Is Craigslist worth listing my house on?

Craigslist is a classified ads website that one can use to sell virtually anything that they need to be sold. Whether you are selling cars, homes, pets or anything else, you will have your advertisements listed on this platform free of charge.  For the people New Jersey, you can choose to use a Jersey City real estate agent to help you sell your home. You could also list your home or any other property on Craigslist and sell it free of commissions.

This brings us to the issue of whether Craigslist is worth listing your house on. Well, it is absolutely worth it. If one can follow the procedures to list their house on Craigslist and keep updating the ad every day, chances are that you will sell your home within a short time; free of charge! When you are buying and selling a house in Hudson county NJ and Bergen County NJ, you will need to follow the following steps to have your advertisements listed on Craigslist:

  • Write a description of the home that you want to sell. All vital information about the home should be included.
  • Include some very bright photos of the home. Craigslist will allow you to include 4 photos. Include the most important rooms of features of your home for better attention.1000px-For_Sale_by_Owner_Sign.svg
  • List your ad on Craigslist for free. It is advisable that you should always update the ad regularly so it can refresh for it to show up at the top of the list daily.

Another alternative that will work wonder is for you to create a website specifically for your home. This is one of the ways I have been able to sell my property quick in Union City. You will need to create a link to the website that you create for your home or property and share it on Craigslist. The good thing with creating your website for the sale of the home is that you will have no limit to the number of photos or information that you can share about the house. Remember sellers want as much information as possible.

It is likely that you will get agents interested in listing your home. Well, you can still have them list your house at a lower commission than is normal. Once you start getting inquiries from potential buyers on Craigslist, it is advisable that negotiate with them. You will also need to list your home for a fair price, depending on where it is located.

A good thing for you to do would be to consult a few agents to come and give an assessment of your home, its location, and the fair listing price. This will give you a clear guideline on what to list the home for. Remember that the Craigslist buyers are also sensitive to price and the location of the home. Unless the price is fair, you may not find many house buyers in Bayonne.

How to Rehab and Flip an Ugly House

House flipping is the profitable business of buying and selling houses. When you are thinking of starting a house rehabbing and flipping business, there are tips and factors that you have to consider. It is advisable that one should do their homework to ensure they do not end up making losses in the process. You should bear in mind the fact that there are no house capital gains tax rates for you since you will not hold the property for a year. You will have to pay the tax on your profit as an ordinary income. This therefore calls for you to be innovative in the kinds of houses that you rehab and flip

Here are some of the tips that you should know before you rehab and flip ugly houses for a profit:

For beginners, start small  

If you are rehabbing and flipping an ugly house for the first time, you have to start small for better risk mitigation. Whether you are buying a house and flipping it in Leonia, Bergen County or any other location, you have to think about the risks in this kind of investment. You should buy a house or a condo that will not require a lot of money to rehabilitate. The entry level house will ensure that you will use less money in its rehabilitation needs. You can sell this house for a profit and with time, you will be doing it on a larger scale.

Estimate your rehab costs

One of the mistakes you do not want to make is rehabbing an ugly house for too much. This will cost you in the long run. When you are able to estimate the cost of repairs, you will know what to sell your house for. Ideally, you need to look at the roof, the plumbing, the electrical and the structure of the house. Consider the following:plumbing

  1. Roof- check for wood rot and any termite damage. Determine if the damage or lack thereof is worth the rehabilitation costs.
  2. Plumbing- you should look at the sinks and the bathrooms. Check the kitchen plumbing as well. Estimate the cost of rehabilitating these accessories and determine if it is worth your effort.
  3. Structure – the general of the house will tell you how much repairs need to be undertaken. If there are cracks and other problems, the cost of rehabbing such damage will be in the $7500 to $30000 range.  Well, this simply makes it untenable.
  4. Electrical- check the fuse box. Determine when the electrical were last repaired. Get an electrician if you are not sure. This will offer you safety in determining risks.

Location of the house

Regardless of the cost of rehabbing an ugly house, you may not be able to sell it for a reasonable profit if it is not in the right location. It is always better that you do not sacrifice the location of the house for the price it is going for. It is much easier and better to sell your house in good neighborhoods where prices are high. In Hudson County, think of municipalities such as Jersey City and Hoboken among other good places.

How to attract investor friendly real estate agents

Real estate agents who are investor friendly are those ones who can help an investor to locate properties that are in tandem with their investing goals. Most of the people who want to buy a house in cash in Fairview and many other places are the primary home buyers. These buyers are only interested in a home in a certain location; a home that they will enjoy living in. Most real estate agents are actually trained to find homes for these primary buyers.

