One thing that I did not mention during the reviewing the offers portion of the series is the issue of inspections.  When I am representing a seller of a short sale, I typically advise them to allow inspections, but for them to be for information purposes only for the buyer.  I do not want my seller to be obligated to make any repairs whether they are at the buyers request or the lenders.  This is because most of the time, my clients are already having a financial hardship, and it doesn't make sense for them to have to come up with cash to sell their home. It is very important to make sure that all of this is discussed up front with the buyers, this will prevent most problems that may arise.  Of course there is always the possibility that something serious will be uncovered, and the sal... 06/01/2009

Once you have a contract in place with your buyer, it's time to start the negotiation process with your lender.  For all my clients, I suggest that they retain a local attorney who specializes in this type of negotiation.  It is important to choose someone who has experience dealing with lenders and also has a system in place to make regular calls on your file.  At least one call every 3-5 days is what I recommend, but some will even call more often than that.  I know that there are some agents out there who will do the negotiations themselves, but I don't believe that this is in the seller's best interest, especially because it typically doesn't cost them anything to have the attorney work for them.  Their fee is taken out of the settlement, which and if successfully negotiated just re... 05/29/2009

Once your property is on the market and priced correctly, you should start recieving offers.  It is important to evaluate each offer and not just accept the first one that you receive.  In my experience short sales attract a lot of novice investors so some of these offers might be a little off the wall.  You may see lease-option offers, subject-to offers, offers with large seller concessions, or just plain low balls.  Most of the time these offers will not do you much good.  What you are looking for is a cash offer or one with financing already in place.  Without this the difficult task of negotiating with the bank becomes almost impossible. If you are not familiar with these types of offers and the benefits and drawbacks of each, you should discuss them both with your real estate profe... 05/28/2009

As you're looking for a buyer for your short sale, you must implement an effective marketing plan.  One of the most important aspects of any marketing strategy is proper pricing.  This is especially true when selling a short sale because you need to get the property sold quickly.  Many sellers make the mistake of pricing their short sales too low.  This attracts a buyer quickly, but often the bank will not accept the short sale if they believe that this price is too far below the market.  Based on my experience most lenders will take no less than 85% of today's fair market value, based on their appraisal. What I have found works well is to list the property at a price similar to the most recent comparables, but then adjust that price every two weeks that we don't recieve an offer.  By d... 05/27/2009

Once you've determined that you owe more than your home is worth and that your lender is likely to accept a short sale given your specific situation, it's time to find a buyer.  Now I would always suggest using a local real estate professional to market your home, but this is especially true when selling a short sale.  There are a few reasons for this: 1. If you are having trouble with your mortgage payment, then you probably need to sell your home as quickly as possible.  A local specialist should be better able to achieve this result.  2. If the short sale is negotiated successfully with your lender, the bank pays the commission and the seller has no out of pocket expenses.  You get the benefit of professional representation at no cost.  3. If marketed correctly, you will get several ... 05/26/2009

As a continuation of my post yesterday, I'd like to go further into the steps of a short sale process.  Once you have met with a real estate professional, and know approximately what price your property will sell for, you have to establish whether or not your financial situation is such that your lender will approve a short sale.  For most of the homeowners that contact me, this is usually pretty straight forward.  If you are already behind in your payments, or already facing foreclosure, most lenders are willing to entertain a short sale.  If however, you are current on your payments, but are upsidedown on your mortgage, the answer is not always so simple. Many people will tell you that banks won't do anything for you if you are current, but that isn't always the case.  In my experienc... 05/22/2009

I received an interesting phone inquiry today from a very nice homeowner who may or may not need to sell her home as a short sale.  She asked me a very simple question that I realized I have never addressed in my blog: "What's the first step in a short sale?" I realized that because I deal with distressed homeowners everyday, I take some of the process for granted.  My response, and what I truly believe should always be the first step, is that we first need to establish the current price that the home would sell for today.  Without knowing the price, it is impossible to know if the homeowner needs help with a short sale or simply just needs a regular sale.  Either way, I believe a prudent first step is to have a real estate professional visit your home and go over the comparable sales w... 05/21/2009

