Prioritizing Your Home Search for Buying Success

“You can’t always get what you want…..but if you try sometime, you just might find….. you get what you need.”   Rolling Stones.

I work with a lot of first time home buyers.  I love the reward of having someone realize their dream of home ownership.  I also enjoy explaining the home buying process  because it involves so much more minutia than people anticipate.   My back ground in mortgage lending taught me to be detail oriented, and that helps me help my customers sort through their own details in the home buying process. 

Many potential buyers are not aware of the right questions to ask during a home search, or they may forget because the list is long and personal to each buyer.   This is completely normal.  

To begin, buyers needs to come up with a realistic wish list of what they seek in a home.  Your agent will work with you on this list to help narrow down the home search within a few key categories, as follows: 

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1.      Location. 
Think about 1) where you want to live, visually;  2) where you would want your children to attend school;  3) how far you are willing to commute to work  and;  4) how available you would like shopping to be.  Do you need school busing or public transportation?  Prioritize what’s most important in this list.    Visit town websites to get a feel for the community.  Take a drive.  Ask your agent for school information.   If commuting is key;  do a ‘dry run’ during rush hour before you settle on a town.     A Sunday drive to look at homes is not a Monday morning commute.

2.      Space and amenities.   I ask my customers what is most important to them in a home and the answers vary as the dialogue progresses.    Your agent will help make a list of what you want and then prioritize what matters most.    For example, I discovered in conversation with a customer that her sons visited often for dinner.   For her, having a place for a dining room table was on the top of her list.   She also needed a double width area to park cars.   In fact, the ability to park was more important than having a garage.   Our discussion helped narrow down the home search, which saved us time.   In fact, in this case, my customers bought the first home I showed them because it fit their criteria and they were ready to buy.

3.      Condition.   Do you want a home in move in condition, or are you willing to live with an outdated home and work on it over time?   There are loans available that allow a buyer to finance the purchase price plus the cost of improvements in one mortgage.    You may have more options than you think. 

4.      Style.   Does it matter if the master bedroom is on a different floor than the other bedrooms?   Do you prefer one-floor living?   Knowing this upfront will help your agent select appropriate homes for you.

Be realistic.    Unless you have unlimited resources, you will need to prioritize your wish list.  Your agent’s job is to provide you with a reality check of what you can afford versus what you desire in a home.    I use a questionnaire to help my customers prioritize their housing needs so that I can make the home search as efficient as possible.   Also, with today’s technology, I can videotape the inside of a home with my phone or IPAD and send it to my customer in advance of a showing.   This minimizes their need to ‘drop everything’ because I can literally bring the house to them.  In fact, I have had buyers make offers on homes based upon what I could show them using my IPAD.   The bottom line is, a good agent will conduct a home search in a manner that works for you, so communication is important.  

Financing.    Unless you are paying cash, this is actually the first and most important step any home buyer should take before house hunting.   Rely on your agent for a few referrals for mortgage lenders. You must be pre-qualified for a loan before you can make an offer on a home.  Therefore, you need to be pre-qualified for financing before you begin your home search.  At the same time, you don't want to visit several lenders who will pull your credit without having a sense of the type of property you seek.   What you can afford is largely determined by the real estate taxes you will pay, so start with your agent and allow him or her to guide the process.

The home buying process is often emotional and can be stressful, so rely on your agent take the stress off of you.   Be honest about the things you like and don't like.    Be realistic about what you can buy based upon what you can afford.   Let your agent know how you prefer to communicate (email or phone) and your availability to see homes.    Finding your first home does not have to be a strenuous process with the right agent and an organized home search.

Annmarie Cristiani

Sales Associate

REMAX Traditions Real Estate

201-815-7861 cell

www.househunter99.com

Advice for Landlords: Fair Housing guidelines

Did you know that if you are a landlord (herein meaning a man or woman) your rental investment is a commodity?  After all, the purpose of having a residential unit to rent is to make money.  However, many landlords think of their investment unit as a personal possession.  It is not.   Once a lease is signed, the possession of the commodity belongs to the tenant for the term of the lease.  Even when a lease is not signed, an offer to rent falls under Fair Housing Guidelines.  