Unlike the primary home buyers, investors are not interested in the location of a home. They are interested in making a return on investments in houses. As such, they want a real estate agent who understands their needs to make a profit and do this in as many times as possible.

An investor friendly agent will need to know about two investment methods so that they can be useful to an investor. These are:

  • Flipping a house or property
  • Buying of rental properties

Some methods can integrate the above two but generally speaking, an investor friendly agent would be knowledgeable on the above two ways to make a profit for you.

How to find these real estate agents

So how do you get to know who is the best investor friendly real estate agent? Where do you find these real estate agents in the first place?  There are a number of ways you can come across these real estate agents. Here are some of the ways to find them:

Gather a pool of applicants

Before you can settle on the right kind of investment agents who can sell your house for cash in many places, you have to search and settle on a few. Here, you can find these agents through the websites. The best strategy would be to find these agents in:

  • Websites
  • Checking the presence of these real estate agents on social media
  • Check home sites and see if there are listings of agents that could be suitable for your investment needs
  • Visit open houses so that you can come  across the real estate agents face to face
  • Ask friends and family
  • Attending investor events will be a good way to come across the many types of real estate agents

Narrow the field of the agents

The best step is the interview of the real estate agents. You want to pick one or two agents that you can work with for the long haul. How do you zero in on the best agent?papers pen

  • Check the speed of response of the various agents. You could call all the agents on your shortlist and tell that you would like to buy a home or you have Cliffside Park homes for sale and you want to sell such a home. How quickly do they respond? If they respond promptly, you can think of taking such agents.
  • Consider the experience of the agent as well. It is easy to get to know how experienced a real estate agent is. The more experienced an agent is the better for you.
  • You can also test drive an agent. Ask them about a certain house and let them give you details about the house and even organize a visit to the house. Ask them about issues like comps, flipping procedures, and even contractor quotes.

It would also be good for you to ask for references from other agents and other people who have knowledge on real estate. Remember that you want to find real estate agents that are able to deal with all sorts of cash buyers property NJ sellers and even buyers.

How Does The Foreclosure Process Work?

Foreclosure is a process that is initiated by the mortgage lender to recover their money when a borrower defaults in the repayment of their mortgages. In New Jersey, there are a number of procedures that have to be followed by the mortgage lender before they can foreclose on your property. This process, also known as the judicial foreclosure in this State means that the mortgage lender must go to court for the process to begin. This process is, therefore, applicable in Bayonne and other municipalities of Hudson County.

When one does not make mortgage payments, they will be considered in default and this means that the lender can initiate the foreclosure process. Normally, the lender will start this process if you haven’t paid your mortgage for three months or more. Here are the procedures that a mortgage lender must follow before they can file for foreclosure:

Notice of foreclosure intention

The mortgage lender is by law required to notify the homeowner of their intention to file for the foreclosure proceedings. They will send the defaulting borrower a Notice of Intention to foreclose their property. This is done 30 days before the complaint is filed. The purpose of this notice is to give you some more 30 days for you to resume the repayment process.

The Foreclosure Complaint is filed by the Lender

You are supposed to have cured the default on your mortgage within the 30 days of the Notice of Intent. If you are unable to come into any kind of agreement with your mortgage lender, the mortgage lender will file a complaint of foreclosure. This will be done at the Office of Foreclosure in New Jersey. If you happen to file a complaint, the foreclosure will be heard by a judge in a residential county such as Bergen, Hudson, and the others.

Foreclosure Complaint served to you by the lenderforeclosure2

The lender is required to personally serve you with the summons once they have filed the complaint. You will henceforth be the defendant in the ensuing complaint. The lender may also serve you the summons through registered mail or by permission of the court, through publication.

Filing an answer to the complaint of foreclosure

After you receive the complaint from the lender, you are given 35 days within which you can file an answer. This is simply a document that you will legally prepare as a response to the foreclosure complaint. This is also done in the Office of Foreclosure in New Jersey.

The other procedures that follow are that the notice of entry of default as well as final judgment entry is made. The sheriff’s sale will be the next step. After the property is sold, you have 10 days to redeem it. If you don’t, the proceeds of the sale together with the deed are transferred to the mortgage lender.

How to make an Offer on a House

Once you have decided on the home that you want to buy, the next step will be making an offer for the property. Your attorney or real estate agent will draft a solid offer for you. Your purchase contract will bind you to buy the house and as such, you have to be careful on how you bargain for the price. Like any other transaction, you want to pay the lowest amount possible for the house.  This process can be smooth for Palisades Park NJ cash house buyers who have planned well in advance.

