Tag: first time buyer

By Posted on Posted in Buyers, Listings, Neighborhoods, Sellers, Uncategorized No Comments Tagged with , ,
Jul
8
2011

 Gloucester Twp NJ real estate Home Inspections.

A buyer should ask ONLY for things that if not done, they would back out of the purchase of the home. This is a unique and personal choice based on the circumstances…. and that’s the type of advice and guidance a good agent can give you because they’ve been there with you thru the whole process.  image of a house

Some buyers try to “get something” from the seller just because they think they can. Some Agents try to enhance their buyer’s bargain by “seeing what they can get” from the seller. I find both approaches distasteful, dishonest and synonymous with stealing.

The home inspection is designed to give the buyer a chance to back out of a deal if they discover a major problem and to give the seller an opportunity to resolve a major problem that’s just been discovered. The home inspection is NOT an opportunity to give the seller your laundry list of repairs or improvements that you want done! This is NOT an opportunity for you to enhance your bargain. This is NOT the time to address repair issues that you could/should have seen with your own eyes before you made your offer. This is NOT the time to cover your own lack of home repair experience, your fear of home repair uncertainty or your lack home repair dollars by trying to shift YOUR responsibilities to the seller. If you bargained for an inexpensive home that needs work, that’s what you should get. If that’s not really what you want or what you can handle, then you should back out of the purchase and find another home instead of trying to get something for nothing from the seller.

Remember, ONLY ask for the items you’re willing to back out over. That’s not to say those items will be “reasonable” or even acceptable to the seller, but you will know exactly where you stand on the purchase and you won’t have any regrets later if you get the house or not. Good Luck!

By Posted on Posted in Buyers, Listings, Neighborhoods, Sellers, Uncategorized No Comments Tagged with , ,
Feb
26
2011

 

Hi Everyone,   It’s Joe Montenigro from REMAX Home Team with a short video about 12 W 7th Ave, Runnemede, NJ 08078 and a few tips for first time home buyers who think “Waiting for the Bottom” of the real estate market is a good idea….. NOT !

ATTENTION:  As of 4-18-11, this home is available for RENT.   see below for details. UPDATE….. 5-10-11…..Sorry tenants, we found a buyer who loves this house and is ready to buy now…. the house is now off the market.

RENT or RENT TO OWN in Convenient Runnemede, 3-4BR, 2 Full Bath, living room, eat in Kitchen, unfinished basement. Very convenient to RT 295 and NJ Turnpike exit 3.  Less than 10 minutes to Deptford Mall, walk to super WaWa and other stores on the Black Horse Pike.    This home has brand new carpeting and brand new vinyl floor, the kitchen cabinets are brand new with granite counters and upgraded appliances.  Brand new six panel interior doors and ceramic tile in both remodeled bathrooms.  It’s in move in condition and I’l bet it’s nicer than 99% of rentals out there today.

The rent is $1450 per month with up to $300/month credit toward the purchase.  The security deposit is $2,175.00.   I would also consider a Lease Purchase or a 3 year lease….this is important if you want to keep your kids in the same schools or don’t feel like moving every other year!  We will require a credit check, however, we understand reasonable credit explanations.  There is no refrigerator and no washer/dryer but hookups are in the basement.  There is a gas range, gas heat, central air, gas hot water heater, public water and public sewer, and newer vinyl windows.   You’ll need to mow the grass, shovel the snow and do all maintenance and repairs on the house…..There is no maintenace man on call !  YOU are are the maintenance man 🙂       You’ll pay for gas, electric, water, and sewer for Runnemede and sewer for Camden county.       

Lease Option.  Many people ask how much of the rent can be applied to the purchase.   This is determined by how much YOUR mortgage company will allow…..some only allow 3% of the purchase price but some will allow up to 6% of the purchase price.  If you got a $300 per month rent credit for 24 months, you could have $7,200 for your closing costs on the purchase of the house, subject to the limits set by your mortgage company.   Rent credits are non-refundable nor transferable to another property.

Caution…..
#1 Some landlords will make the first year rent cheap, just to get you in, then raise the rent later possibly forcing you to move again.   I don’t do that.
#2.  Some landlords want to sell the home, expecting you to show it to prospective buyers and then, move out if they sell it!  I don’t do that either.
#3, Some landlords are inexperienced and a potential NIGHTMARE for you !!   If they’re a FIRST time landlord who simply can’t sell thier home, I would RUN, don’t walk, Run away from that rental.   

NONE of these apply to me.   I’ve been a landlord for over 20 years and I’m looking for a stable, long term tenant or lease purchase.

If you have any questions or would like to schedule a showing, please contact me at REMAX Home Team, office: 856-374-2800 x106, or email any questions that you have.  You can download my rental application here [download id=”8192″].

Thanks for Reading !
Joe Montenigro
REMAX Home Team

PS: You can see more pictures of the bedrooms on this Virtual tour…..

Play VisualTour

By Posted on Posted in Buyers, Listings, Neighborhoods, Sellers, Uncategorized No Comments Tagged with , ,
Jan
30
2011

 

Gloucester Twp homes for sale in South Jersey
Hobart Drive, Laurel Springs, NJ 08021  for sale.

Hi Everyone,   It’s Joe Montenigro from REMAX Home Team with a short video with some Before and After picts of my most recent rehab…..This one is sold already but if you know someone looking for a nice home in south jersey, share my website with them or call me with thier info.

