Many buyers are specifically looking for fixer uppers, handyman specials, tear downs, and homes needing a bit of TLC. I asked Dan to perform a search in Monmouth County, Ocean County and Middlesex County for homes listed under $250,000 which need a significant amount of work.
Needless to say there were quite a few in various NJ neighborhoods. Defining just how much work a property needs in addition to the inspection results is in part a personal decision. Many buyers replace carpeting, repaint and do other minor repairs but these are more along the lines of cosmetic repairs. What we are talking about today are significant defects and or repairs that may in some instances be required prior to obtaining a Certificate Of Occupancy.
Investors have been purchasing these types of properties for years to either fix and flip or fix and rent. The average buyer looking to purchase his or her first home or first investment property undoubtedly has many concerns when dealing with a handyman dwelling.
The number one concern is “where do the funds come from for the repairs”, secondly, how to make the mortgage payments on a property which is possibly not even fit to live in, therefore you would still be paying for rent or mortgage on your primary residence in addition to your handyman property.
I had brought these concerns to Jeremiah Phillips..Senior VP of Sales… to become more familiar with this type of financing and learn what was available as I am also interested in a particular property in Brick N.J.. Here is what I learned…
There is a loan available to both new homeowners and to investors. There is a way to get the renovation costs financed so you do not need to pay them out of your pocket.

To get started the final value of the home is going to need to be valued higher then the totals of the initial cost and the renovations. Each situation is different and if you are going to be living in the house after the house is renovated we can give you a loan with less left over equity at the end of the day.

How is works?
1. At the time of closing we will do a mortgage for the cost of the house and the renovation costs. There will be draws against the renovation costs as you finish some of the work. A certified contractor will be needed to verify the work has been done.

2. After all the work is done depending if you are an investor or this is going to be your primary residence we will not have to close again or we will have to do a final closing based on the finished value of the home.

Note: If there is enough equity in the house the mortgage payments during the construction phase will actually be added into the mortgage: Meaning – NO CASH OUT OF YOUR POCKET, which I like!

We will have to get estimates from professionals in the fields of work that the renovations are going to be done. This does not mean they have to perform the work. If you are a skilled laborer and you are going to do some of the work yourself it could save you money as long as the work performed meets building code requirements.

As with any type of loan the applicant must qualify according to the loan qualification guidelines but considering one of the guidelines is a minimum 620 credit score it appears many will take advantage of becoming a first time home owner or consider investing in real estate.

If you would like to talk about this loan, how it works, and how to qualify for it give us call at 609-760-9234 as for Jeremiah or email at dbozza@remax.net…. We are available weekends and evenings

Have a Good Night!

Nice weather is on it’s way!

These properties in Monroe Twp NJ are listed as closed in the past 30 days.

6 Keswick Circle Monroe Twp NJ $675,000

10 Summerfield Drive Monroe Twp NJ $660,000

4 Keswick Circle Monroe Twp NJ $645,000

5 Devon Monroe Twp NJ $520,000

52 Avenue J Monroe Twp NJ $455,000

26 Ellingham Ave Monroe Twp NJ $430,000

668 Spotswood Englishtown Road Monroe Twp NJ $420,000

17 Eleventh Ave Monroe Twp NJ $415,000

15 Taylor Ave Monroe Twp NJ $375,000

72 Tyndale Ave Monroe Twp NJ $325,000

276 Fernhead Ave Monroe Twp NJ $325,000

Getitng ready for the open house tomorrow!

Hello again….

Dan is having an open house on Sunday March 11th from 1pm to 4pm…. So try to make it out there!

He will be at 8 Carlisle Court In Manalapan NJ 07726….Now a bit about this home….

This is a totally custom Bi-level which could be a mother/daughter. It has 5 bedrooms and 3 full baths. This home was custom built! I personally love the family room with the fireplace and the french doors. It also features a great room with a wetbar, and skylight and a newer roof, ac, carpeting, flooring water heater and porch. It is on a large 104 x 161 Lot and sits back from the roadway. The owners are relocating out of state.

Priced at $464,900 with taxes at $6,000

So come out on Sunday and take a look!If you need more information you can reach Dan at 732-972-1000 x 205…   RE/MAX Central

For More Video’s see our NJ Video Tab above!

One of the last things I expected to see flying in my backyard was this…

I’m still not sure if it’s a turkey or a turkey buzzard,  I do know it was large and wasn’t too fond of our photo session.

For anyone not yet ready for our March 11th 2007 change to DST  here is a link Jeff Fox of RE/MAX Central sent me for “Windows Daylight Saving Time Clock Patch”  We will now begin Daylight Saving Time 3 weeks early and end one week late as part of a federal energy conservation effort and it appears that we don’t have much time left to be sure our computers are ready for this change!

Click here to read about the history of Daylight Saving Time , it’s interesting!

  Have a great Night!

Current Mood: Esctatic

Around the middle of the month our first video’s of homes for sale will be on Google, Yahoo, YouTube and the local real estate channel on T.V.. These properties are located in Sayreville NJ, Upper Freehold NJ and Shamong NJ. Once we are up with them I will post a seperate page named NJ Video Tours so keep an eye out for that!

Other news: Jerrold Kaminsky Attorney at Law..will be joining our Contributor list! 

Bill Root of Roots Home Inspection will have a monthly report posted with interesting tips, facts and advice…He is now listed in our right sidepanel.

Dan is here….and brought along his Call Button on the left sidepanel! A brand new feature on all of our websites, emails and blogs.

Jeremiah Phillips will be bringing us new loan programs with PDF links attachments containing further details about each loan type.

Keep checking back with us for even more features and information!