The offer

So, what exactly is the purchase offer for the house? Well, this is what is known as the purchase agreement, deposit receipt, or even earnest money agreement. This purchase offer should be drawn carefully as it will become the final sale blueprint if the offer is accepted by the seller.

The offer should include sufficient information such as the legal description of the property or the address, the sale price, the terms of sale, provision on the various payments such as title insurance, survey and so on. The offer contains such important details such as the time limit contingencies.

Contingencies  

Contingencies, also known as “subject to” clauses are conditions in the offer that mean you will purchase the homes for sale in Bergen County nj on certain conditions being fulfilled. Such contingencies can be:

  1. The buyer promises to buy the home if they obtain financing from lending institutions. With this kind of contingency, the buyer is only bound to buy the house if they get the loan.
  2. A home inspector gives a satisfactory report-this implies that the buyer is not bound to buy the property if a home inspector submits a satisfactory report.

Negotiating Tips

Your bargaining position for a house in Cliffside Park in Bergen County will determine your progress  in making a successful offer for the home. A seller is more likely to prefer your offer if you  can guarantee them the following:

  1. That you will pay fully in cash.signature-962355_960_720
  2. That your mortgage is already approved and that you are not relying on your previous house to be sold before you buy the house in question.
  3. You are able to close the deal and posses the house at a time convenient for the seller.

The above are circumstances that will be favorable to you. However, if it is a “hot” market, you may have to offer the list price for the house or even more so that you can beat out offers from other potential buyers.

Earnest Money

The earnest money is the money that you give the seller as deposit when you are making an offer for a house. This will become part of your down payment if your offer goes through. Usually, the sellers of homes for sale Hackensack NJ will want to have some money paid as a form of good faith when one is making a written offer for a house.

If the seller signs an acceptance after receiving your offer, then you will have a binding contract and this will become a firm contract once it is notified to you.

 

5 Top problems faced by people in foreclosure

Most of the people who face foreclosure will also bear a lot of problems and hardships following this unfortunate occurrence in their lives. Foreclosed homes are normally sold at lower prices than they had originally been worth. There are new jersey houses for sale that are as a result of foreclosure. The people whose homes have been foreclosed face a number of problems. Here are 5 such problems:

 

  • Finding a new place to live

It is obvious that after your home is foreclosed, you will need to find a new home. The problem here is that this new home will require rental deposits. You will not be a suitable candidate for rental houses because the landlords will definitely ask for your credit rating; which will low once your home has been foreclosed.

Foreclosed owners are cash strapped and this presents the biggest problem when you are trying to find a new place to live. Most experts will advise you to consider cash for keys program once you realize you will face foreclosure. This program requires that you vacate your home voluntarily and leave it clean.

 

  • Problems as a result of credit fallout

Defaulting on a mortgage makes you credit unworthy. Many of your creditors will find it difficult to collect what you owe them once your home is foreclosed. This credit fallout will make it virtually impossible for you to land any loans in the near future.

The companies that sell homes fast in Bayonne nj will not be willing to find you a rental home since they consider you credit unworthy. Most credit card companies could charge you a very high interest rate due to your credit scores.

 

  • You have to live through losscredit-rating

There are emotional problems that come with a foreclosure. Leaving your home and finding   new neighborhoods is not an easy thing. Your children and indeed the whole family will be impacted negatively by a foreclosure. Finding new schools and the associated hardships could easily take a toll on the whole family. In this regard, counseling would be the right thing for the family.

 

  • Difficulty buying a new home

You can be approved for an FHA loan 3 years after completion of a foreclosure. With Fannie Mae, this length of time was upped to 5 years for clients who have had a foreclosure. This, they consider is the best way to deter reckless borrowers who do not repay their mortgage prudently.

What options do you have after a foreclosure? Well, they could be there but rather limited. With a federally insured FHA loan, you could secure a mortgage after foreclosure. However, you will need to demonstrate that you have been a good bill payer after the foreclosure. You may also find that the issue of this foreclosure could affect your process of buying and selling a house in Hudson county nj.

 

  • Explaining the foreclosure to potential employers

Many employers will do a credit check of how potential employees are. In this regard, one will find the subject of their foreclosure coming up during their job interviews. This could affect you more when you are applying for positions related to the handling of money.  

Most employers will do credit checks before they can employ cashiers and auditors or accountants. This could negatively affect your chances of landing such jobs unless you have a good explanation to offer your potential employers.

 

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