that the current administration has made by helping troubled homeowners to stay in their homes, providing Treasury support to the secondary market for mortgages, and shoring up the housing industry through the first-time homebuyer tax credit. We encourage you to finish the job already started by extending and expanding the current first-time homebuyer tax credit. 

Most sincerely,
Mortgage Bankers Association
National Association of Home Builders
National Association of Realtors 

For more information, visit www.mbaa.org, www.nahb.org or www.realtor.org. 

The above information is from RISMedia

]]>http://www.glennsellsnj.com/Blog/Move-to-Extend-Housing-Credithttp://www.glennsellsnj.com/Blog/Move-to-Extend-Housing-CreditTue, 20 Oct 2009 03:00:00 GMTREALTOR® of the YearI had quite a surprise today at the Annual Breakfast of the RealSource Association of REALTORS®. One of the items on the agenda was the awarding of the REALTOR® of the Year award for 2009. In 2008, I knew that I was being considered for the award, but the Board decided to give it to one of my colleagues at ERA Justin Realty, Cathy Vick, who in my opinion, was much more qualified and deserving. So this year, I didn't even think about it, because I figured they would never give the award to someone from the same office 2 years in a row. Last year's winner, Cathy, was announcing this year's winner, and as she was reading the accomplishments, I said to myself, "that sounds like me" and sure enough, it was me. So I am honored to be the 2009 RealSource REALTOR® of the Year and I thank everyone on the committee. This also means that ERA Justin Realty has now had 2 consecutive award winners and we have only been a member of this Board of REALTORS® for  2 years, which I think must be some kind of record. Again, thank you to everyone who voted for me. I was very surprised.

Glenn Elliot receiving the RealSource Association of REALTORS® REALTOR® of the Year Award from last year's winner Cathy Vick and RealSource President Patrick Quinn

 

]]>http://www.glennsellsnj.com/Blog/REALTOR-of-the-Yearhttp://www.glennsellsnj.com/Blog/REALTOR-of-the-YearFri, 09 Oct 2009 03:00:00 GMTYou can get the tax credit on a 2 familyI had a question recently which I didn't know the answer to. It was "can you buy a 2 family home and qualify for the $8,000 tax credit. Everything I have seen about the credit said that it applied to one family homes, condos, co-ops, house trailers and even house boats as long as it was your primary residence, but I never saw anything on 2 families. So I searched the IRS web site and discovered that 2 families do qualify as long as it's your primary residence. Here is the answer that I found on http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Q. I purchased a duplex home with two separate dwelling units. I will live in one dwelling and will rent out the other dwelling unit and report the rental income on Schedule E. May I qualify for the first-time homebuyer credit, and what amount do I use for the purchase price to determine the amount of the credit? 

A. Yes, you may qualify for the credit for the dwelling unit that you use as your principal residence. To determine the amount of your credit, you must allocate the purchase price of the duplex between the two separate dwelling units. Your credit is 10% of the portion of the purchase price of the duplex allocated to your dwelling unit that you use as your principal residence, up to a maximum credit of $8,000. You may not use the entire purchase price of the duplex to determine the amount of your credit.

]]>http://www.glennsellsnj.com/Blog/You-can-get-the-tax-credit-on-a-2-familyhttp://www.glennsellsnj.com/Blog/You-can-get-the-tax-credit-on-a-2-familyMon, 05 Oct 2009 20:34:00 GMTDo you need to refinance?If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance. Visit http://makinghomeaffordable.gov/refinance_eligibility.html for qualifications.

If you do not qualify for this program and if you have a hardship which makes it imposible to keep making you mortgage payments, you might be able to have a "short sale" which means selling the house for less than the mortgage and the bank forgiving the rest. Call me at 1-877-85-Glenn (1-877-854-5366) for more details>

]]>http://www.glennsellsnj.com/Blog/Do-you-need-to-refinancehttp://www.glennsellsnj.com/Blog/Do-you-need-to-refinanceSat, 19 Sep 2009 03:00:00 GMTAnother good video explianing the $8,000 housing tax credit$8,000 Tax Credit Explained. I just found this get video from the Illinois Association of REALTORS explining the tax credit. If you want to take advantage of this credit, you need to hurry because you must close by November 30, 2009 or no $8,000 from you Uncle Sam.

]]>http://www.glennsellsnj.com/Blog/Another-good-video-explianing-the-8000-housing-tax-credithttp://www.glennsellsnj.com/Blog/Another-good-video-explianing-the-8000-housing-tax-creditFri, 18 Sep 2009 13:03:00 GMTAnother NJAR Video "Sick of All the Yard Work"This is one of a series of videos from the New Jersey Association of REALTORS®. This one is titled"sick of All the Yard Work"and with winter coming it might be time to think about being sick of all the snow. Here is the video

 

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]]>http://www.glennsellsnj.com/Blog/Another-NJAR-Video-Sick-of-All-the-Yard-Workhttp://www.glennsellsnj.com/Blog/Another-NJAR-Video-Sick-of-All-the-Yard-WorkFri, 04 Sep 2009 03:00:00 GMTRedesigned Web SiteMy web site, www.GlennSellsNJ.com, has been completely redesigned. All of the information is the same, but it looks completely different. You can see some of the new design here. Check it out by clicking home above. I hope you like it.

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]]>http://www.glennsellsnj.com/Blog/Redesigned-Web-Sitehttp://www.glennsellsnj.com/Blog/Redesigned-Web-SiteWed, 02 Sep 2009 03:00:00 GMTMy Video ToursThe widget below shows all of my current listings. Use the arrow to find the listing that you want to see and then click on the photo to see the video tour or click on view all to see all of my tours. Enjoy!!

 

 

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]]>http://www.glennsellsnj.com/Blog/My-Video-Tourshttp://www.glennsellsnj.com/Blog/My-Video-ToursWed, 02 Sep 2009 03:00:00 GMT