I am using the word ‘commodity’ to bring to the attention of everyone the laws of Fair Housing.  The state of NJ has laws in place that are more protective than even Federal guidelines. 

HOW TO CHOOSE A TENANT:

When a landlord is choosing a tenant, there are only a few measures of risk to assess and none of them are personal.  

1.      Can the tenant pay?  The source of the payment is inconsequential.  It can be child support, cash in the bank or a steady job.  Money is green.  If the tenant can demonstrate an ability to pay, the means (so long as they are legal) can’t be critiqued. 

2.      Has the tenant demonstrated a willingness to pay?  This can be determined by running a credit report on the prospective tenant.  The NJ Tenant’s Rights Book addresses a landlord’s ability to deny housing based upon a poor credit history.  It does not indicate that a lack of credit is a factor.   

3.      Is the tenant able to enter into a contract?   If the tenant is of legal age and of sound mind, the tenant is a viable candidate. 

These are all the measures a landlord can use to select a tenant.  

THE LANDLORD/TENANT INTERVIEW

Landlords need to be very careful about the wording they use when interviewing a tenant.  For example, it’s not okay to assume a twenty-something year old, single tenant will have parties and make noise.   This is a presumption that discriminates against an age group.

·         It is not okay to deny a single mom and children housing over a presumption the children will be loud or because the thought of scampering feet overhead troubles you.

·         It is not okay to dismiss tenants because of sexual orientation, marital status or the size or make up of a family.

·         It is not okay to accept a married couple over a couple who is co-habitating, or a person who is single. 

·         It is not okay to select fewer tenants per unit because of ‘wear and tear’ if the unit is capable of the capacity.

It is okay to give a consistent, factual message to EVERY applicant that is relevant to the lease or town ordinances.

For example, it’s okay to tell EVERYONE who is interested that the town has a noise ordinance if one exists.  It is not okay to simply tell one age group under a presumption of behavior.

It is okay to understand and relay the town or state fire code when it comes to occupancy per square footage. 

FAIR HOUSING AND TENANT’S RIGHTS

The state of NJ makes Fair Housing guidelines very clear through the Attorney General’s Memorandum.   Anyone who offers housing for sale or rent falls under these guidelines.   A Landlord is obligated to treat the rental unit as the commodity it is- and personal preferences of a tenant are not allowed.

It is a real estate agents obligation to terminate a listing when he or she suspects the landlord is not willing to abide by Fair Housing guidelines.   Agents take a sworn oath and their licenses are on the line.  In any event, the objective of the agent is to secure housing for people at large. 

If you are a landlord or tenant, it is important to understand your rights and obligations.

HIRE A REAL ESTATE AGENT

Hiring a real estate agent to rent the space is a smart idea.  It creates a third party to find tenants via the multiple listing services, which is accessible to all.  Your agent will run a credit report on the prospect, verify employment (or assets to pay) and arrange an interview for you.    It takes the pressure off you, as a landlord and enables a broader scope of exposure to the listing.  Further, in most instances, the tenant pays the real estate commission; not the landlord.   Commission in NJ is negotiable.

IF YOU NEED LEGAL ADVICE, ASK AN ATTORNEY

I am not an attorney, this information is not legal advice, and it is always wise to check with your own attorney to clarify any questions you have.  You can and should also check out this important booklet which must be given to any prospective tenant and should be read by all tenants and landlords.

Truth in Renting- State of NJ

If you have a home or apartment to rent in northern NJ, or if you are looking to rent, please give me a call.  I would be happy to help.

Annmarie Cristiani
Sales Associate
RE/MAX Traditions Real Estate
201-815-7861

201-337-6600
annmarie.cristiani@gmail.com

www.househunter99.com

What is a Final Walk Through and When Should You Do It?

A final walk through is a buyer's option stipulated in your sales contract.    It means you get to go back into the property the morning of, or a few days prior to,  closing to be sure that what you are buying is what you are getting.    

For example, let's say you negotiated with the seller that he would keep the chandelier in place as part of the sales contract.   What might occur if you close on the property, take the keys, and then go to your new home with a missing chandelier?  You would not be too happy.