Thanks for Reading !
Joe Montenigro
REMAX Home Team

By Posted on Posted in Buyers, Listings, Neighborhoods, Sellers, Uncategorized No Comments Tagged with , ,
Jan
20
2011

Clementon homes for sale South Jersey
25 Tomlinson Ave, Clementon NJ 08021  for sale. View Larger Map

Hi Everyone,   It’s Joe Montenigro from REMAX Home Team with a short video about 25 Tomlinson Ave in Clementon NJ to show you a few things that you might not have seen on the still photos….. Mainly, what a GREAT location this property has !!   With all the Subdivisions in South Jersey, it’s nice to finally see a house that FEELS like it’s out in the woods but your really close to everything.    I guess it’s just the way the house sits on the lot that when you look out from the front porch it feels very private and it’s nice wooded setting.   So, hopefully the video helps show that a little better that the still pictures.

Thanks for Reading !
Joe Montenigro
REMAX Home Team


View Larger Map

By Posted on Posted in Buyers, Listings, Sellers 2 Comments Tagged with , , ,
Oct
18
2010

South Jersey Real Estate

4 open houses over 4 weeks, I know it’s not a scientific study, but I already know the answer to the question of “Do open houses work?” 

Back in the day when I was a newbie, I did about 40 open houses a year and it was a good prospecting tool and to help build my database of potential buyers and even some sellers. Selling the house was Read more »

By Posted on Posted in Buyers No Comments Tagged with , ,
Dec
23
2009

This is real estate 101… for the first buyer’s in the crowd!

Before I get started, let me first say how important first time buyers are to the south jersey real estate market and to ANY real estate market for that matter.   With out first time buyers, move up home sellers can’t move up.   It’s estimated that every time a first time home buyer purchases a home, there are FIVE subsequent transactions.   Bottom line… that FIRST home transaction sets off a chain reaction of home sales and economic activity…. well, it’s a beautiful thing  🙂  mymoney1 Read more »

By Posted on Posted in Buyers, Investment Property No Comments Tagged with , , ,
Feb
25
2009

question-mark_cartoonWhen you buy an house, how will you KNOW whether you got a good deal or not?   A commom misconception is to see how much the seller discounted the asking price and then decide if that’s a “good” discount or not.   I’m not sure how you magically guess the appropriate discount to qualify for a “good” deal, but that’s another story. So, here’s a QUIZ….. Which house is a better deal?

1. House 1: Asking price $100,000, purchase price $80,000.
2. House 2: Asking price $100,000, purchase price $105,000.
3. Neither house
4. Both houses
5. All of the above.

If you answered 5, you’re clearly confused and probably shouldn’t walk while chewing gum.   If you answered, house 1, what if the last 3 homes like house 1 sold for $50,000?   Would you want to change your answer?   If you answered house 2, what if the last 3 homes like house 2 sold for $150,000?   Would that change your mind?   If your answer is 4 that both houses are equally a good deals, technically, you really have no idea if either one is a good deal or not because you don’t know what other homes like it have sold for and that’s why the correct answer is 3, neither.

Homes are generally valued by the comparison approach which means we compare the house to similar homes that have recently sold….  called comparable sales or comps, for short.   You absolutely, posititvely MUST look at the comps to know whether or not you got a good deal.   You absolutely, positively must NOT use the seller’s discount from asking price as an indicator of whether you got a good deal.   Of course, we’re ignoring that you and your family have to like the house, it has to fit your needs and make you happy….  if the house makes you and your family happy, you can disregard the comps althougher because it’s a GREAT deal.

Thanks for reading
Joe

By Posted on Posted in Buyers, Investment Property 3 Comments Tagged with , , ,
Feb
20
2009

If you’re at the clothes store, and you buy a shirt off the clearance rack for 90% off, is it a good deal?   What if it doesn’t fit you or it’s just plain ugly !?   I’ve been getting a lot of calls on a really low priced bank property from would be Investors looking for an investment property.    So, is cheaper really better?   Not if cheaper doesn’t “fit”your investment goals! smhouse

I recommend thinking about what kind of property you want, then compare prospective properties to your “criteria” to see if they fit.   This will help you objectively decide which properties are good for you and which ones aren’t and will set you apart from the investors wouldn’t know a good deal if it hit them in the face.

For example, would you prefer…..
1. Single home vs Townhome vs Condo vs multifamily?
This will affect the kinds of tenants you attract.
2. Monthly cash flow from rents or long term appreciation of property value?
They’re pretty much mutually exclusive, pick which one you want.
3. Location, location location???
of course this is a critical part of your investment plan.
4. Property Manager or No?
A location close to will be easier to manage yourself if you’re not going to hire a property manager.
5. Cash purchase or financing?
Cash allows you buy homes that are in poor condition so opens more opportunities. Financing makes your offer less competitive and there are many challenges with investor financing…. Be thorough in your pre-qualifying for an investor mortgage.
6. Price range?
How much cash do you actually have or how much mortgage can you actually get?
7. What’s the minimum rate of return that you require?
Cash on Cash is the first and easiest calculation…. Cash in divided by Cash out. $x rent after expenses divided by a $x purchase would be x% return.

Well, that’s it for now…. 2009 is a great time to buy investment property in South Jersey.   Let me know when you’re ready to take the first step and together we’ll develop a basic plan to get you started.

Thanks for reading
Joe Montenigro
REMAX Home Team