Bergen County Real Estate Has Stabilized

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Bergen County real estate has stabilized.  This was my projection last year and I am very happy to say that I was right on target.  What I’d said and written was that by the end of 2009 the market would stabilize.  It has done exactly that. Our housing market is improving.  New Jersey MLS data, bank appraisers and housing reports all say the same thing:  We have clearly bottomed out and…

Real Estate Appraisal Rules Have Changed….Uh Oh

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Real estate appraisal rules have changed in major ways.  The changes are a response to the financial crisis.  It’s an effort to avoid issues in the future that created havoc. When the Home Valuation Code of Conduct went into effect by Fannie Mae and Freddie Mac on May 1st, appraisal protocols for mortgage loans changed. To protect consumers, loan officers, mortgage brokers and real estate agents can no longer choose appraisers….

Beware of Short Sale Fraud

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Beware of short sale fraud.  This is a growing problem in the short sale market. There is a new thief who preys upon homeowners who must put their home on the market as a short sale. Simply put, a short sale occurs when a homeowner can no longer pay his mortgage, has no other assets and the loan amount is greater than the home is worth. As a result there…

What is a short sale and does the bank own the house?

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A short sale occurs when a home that is sold is worth less than the mortgage amount and the homeowner cannot make up the difference.  For example, you sell a home for $75,000 but the mortgage is $100,000; you’re short $25,000.  The bank enables the homeowner to sell the house by forgiving the $25,000 difference.  So while the bank doesn’t own the house, the owner can’t sell it without the bank’s cooperation.   Of course, in…