Several years ago, before I was a licensed agent, my husband and I bought a home from an estate.   The house was vacant with just some odds and ends laying around, and so we did not feel compelled to do a walk through.  What a mistake.  The home was a cape cod style with eves upstairs for storage.  In those eves, post closing, I found about two hundred hangers and garbage.  I had to clean it.

Also consider this.   The plants and trees in the ground, at the time you signed the contract, are part of the real estate.   There have been instances when the sellers cut trees down or took bushes with them prior to closing.   In one case of which I am aware, a seller cut down two beautiful trees that adorned the sides of the front driveway leading to the home.  The buyer loved the trees.   After closing, the buyers discovered the trees were gone.   In this case, the seller had to make restitution because the buyer took him to court.   He could not replant the trees, but he did have to reimburse the buyer several thousands dollars for their value. 

Most often, everything is fine during a walk through and it's a formality, but why take that chance?  This is likely the largest purchase you will make.  Conducting a walk through is your right - so take it, and be sure you are getting what you agreed to buy.

Annmarie Cristiani

REMAX Traditions Real Estate

househunter99.com

201-815-7861

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Looking for landlords in Mahwah , Society Hill, and area

RENTED!!!!   

Rentals are really hot right now.  I have a unit listed at Society Hill in Mahwah that is in the process of having a lease signed, for $1425, and I have a line of renters out the door ready to take this tenants place.  If you are a condominium/ townhouse owner and are considering renting your place in the Mahwah area, please let me know.  

• I have a renter who is a business professional, living in a hotel who will pay 6 months rent in advance and move in within a few days.
• I have three separate renters who can move in June 1st.
• I have a line of real estate agents with renters who seek the same.

Remember, if you are a landlord, you typically do not pay anything to have your place rented.  The commission is typically paid by the tenant. You have nothing to lose and everything to gain by getting a qualified tenant in your place as soon as possible.

Annmarie Cristiani

Sales Associate

REMAX Traditions Real Estate

201-815-7861 cell

annmarie.cristiani@gmail.com

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SPARKLING, MODERN, CLASSY AND ELEGANT -THIS COMPLETELY RENOVATED, CORNER RESIDENCE IS WAITING FOR A TENANT WHO WILL ENJOY THE LIFESTYLE THAT SOCIETY HILL/KILLMER II HAS TO OFFER. THE NEARBY CLUB HOUSE, POOL AND TENNIS COURTS OFFER AN OPPORTUNITY TO EASILY BECOME A PART OF THIS WONDERFUL COMMUNITY. THIS IS COSMOPOLITAN LIVING IN A COUNTRY CLUB LIKE SETTING NEARBY DINING, SHOPPING, HIKING, SKIING, AND LOCAL HOT SPOTS. THE RESIDENCE HAS BEEN ENTIRELY RENOVATED. THE SLEEK AND MODERN KITCHEN OFFERS NEW, CEILING HEIGHT CABINETS WITH NEW APPLIANCES, NEW COUNTER TOP AND FLOORING. THE UPDATED BATHROOM INCLUDES A NEW VANITY WITH GRANITE COUNTER TOP, A NEWLY TILED BATH AND NEW TILE FLOOR. THE CARPET IN THE BEDROOM AND FLOORING THROUGHOUT THE ENTIRE UNIT IS NEW. A LAUNDRY ROOM OFF THE KITCHEN ALONG WITH FIRST FLOOR LIVING MAKE FOR AN EVEN EASIER LIFESTYLE. THIS UNIT TRULY SHINES AND WON'T LAST.



Annmarie Cristiani
Sales Associate
REMAX Traditions Real Estate
201-815-7861

Why Open Houses Matter

There is a lot of buzz among real estate agents about whether or not open houses  matter.  

They do, when they are done correctly.  The results prove this to be the case.  Personally, I bought my own home at an open house.  I have put in offers for my customers as a result of open houses, so I can tell you first hand- THEY WORK.   

Why and how?

1.  The most activity your home will see is in the first two weeks it hits the market.  EXPOSURE sells.  Why would you limit exposure to your property if your objective is to sell your house?

