HOW TO COMBAT ABANDONED HOMES IN YOUR NEIGHBORHOOD

How to combat a neighborhood’s abandoned homes
You CAN be successful at selling property next to an unpleasant sight


We all know the picture: boarded-up windows, overgrown weeds, deteriorating paint and crumbling features. Sometimes, they’re even spooky.

Abandoned homes are everywhere, and are especially commonplace during a recession. Yet, there are ways, as a real estate professional, to mitigate the possibility of reduced property values because of those blemishes next door.

The following are some ways you can approach the situation to get the most for your listing:

Contact the Homeowners’ Association
Most associations will cover expenses to help with maintenance issues, such as tending to the lawn. Then, this cost will be cleared by the bank before the land or home is sold.

Know your local & state laws
Some state governments will fine property owners for failing to maintain land. However, New Jersey’s state law sites banks as the primary entities accountable to maintain the property during the foreclosure process. Your city’s building division should be at the top of your contact list for inquiries about securing and maintaining abandoned properties and homes. Building code violations, fire risks and also vandalism can later be inspected by town officials who are notified.

Beware of the boundaries
During the selling process, in the meantime, quick fixes like planting taller shrubs or putting up a fence are worth the investment to minimize negative effects of the abandoned property on other neighboring properties. The view of distinct property lines is more pleasing to the eye. Planting or constructing a fence are often recommendations by home staging companies. Also, it is a good idea to install blinds inside a home to minimize the view of unsightly properties.

Lend a helping hand
But first, be careful not to trespass! Investigate who is the owner of the property and then offer aid—or else your innocent intentions could go to waste. After a little TLC, your property next to that unsightly land could soon sell.

If you are in the market to buy or sell a NJ home in Monmouth, Ocean or Middlesex Counties, call Leanne @ 917 596 2772 or Anna @ 732 371 3233.

FINANCIAL REASONS TO BUY REAL ESTATE NOW

Article Courtesy of Michael Scarimbola of SI Mortgage Group

Financial Reasons to Buy Now By The KCM Crew

Here are three great financial reasons why you should not wait before taking the plunge into homeownership.

1. The 30-Year Mortgage May Disappear:

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe if Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's, Is it curtains for the 30-year mortgage?

2. QRM Requirements Could Be Much More Stringent:

Here are proposed changes to the requirements for a 'qualified residential mortgage':
Certain mortgage types would be eliminated
You would need to put a minimum of 20% down
You would need a minimum 690 FICO score
The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)
There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

3. Rents are Expected to Increase:

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal recently quoted a report by Reis, Inc in which it states, "Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."Bottom LineYou may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.Reprinted with permission.

All Contents ©2011. Steve Harney. KCMBlog.com.

If you know anyone who is looking to buy, sell or refinance a home, please call Anna @ 732 372 3233 or Leanne @ 917 596 2772. The greatest compliment you could possibly give us is the referral of your friends and family.

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