Janet Larsen, Broker/Associate at Remax Connection is offering discounted commission programs!  You don't need to Sell By Owner any longer!  You will still get Full Service, Professional Real Estate Services with one Of Remax of NJ's Top 100 Agents!  Janet's negotiating skills and marketing skills are all key factors in a challenging Real Estate Market that will enable your home to sell quickly! Contact Janet Larsen for an In Home Market Analysis to see what your home is worth, and list your home TO SELL! Janet has been a recipient of th NJ Association of Realtors Circle of Excellence Award consecutively from 2003-2008.....Remax of NJ 100% Club from 2005-2008....Burlington/Camden County Board of Realtors Top Performer Award for 3rd and 4th Quarter of 2008, and ranked #11 of NJ Remax Age... 04/23/2009

 Search all Sicklerville's & South Jersey homes for sale!!!   04/22/2009

The media has finally changed their tune!  And their right!  Buy Now!  Why?  Mortgage rates are at a historic low, you can receive an $8,000 tax credit if you purchase now through November of 2009, home prices are more reasonably priced today then 1 year ago!  Just like the stock market, you never know when interest rates will go up or down.  So while many factors are there to benefit home buyers, now is certainly the time to act! You should work with only one Realtor.  A seller has only one Realtor and signs a listing agreement.  Janet Larsen also recommends you sign a buyer's agency agreement with her.  It is important to know someone is working for you and properly informing you of the home buying process every step of the way.  This avoids unwanted surprises that may occur with an i... 04/19/2009

John Swartz | Re/Max All Pros | 856-308-2698 8 Turn about ln, Sicklerville, NJ Beautiful Single Family Home! 3BR/2.5BA Single Family House offered at $289,900 Year Built Unspecified Sq Footage Unspecified Bedrooms 3 Bathrooms 2 full, 1 partial Floors 2 Parking Unspecified Lot Size 10,018 sqft HOA/Maint $0 per month DESCRIPTION Great Home!, Great Neighborhood!, Great Price! Come see this beautiful Wilton’s Corner single family home before it’s too late. This home is meticulously kept by its original proud owners and perfectly located on a quiet street just steps to the community club house, swimming pool , playground and minutes away from the new cross keys promenade ,shopping, restaurants and all major arteries connecting to Philadelphia, Atlantic City and the Jersey shore. Features in... 04/01/2009

If you are thinking of buying a home, you might be confused about the many issues in the news from mortgage rates to mortgage bills in Congress.  But the fundamentals of buying a home really haven't changed and, in fact, there are new incentives on the horizon that should make home buying more attractive than ever. There are plenty of homes on the market in every price range and if you want one of them, you need only do what generations of people have done. You just have to pay attention to these basics: First, cultivate good credit by prudent living. Pay your bills and pay them on time. Use credit sparingly.If you do this, you'll earn a good credit score, which is crucial to getting a good interest rate. Research shows that many consumers believe that they have to have a high income to... 03/03/2009

Marketing Report for Gloucester Twp. 11/08 - 79 Units Listed,  89 Pending, 100 Sold 12/08 - 72 Units Listed, 26 Pending, 27 Sold 1/09 - 110 Units Listed, 34 Pending, 20 Sold 2/09 - 37 Units Listed, 6 Pending, 4 Sold For the last 12 months the inventory is 516 Homes, with 46 Sales Per Month, and a inventory accumulation of 11 homes per month. This price range is from $0-1 Million. 02/19/2009

We just read a news article that both Fannie Mae and Freddie Mac are planning on toughening up their credit score and downpayment rules.  As of April 1, they will implement new guidelines for loans backed by them.  The new guidelines will require buyers that are putting down less then 25% for a downpayment to be charged a penalty of 3/4 of a point (a point equals 1% of the loan amount).  It won't matter what the buyer's credit score is, if they are putting less then 25% down for a mortgage loan, they will be penalized 3/4 (0.75%) of a point. Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1 percent add-on as a penalty, while those who are refinancing their homes and who plan to take cash out will be charged as much as three points if they ... 02/18/2009