2.  Today's buyers are different than those from a few years ago who were 'sort of looking around."  There is pent up demand in the market and inventory is low.  Buyers come qualified, and about 30% of them have cash, according to stats on the NJMLS.

3.  An open house is an opportunity for a PREVIEW EXTRAVAGANZA.  Many agents simply don't like to do open houses and don't market them correctly.  It's an opportunity to create a buzz and draw a crowd.

4. We are seeing bidding wars today, and they occur at an open house frenzy.  Your agent will work with you to arrive at a price and spend the week prior to the open house doing everything to market this special day.   Your neighbors are often a fabulous resource and 'in the know' on who is looking to move into your neighborhood.  Did you ever think to ask your neighbor, "hey, how would you like to choose your next neighbor?"  

5.  It's spring!  Have you seen open houses lately?  Many have had dozens of people come through and produce multiple offers!  It's all in the marketing and exposure.   Why miss out on this opportunity?

Allow your agent to do her/his job and prepare a PREVIEW EXTRAVAGANZA to give your home maximum exposure.   Think of it this way- the more people who see your home, the more potential offers you will have.  EXPOSURE matters.

Annmarie Cristiani, Sales Associate
REMAX Traditions Real Estate
     201-815-7861 cell  
     annmarie.cristiani@gmail.com  

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Why your lender matters!!

For buyers, the most important piece of your transaction is your mortgage.  You will shop rate, but let me challenge you by thinking bigger.  Think process and realize your goal is to buy the house.  All things being similar, consider this.

1.  Do you have a loan officer who is licensed as such, specializes in loans and works with your schedule?  Or, do you have the platform person at the bank who sells mortgages and several other products, who is not individually licensed and who does not specialize in lending?

The mortgage  PIECE of the transaction is so important, I will not take a buyer out to see a home UNLESS they are preapproved.  Why would I show them a home I'm not sure they can buy?  It's a disservice to the seller, it's time consuming for me, and it is ultimately not fair to the buyer.   Securing financing is actually the best first step before you house hunt.

A prequal and a preapproval are not the same.  Anyone with a pulse can get a prequal.  It's just a letter that says, "if you provide all your docs and when we eventually  run your credit, if you meet the guidelines you can get a loan".    It means nothing.   Many banks can only issue you a prequal.  They can not review your credit until you have found a home, and their processing staff can't review your information unless you have an application.

However, a preapproval means the buyer has met with a loan officer before the home search, the credit has been reviewed, income and assets were submitted and reviewed, and the lender says, "You qualify.  Go find a house with your agent."   Those are the buyers I work with, and we close on homes successfully because they are truly qualified.

If you were a seller, who would you rather have walking through your door?   When you get an offer, which offer is stronger; the one with the prequal or the one with the actual preapproval?

When considering a loan officer versus a retail bank (or online lender), ask yourself these questions.

1.  How much time do you have?  Gathering your paperwork and following up with a lender can be a part time job.  It is the most paper intensive part of the process of home ownership.  Can you spend time faxing, mailing, driving, sorting through what is required, or do you have a loan officer who will do the leg work for you?

2.  Does the lender allow access to your agent and attorney?  These three advocates work together, as a team, to reach one goal; to get you in into your home.  If the communication is not there, delays are likely to take place. COMMUNICATION IS KEY.

3.  Is the loan processed locally or do you need to send you paperwork to California, on a different time frame, and they work 9-5?  Are the appraisers local?

THINK smart.   A smooth real estate transactions occurs when your advocates (agent, lender, attorney) are able to work well together to reach the ultimate goal.  HOME OWNERSHIP.

It's like the collaborative orchestration of a good basket ball team, as the ball is driven down the court.  It is passed to a team mate, strategically passed again down court, another time, to a team mate by the basket and "BOOM" - in the net.  This play has been practiced by your advocates.  Don't hit the rim for the rebound.  Get the ball in.

HAVE A TEAM DO THE WORK FOR YOU!  Buying a home is stressful enough.  Delegate what you can and allow your trusted advocates to do their job for you.

Annmarie Cristiani
sales associate, REMAX Traditions Real Estate
annmarie.cristiani@gmail.com
201-815-7861
www.househunter99.com