Buying a house marks a new beginning. How do you know that you're getting your dream house and not straining your credit limit? Get yourself pre-approved by a professional mortgage representative. This pre-approval gives the seller the assurance that you have enough money to buy their property. Securing a pre-approved could range from a few days to a few weeks depending on the status if the request and any of your personal finanical factors. But it's worth the trouble of waiting. It increases the chances of you getting the best deal in the market. Getting your property sold if you have one before purchasing a new one would also help. It is because paying for the property upfront could get you into a great deal of getting a possible discount. It is because some property owners think of e... 02/10/2009

Hello, Just wanted to let you that the government is offering a $7500 tax credit for first time home buyers that purchase a home from April 9 2008 through July 1 2009. If you purchase a home now you will be able to take the credit on your 2008 return filed this year. This is a dollar for dollar tax credit meaning if you do not owe any taxes and are getting a refund $7500 will be added to your refund if you purchased a home for $75,000 or more. Less than $75,000 your credit will be 10% of the sale price. Act now before its too late!  Your mortgage payments and closing costs are also major tax write offs you could be losing every month if you are renting. Its easy to qualify for a FHA mortgage right now all you need is a min 580 credit score ,3.5% down ($3500) on a $100,000 home , and doc... 01/07/2009

John Swartz | Re/Max All Pros | 856-308-2698 2 Arnell Pl, Sicklerville, NJ Gorgeous Arbor Meadows Colonial 4BR/1.5BA Single Family House offered at $199,900 Year Built 1975 Sq Footage Unspecified Bedrooms 4 Bathrooms 1 full, 1 partial Floors 2 Parking 3 Car garage Lot Size 18,530 sqft HOA/Maint $0 per month DESCRIPTION This beautiful colonial on premium culdesec lot must be seen to appreciate. Home features a large eat in kitchen with newer appliances ,upgraded electrical system ,large family room ,gargage and 4 large bedrooms. Ouside is a gorgeous 16x 20 deck with additional tier 12x12 octogon, 28' above ground pool.2 storage sheds,newer vinyl siding,central air,and so much more this home has been beautifully decorated and maintained by its proud owners. Call Today for appointment! se... 12/09/2008

John Swartz | Re/Max All Pros | 856-308-2698 12 Twisting Lane, Sicklerville, NJ 4BR/3BA Single Family House offered at $2,300 Year Built Unspecified Sq Footage Unspecified Bedrooms 4 Bathrooms 3 full, 0 partial Floors 2 Parking Unspecified Lot Size 12,196 sqft HOA/Maint $0 per month DESCRIPTION This gorgeous 2 story colonial in Wiltons Corner is Practically Brand New!!Home features a totally open floor plan with 2 story entry with hardwood floors flowing through,formal living & dining rooms. A large Family room with 2 story foyer with balcony overlook, Large eat in kitchen with island and morning room with paladian window overlooking your beautiful yard.A private study/office and full bath complete the first floor.Upstairs are 4 large bedrooms including a massive owners suite with walk... 12/03/2008

TOO LATE~ Janet Larsen Sold Another One...Two...Three.... November 17, 2008 -  32 Lexington Park Drive, Gloucester Township, NJ  Listing Agent, Janet Larsen                                 32 Lexington Park Drive, Gloucester Township, NJ  Buyers Agent, Janet Larsen                                 Sale Price $308,000   November 17, 2008   - 114 Saratoga Drive,   Mullica Hill, NJ   Listing Agent    Buyers Agent, Janet Larsen                                   Sale Price $325,000   Need to sell your home fast!  Call the right agent the 1st time around!  Janet Larsen, Remax Connection 660 Woodbury-Glassboro Road, Sewell, NJ  08080.    Offc:  856-415-1210, ext 321 or cell at 856-261-6910.  Email Janet at njrealtorjan@comcast.net                                  11/18/2008

Cobblestone Farms Homes For Sale (edit/delete) As a resident of a lakeside home at Cobblestone and a member of the Homeowner's Association, Janet Larsen is the Realtor of Choice when looking for a home in one of the most elite communities in Gloucester Township.  Call Janet Larsen at 856-261-6910 or email at njrealtorjan@comcast.net  Janet is a NJ Association of Realtors Circle of Excellence winner for the last 5 consecutive years 10/27/2008